Information Technology
Class-10
Unit- 4 Entrepreneurial Skills-II
A. Multiple choice questions:
1. _________ refers to recruitment, selection, training, development and compensation of the employees in an organisation.
a. Management b. Human Resource management c. Entrepreneurs d. Employer
Answer: Human Resource management
2. An entrepreneur is a person who:
a. Initiates, operates and undertakes the risk of starting a new business venture.
b. Sees and imagines the world differently.
c. Sees possibilities and solutions rather than obstacles and problems.
d. All of the above
Answer: All of the above
3. Which of the following is a positive impact of entrepreneurship?
a. Trade imbalance b. Promotion of innovation c. Both a and b d. Neither a nor b
Answer: Promotion of innovation
4. Small scale entrepreneurship:
a. Requires significant amount of capital investment
b. Is an altruistic form of entrepreneurship
c. Is labour intensive
d. Involves marketing as well as manufacturing of different agricultural products.
Answer: Is labour intensive
5. Managerial functions of an entrepreneur are:
a. Supervision and control b. Communication skills c. Accounting d. Both a and b.
Answer: Both a and b.
6. Entrepreneurship has a crucial role in the __________ of the society.
a. Evolution b. Planning c. Functioning d. None of above
Answer: Evolution
B. State T for true or F for false:
1. Entrepreneurship is the procedure followed by an entrepreneur to establish an enterprise.
Answer: T
2. There is an indirect relationship between entrepreneurship and society.
Answer: T
3. When new businesses are started, the need for better infrastructure arises.
Answer: T
4. Society boosts entrepreneurship by creating needs and demands.
Answer: T
5. The entrepreneur's business venture does not generally reflect his personal values, attitudes, and beliefs.
Answer: F
6. Nothing matters more than the business idea.
Answer: F
7. One can acquire and develop entrepreneurial skills.
Answer: T
8. Entrepreneurship is a process of constant learning.
Answer: T
9. Entrepreneurs are not job seekers but they create opportunities of employment for people.
Answer: T
10. Entrepreneurs identify a need in the market and build a product or service for it.
Answer: T
C. Answer the following questions:
1. What is the meaning of the term Entrepreneur?
Answer: The word entrepreneur comes from the french which means "to undertake". An entrepreneur is a person who initiates, operates and undertake the risk of starting a new business venture that would be beneficial for society. Entrepreneurs are some of the most powerful transformers as they see and imagine the world differently.
2. Name any four qualities of an entrepreneur.
Answer: Four qualities of an entrepreneur are:
1. Self Confidence: Entrepreneurship is the process of creating a new venture. This requires a high level of self confidence.
2. Hard working: An entrepreneur, in order to be successful, needs to be hard working. Entrepreneurs are dedicated, driven and focused and work hard to achieve their goals.
3. Independent: Independent people are able to manage themselves and take decisions independently. Successful entrepreneurs like functioning as per their own will and rules.
4. Time Management Skills: An entrepreneur must be very good at time management. He should be able to plan his day properly as per the work plan he prepares for himself.
3. What is the relationship between entrepreneurship and society?
Answer: There is a direct relationship between entrepreneurship and society. Just as an entrepreneur needs society to be able to establish a business, the society requires the presence of entrepreneurs to function. Entrepreneurs have the ability to change the way we live and work, and can improve our standard of living. They contribute to a growing economy, create wealth and also create jobs.
4. What are the positive impacts of entrepreneurship on society?
Answer: Positive impacts of entrepreneurship on society:
1. Increased economic growth
2. Employment creation
3. Addition to national income
4. Creation of products and services
5. Social change
6. Infrastructure development
7. Community welfare development
8. Promotion of innovation, research and development
9. Inspire others.
5. Discuss any four functions of an entrepreneur.
Answer: Functions of an entrepreneur:
1. Entrepreneurial functions:
* Building the organisation and its management
* Innovation
* Risk taking
2. Promotional functions:
* Conceiving the business idea
* Detailed research and investigation
* Assembling the requirements
* Financing
3. Managerial functions:
* Planning
* Organizing
* Supervision and control
* Leadership
* Communication skills
* Negotiation
4. Commercial functions
* Production and operations
* Accounting
* Marketing and sales
* Human resource management
6. What is:
a. Social entrepreneurship?
b. Small-scale entrepreneurship?
c. Women entrepreneurship?
d. Agricultural entrepreneurship?
Answer:
a. Social entrepreneurship: Social entrepreneurship is an approach by entrepreneurs in which they develop, fund and implement solutions to social, cultural or environmental issues.
b. Small scale entrepreneurship: Small scale industries are those industries in which the manufacturing, production and rendering of services are done on a small scale.
c. Women entrepreneurship: Women entrepreneurs are women who organize and manage an enterprise. Women owned business enterprises are playing an important role in society, inspiring others and generating more employment.
d. Agricultural entrepreneurship: An entrepreneur is a person who supports and manages a business venture by focusing on the agricultural sector only. Agricultural entrepreneurship was introduced to support farmers, group of farmers.
7. Write briefly about any four myths of entrepreneurship.
Answer:
1. Entrepreneurs are born, not made: A lot of people assume that entrepreneurs have innate talent. If this were true, then entrepreneurship couldn't be taught, but this is not so.
2. It takes a lot of money to start a business: The requirement of capital for each business varies depending upon the type of business.
3. Entrepreneurs are high risk takers: While entrepreneurs take a certain amount of risk, they don't take very high and unnecessary risks. They don't put themselves in very risky situations.
4. The only requirement to be successful is "to have a good idea": An idea is a starting point and is only important in the initial stage of a start up.
8. List any two factors that affect self confidence.
Answer:
1. Self-awareness: Self-awareness involves recognizing one’s strengths and weaknesses. High self-awareness allows individuals to leverage their strengths, boosting self-confidence. In contrast, low self-awareness can result in distorted self-perception, lowering your self-confidence.
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