Class11Entrepreneurship

Conducted before a business plan: tests if an idea or project is viable

A Business Plan is a written summary of various elements involved in starting a new enterprise of how the business will organize its resources to meet its goals and how it will measure progress.

Generating Ideas and a feasibility study is a careful, step-by-step process that helps entrepreneurs figure out if their business idea can really work. It helps identify problems, set goals, and compare different options to find the best way to move forward.

A business idea is a thought or plan for a product or service that you believe people will buy or use — and that you can make money from

Values are beliefs that guide our actions and decisions in many situations. Milton Rokeach defined values

Ethics are rules about what is right and wrong. They guide how people should behave in a fair, honest, and kind way.

Based on their motivating factors, entrepreneurs can be classified into three types such as spontaneous, induced and motivated entrepreneurs.