Class-X-Solved Exercise:
Unit-4-Entrepreneurship Development-II, Session-1 Characteristics of a successful Entrepreneur
I. Multiple Choice Questions. Tick the correct answer:
1. Which of these is not a characteristic of a successful entrepreneur?
a. risk taking b. determination c. nature lover d. Innovativeness
Answer: Nature lover
2. Which of these is the main aim of entrepreneurship?
a. earning profit b. providing innovative products and services c. Both a and b d. Neither a nor b
Answer: Both a and b
3. Which of these is a disadvantage of entrepreneurship as a career?
a. freedom of work b. uncertain earnings c. independence d. excitement
Answer: Uncertain earnings
4. Which of these is true about entrepreneurship?
a. a lot of money is needed to start an entrepreneurial venture
b. entrepreneurial ventures are mostly successful
c. entrepreneurial ventures are easy to start.
d. most of the entrepreneurial ventures end up as failures.
Answer: Entrepreneurial ventures are most successful.
5. Which of the following are functions of entrepreneurs?
a. hiring people b. innovation c. motivation d. all of these.
Answer: All of these
II. Fill in the blanks:
1. An ___ is an individual who starts and runs a business with and is responsible for all the risks and rewards of his or her business venture.
Answer: Entrepreneur
2. The practice of establishing a new business enterprise is called the ____.
Answer: Entrepreneurship
3. Entrepreneurs are_________ that they will make their business succeed.
Answer: Confident
4. Entrepreneurs are considered as the ______ in the process of industrial and economic development of a country.
Answer: Change agents
5. ______ products offered by an entrepreneurial venture can bring about social change.
Answer: Innovative & Unconventional
III. Short Answer Questions.
1. What is meant by an entrepreneur? What is entrepreneurship?
Answer: Entrepreneurs are people who come from the society. They need the society's support to establish and run their business. In return, entrepreneurship provides economic growth, new job opportunities, wealth and prosperity to other people in society.
Entrepreneurship is the practice of establishing a new business enterprise, usually in an industry or a sector of the economy that has a large capacity and potential for growth.
2. State the main characteristics of a successful entrepreneurship?
Answer: Some of the important qualities of entrepreneurs are described below:
1. Discipline: Successful entrepreneurs are disciplined. They are focused on making their businesses work, and make sustained efforts to remove any obstacles that hinder the achievement of their objectives.
2. Confidence: Entrepreneurs are confident that they will make their business succeed.
3. Open Mindedness: Entrepreneurs look at all events and situations as business opportunities. They have the ability to look at everything around them as opportunities and focus on availing them to fulfill their goals.
4. Self Starter
5. Competitive
6. Creativity
7. Determination
8. Strong people skills
3. State some functions that an entrepreneur performs for his enterprise.
Answer: An entrepreneur is different from a conventional businessman. A businessman is someone who sets up a business with an existing idea offering products and services to customers. An entrepreneur, on the other hand, is a person who starts an enterprise with a new idea or concept.
Some functions:
1. Identifying entrepreneurial opportunity: There are many opportunities in the world of business. An entrepreneur sense the opportunities faster than others do.
2. Turning ideas into action: An entrepreneur brings about innovative ideas, products and services and packages them to suit the demands of the market.
3. Feasibility study: An entrepreneur conducts studies to assess the feasibility of the market as regards the proposed products or services.
4. Resourcing.
5. Setting up of the enterprise.
6. Managing the enterprise
7. Growth and development
8. Control and directions.
9. Encouraging innovations
10. Liasioning with competitors.
4. How is an entrepreneur different from a regular businessman?
Answer: An entrepreneur is different from a conventional businessman. A businessman is someone who sets up a business with an existing idea offering products and services to customers. An entrepreneur, on the other hand, is a person who starts an enterprise with a new idea or concept.
5. Write some advantages of entrepreneurship over the wage employment.
Answer: Advantages of Entrepreneurship
1. It gives freedom: If you are working for a boss and a company, then you have little freedom on the job. On the other hand, if you start your own business, you will be able to keep your own hours and set your own tasks and schedule.
2. It can be exciting: Entrepreneurship can be very exciting. Every day will be filled with new opportunities to challenge your determination, skills and abilities.
3. It allows you to set your own earnings: It allows you to set your own wages and earnings.
4. It offers flexibility: As an entrepreneur, you can schedule your work hours around other commitments, including spending quality time with your family.
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