ENTREPRENURIAL SKILLS
1 MARKERS
Q1 A competence may be defined as underlying characteristics of a person which results in
effective and/or superior performance in a job.
Q2 Entrepreneurial competencies play a key role in the success of an entrepreneur and in
achievement of entrepreneurial goals.
Q3 Goal setting refers to establishing short or long-term objectives, usually along with
incorporating deadlines and quantifiable measures to indicate if they have been
achieved.
Q4 Team building is any action or method that brings a group of individuals together and
motivates them to work cooperatively as a team.
Q5 Adaptability refers to displaying the capability to adapt to new, different, or changing
requirements.
Q6 Fear is defined as an unpleasant feeling triggered by the perception of danger, real or
imagined.
2 MARKERS
Q1 Name any 4 Entrepreneurial Competencies: (any 4 from the following)
a) Initiative
b) Seeking Opportunity
c) Persistence
d) Information Seeking
e) Concern for High Quality
f) Commitment
g) Concern for Efficiency
h) Systematic Planning
i) Problem Solving
j) Self-confidence
k) Assertiveness
l) Persuasiveness
m) Effective Strategist
n) Effective Monitoring
o) Concern for Employees Welfare
Q2 What are the benefits of Entrepreneurial Competencies (any 2)
Taking actions to implement your ideas.
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Understanding the need or the problem your offering is fulfilling or solving.
Strategizing and planning the steps that need to be taken.
Preparing an action plan and timeline.
Networking with stakeholders.
Interacting with customers.
Gaining and analyzing insights.
Looking for alternatives and adjusting plans according to analysis and feedback.
Evaluating and calculating the risk involved.
Building and motivating a team.
Being patient and staying motivated to overcome and work around various
obstacles.
Showing the value that the business is creating for stakeholders and customers.
Gaining the know-how of creating, building, launching, sustaining, managing
and growing a business.
Q3 What are SMART Goals?
S – Specific
M – Measurable
A – Attainable
R – Realistic
T – Timely
Q4 What is the process of Decision Making?
a) Recognize the problem or the gap
b) Analyze the problem
c) Define and analyze possible solutions
d) Select the best solution
e) Implement the decision
Q5 What are the Benefits of Team Building? (any 2)
Boosts morale and leadership skills
Clearly defines objectives and goals
Improves processes and procedures
Improves organizational productivity
Enables better communication
Diminishes misunderstandings and judgments
Urges self-awareness of one’s own and team’s strengths and weaknesses
Cultivates problem-solving skills
Incites creativity and innovation
Breaks barriers within the team
Q6 What are the factors to consider when building teams?
a) Ambition
b) Experience
c) Alignment
d) Trust
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e) Style of working
f) Communication
Q7 What is Adaptability?
Adaptability refers to displaying the capability to adapt to new, different, or changing
requirements. It is the ability to think, draw conclusions, adapt to changes, and learn
quickly. Adaptability is the capacity to adjust one’s thoughts and behaviors in order to
effectively respond to uncertainty, new information, or changed circumstances.
Adaptability encompasses cognitive, behavioral, and emotional adjustments.
Q8 What are the Barriers to Entrepreneurship? (any 4)
a) Unsupportive business environment
b) Employee related difficulties
c) Market entry regulations
d) Shortage of funds and resources
e) Lack of Entrepreneurship Opportunities
f) Lack of Entrepreneurial Capacity
g) Lack of Adequate Entrepreneurship Training
h) Difficult Access to Market Experience
Q9 Which are the common fears that an entrepreneur faces?
a) Fear of failure
b) The Fear of being wrong
c) The Fear of not being an expert
d) Fear of being pushed into uncomfortable situations
e) Fear of taking risks
f) Fear of the unknown
Q10 What is the process of Entrepreneurship?
a) Idea Exploration
b) Data Analysis
c) Idea Development:
d) Experimentation
e) Business Planning
f) Marshalling Resources and Financing
g) Launch
Q11 What is a Business Plan?
A business plan is a document that describes what a business plans to do and how it
plans to do it. It is a written description of a business's future. It serves as a guide and a
roadmap for a business and outlines its goals and details how those goals are planned
to be achieved.
