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Integrating curriculum for 21 st century skills for commerce
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2. Businesses must also consider their social responsibilities and fulfill the expectations of society to sustain themselves in the long run.
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1) The language of instruction is crucial for delivering quality education as it is the medium through which knowledge is transmitted between teachers and students.
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Finally, the document summarizes McClelland's theory of needs, which identifies the three main motives that drive people as achievement, affiliation, and power. It describes each motive and explains how recognizing an individual's dominant motive can
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The document discusses the key competencies required for successful entrepreneurship. It identifies initiative, creativity and innovation, risk taking and risk management, problem solving, leadership, persistence, quality performance, information seeking, systematic planning, persuasion, communication skills, technical knowledge, and self-confidence as important entrepreneurial competencies. These competencies include traits like taking initiative, managing risks, solving problems creatively, leading others, persisting through challenges, continuously improving performance, seeking new information, careful planning, persuading and communicating well with others, keeping technical knowledge updated, and having self-confidence.
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Entrepreneurship involves significant risk but can provide substantial rewards like profits and independence. While it offers excitement from adventure and developing new products, entrepreneurs must be willing to work irregular schedules and make difficult decisions alone. Starting a business also means entrepreneurs may have to forgo benefits, give up a steady salary, and deal with incompetent staff, all of which can negatively impact productivity and profits if not properly managed.
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The document outlines the process of entrepreneurship, which includes self-discovery to identify new ideas and assess opportunities, generating and evaluating ideas to satisfy needs, planning by researching resources and activities, raising start-up capital using a business plan, starting production and distribution to create customers, growing the business with strategies and technology, and harvesting rewards by marketing products.
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The document discusses the need for entrepreneurship in developing countries like India. It states that entrepreneurship plays a vital role in economic development and growth by bringing innovation, creating employment opportunities, and increasing profits. Entrepreneurship is important for providing inclusive growth and meeting the challenges of advancing technology through new ideas and reducing costs. The development of entrepreneurship is key for a country to become more developed and raise standards of living.
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1. A sole proprietorship is a business owned and operated by one individual. As the sole owner, the proprietor is personally responsible for the debts and liabilities of the business.
2. Sole proprietorships have advantages like quick decision making, confidentiality of information, and direct incentive for the owner. However, they also have limitations such as limited resources, unlimited liability for the owner, and limited managerial ability.
3. The proprietor has complete control over the business but the business ends if the proprietor dies or becomes insolvent since there is no separate legal identity between the owner and the business.
Partnership
A partnership is formed through a legal agreement between two or more persons to carry on a lawful business together with a view to earn profits. Key characteristics of a partnership include unlimited liability of partners, shared risks and profits, mutual agency where each partner acts as an agent for the other partners, and lack of continuity if a partner dies or leaves. Partnerships offer benefits like ease of formation and closure, balanced decision making, and sharing of risks. However, partnerships also have drawbacks such as unlimited liability, limited funding, potential for conflicts between partners, and lack of continuity if a partner leaves.
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The document outlines several key objectives of business activities:
1. The primary objective is to earn a profit, as profit is essential for the survival and growth of a business.
2. Businesses must also consider their social responsibilities and fulfill the expectations of society to sustain themselves in the long run.
3. Additional objectives include establishing a strong market standing through innovation, improving productivity, acquiring necessary physical and financial resources, developing manager and worker performance, and fulfilling social responsibilities.
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Business involves the regular production, procurement, or sale of goods and services with the aim of earning a profit. It is considered an economic activity. Key characteristics of business include the production or procurement of goods and services, their sale or exchange, dealing in goods and services on a regular basis, earning a profit, and uncertainty of returns due to risks. Profits depend on efforts as well as uncertain external factors like changes in technology, tastes, competition, labor issues, and natural disasters.
Business risk
Business risk refers to the possibility of inadequate profits or losses due to uncertainties or unexpected events. There are two types of business risk: speculative risk which involves the chance of gain or loss due to changing market conditions, and pure risk which only involves the possibility of loss, such as those from fires, theft, or natural disasters. Risk is an inherent part of business that cannot be avoided, but can only be minimized. The degree of risk depends on the nature and size of a business, with larger businesses facing more risk than smaller ones. Risk and potential gain are interconnected, so greater risks may lead to greater rewards if successful.
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