business entrepreneurship assignment class 9

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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Entrepreneurial Skills Class 9 Notes

Teachers and Examiners collaborated to create the Entrepreneurial Skills Class 9 Notes . All the important Information are taken from the NCERT Textbook Employability Skills as per the board pattern. The CBSE Employability Skills Class 9 Notes is a useful resource for students studying in class 9. The page offers notes and other study materials that can help students prepare for exams, including the CBSE and other competitive exams. It is a good idea for students to regularly visit the page and stay up to date with the latest information and resources.

An entrepreneur is a person who decides to start their own company based on a concept they have or a product they have developed, taking on the majority of the risks and enjoying the majority of the advantages.

Business – Meaning and Types

A business is described as an ongoing activity in which people engage in economic activity with the intention of making a profit through the production, sourcing, purchase, and sale of goods and services.

Businesses share the following characteristics regardless of their type, size, scale, or ownership:

Trade-related – Trade-based enterprises are those that primarily involve the buying and selling of goods or services.

Economic or social motive – Typically, the main goal of most firms is to make a profit. This is why they engage in economic activities including production, distribution, trade, and expansion.

Presence of an entrepreneur – Every business has a founder who is more than just an entrepreneur. This person is in charge of taking the initiative to launch, manage, and expand the firm, as well as to make important decisions and accept the associated risks.

Regular Transactions – A company needs to conduct transactions and deal with customers frequently. Even if a profit is made, an activity that only involves one transaction in which products and services are exchanged or transferred cannot necessarily be regarded as a business.

Uncertainty – Every firm is characterized by uncertainty regarding sales, profits, and success. There is no assurance that the money invested will yield a return or that the company will make a certain quantity of money.

Types of Businesses

There are basically four types of Businesses – 

Manufacturing Business – Manufacturing businesses source product s that can be used as raw materials, with the intention of converting these materials to make an end product.

Service Business – A company that provides services to its clients is known as a service business. Transportation, cleaning, travel, hospitality, maintenance, and consultation are a few examples of service business.

Merchandising Business – One of the most common business types is a merchandising company. A company that buys finished goods and resells them to customers is known as a merchandiser. Think about supermarket or clothes retailer.

Trading Business – Reselling products is another activity done by a trade company. The distinction between a trading business and a merchandising business is that a trader is not required to maintain an inventory. For example Real estate brokers, middlemen, importers, exporters, foreign exchange traders, etc. are a few examples of trading firms.

Hybrid Business – Combining various organisational patterns to create goods and/or services is what is meant by a hybrid business model. Businesses have realised that hiring virtual assistants is the most effective approach to streamline operations, cut expenses, and expand their operations.

Features of Types of Businesses

Types of businesses in our community, based on size –.

Micro Enterprise – A micro enterprise is a business enterprise where the investment in plant and machinery or equipment is not more than INR 1 crore and turnover does not exceed INR 5 crores. 

Small Enterprise – A small enterprise is a business enterprise where the investment in plant and machinery or equipment is not more than INR 10 crore and turnover does not exceed INR 50 crores. 

Medium enterprise – A medium enterprise is a business enterprise where the investment in plant and machinery or equipment is not more than INR 50 crore and turnover does not exceed INR 250 crores. 

Based on legal form –

Sole proprietorship – In a sole proprietorship, the ownership and control of the business is with one single person, and the liability of the owner is not separate from the entity. 

One Person Company – A One Person company also has only one person as a member, who acts in the capacity of both, a shareholder and a director, but an OPC is legally separate from its owners. There is no threat on the owner’s personal property in case of unmet liabilities. 

Partnership – Partnership is a legal form, where at least two people, or more start a business as co-founders or co-owners and divide the share as per agreement. The partners are personally liable for an unlimited amount of liabilities.

Limited Liability Partnership – In a Limited Liability Partnership, there are two or more partners. In this, no one single partner or owner is individually responsible for any other partner’s or member’s negligence or misconduct or liability. 

Company – A company is defined as a legal entity formed to get engaged in business, by a group of individuals. Usually, these individuals have limited liability, and the capital in units of equal value of a company are called ‘shares’. Company can be public or private.

Based on sector –

Primary sector –  Businesses that extract, retrieve, harvest, and produce raw materials using earth-based natural resources are included in this category. Coal, wood, wheat, iron, corn, and other raw commodities are some examples. Mining, agriculture, fishing, horticulture, and other core sectors are examples.

Secondary sector – The conversion of raw materials into finished items is the primary activity of enterprises in this industry. It organises all manufacturing variables using primary sector items to create both utility and luxurious goods.

Tertiary sector – This sector is defined by provision of services to businesses and customers. It is completely based on a service and there is no production of goods involved.

Objectives of Entrepreneurship Development

Some of the core objectives of entrepreneurship development include: 

• Assisting entrepreneurs in undergoing the process of entrepreneurship. 
• Handholding budding entrepreneurs to recognize and design unique business opportunities. 
• Helping aspiring entrepreneurs start and grow dynamic businesses that provide high value add. 
• Developing the motivational needs of entrepreneurs. 
• Training entrepreneurs to develop the required skills and gain knowledge for running and managing a new business. 
• Providing support to entrepreneurs for effective business planning 
• Accelerating and incubating new ideas. 
• Aiding in the availability of technology or raw material. 
• Creating adequate infrastructure for entrepreneurial activities. 
• Providing financial assistance from banks and other financial institutions. 
• Enabling a suitable entrepreneurship ecosystem and business environment. 
• Implementing norms, policies and rules for establishment of new ventures and enterprises. 
• Providing tax benefits, incentives, subsidies etc. for creation of new enterprises. 
• Encouraging research and development across industries

Phases of Entrepreneurship Development

Stimulatory phase.

Stimulatory phase involves stimulating or generating need, interest, motivation and awareness among individuals to become entrepreneurs. It is done by orienting them towards the meaning, process, benefits and practice of entrepreneurship.

Support phase

The support phase involves helping new businesses with their varied activities through mentoring, incubating, funding, and counselling the entrepreneurs. Some of these actions include choosing a business strategy, creating a prototype or product, registering a company legally, consulting on management issues, providing money, providing a building and power, choosing the right equipment and plant, obtaining licences and permissions, etc.

Sustenance phase

The goal of the maintenance phase is to aid businesses in making expansion plans. Strategies for growth, expansion, diversification, modernization, etc. are all given guidance. Additionally, assistance is provided in the form of research and development, additional funding, market research, etc.

Challenges of Entrepreneurship Development

• Lack of continued motivation 
• Lack of formal education 
• Low technical knowledge 
• Absence of managerial skills 
• Inadequate infrastructure and resources 
• Lack of finance availability 
• Lack of awareness about entrepreneurship schemes 
• Strict regulatory framework 
• Low margin market linkages

Entrepreneurship – Characteristics, Role and Rewards

Characteristics of entrepreneurship.

innovation can be understood as creative use of one’s ideas to propose a solution that introduces something unique or new to the world. There are many types of innovation such as product, process, disruptive etc.

 Dynamic Economic Activity

Entrepreneurship involves creation of value or wealth through a business enterprise, that buys and sells commodities/product/services and uses resources optimally.

Risk bearing

When putting certain decisions and ideas into practise, entrepreneurs must take risks. Businesses can anticipate certain risks, such supply constraints, rising raw material costs, price volatility, shifts in governmental laws, etc.

Potential For Profit

“Profit potential is the likely level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.” For a commercial entrepreneur, profit is usually the main goal.

Entrepreneur Vs. Entrepreneurship Vs. Enterprise – Characteristics

Role of Entrepreneurship

Capital Formation – Entrepreneurship leads to value addition and creation of wealth, because entrepreneurs promote capital formation by mobilising the idle savings of public. 

Employment Generation – Increased entrepreneurial activity has the potential to lead to more prospects for large-scale employment. Numerous employment opportunities for skilled, unskilled, and jobless people are produced as more firms, offices, factories, trade entities, etc. are established, especially in emerging nations.

Balanced Regional Development – Entrepreneurship helps to remove regional disparities through setting up of industries in less developed and backward areas. Micro businesses and cottage industries also play a role in increasing entrepreneurial activity in many specific cultural regions.

Value Creation – Value creation happens when a client base recognizes a product or service as having more value and a firm makes money by selling the good or service to satisfy the customer’s requirements and wants.

Wealth Distribution – Due to entrepreneurship and transaction-based activities, wealth and income are distributed among people and regions. Salary payments are made to employees, suppliers are compensated for their supplies, commodities are sold in a variety of markets, large-scale services are rendered, etc.

Industrialization and Development – If a business is established in an area and is perceived as a lucrative prospect, it is possible that other people will be inspired to establish businesses of a similar nature.

Rewards of Entrepreneurship

Economic development – The most effective use of resources, the development of new concepts, wealth creation, constant money flow, skill development, etc. are some characteristics of economic development. These aspects are all made possible by entrepreneurship and are crucial for a country’s economic growth.

Enterprise and Business Creation – Entrepreneurship has a direct impact on the growth of businesses. By merging and coordinating various resources, including human, financial, physical, and intellectual capital, as well as entrepreneurial aptitudes like risk-taking, creativity, leadership, and resource management.

Capacity Building – As an entrepreneur spends in educating staff members and enhancing their managerial skills, skill development and training is a big benefit of becoming an entrepreneur. Similar to this, an entrepreneur also improves his or her own skills by resolving issues, making choices, accepting setbacks, trying out other strategies, etc.

Improved Standard of Living – Customers have various options when choosing from a variety of goods and services to fulfil the same need thanks to entrepreneurship. Higher standards of life are a result of the diversity and accessibility of better goods and services provided by businesses.

Employability Skills Class 9 Notes

• Communication Skills Class 9 Notes
• Self Management Skills Class 9 Notes
• Basic ICT Skills Class 9 Notes
• Green Skills Class 9 Notes

Entrepreneurship and Business Management N5

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• Entrepreneurship is the process of discovering new ways of combining resources. 
• An  e ntrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise
• The word entrepreneur originates from the French Word "entreprendre", which means " to understand"
• Being an entrepreneur means there’s always more work to do, and not enough time to do it.
• Every entrepreneur comes with something new or creative so do the other entrepreneurs. 
• An organization should encourage employees to innovate by providing the right working environment. 
• It includes every relationship which established among the people.
• There can be more than one community in a society. Community smaller than society.
• It is a network of social relationships which cannot see or touched.
• common interests and common objectives are not necessary for society.

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Introduction to Entrepreneurship

(3 reviews)

Katherine Carpenter, University of Victoria

Copyright Year: 2021

ISBN 13: 9781989864500

Publisher: Kwantlen Polytechnic University

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Larry Clay, Assistant Professor, Marymount University on 2/12/24

This book is a sufficient option for my 201: Principles of Entrepreneurship course. It is aligned with my course objectives, and includes the basic of business venturing and modeling, but also offers the fundamental terms and definitions for... read more

Comprehensiveness rating: 4 see less

This book is a sufficient option for my 201: Principles of Entrepreneurship course. It is aligned with my course objectives, and includes the basic of business venturing and modeling, but also offers the fundamental terms and definitions for learners outside of business can connect and understand how to start and maintain a viable business venture.

Content Accuracy rating: 4

This book details an accurate account of what is entrepreneurship, what are some of the qualities, attributes, and traits needed to be an entrepreneur, and practical suggestions to how to approach an entrepreneurship endeavor. The statistics of failure and success in this sector is key for students to understand that they are going against the grain starting a business, and it takes commitment, self motivation, and smart hustling to move towards a trajectory of profit.

Relevance/Longevity rating: 4

This book has the basic information that is relevant to understanding the fundamental processes of designing products and services, and build capacity of an organizational system.

Clarity rating: 4

The book is consistent with clarity of information and injects case scenarios that help students understand entrepreneurship.

Consistency rating: 4

This book is consistent with other textbooks as it relates to content around entrepreneurship. Some of the basic constructs, structures, and processes in entrepreneurship have not change much, but there are new strategic and analytical tools available to entrepreneurs now that students can employ in experiential learning exercises that will also be complementaries to this book.

Modularity rating: 5

This book is easily digestible and separated in a logical flow.

Organization/Structure/Flow rating: 4

The content is in a logical and clear flow that I believe students can read and absorb the information.

Interface rating: 4

The different formats offerings make this book a good fit as a learning interface for students. I noticed students in this generation prefer digital interfaces, so the PDF and digital version of the OER textbook with interactive tools embedded is a positive, and I foresee no interface issues between the content and students.

Grammatical Errors rating: 5

I did not recognize any grammatical errors in my review.

Cultural Relevance rating: 4

This book was not found to have any offensive or derogatory content that might be viewed as insensitive to a particular group or culture.

When teaching entrepreneurship, I find the biggest cognitive struggle students have is approaching the business and financial modeling. I usually look for books that include an excel or spreadsheet template so students can practice dash boarding and managing their financials and non financial resources.

Reviewed by Mary Hill, Lecturer II, University of New Mexico on 5/12/23

no index or glossary found. as indicated by the title - this is an early introduction to the subject. read more

no index or glossary found. as indicated by the title - this is an early introduction to the subject.

Content Accuracy rating: 5

very accurate from my perspective as a person who has taught entrepreneurship for health care professions students for 10 years.

Relevance/Longevity rating: 5

very relevant. Able to be updated without difficulty.

Clarity rating: 5

very clear.

Consistency rating: 5

very consistant .

easily broken into small pieces.

Organization/Structure/Flow rating: 5

well organized. It is 67 pages and gives a very early introduction to the subject.

Modules 1 and 2 are masterfully designed and easy to navigate with clear paths. Likely, course instructors would wish to have other specific course assignments as the assignments within the book do not relate to concrete/crystalized knowledge, but on reflection (which may be less productive for some learners). If the book is downloaded as a .pdf, then the phrase "One or more interactive elements has been excluded..." appear 2-3 times per page on the .pdf. Effectively, the .pdf is not a full text of the course. When the course is viewed through the pressbooks interface, then interactive questions, well shot video transcripts and attractive visuals improve the material. Some aspects of the pressbooks interface are less intuitive to navigate. For example, the interactive business design in unit 3 focuses on sustainable development goals (SDGs). I like the connection of SDGs to entrepreneurship, but the entry level questions are difficult to navigate and are not geared to a novice learner (as the name "introduction to entrepreneurship" would indicate. The entrepreneurship plan in chapter 4 has many components bout entrepreneurship philosophy that will help learners consider what they need in order to create their endeavor. Absent, however, are the government permits / supports / business license logistics that sometimes are the reasons that businesses fail.

Cultural Relevance rating: 5

No cultural offense observed (from my perspective of a person of priveledge). Authors made effort to not to highlight any gender or any cultural accomplishments over others.

I will incorporate components in the chapter 4 entrepreneurial plan into my course on health care private practice entrepreneurship.

Reviewed by Christina Wooten, Business Technology Faculty, Rogue Community College on 3/30/23

The text is a good introduction and covers several high-level topics that pertain to entrepreneurship. There are many more topics that could be added to this text. It may not be sufficient to support an entire course. There is not a glossary... read more

Comprehensiveness rating: 3 see less

The text is a good introduction and covers several high-level topics that pertain to entrepreneurship. There are many more topics that could be added to this text. It may not be sufficient to support an entire course.

There is not a glossary or index available.

The text appears accurate and unbiased. I did note a few writing errors in the text (missing period, additional period, etc.)

There are some references in the transcripts, text, and videos that could make the text obsolete. These references could also be confusing or non-inclusive to some students. "...someone who goes on Dragon's Den" These type references are limited to the introductory section of the text.

Overall, the text/transcripts/videos are clear. The final sections (3 and 4) do have sections that are not as clear. In 3.1 and 3.2 (The Entrepreneurial Process) there are some areas that could benefit from careful revision. These sections (3.1 and 3.2) also lack substantial videos that could help the learner connect the ideas.

The book is consistent in terms of framework and terminology.

The text/transcripts/videos are easily divisible into sections. The creator did a nice job segmenting the material. The material is organized in a way that engages the reader visually. There are quizzes embedded in the material that do not cause disruption to the reader/viewer. The overall work is segmented into clearly defined and numbered sections. There is a particularly helpful activity throughout the text called: "Read/Watch/Listen – Reflect" where the learner has an opportunity to read articles, watch videos, listen to podcasts and then reflect (journal) their thoughts in a writing activity. The resources linked in this activity throughout the text are splendid!

The topics are presented in a logical, clear fashion . The final project is also clearly defined and well-presented.

Interface rating: 5

This material appears free of interface issues on a PC. There are no distortions of images or text.

Grammatical Errors rating: 4

Text/transcripts free of grammatical errors. There are, as previously referenced, a few writing errors that could be addressed in a revision.

I found no evidence of insensitive or offensive information in my review.

While I do not feel that this book would be enough material to support a quarter-long class, I do feel it has ample information in it to be a part of a class. The layout and delivery of the material is user-friendly. There are multiple modes of delivery used (video, written lecture, and transcript of videos) available to the learner. This text is one I will use to supplement the Entrepreneurship course I teach.

Table of Contents

• 1. Defining Entrepreneurship
• 2. The Role Entrepreneurs have in Today’s Society
• 3. Different types of Entrepreneurship
• 4. Entrepreneurial Traits, Skills and Abilities
• 5. The Entrepreneurial Mindset
• 6. Creativity and Innovation in Entrepreneurship
• 7. Entrepreneurial Process
• 8. Unit 4 Assignment Preparation
• 9. Unit 4 Assignment Delivery: Entrepreneurial Plan
• 10. Course Wrap up and Reflection

Ancillary Material

About the book.

Learn about entrepreneurship and what makes entrepreneurs successful, all while developing your entrepreneurial skills.

About the Contributors

Katherine Carpenter (Cochrane) has an MBA from the University of Victoria and has been a full-time Faculty Member with Kwantlen Polytechnic University since 2020. Katherine has over 12 years of experience teaching in-person and online and delivering advisory projects to various entrepreneurial organizations. In addition to entrepreneurship, her areas of expertise include student engagement, online learning, program development and renewal, and instructional design.

Katherine is currently a developer in the Open Education for a Better World mentoring program and is a 2021 OER Grant Recipient through the KPU Open Education Working Group. When she’s not instructing with KPU, Katherine also teaches at other public and PVI organizations across the country, and advocates for UDL, open education, online delivery, and continuously improving programs to meet the needs of those learners worldwide.

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Ninth graders set up their own personal businesses. In this business lesson, 9th graders select business projects, set goals for their businesses, write business plans, and follow up on the plans after they carry them out.

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Business Plan Entrepreneurship Project (Grade 9-12)

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This assignment requires students to develop a business plan for their own company. During this assignment, students will learn about what to consider as well as the process of starting a business. Students will complete this assignment step by step from the beginning stages of development to the final stages of execution. This is designed to be a teacher-led walkthrough with the gradual release of responsibility.

This resource is appropriate for Grade 9-12 students for a business, marketing, entrepreneurship, or English class.

Included in this resource:

• 48-page Google Slides™, outlining each section of the business plan, explaining its importance, including examples to serve as a guide.
• 14-page Google Docs™ (editable) business plan template to serve as a guide for planning their business (includes RUBRIC)

Business Plan Breakdown

Part 1: Business Concept

Part 2: Competitive Analysis

Part 3: Mission Statement & Vision

Part 4: Products & Services

Part 5: Marketing Plan

Part 6: Legal Components

Part 7: Cost Analysis

Part 8: Company Goals

Part 9: Executive Summary

Ontario Curriculum Expectations

Business Fundamentals

• demonstrate an understanding of how businesses respond to needs, wants, supply, and demand;
• compare types of businesses;

Entrepreneurship

• describe characteristics and skills associated with successful entrepreneurs and demonstrate an understanding of the contributions to Canadian business of selected entrepreneurs;
• analyse the importance of invention and innovation in entrepreneurship.

Functions of a Business

• demonstrate an understanding of the importance and role of marketing in business; • explain the role of production in business;
• demonstrate an understanding of the importance and role of marketing in business;
• demonstrate an understanding of income and spending issues facing individuals and businesses;

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Entrepreneurship class 9

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Important Questions and Notes

50+ Important Entrepreneur Skills Class 9th MCQ

Entrepreneur skills class 9th mcq.

Q1. Business is an ________________ activity

a. Economic

b. Relative

c. Societal

d. Communication

Show Answer Ans. a. Economic

Q2. Businesses can be for _________

a. Profit Entities

b. Non-profit Organisations

c. Both of the above

d. None of the above

Show Answer Ans. c. Both of the above

Q3. Business is related to selling _____________

b. Services

c. Products

d. All of the above

Show Answer Ans. d. All of the above

Q4. Those people who fills the gap between the society needs and the availability of products by providing necessary products and services are ______________

a. Large scale business man

b. Small scale business man

c. Entrepreneur

d. Creative

Show Answer Ans. c. Entrepreneur

Q5. An entrepreneur is a person who is _______

a. Wage-employed

b. Self-employed

c. An employee who is getting salary

Show Answer Ans. b. Self-employed

Q6. All self-employed persons are not entrepreneurs. (T/F)

Show Answer Ans. a. True

Q7. The owner of a Kirana Shop is _____________

a. Self-Employed

b. Wage-Employed

c. Wage Earner

Show Answer Ans. a. Self-Employed

Q8. The process of developing a business plan, launching and running a business using innovation to meet customer needs and to make a profit is _________

a. Creative Business

b. Creativity

c. Entrepreneurship

d. Business to Business Plan

Show Answer Ans. c. Entrepreneurship

Q9. An ______ is a project or undertaking that is bold and fulfills a need of the society which no one has ever addressed.

a. Enterprise

b. Entrepreneur

c. Creative Business

d. Creative Plan

Show Answer Ans. a. Enterprise

Q10. What is the aim of entrepreneurship?

a. Earn a profit

b. Solve customers’ need innovatively

Q11. When more and more entrepreneurs of a country create business opportunities then country grows ____________

a. Economically

b. Socially

c. Actually

d. Technically

Show Answer Ans. a. Economically

Q12. Economic Development of country means ___________

a. Circulation of money

b. Creation of various jobs

c. Improved Standard of Living

Show Answer Ans. a. Circulation of money

Q13. A small village did not have good quality soap because of which the villagers used to fall sick. Being an Entrepreneur what you will do for villagers?

a. Spread awareness about cleanliness

b. Arrange Doctors for villagers

c. Going to the city to collect antibacterial soap and sold it to the villagers

Show Answer Ans. c. Going to the city to collect antibacterial soap and sold it to the villagers

Q14. Entrepreneur always work for _______________

a. Economic development of Country

b. Social development of Country

c. Improving Standard of Living of people

Q15. Ramu is chai wala selling tea near a busy bus stop. He earns a lot and makes a good profit. Rani also started a tea stall on the road side. She decided to sell different flavours of tea, just like expensive tea parlours in the mall, at a reasonable price. Who is an entrepreneur?

c. Both Ramu and Rani

d. Neither Ramu nor Rani

Show Answer Ans. a. Rani

Q16. An Entrepreneur should have ________ quality

a. Patience

b. Positivity

c. Hardworking

Q17. Which of the following is not the quality of an Entrepreneur?

a. Hard working

b. Patience

c. Don’t care about the society

d. Confident

Show Answer Ans. c. Don’t care about the society

Q18. An entrepreneur always look into a problem as ______________

a. Opportunity

b. Difficult situation

c. Chance to show talent

d. Disaster

Show Answer Ans. a. Opportunity

Q19. A person who has does not take risks, is not open to new ideas and is running the business only to earn a steady source of income is an entrepreneur.(T/F)

Show Answer Ans. b. False

Q20. The _______ earned is the excess earning after deducting all expenses.

c. Discount

Show Answer Ans. b. Profit

Q21. Entrepreneur takes ___________________ to make a profit

Show Answer Ans. b. Risks

Q22. ___________ means organising, developing and managing a business venture along with any of its risks in order to make profit.

a. Life managing Skills

c. Entrepreneurship Skills

d. Green Skills

Show Answer Ans. c. Entrepreneurship Skills

Q23. Characteristics of entrepreneurship is _____________

a. Ability to take up risks

b. Believe in hard work and discipline

c. Effective planning and execution

Q24. Ananya is working as a chef in a five star hotel. She is ____________

a. Wage Employed

b. Self Employed

Show Answer Ans. a. Wage Employed

Q25. In wage employment, there are always two parties. One is known as the ______ and the other is the _____

a. Employee, Advocate

b. Witness, Employee

c. Employer, Employee

d. Employer, Tenant

Show Answer Ans. c. Employer, Employee

Q26. Aman is working in a company and earns 5 lakhs monthly salary. Hari is a vegetable vendor and earns 50 thousand rupees monthly. Who is an entrepreneur among them?

c. Both Aman and Hari

d. Neither Aman nor Hari

Show Answer Ans. a. Hari

Q27. Rahul starts a shop to sell Chaat and special Paani Puri. He is an _____

a. Employee

c. Customer

Show Answer Ans. b. Entrepreneur

Q28. Shahid becomes the manager of a dealership selling food products. He is an __________

Show Answer Ans. a. Employee

Q29. Ritu leaves the company she worked for and starts catering food for marriages, birthday parties etc. She is an _____ .

Q30. parth work for himself, and not for others. he is an __________, q31. which of the following is not the type of business activity.

a. Product Business

b. Service Business

c. Transit Business

d. Hybrid Business

Show Answer Ans. c. Transit Business

Q32. Aman has opened a Sports Shop. What type of business activity is he doing?

Show Answer Ans. a. Product Business

Q33. A business where a seller and buyer exchange an item, which can be seen and touched, is called a ___________

Q34. rohit is a sports person and he is working as a sports teacher in a school. due to some reason he has to leave his job. after one month he opened a cricket coaching center. what type of business is this.

b. Hybrid Business

c. Service Business

Show Answer Ans. c. Service Business

Q35. A business where a seller helps the buyer to finish some work is called ______

a. Service Business

c. Product Business

Show Answer Ans. a. Service Business

Q36. Rahul is an engineer. He opened a coaching institute where he is giving tuition to students and also selling books, bags and other stationary items to the students. What type of business is he doing?

d. Mixed Business

Show Answer Ans. b. Hybrid Business

Q37. Anmol was going from school to home. On his way he saw a restaurant where many customers were sitting and enjoying there food. Restaurant is also providing catering services. In what type of business does the restaurant involved?

b. Mixed Business

Show Answer Ans. d. Hybrid Business

Q38. Tea-Stall is an example of ______

a. Hybrid Business

b. Product Business

Show Answer Ans. b. Product Business

Q39. Barber Shop is an example of ______

Q40. motorcycle repair shop is an example of ______, q41. which of the following statement is not correct about product or product business.

a. In product business customer pays for physical exchange of things.

b. A product can be transported to different places where shopkeepers sell it.

c. A product can not be stored

d. Product can be seen and touched.

Show Answer Ans. c. A product can not be stored

Q42. Read the following case-study and identify what kind of business is this?

Sana wears beautiful new earrings every day which she makes by herself. She finds the designs online, buys cheap materials and makes them at home with the help of her sister. Her friends at the college were amazed and placed orders for similar earrings.

d. Transit Business

Q43. Read the following case-study and identify what kind of business is this?

Pragya’s parents bought her a bike on her birthday last year. She used it to go to her college and to meet her friends. Since her friends usually had to take a bus for transport, in case of an emergency, they would sometimes ask her to drop them. This gave her an idea of starting a quick, goods-delivery service using her bike! In her free time, she started the delivery service for people in her area. She became famous! She later employed five people to work in her delivery company.

d. Service Business

Show Answer Ans. d. Service Business

Q44. Suman was buying earrings from a wholesale market and selling it to people. What kind of business is this?

Q45. products for selling are made at _______, q46. trade and manufacturing businesses are types of ___________, q47. wholesalers, distributors and retail shops are examples of _____.

a. Manufacturing Business

b. Trade Business

Show Answer Ans. b. Trade Business

Q48. The first steps of starting a business is _________________

a. to come up with a business idea.

b. getting money and material

c. Understanding customer needs

d. Improving Product/ service

Show Answer Ans. a. to come up with a business idea.

Q49. In the _____ learning system of Entrepreneurship development, training programmes are conducted to bring about awareness, knowledge and skills related to entrepreneurship

a. Informal

d. Parallel

Show Answer Ans. b. Formal

Q50. __________ development is the process of improving the skills and knowledge of entrepreneurs

a. Customer

b. Employee

d. Employer

Q51. Which of the following is not the function of an entrepreneur? [CBSE Sample Paper]

a. Taking risk

b. Provides raw materials

c. Divide income

d. Making decisions

Show Answer Ans. b. Provides raw materials

Q52. When we discuss about the role of Entrepreneurship, there is potential for increase in large-scale employment opportunities with increase in entrepreneurial activity. As more enterprises, offices, factories, businesses, trading entities etc. are set up, numerous job opportunities are created for skilled, unskilled and unemployed people, especially in developing countries. What kind of Role is this?

[cbse sample paper].

a. Capital Formation

b. Employment generation

c. Value Creation

d. Wealth Distribution

Show Answer Ans. b. Employment generation

Disclaimer : I tried to give you the important questions of Entrepreneur Skills Class 9th MCQ , but if you feel that there is/are mistakes in the questions of Entrepreneur Skills Class 9th MCQ given above, you can directly contact me at [email protected]. NCERT Book and Study material available on CBSE official website are used as a reference to create above Entrepreneur Skills Class 9th MCQ

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Unit 1 : Introduction to IT–ITeS Industry BOOK SOLUTIONS

Unit 1 : Introduction to IT–ITeS Industry NOTES

Unit 1 : Introduction to IT-ITeS MCQ

Unit 3 : Digital Documentation NOTES

Unit 3 : Digital Documentation BOOK SOLUTIONS

Unit 3 : Digital Documentation MCQ

Unit 4 : Electronic Spreadsheet BOOK SOLUTIONS

Unit 4 : Electronic Spreadsheet MCQ

Unit 5 : Digital Presentation MCQ

Important links of Class X (IT – 402)

UNIT 1: DIGITAL DOCUMENTATION (ADVANCED) MCQ

UNIT-2: ELECTRONIC SPREADSHEET (ADVANCED) MCQ

UNIT-3 RELATIONAL DATABASE MANAGEMENT SYSTEMS (BASIC) MCQ

UNIT-4 WEB APPLICATIONS AND SECURITY MCQ

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Jamie Dimon Says a Mild Recession Is Still on the Table: 'There's a Lot of Uncertainty Out There' Economists at JPMorgan Chase raised their odds of a recession in 2024 to 35% on Wednesday.

By Emily Rella Edited by Melissa Malamut Aug 8, 2024

Key Takeaways

• In an analyst note on Wednesday, economists at JPMorgan Chase raised their odds of a recession in 2024 to 35% based on a number of economic indicators.
• CEO Jamie Dimon echoed these sentiments in an interview with CNBC, pointing to market volatility and inflation concerns.

As the U.S. economy continues to remain volatile , JPMorgan Chase is warning that a recession is not off the table.

In an analyst note published Wednesday, economists at JPMorgan raised the odds of a recession this year from 25% to 35%, noting there's also a 45% chance of a recession in the second half of 2025.

Related: Stock Market Tumbles After Global Selloff as Investors Panic Over Jobs Report, Economic Indicators

"U.S. wage inflation is now slowing in a manner not seen in other DM [developed market] economies," the note said. "Easing labor market conditions increase confidence both that service price inflation will move lower and that the Fed's current policy stance is restrictive."

The note also said the bank believes the odds of the Federal Reserve will cut rates in September and November 2024.

JPMorgan Chase CEO Jamie Dimon doubled down on the prediction in an interview with CNBC , saying he thinks a recession could be looming.

Related: Jamie Dimon's Policy Advice for Donald Trump, Kamala Harris

"There's a lot of uncertainty out there. I've always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets," he said. "I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay."

The bank's predictions came after last week's jobs report where the unemployment rate reached 4.1% in June.

It's been a volatile week for the Dow, S&P 500, and Nasdaq due to heightened concerns about the U.S. economy.

Entrepreneur Staff

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