Entrepreneurial Skills
A.State whether the following statements are True or False
1. Entrepreneurs can create jobs in the market. T
2. When many entrepreneurs sell mobile phones in a market, the prices of phones
increase. F
3. Entrepreneurs identify a need in the market and build a product or service for it.T
A. Here are some stories of some entrepreneurs. Tick the option for the quality they are
showing.
1. Ravi’s customer comes to his store and starts shouting at him. He does not get angry.
He listens to what his customer is saying. He is ____________.
(a) hardworking (b) confident
(c) patient (d) prying new ideas
2. Susheela decides to sell her company tyres in Sri Lanka. It does not sell and she has a
loss. She apologises to the people who work for her. She says she will plan better next
time. She _______________________.
(a) takes responsibility for her mistakes (b) thinks before making a
decision
(c) does not give up (d) is creative
B. Tick the correct option for the function that the entrepreneur is doing.
1. Ali has a diamond factory. He pays his employees on the 1st of every month.
(a) Creates a new product (b) Manages the business (c) Takes risk
2. Mary buys bulbs for her business from Noida. She learns that bulbs are cheaper in
Faridabad. So, she decides to start buying bulbs from there.
(a) Makes decisions (b) Divides income (c) Takes risk
3. Rehnuma has two people who work for her. Every day, she spends one hour with
them to learn about what they’ve done that day.
(a) Creates a new product (b) Divides income (c) Manages the business
B.Subjective question
1. List the ways in which an entrepreneur affects a society.
Ans-Entrtprenurship has some positive impact on society such as-
Accentuates economic growth
Fosters Creativity
Stimulates Innovation and Efficiency
Creates Jobs and Employment Opportunities
Solves the problem of the society
Encourages welfare of the society
2. What do you think is the most important function of an entrepreneur? Write
your answer giving suitable examples.
Ans-Risk Taking- It refers to taking responsibility for a loss that may occur due to
unforeseen contingencies in the future. Some common risks entrepreneurs take are
around return on investment, hiring of new employees, working with vendors etc.
Innovation- Entrepreneurs innovate by introducing new concepts, products, services,
design, ideas etc. They introduce something new in any branch of economic activity. In
today’s world, a new business cannot survive and sustain without innovating in some
manner.
3. What is the difference between a misconception and reality? Give an example.
Ans-A myth or a misconception is a false belief or opinion about something.For
example, if we think tall people run faster than short people, we have a misconception. It
is not true it’s a misconception.
Reality-Reality is the state of things as they actually exist, rather than as they may
appear or might be imagined. In other words reality includes everything that is and has
been, whether or not it is observable or comprehensible.
Imp Questions
1. What is the aim of entrepreneurship?
a. Earn a profit b. Solve customers need innovatively
b. Both a and b d. None of these
2. Which is not the quality of an enterpreneure?
a. Self-discipline b. non-risk taking
b. Persistence d. creative thinking
3. Whih of the following is not commercial entrepreneur function?
a. Production and operations b. finance and accounting
b. Marketing d. leadership
4. Which of the following are functions of enterpreneurs?
a. Entrepreneurial functions b. promotional functions
b. Commercial functions d. all of these
Q.1 What are thw qualities of entrepreneur?
OR
Enlist some values which make an entrepreneur successful?
Ans- Hard work
Optimism
Independence
Energetic
Self Confidence
Perseverance
Q.2 What are the positive impacts of Enterpreneurship on society?
Ans- Accentuates economic growth
Fosters creativity
Stimulates innovation and efficiency
Creates jobs and employment opportunites
Solves the problems of the society
Encourages welfare of the society
Q.3 Write the characteristics of entrepreneurship?
Ans-
Ability to take up risks
Believe in hard work and discipline
Adaptable and flexible to achieve the goals of enhancing quality and customer
satisfaction.
Knowledge of the product and services and their need or demand in the market.
Financial literacy and money management skills.
Effective planning and execution.
Q.4 Saran wants to start his own business. Suggest him at least four functions of
an entrepreneur.
Ans-i-decision making- An entrepreneur must be a good decision taker.His decision can
determine the profit and loss of the company.
ii-Division of income- Income must be divided amongst the different factors of
production. Even if there is a loss ,the income must be divided accordingly.
iii-Management of control- An entrepreneur must possess good managerial skills to
control the activities of the company.
iv- Risk taking and uncertainty- An enterpreneur must have skills to calculate the risk
and strength to face any uncertain situations.
Q.5 Discuss any 4 jobs you can get with entrepreneurship degree.
Ans- Business consultant
Business manager
Sales manager
Research and development
Q.6 What are the advantages or disadvantages of entrepreneurship?
Ans Advantages-
Independence
Ambition-fulfilment
Excitement
Freedom
Wealth creation
Status
Disadvantages-
Risk
Hard work
Uncertain Income
Problem of finance
Incompetent staff
Q.7 your friend wants to study Enterpreneurship subject but he is confused about
the job opportunities as an entrepreneur.Suggest him the way by which
government and other institutes are encouraging youth to choose
entrepreneurship as a career.
Ans- Ministry of Skill Development and Enterpreneurship was set up by the Government
of India in 2014.
Educational institutes are providing courses on entrepreneurship.
Q.8 What are the myths about Enterpreneurship?
Ans- The Myths are-
1. The misconception is that every business idea needs to be unique or special.
A person can take an idea that is already there in the market and do something
different with it.
2. The misconception we have is that a person needs a lot of money to start a
business.
every business does not need a lot of capital to start.
3. A misconception we have is that only a person having a big business is an
entrepreneur.
Most businesses start small. It becomes big with hard work and creativity.
4. A misconception we have is that entrepreneurs are born, not made.
Q.9 Explain types of Enterpreneurship
Ans- Social entrepreneurship: It can be understood as creation of sustainable solutions
for social problems that leds to social change by employing entrepreneurial mindset.
Many social problems are tackled by social enterpreneurs such as low reach of quality
education,health and sanitation, unemployment, child labour etc.
Agricultural Enterpreneurship: Agricultural Enterpreneurship can be defined as being
primarily related to the marketing and production of inputs and products used in
agricultural activities. Farmers have benifited the most with rise in
agriculturealenterprenurship as it has led to low-cost innovations in farming processes.
Women Enterpreneurship: It referred to the entrepreneurial activity led by women,where
women undertake risks,createenterprises,organize factors of production, innovate with
products/services and generate employment opportunities.
Small Scale Enterpreneurship: Small Scale entrepreneurship refers to starting industries
in which manufacturing, trading, providing services, productions are done on a small
scale or micro scale.
Q.10 Enlist any two qualities of Enterpreneur.
Ans- Hard work- in order to be successful,an entrepreneur must be very hardworking.
Successful enterpreneurs adapt to the habit of hard work from a very early stage.
Optimistic- Successful entrepreneur should have a positive approach to life. They should
not be afraid of any adverse situations in business. They should think optimistically
about the future of the business.
Q.11 Explain the Entreprenurial functions.
Ans- Organisation Building and Management: Organisation and management are the
main functions of an entrepreneur.They refer to the bringing together of the various
factors of production. The purpose is to allocate the productive resources in order to
minimize losses and reduce costs in production. All decisions relating to an enterprise
are taken by the entrepreneur.
Risk taking: It refers to taking responsibility for a loss that may occur due to unforeseen
contingencies in the future. Some common risks entrepreneurs take are around return
on investment, hiring of new employees, working with vendors etc.
Innovation: Entrepreneurs innovate by introducing new concepts, products, services,
designs, ideas etc. They introduce something new in any branch of economic activity. In
today’s world, a new business cannot survive and sustain without innovating in some
manner.
Q.12 What are the roles of Entrepreneur?
Ans- Coordinatig role: As entrepreneur has to coordinate the various factors. It involves
selection of the best possible combination of factors.
Innovator’s role: Entrepreneurs as innovators bring new products or sevices to the
market or improve exixting products or services.
Risk aasumption role: A risk is involved in every venture. The economic reward of risk
bearing is profit. Therefor, by assuming risk entrepreneurs contribute to the country.
