Category: Commerce Notes PPT

To understand the concept of a managed floating exchange rate system, you have to understand what exchange rates are and how they function. An exchange rate regime is adopted by the top bank of any sovereign country to ideate, establish and operate a functioning exchange rate of its currency against foreign currency.

Most often, political, fiscal, and social issues determine a country’s exchange rate. 

In India, the exchange rate regimen is governed by the Reserve Bank of India (RBI), often called the ‘Banker of Banks’. There are several types of exchange rate regimes, including managed float, free float, and a flexible exchange rate.

India follows a managed floating rate system. It gives a lot of independence to the market forces, provides data to regulators, and stabilizes India’s economy. Starting in 1991, when India’s economic policy underwent a renovation, and the markets opened to global companies, this regime has helped the country get back on its feet.

At first glance, a managed float system may not seem useful. However, economists and policy-makers have observed that since India needs to import certain essential items like crude oil, it is important for a Central Bank to maintain a tight leash on exchange rates.

That Central Bank is the RBI.

Before You Delve Deeper Into the Topic, Here is A Diy Task For You: Research on the last 4 Governors on the Internet. Look at their track records and their methods of management. 

Managed Floating Exchange Rate Definition

In simple terms, a managed floating exchange rate is a system where currencies fluctuate daily but the regulatory authorities, including the government and the Reserve bank of India, may step in to control and stabilize the value of the currency.

If these bodies do not step in, there is bound to be an ‘economic shock’ to the country. As you know, India is a developing country with precise economic requirements. The GDP has been growing at a steady pace, and INR’s strength has increased over the last couple of years.

A managed floating exchange rate is occasionally called a ‘dirty float’ as opposed to a ‘clean float’ where central banks do not intervene.

According to numbers made public by the Reserve Bank of India, more than 40% of all countries use some sort of a managed floating regime. Without the guiding hand of Governments and their respective Central Banks, countries including Algeria, Argentina, Croatia, Egypt, Romania, Singapore, and Ukraine would face rising foreign exchange costs.

It can be safely said that a managed float is a hybrid control system. It is neither a free-float nor a flexible float exchange rate.

Why Does India Have a Floating Exchange Rate System?

The single most important rationale behind this lies in its history. You must remember that before 1991, India was not a globalized economy. Government offices were underperforming and suffering huge losses; there was rampant unemployment, and private enterprises were practically non-existent.

Table Below Lists the Chronology of Events Since Independence

Tasks for Advanced Commerce Students: Research about the Bretton-Woods Agreement and who the parties were. Noted economists and great thinkers like John Keynes and Harry White were present at the summit held in New Hampshire’s famous Mount Washington Hotel.

Find out why it broke down after 1971. You will also notice a return to similar lines of thinking after the 2008-09 global economic crisis.

Objectives of a Managed Floating System

Developing countries with high GDP growth rates usually prefer a managed floating exchange. Since there are bound to be geopolitical events beyond their control, such countries  including India have placed a great deal of emphasis on this hybrid system. Here are the four main objectives of a dirty float.

1. To Reduce or Pause Exchange Rate Volatility: At times, the exchange rate of the US Dollar may go up against the INR. India will then have to pay more to buy crude oil and other essential commodities from the international market. The Rs 70/USD is considered a ‘psychologically significant mark’. If this is breached, both the Govt and the RBI will step in for corrective measures.

2. To preserve Adequate Forex Reserves: The BoP crisis of 1991 has not been forgotten. If such a scenario ever happened again, there would be enormous harm to India’s economy. A managed float ensures that India’s reserves have enough Foreign Exchange that can be sold at fair market prices during crises.

3. To Curb Speculative Activities: Speculation in foreign exchange and stock markets is not new. In fact, without speculation, such complex systems would not work. However, certain mala fide elements often carry out a series of rapid and successive speculations by buying or selling Forex in large volumes to make a quick profit. A managed floating exchange prevents such practices and ensures balance.

4. To Develop a Robust Forex Market: Despite the ‘Make in India’ and ‘Stand Up India’ schemes, the country still has to import a sizable range of products from overseas. To ensure fair competition and maintain adequate BoP, a managed floating exchange rate is necessary.

Advantages of a Managed Floating Regime

There are several merits of a managed float. Some crucial ones are:

• A much stronger and more resilient monetary policy. Since the Central Bank and the Government work in tandem, there are little chances of differences in opinion at the very top. In India, the RBI has its own Monetary Planning Committee (MPC), formed under the RBI Act of 1934. This committee can alter interest rates if there are extenuating circumstances.

Once such discretionary measures are exercised, banks can alternatively pour in or squeeze out liquidity by giving loans. 

• The domestic economy is hardly impacted by the actions taken under a managed floating regime. It must be remembered that such a regime allows a high amount of autonomy to market forces to correct themselves, and the economy by extension. If this does not happen, the central agencies step in to make amends. 

This 2-layered protection system had shielded India well in the 2008-09 crisis.

Disadvantages of a Managed Floating Regime

There are some demerits of a managed floating exchange rate system too. These are:

• Competitive devaluations of currencies are the fallout of a managed regime. In a globalized world, more countries than ever before are vying for businesses and big enterprises to establish facilities in their nations. This competition has often led to intentional devaluation. Such phenomenons are often observed in South American countries.

• Countries with a managed floating exchange often tend to have weaker financial systems. That is because the Central Banks and Governments have to be careful when drafting budgets and providing stimuli to slowing sectors. In India, there have been several complaints of weak fiscal policies. Various governments have been accused of not laying out a counter-cyclical budget.

For advanced students, it will be interesting to note that fixed and managed regimes share some disadvantages. It is partly due to the ability that countries with fixed exchange regimes can knowingly devalue their currency.

For more topics related to the senior secondary Commerce stream, you can make use of ’s study materials. Also, you can participate in our live interactive classes to gain a more profound understanding of challenging topics. You can refer to our learning programs to improve your self-study sessions. 

What is Depreciation of a Currency?

Due to the ongoing operation of various market forces, the external value of a domestic currency may decrease causing what is known as depreciation. It means that the value of a given currency is less than the value of another foreign currency.

 

What is Appreciation of a Currency?

When the external value of a domestic currency increases because of the different market forces of demand and supply, it causes what is known as an appreciation. It means that the value of a given currency is more than the value of another foreign currency.

 

What is the Reason Behind the Central Bank’s Intervention in managing the Floating Rates of its Domestic Currency?

The central bank of a country might try different ways to depreciate the value of its domestic currency. Listed below are the different reasons for the depreciation of currency value:

1. To stabilize the current accounts which would improve the balance of trades by adding more price competition to its exports.

2. A depreciated currency would increase the demands of exports and make imports more expensive, due to which the price level inside the country would increase. This in turn would lower the risk of deflationary recession manifold.

3. If a country has seen a larger proportion of consumption than supply or exports or capital investments, the central bank would want to interfere in order to depreciate the value of the domestic currency which will result in an increase of exports bringing the economy to balance again.

The central bank might also try different ways to appreciate the value of its domestic currency. Below are listed the reasons for central bank intervention for appreciation of the value of domestic currency:

1. Appreciation can limit the demand-pull inflationary pressures.

2. Appreciation of the domestic currency can decrease the prices of imported products, technology, and capital, which will further cause long-term economic growth.

Another reason why the central bank of a country might want to intervene in managing the external value of its domestic currency is to decrease the volatility- which is the degree of change of various trading prices over a period of time- of market exchange rates. It does this to gain back the confidence of big businesses and important investors, which might weaken because of great fluctuations in the market forces. For instance, if some foreign investor’s risk, who is planning on buying a government’s bonds increases due to this fluctuation, they will want a higher interest rate on these bonds as a form of compensation for the increased risk.

 

What are the other Types of Exchange Rates?

Apart from the managed floating exchange rates, there are three other types of exchange rate systems that are identified by the IMF and are applicable in different countries. Let us look at these different types of exchange rates:

1. Fixed Exchange Rate System- This is also called the pegged exchange rate system and does not depend on the fluctuations of market forces at all. Out of the two currencies which are considered, the weaker currency is pegged with the stronger currency by either the government or the central bank of the domestic country through the purchase of foreign exchange.

Flexible Exchange Rate System- The flexible exchange rate system is also commonly known as the floating exchange rate system. It is flexible or floating because it solely depends on the market forces of demand and supply. Any intervention of the government or central banks is not possible to influence the value of the currency.

is a well-known platform to avail education for students of all grades. Not only schooling subjects are available but this educational portal has been perfectly designed for making you prepared for your competitive examination. Studying marketing management philosophies from will not only bring marks to your scoresheet but will also prepare you for workplace activities in advance. 

Marketing is a standard process of selling and buying used to gain profit either in monetary terms or in Fringe benefits. It is a part of the entire management phenomenon. Management is the easiest structured way followed by an organization from the initial step to the implementation process. The step-by-step procedure to achieve the ultimate objective of an organization in an organized manner is nothing but the management.

From these two definitions, we can derive the concept of marketing management. Beautiful kisses only on the selling and buying goods or bonds or any other items in your Market to gain something in return. The marketing concept is a management philosophy that affects various factors. These factors are nothing but influencing aspects of marketing management. Some of those factors are as given below,

• Population Growth: Population growth is defined as the rise in the count of people in a population. The population is classified into two ways, one is the overall count of the population throughout the year and one is counted within a single nation. If we talk about the world population then it is estimated as 83 million annually in other words 1.1% per year. 

• Expanding Household needs:   Expansion of household needs could be associated with anything from the requirement of having a new car to the hope of shifting to a new house. This expansion also accounts for an increase in requirements when you welcome a newborn to your home. You may realize that your current room space is not sufficient. This is how the expansion of household needs keeps going on. 

• Removal of Income: There is a non-operating income that is the portion of a company’s income as it is earned from those activities that are not related to its mainstream business operations. It may include profits, losses, and dividends by the foreign exchange as well as asset write-downs.  

• Excess Income:   Depending on the changing spending habits, the income effect might have both negative and positive consequences especially on a small business according to different factors. 

• Technological Development: Each business focuses on technological development under the marketing management as it is essential to impress target customers. Stay assured of understanding all topics in simple language as has designed a superb format for its lovely students sitting across the world. 

• Mass Communication Media: These days, mass communication media has become an integral part to spread word of mouth. Here, each company is competing to grab the market behavior and work on all the parameters that contribute to wooing more and more customers. 

• Credit Purchases: It means to say that you are purchasing on credit to receive services or goods right away by paying for a later scheme. Students, you need to remember that this is really a crucial term in marketing management, so do not worry tutors will explain it step by step for you. 

• Altering Social Behaviour: Marketing management is based on the behavior of the customers so organizations also have to keep an eagle watch on their altering social behavior. 

Describe Market Management Philosophies

Marketing management has four philosophies to achieve the objectives of an organization easily. The evolution of marketing management philosophies was started in the mid of the 18th and 19th centuries. It took place during the industrial revolution for the first time. Then after it grew on increasing day by day and derived several philosophies. 

Among them, the major 4 marketing management philosophies can be explained as below:

1. The Production Concept

This concept explains the importance of production in marketing management. It is first among the four marketing management philosophies.  Some organizations may believe that if the product has come into the market at a low cost, without considering the customer’s requirement, it can be attracted by the customers. It means the product itself can create its demand as the supply is more.

2. The Product Concept

Another important concept of marketing management taken from the four marketing management philosophies is the product concept. These people believe that rather than the production, supply, price, the growth of an organization depends on the quality of the product. A qualitative product can easily change the customer’s purchasing decision, even if it is expensive and doesn’t available in large quantities.

3. The Selling Concept

The vital concept of the four marketing management philosophies. Because every organization’s final goal is to increase its sales. So the selling concept plays a vital role. It doesn’t consider the quality or quantity and other criteria. It only focuses on the selling of available goods as much as we can. It considers every customer as valuable and tries to make them favorable.

4. The Marketing Concept 

In this 21st century, the market plays a significant role. Because it is the place where the organizational outputs may meet the customer requirements. It is a platform where all the organizations should exhibit their creative, innovative, and qualitative products to attract more customers and to gain the highest market share.

In the Marketing Management Philosophies class 12, another philosophy is also added to make five marketing management philosophies in total. So the next philosophy is, Societal marketing concept:- we can consider this concept as an extension of the marketing concept. Along with all specifications of marketing philosophy, it also considers the well-being of society and the growth of the country depends on the growth of society. Society means public.

These are the major 5 marketing management philosophies. Each concept has its advantages. All the concept’s final objective is to increase the growth of an organization. So, we can’t differentiate marketing management philosophies. 

Conclusion

Thus marketing management is a disciplined, structured way of selling and buying goods which leads to developing the organization. To achieve these outputs, we have observed several philosophies, strategies, etc. brings the entire syllabus under one roof where students do not need to collect the material from different sources. They have sorted topics that have been well explained from the examination point of view. 

serves the students from all corners of the world, the best part is that they do not have to step out of their homes and can grab all the learning from the comfort of their home. Download the study material from and observe the difference within your knowledge of the subject. 

What is Meant by Auditing?

The audit meaning or the concept of auditing can be defined as the verification of certain data of accounting by the determination of the accuracy and the reliability of the statements and reports of accounting.

Principles of Auditing

There are certain principles of auditing which must be governed properly. The proper procedural structure of inspection has principles and these are the basics of auditing or the Auditing and Assurance Standards (AAS). So the principles of auditing standardize the professional responsibility of the auditor which needs to be carried out. The basic principles governing an audit are namely integrity, objectivity and independence, skills and competence, confidentiality, work that are performed by others, planning, documentation, audit evidence, internal control and accounting system, and lastly, audit conclusions and reporting. These constitute the basic principles of auditing.

Features of Auditing

Some of the features of auditing are:

• The audit is constantly done by an autonomous position or an assemblage of people with important capabilities. They must be autonomous so that their perspectives and conclusions can be fair-minded. 

• Indeed, an audit is the assessment of the considerable number of books of records and money-related data of the organization. So it is a confirmation of the final accounts of the association, for example, the profit and loss articulation and the balance sheet toward the finish of the financial year. 

• One of the most important characteristics of auditing is that audit is not just the survey of the books of records but also the inside frameworks and interior control of the association. 

• To direct the audit we need the assistance of different sources of data. This incorporates vouchers, documents, endorsements, polls, clarifications and so on. The auditor may investigate some other reports he sees fit like Memorandum of Association, Articles of Associations, vouchers, minute books, investors register and so forth. 

• Features of auditing also consist of the fact that the auditor should associate himself with the precision and genuineness of the financial statements. At that point, he would be able to offer the input and confirm that they are valid and reasonable articulations.

Advantages and Disadvantages of Auditing

Some of the advantages of auditing are: 

Assurance to the Investors: 

The greatest preferred position of auditing is that it offers confirmations to the proprietors, financial specialists, investors etc. The proprietors of the business will be guaranteed about the precision of their books of records.

Errors and Frauds: 

A blunder is something that is managed without the expectation of the organization’s extortion. It is a conscious misrepresentation. During the procedure of auditing, both errors and fakes are found. Auditing forestalls blunders and frauds like these. It makes a dread of being identified.

Moral Check: 

One of the different points of auditing is that the staff of the organization do not attempt to swindle the organization. They are under consistent investigation since they realize that the records will be audited. Any anomalies can be distinguished during such an audit. This helps the staff in being straightforward and capable consistently.

Independent Viewpoint:

If the auditor is an external auditor, the business can hear the second point of view on their budget reports and the monetary remaining also.

Stakeholders’ Confidence: 

In the wake of inspecting, partners like loan bosses, speculators, banks, debenture holders etc, can depend on the books of records with more certainty. Thus during auditing by an autonomous power, the budget reports have greater believability.

Limitations of Auditing or Disadvantages of Auditing

Some of the limitations of auditing are:

Cost Factor: 

One of the main disadvantages of auditing is that an exceptionally intensive and detailed audit would be an expensive programme. So the auditor needs to constrain the extent of his audit and use strategies like examining and test checking.

Time Factor: 

Auditors for the most part chip away at a certain course of events because of legal prerequisites. This implies that the auditor needs to audit an entire year’s records in half a month. Thus deficient time is one of the fundamental restrictions of auditing. 

Inconclusive Evidence: 

The limitations of auditing include that the audit proofs the evaluator gathers are convincing in nature but not definitive. So there will never be a penny per cent convincing proof as a rule while auditing.

Accounting is a process that involves recording the financial transactions related to business. The process includes summarizing, analyzing and reporting these transactions to regulators. Agencies and tax collection entities. While there are too many benefits in accounting, it also has some disadvantages. 

Advantages and Disadvantages of Accounting Information

• Maintenance of Business Records: Records of all the transactions related to a business for a particular period in the book of accounts.

• Preparation of Financial Statements: Financial statements like Profit and loss account, Cash flow statement, and Balance Sheets are prepared with the recorded transactions. 

• Comparison of Results: The financial statements facilitate the comparison of business results of a year with the other one easily.

• Decision Making: Ultimately, it becomes easier for the decision making authorities to make a decision or plan for future activities. 

• Evidence in Legal Matters: Thus prepared records to become evidence in the court of law.

• Provides Information to Related Parties: Proper Accounting records make financial information available for the owners, employees, customers, government etc. 

• Helps in Taxation Matters: Accounting information helps the tax authorities for settlement of taxation matters.

• Valuation of Business: Accounting information helps in measuring the value of the business in case of sale of an entity.

• Replacement of Memory: Recording of accounting information replaces the necessity to memorize records. 

Disadvantages of Accounting

• Records in Terms of Money: Since the transactions that are measurable in terms of money can only be recorded, non-financial transactions are not given effect in the book of accounts.

• Records Based on Estimates: Certain data are based on estimates and of the accuracy of records may not be possible.

• Records may be Biased: Since the accountant’s influence affects the accounting information, it may be biased.

• Records at the Original Cost: The balance sheet may not disclose the exact financial status of the company due to the difference between the original cost and replacement cost due to the various aspects.

• Manipulation of Accounts: The accountant may manipulate the profits of the business.

• Money as a Measurement Unit Changes in Value: Since the value of money keeps changing, the accounting information will not show the true economic position of the company.

Advantages and Limitations of Accounting

1. What are the advantages of Accounting? 

The major advantages of accounting are complete and systematic records, determination of selling price, valuation of the business, helps in raising a loan, evidence in the court of law, in compliance of the law, inter-firm or inter-firm comparison. 

There are benefits of accounting like controlling budgets, forecasting revenues, major business decisions, tracking business expenses, record-keeping for financial institutions for taxation, monitoring business growth, etc. that contribute to the better economic growth of the business. The limitations of accounting standards are shown as an image below.

What are the advantages of Final Accounts? 

Preparing final accounts supports the trader to value the profitability of business at the end of a particular period, on comparing the gross profit with the sales of the company. To know the financial position and value of a business, the management prepares financial statements.

What is a Money Market?

Money Market transacts in itself very short-term debt investments. At the wholesale level, the market involves large-volume trades between the institutions and the traders. While at the retail level, it includes money market mutual funds that are bought by the individual investors and respective money market accounts are opened by the bank customers.

The money market is a pillar who contributes to the global financial system. The market involves overnight swaps of vast amounts of money between the banks and the various governments. The majority of the transactions happening in the money market are wholesale transactions which take place between the financial institutions and companies.

Money Market Explained

More specific way to understand what a money market is, we will understand the same from the below mentioned points:

• The money market involves the purchase and sale of large volumes but of very short-term debt products, like the overnight reserves or even the commercial paper.

• An individual may invest in this money market by purchasing a money market mutual fund, may be a T-bill or by opening a money market account in the bank.

• The money market is characterized by assurance of high degree of safety with relatively low rates of return.

Money Market Instruments

The money market instruments that facilitates the functioning of this market and are used for various purposes are discussed hereunder:

1. Certificate of Deposits

These are commonly offered to the consumers by banks, thrift institutions and credit unions.

2. Repurchase Agreements 

These are short-term loans which operates for less than a week and more frequently for one day 

3. Money Market Mutual Funds

 A short-term instrument debt operated by professional institutions. 

4. Commercial Paper

Short term instruments like the promissory notes that are issued by the company at discount on the face value.

5. Treasury Bills

Short-term debt obligations of a national government which are opened to be matured within three to twelve months.

6. Money Funds

These are the pooled short-maturity, standard investments that buy money market securities on behalf of retail or institutional investors. 

7. Foreign Exchange swaps

Exchanging the set of currencies at a spot date and then reversing the exchange of currencies at a predetermined time. 

8. Short-lived Mortgaged 

They are the asset backed securities.

Money Market Controlled by

RBI (Reserve Bank of India) controls the money market. Money Market is a big segment of the financial market in India where the borrowing and lending function occurs in short-term funds which take place in these markets. The maturity of the money market instruments is from minimum one day to a maximum of one year. 

In India, the Money Market is regulated by both RBI (the Reserve bank of India) and also the SEBI (the Security and Exchange Board of India). The nature of transactions in this kind of market is such that they are functions in large amounts and high in volume. 

So, we can say that the entire market is dominated by a small number, yet with large players. The RBI together with the SEBI lays down the regulations as are followed by the participants in this market, also they regulate the market and any faults occurring in these markets, respective penalties are too fixed by the two bodies. 

Wholesale transactions even make their way into the hands of consumers who are actually the components of money market mutual funds and of other investments.

Entrepreneurship as a discipline does not have any real definition. Some scholars accept the study as business formation while others highlight it as an entrepreneurial opportunity that recognises dimension. 

The definition of entrepreneurship is viewed as a change, this includes other values other than the economic ones. Narrower definitions of entrepreneurship are described as the process of designing, launching and running a new business.

Entrepreneurship and Management are closely related terms in business, there is a definite difference between both these processes. In this article, you will learn more about these two terms.

 

Entrepreneurship and Management Entrepreneur

Management talks about the span of organizational studies. Simply speaking, management explains each aspect of the organization which discusses the organization and coordinates the activities to achieve a destined set of objectives. Harold Koontz, the great scholar, highlighted management as the art which talks about how to achieve the things done by people. He also pointed out the importance of formal groups in this process. 

Thus, the management discusses the overall organizational function which is to achieve the desired objectives. This also tells that the interconnection between management and entrepreneurship is a set because the entrepreneurship proceeds to the management level. In general, entrepreneurship features the business creation whose management is required to target the objectives of an entrepreneurial venture.

 

Entrepreneurship and its Scope

The scope of entrepreneurship is far-reaching. 

• Entrepreneurship moves even beyond the closed system of an enterprise. 

• Entrepreneurship in its capacity stimulates the economy which enables societal change not only for fulfilling a need but also to generate revenue for the entrepreneur, entrepreneurship thus provides jobs for the society and develops communities.

• Entrepreneurship instigates a lot more than the mere creation of business. 

• Entrepreneurship promotes the new business and provides opportunities to improve the new business sectors. 

In the long back, when washing machines were not invented, women had to spend their time washing clothes without energy resources or water resources. This once inspired a new company to sell low energy washing machines. This would save time which in turn utilised the extra time to educate themselves.  

 

Need of Entrepreneurship

The need for entrepreneurship is detailed down in the following section:  

1. Passion, Perseverance & Persistence

Passion is a strong and uncontrollable emotion that is based on something higher to achieve than what the person is carrying within himself. Perseverance is a mature emotion that comes through experiences gathered and analysed. While persistence is the sail that will row the boat of an entrepreneur through the toughest of climates. 

2. Big Dreamer

Dreaming big further strengthens an entrepreneur with his ability to dream and see the wide picture. This is the very first step that sets the path to self-discovery. 

3. Learning

Learning is never to stop irrespective of age and thus arming oneself with education does play a vital role in forming leadership qualities when needed.

4. Good Listener

The ability to contribute will only come once we have abundance in ourselves, and this comes by absorbing the words of others. The ability to truly listen to the customers and employees is actually what makes a difference. This very skill leads to a successful venture.

5. Financing Partner

Choosing a financing partner who understands the business needs is very much essential. This is as critical as choosing the business which the entrepreneur wants to pursue. Also, a business loan from the right lender will for sure play a pivotal role in realizing the dreams of becoming a successful entrepreneur.

Role of an Entrepreneur in the Process of Nation-Building

Entrepreneurs play a very important role in the process of nation-building, especially in a developing country like India. entrepreneurs start many entrepreneurial ventures which in turn hire many people thereby giving them employment, livelihood and vocational opportunities. These people earn money in the form of salaries, wages, stipends, etc. Also, entrepreneurs borrow money from banks, shareholders, investors, etc. who earn interest, dividends, profits, etc. All this money is indirectly used in the economic development of the nation. Thus entrepreneurs facilitate the economic development of the nations. And economic development is a very important component of nation-building.

Conclusion

After reading this article we understand the meaning of entrepreneurship, its scope, the various roles played by an entrepreneur and what are the needs of an entrepreneur. Apart from this, you will also learn about the crucial role entrepreneurs play in the process of nation-building and economic development. 

Reading this article will help you get your basics clear on the topic and you can study advanced leveled concepts related to entrepreneurship in the future. Reading this article will help Class 11 and Class 12 students to come out with flying colors in their respective exams.