From Ideas to Startups

Key concepts

Entrepreneurship

An entrepreneur organises resources to create a good or service that responds to a need. Entrepreneurship can encourage innovation and create work, while also involving uncertainty and responsibility.

Resources and business planning

A plan identifies the customer, problem, product or service, people and materials required, costs, possible income, risks and next steps. A small test can reveal whether the idea works.

Creative destruction

Innovation may replace older products or processes. Analyse both the benefits of improved services and the adjustment costs for workers, businesses or communities.

Start-up ecosystem and MSMEs

Start-ups, micro, small and medium enterprises, and unorganised enterprises all contribute in different ways. The syllabus also names Make in India, Startup India and Digital India as initiatives to study.

Basic accounts

Revenue is money earned from sales; expenses are costs; profit is revenue minus expenses when revenue is greater. A basic balance sheet groups assets, liabilities and owner’s equity at a point in time.

Apply the ideas

For a source-based question, cite the map, table, case or text detail that supports your answer. Separate observation from explanation.

Important questions with model answers

Practice activity

• Can I explain each key term in my own words?
• Can I connect people, place, institutions and evidence?
• Have I avoided adding facts outside the assigned course section?