1.1 Entrepreneur and Society
An entrepreneur is a person who starts and manages a business to earn profit and provide goods or
services. They connect ideas with resources, create jobs, introduce innovations, and pay taxes. This
improves the standard of living and supports the economic and social development of the community.
1.2 Customers’ Needs, Wants and Demands
Needs: Basic things necessary to live—food, water, shelter, clothing, safety.
Wants: Choices people make to satisfy their needs—e.g., pizza instead of plain rice, branded shoes
instead of ordinary ones.
Demands: When people not only want something but also have the money and willingness to buy it.
Example: Wanting a smartphone becomes a demand when you can pay for it.
1.3 Work Done by an Entrepreneur
Entrepreneurs identify opportunities, arrange money and materials, hire people, fix prices, advertise, and
keep accounts. They also monitor market trends, maintain quality, and take steps to keep the business
profitable.
1.4 What Entrepreneurs Do While Running a Business
1.41 Fulfil Customer Needs: Study the market, collect feedback, and provide the right product at the right
time.
1.42 Use Local Materials: Prefer raw materials and labour available nearby to save cost and help local
suppliers.
1.43 Help Society: Give employment, support charities, and develop infrastructure.
1.44 Develop the Country: Increase production, exports, and tax revenue, which raises the nation’s
economy.
1.5 How Entrepreneurs Affect Society
Entrepreneurs change the way people live and work.
1.51 Create Jobs: Each business requires workers, suppliers, and service providers.
1.52 Share Wealth: Profits are used to pay salaries, buy materials, and pay taxes—money flows in the
economy.
1.53 Lower Product Prices: Competition encourages better quality at affordable rates.
1.6 Qualities of a Good Entrepreneur
Hard Working: Puts in long hours and constant effort.
Independent: Likes to take decisions without depending on others.
Energetic: Physically and mentally active to handle daily challenges.
Self-Confident: Believes in the success of plans and inspires the team.
Patient: Waits calmly for results when profits take time.
Creative: Thinks of new products, packaging, or marketing methods.
Willing to Try New Ideas: Experiments even when results are uncertain.
Takes Responsibility: Accepts both success and failure.
Thinks Before Deciding: Analyses information before making big moves.
1.7 Functions of an Entrepreneur
Decision-Making: Chooses the product, price, market, and people.
Managing the Business: Controls production, finance, sales, and employees.
An entrepreneur is a person who starts and manages a business to earn profit and provide goods or
services. They connect ideas with resources, create jobs, introduce innovations, and pay taxes. This
improves the standard of living and supports the economic and social development of the community.
1.2 Customers’ Needs, Wants and Demands
Needs: Basic things necessary to live—food, water, shelter, clothing, safety.
Wants: Choices people make to satisfy their needs—e.g., pizza instead of plain rice, branded shoes
instead of ordinary ones.
Demands: When people not only want something but also have the money and willingness to buy it.
Example: Wanting a smartphone becomes a demand when you can pay for it.
1.3 Work Done by an Entrepreneur
Entrepreneurs identify opportunities, arrange money and materials, hire people, fix prices, advertise, and
keep accounts. They also monitor market trends, maintain quality, and take steps to keep the business
profitable.
1.4 What Entrepreneurs Do While Running a Business
1.41 Fulfil Customer Needs: Study the market, collect feedback, and provide the right product at the right
time.
1.42 Use Local Materials: Prefer raw materials and labour available nearby to save cost and help local
suppliers.
1.43 Help Society: Give employment, support charities, and develop infrastructure.
1.44 Develop the Country: Increase production, exports, and tax revenue, which raises the nation’s
economy.
1.5 How Entrepreneurs Affect Society
Entrepreneurs change the way people live and work.
1.51 Create Jobs: Each business requires workers, suppliers, and service providers.
1.52 Share Wealth: Profits are used to pay salaries, buy materials, and pay taxes—money flows in the
economy.
1.53 Lower Product Prices: Competition encourages better quality at affordable rates.
1.6 Qualities of a Good Entrepreneur
Hard Working: Puts in long hours and constant effort.
Independent: Likes to take decisions without depending on others.
Energetic: Physically and mentally active to handle daily challenges.
Self-Confident: Believes in the success of plans and inspires the team.
Patient: Waits calmly for results when profits take time.
Creative: Thinks of new products, packaging, or marketing methods.
Willing to Try New Ideas: Experiments even when results are uncertain.
Takes Responsibility: Accepts both success and failure.
Thinks Before Deciding: Analyses information before making big moves.
1.7 Functions of an Entrepreneur
Decision-Making: Chooses the product, price, market, and people.
Managing the Business: Controls production, finance, sales, and employees.
