{"id":23676,"date":"2022-02-15T23:35:06","date_gmt":"2022-02-15T18:05:06","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=23676"},"modified":"2025-07-28T18:01:44","modified_gmt":"2025-07-28T12:31:44","slug":"concept-and-functions-cbse-notes-for-class-11-entrepreneurship","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/","title":{"rendered":"Entrepreneurship: Concept and Functions, CBSE Class 11 Revision Notes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/#Entrepreneurship_involves\" title=\"Entrepreneurship involves:\">Entrepreneurship involves:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/#FACTS_THAT_MATTER\" title=\"FACTS THAT MATTER\">FACTS THAT MATTER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/#WORDS_THAT_MATTER\" title=\"WORDS THAT MATTER\">WORDS THAT MATTER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/#CHRONOLOGICAL_LIST_OF_DEFINITIONS\" title=\"CHRONOLOGICAL LIST OF DEFINITIONS\">CHRONOLOGICAL LIST OF DEFINITIONS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Entrepreneurship_involves\"><\/span>Entrepreneurship involves:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finding chances to start businesses where they&#8217;re needed.<br \/>\nBringing together things like money, workers, and tech.<br \/>\nCreating and offering new things people wan<\/p>\n<p style=\"text-align: center;\"><strong>Also Check: <a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-11-english-syllabus\/\" target=\"_blank\" rel=\"noopener\">CBSE Class 11 English Syllabus <\/a><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FACTS_THAT_MATTER\"><\/span><strong>FACTS THAT MATTER<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Mansukhbhai Prajapati, originally from Morbi village in Rajkot, South Gujarat, a tenth standard dropout with his remarkably innovative idea, produced\u2014the Mitticool refrigerator  which he launched in 2002, which is made of mud\/clay and works without electricity. Further<br \/>\ninnovative zeal led him to develop the Mitticool water filter, tavdi or tawa (frying pan) from clay.<\/p>\n<p>2. Entrepreneurship may be defined as a systematic innovation which consists of the purposeful and organised search for changes, and a systematic analysis of the opportunities that such change might offer for economic and social transformation.<\/p>\n<p>3. Entrepreneur is a person who develops and owns his own enterprise, is a moderate risk taker and works under uncertainty for achieving the goal.<br \/>\n\u2014 Is innovative and a persuader of deviant pursuits.<br \/>\n\u2014 Reflects a strong urge to be independent.<br \/>\n\u2014 Persistently tries to do something better.<br \/>\n\u2014 Is dissatisfied with routine activities.<br \/>\n\u2014 Is prepared to withstand the hard life.<br \/>\n\u2014 Is determined but patient. Exhibits sense of leadership.<br \/>\n\u2014 Exhibits sense of competitiveness.<br \/>\n\u2014 Takes personal responsibility.<br \/>\n\u2014 Is oriented towards the future.<br \/>\n\u2014 Tends to persist in the face of adversity<br \/>\n4. Functions of an entrepreneur: A. Entrepreneurial Functions, B. Promotional Functions,<br \/>\nC. Managerial Functions, D. Commercial Functions.<\/p>\n<p>5. Entrepreneurial functions: Innovations, Risk-taking, Organisation building.<\/p>\n<p>6. Promotional functions: Investigation of ideas, Detailed investigation, Assembling requirement, financing the proposition.<\/p>\n<p>7. Managerial Function: Planning, Organizing, Staffing, Directing, Leadership, Communication, Motivation, Supervision, Co-ordination, Controlling.<\/p>\n<p>8. Commercial Functions: Production, Finance, Marketing, Personnel, Accounting.<\/p>\n<p>9. Need for Entrepreneurship on our economy: Life-line of a nation,<br \/>\n\u2014 Provides Innovation, Change of Growth\/Inclusive Growth<br \/>\n\u2014 Increased Profits, Employment Opportunities, Social Benefits.<\/p>\n<p>10. Entrepreneurial Myths: Starting a business is easy.<br \/>\nTakes a lot of money to finance a new business. Start-ups can\u2019t be financed with debt. Banks don\u2019t lend money to start-ups. Start businesses in mostly attractive industries. Growth of start-up depends more on entrepreneurial talent. Success is assured financially.<\/p>\n<p style=\"text-align: center;\"><strong>Also Check: <a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-11-chemistry-syllabus\/\" target=\"_blank\" rel=\"noopener\">CBSE Class 11 Chemistry Syllabus <\/a><\/strong><\/p>\n<p>11. Advantages: Excitement, Originality, Independence, Rational Salary, Freedom.<\/p>\n<p>12. Disadvantages: Salary, Benefits, Work Schedule, Administration, Incompetent staff.<\/p>\n<p>13. Process of Entrepreneurship: Self-Discovery, Identifying Opportunities, Generating and Evaluating Ideas, Planning, Rising Start-up Capital, Start up, Growth, Harvest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"WORDS_THAT_MATTER\"><\/span>WORDS THAT MATTER<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>1. Entrepreneur:<\/strong> The word \u201centrepreneur\u201d is derived from the French word \u201centreprendre\u201d which means \u201cto undertake\u201d i.e. individuals who undertake the risk of a new enterprise. The word \u201centrepreneur\u201d, therefore, first appeared in the French language in the beginning of the sixteenth century. The word was coined by Richard Cantillon, an Irishman, living in France.<br \/>\n<strong>2. Entrepreneurship:<\/strong> Entrepreneurship can be described as a process of action an entrepreneur undertakes to establish his enterprise.<br \/>\n<strong>3. Enterprise:<\/strong> It is the fourth factor of production, it assembles, coordinates and manages the other factors namely land, labour, capital to start a new business.<br \/>\n<strong>4. Opportunity:<\/strong> A chance of doing something new.<br \/>\n<strong>5. Economic Agent:<\/strong> An economic agent is a person, company, organization who unites all means of production land, produces a product, give certain value to a product and sell it in the market.<br \/>\n<strong>6. Idea:<\/strong> A thought, an opinion or mental impression.<br \/>\n<strong>7. Idea centric:<\/strong> The ability of the individual to use unique and divergent patterns of thought to generate products.<br \/>\n<strong>8. Factor of Production:<\/strong> Land, Labour, Capital, Entrepreneur and Enterprise.<br \/>\n<strong>9. Innovation:<\/strong> Doing something new and something different.<br \/>\n<strong>10. Product:<\/strong> A substance produced for sale it again.<br \/>\n<strong>11. Services:<\/strong> The performance of any duties or work for another and getting remuneration.<br \/>\n<strong>12. Catalytic Agent:<\/strong> The catalyst agents are people who brings about drastic changes in an economy.<br \/>\n<strong>13. Risk:<\/strong> Uncertainty concerning a loss.<br \/>\n<strong>14. Communication:<\/strong> A giving, receiving, or exchange information.<br \/>\n<strong>15. Planning:<\/strong> Step involves mapping out exactly how to achieve a particular goal and deciding in advance.<br \/>\n<strong>16. Organizing:<\/strong> After a plan, a manager needs to organize his\/her team and materials, Assigning work and granting, making optimum use of the resources required to enable the successful carrying out of plans.<br \/>\n<strong>17. Motivation:<\/strong> Motivation is also a kind of basic function of management, because without motivation, employees cannot work effectively. If motivation does not take place in an organization, then employees may not contribute to the other functions (which are usually set by top-level management).<br \/>\n<strong>18. Controlling:<\/strong> It includes establishing standards of performance \u2013 measuring actual performance, comparing standard performance with actual performance then find variation and taking corrective measures.<br \/>\n<strong>19. Leadership:<\/strong> Ability to influence others to perform task.<br \/>\n<strong>20. Staffing:<\/strong> Job analysis, recruitment training and hiring for appropriate jobs.<br \/>\n<strong>21. Finance:<\/strong> The word finance was originally a French word. In the 18th century, it was adapted by English speaking communities to mean \u201cThe management of money.\u201d<br \/>\n<strong>22. Marketing:<\/strong> It is concerned with the movement of goods and services from producers to consumers, i.e, making people aware of a company\u2019s products and their satisfaction.<br \/>\n<strong>23. Personnel:<\/strong> People employed in an organization.<br \/>\n<strong>24. Accounting:<\/strong> The art of recording, classifying and summarizing, in a significant manner and in terms of money, transaction and events which are, in part at least, of financial character, and interpreting the result thereof.<br \/>\n<strong>25. Profit:<\/strong> The return received on a business undertaking after all operating expenses have been met.<br \/>\n<strong>26. Salary:<\/strong> A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.<br \/>\n<strong>SOME FAMOUS ENTREPRENEURS<\/strong><br \/>\n1. Narayana Murthy is an Indian IT industrialist and the co-founder of Infosys, a multinational corporation providing business consulting and technology.<br \/>\n2. Sir Richard Charles Nicholas Branson (born 18 July, 1950) is an English business magnate and investor. He is best known as the founder of Virgin Group of more than 400 companies. His first business venture was a magazine called Student at the age of 16 in 1970.<br \/>\n3. Haathi Chaap was founded in Delhi by entrepreneur Mahima Mehra and her business partner Vijendra Shekhawat in 2003. For the first four years, they exported their paper to Germany. In 2007, it was launched in India.<br \/>\n4. Karsanbhai born in a farmer family in north Gujarat, finished his B.Sc. in Chemistry at age 21 and worked as a lab technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and Mining Department of the state Government. In 1980, Karsanbhai set up Nirma, (after daughter Nirupama) selling detergent powder.<br \/>\n5. Dhirajlal Hirachand Ambani Popularly known as \u2018Dhirubhai Ambani\u2019 Indian business tycoon who founded Reliance Industries in Mumbai with his cousin. Dhirubhai has figured in the Sunday Times list of top 50 businessmen in Asia.<br \/>\n6. The sociologists feel that certain communities and cultures promote entrepreneurship like for example in India we say that Gujaratis and Sindhis are very enterprising.<\/p>\n<p style=\"text-align: center;\"><strong>Also Check: <a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-11-physics-syllabus\/\" target=\"_blank\" rel=\"noopener\">CBSE Class 11 Physics Syllabus <\/a><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"CHRONOLOGICAL_LIST_OF_DEFINITIONS\"><\/span>CHRONOLOGICAL LIST OF DEFINITIONS<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>1. 1734: Richard Cantillon:<\/strong> Entrepreneurs are non-fixed income earners who pay known costs of production but earn uncertain incomes.<br \/>\n<strong>2. 1803: Jean-Baptiste Say:<\/strong> An entrepreneur is an economic agent who unites all means of production-land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.<br \/>\n<strong>3. 1934: Schumpeter:<\/strong> Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services.<br \/>\n<strong>4. 1961: David McClelland:<\/strong> An entrepreneur is a person with a high need for achievement [N-Ach]. He is energetic and a moderate risk taker.<br \/>\n<strong>5. 1964: Peter Drucker:<\/strong> An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into, a resource.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entrepreneurship involves: Finding chances to start businesses where they&#8217;re needed. Bringing together things like money, workers, and tech. Creating and [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"CBSE Class 11","_yoast_wpseo_title":"CBSE Notes for Class 11 Entrepreneurship","_yoast_wpseo_metadesc":"Full syllabus notes, lecture and questions for Entrepreneurship: Concept and Functions, Class 11 Revision Notes - Entrepreneurship Class 11","custom_permalink":"cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/"},"categories":[93,21],"tags":[],"table_tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBSE Notes for Class 11 Entrepreneurship<\/title>\n<meta name=\"description\" content=\"Full syllabus notes, lecture and questions for Entrepreneurship: Concept and Functions, Class 11 Revision Notes - Entrepreneurship Class 11\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infinitylearn.com\/surge\/cbse\/entrepreneurship\/concept-and-functions-cbse-notes-for-class-11-entrepreneurship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBSE Notes for Class 11 Entrepreneurship\" \/>\n<meta property=\"og:description\" content=\"Full syllabus notes, lecture and questions for Entrepreneurship: Concept and Functions, Class 11 Revision Notes - 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