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BBA Complete Notes

The document outlines the differences between an entrepreneur and entrepreneurship, highlighting that an entrepreneur is an individual who starts a business, while entrepreneurship is the process of running a business. It also discusses barriers to entrepreneurship, functions of an entrepreneur, project appraisal, objectives of training, and features of small enterprises. Key points include the importance of innovation, risk-taking, and the need for adequate training and resources in business ventures.

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7 views2 pages

BBA Complete Notes

The document outlines the differences between an entrepreneur and entrepreneurship, highlighting that an entrepreneur is an individual who starts a business, while entrepreneurship is the process of running a business. It also discusses barriers to entrepreneurship, functions of an entrepreneur, project appraisal, objectives of training, and features of small enterprises. Key points include the importance of innovation, risk-taking, and the need for adequate training and resources in business ventures.

Uploaded by

polepakaricky45
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Business Studies Notes (BBA)

Entrepreneur vs Entrepreneurship

1. Definition:

- Entrepreneur: A person who starts and manages a business.

- Entrepreneurship: The process of starting and running a business.

2. Focus:

- Entrepreneur: Focuses on the individual.

- Entrepreneurship: Focuses on the activity/process.

3. Role:

- Entrepreneur: Takes risks and decisions.

- Entrepreneurship: Involves innovation, risk-taking, and opportunity recognition.

4. Nature:

- Entrepreneur: A noun (person).

- Entrepreneurship: A noun (concept or process).

5. Example:

- Entrepreneur: Elon Musk, Ratan Tata.

- Entrepreneurship: Launching a tech startup or a new restaurant.

Barriers of Entrepreneurship

1. Lack of Capital - Difficulty in accessing finance or loans for starting the business.

2. Lack of Knowledge and Skills - Inadequate training or expertise in business functions.

3. Fear of Failure - Uncertainty about business success discourages risk-taking.

4. Complex Regulations - Complicated legal and government formalities.

5. Market Competition - Tough competition from established businesses.

Functions of an Entrepreneur
Business Studies Notes (BBA)

1. Innovation - Introducing new products, services, or processes.

2. Risk Bearing - Taking financial and business risks.

3. Organizing Resources - Coordinating land, labor, capital, etc.

4. Decision Making - Making strategic and operational decisions.

5. Leadership - Guiding and motivating the business team.

Project Appraisal

1. Assess Feasibility - Checks if the project is technically and financially viable.

2. Risk Evaluation - Identifies potential risks and uncertainties.

3. Resource Allocation - Ensures proper use of funds and materials.

4. Decision Support - Helps investors or managers make informed choices.

5. Sustainability Check - Evaluates long-term impact and benefits.

Objectives of Training

1. Improve Performance - Enhances skills and work efficiency.

2. Adapt to Technology - Prepares employees for new systems and tools.

3. Prepare for Promotions - Builds future leaders and managers.

4. Increase Productivity - Leads to faster and better output.

5. Reduce Mistakes - Minimizes workplace errors and accidents.

Features of Small Enterprises

1. Low Investment - Requires small capital to start and operate.

2. Limited Workforce - Employs fewer employees than large firms.

3. Local Market Focus - Operates mainly in nearby or local areas.

4. Simple Structure - Often run by the owner directly.

5. Personalized Services - Offers customized and flexible customer service.

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