Information Technology
Class-9
Unit- IV-Chapter-1 Entrepreneurial Skills
A. Multiple choice questions:
1. Business is an ______________activity.
a. social b. economic c. political d. all of above
Answer: Economic
2. Generally, entrepreneurs fall under:
a. First category: those who make things happen.
b. Second category: those who watch things happen
c. Third category: those who are left to ask what did happen
Answer: First category: those who make things happen.
3. Innovation involves:
a. Application of new method of production
b. Using new sources of raw materials
c. Exploiting new market
d. All of above
Answer: All of above
4. Which of following is a function of the entrepreneur?
a. innovation b. risk bearing c. organizing and managing functions d. all of above
Answer: All of above
B. State T for true or F for false:
1. Innovation is important function performed by entrepreneur.
Answer: T
2. Identifying and generating the idea/opportunity is important stage of starting a business.
Answer: T
3. An entrepreneur does not take risk of putting new idea into reality.
Answer: F
4. Success of business depends on decision making of the entrepreneur.
Answer: T
C. Short Answer type questions:
1. Define entrepreneurship.
Answer: Entrepreneurship is the process of creating a business enterprise.
Entrepreneurship is an innovative function. It is a leadership rather than an ownership.
2. What is risk bearing?
Answer: It can be said that entrepreneur is a person who takes risk for establishing a new venture or business in order to create utility for the welfare of human being as well as for hi or herself.
3. Define innovation.
Answer: Innovation is the process of making something new. A successful entrepreneur is innovative and creative. An entrepreneur is an initiator that possesses creativity and innovative power.
4. Who are entrepreneurs?
Answer: Entrepreneur is a person who start a new business with a new idea for the benefits of the society. An entrepreneur is ordinarily called a businessman. He is a person who combines capital and labour for the purpose of production.
5. Write two characteristics of an entrepreneurship.
Answer:
Innovative activity: Entrepreneurship involves a continuous search for new ideas. Entrepreneurship is essentially a creative and an innovative activity.
Goal oriented activity: Entrepreneurship is a goal oriented activity. Entrepreneur has to develop the business objectives in clear terms, so that he can carry on the business in accordance with the objective.
6. What is manpower planning?
Answer: It is the process of getting the number of qualified employees and seek to place the right employees in the right job at the right time, so that an organization can meet it objective.
7. Write two entrepreneurial functions of an entrepreneur.
Answer:
1. Identifying and evaluating opportunities: Entrepreneurship is about opportunity discovery and exploitation. Identifying and generating the idea/opportunity is the first and most important stage of starting a business.
2. Business plan development: After assessing environment and feasibility of idea, entrepreneur starts preparing business plan which is a written document describes the strategies involved in starting and running the business.
8. Write two qualities of good entrepreneur.
Answer:
Hard Work: Entrepreneur is very hard worker, he or she is always busy with various types of work. He is action oriented, highly motivated individual who takes risk to achieve goals.
Self confidence: A successful entrepreneur is self confident. Confidence is a hallmark of the entrepreneur. An entrepreneur has confidence in him and he does not rely on others for decision or fate.
9. Name three elements of entrepreneurship.
Answer:
1. Economic and Dynamic Activity: Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth.
2. Process: The entrepreneurship is a process, i.e. a set of ongoing decisions and actions. Entrepreneurship is not a one time phenomenon. It occurs over a period of time.
3. Flexibility: Flexibility is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities.
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