CBSE SOLUTIONS-2025-26
CLASS-10
UNIT-IV ENTREPRENEURIAL SKILLS II
CHAPTER-1 List the Characteristics of a Successful Entrepreneur
A. Fill in the blanks:
1. A ................................. is better off if its employment base is diversified among many small entrepreneurial firms.
Answer: Community
2. .................................. provides entry-level jobs so necessary for training or gaining experience for unskilled workers.
Answer: Entrepreneurship
3. Entrepreneurship is innovation and hence the innovated ideas are tested by ......................................
Answer: Experimentation
4. No fixed and regular ..................................... is available to an entrepreneur.
Answer: Income
5. ................................... are their own bosses and work towards achieving profits by satisfying the need of the economy.
Answer: Entrepreneurs
B. Write T for true and F for false:
1. Entrepreneurial firms contributed a large share of new jobs.
Answer: T
2. All the large industrial ventures started as a large entrepreneurial enterprise.
Answer: F
3. Raising funds is difficult at the formative stage of business.
Answer: T
4. It is so easy to start a business.
Answer: F
5. Entrepreneurs help other industries in the economy.
Answer: T
C. Choose the correct answer:
1. Which of the following is not a quality of an entrepreneur?
a. Hard working b. Risk taker c. Innovative d. Creative e. Lethargic
f. Proactive g. Visionary h. Timid i. Well-informed j. Open minded
Answer: Proactive, Well-informed
2. Identify the option that describes the importance of entrepreneurship.
a. Creation of job opportunities b. Spawns entrepreneurship
c. Impact on community development d. All of these
Answer: All of these
3. Identify which is not the function of entrepreneurship.
a. Planning b. Organizing c. Weak networking d. Decision making e. Risk bearing f. Innovation g. Strong customer relations
Answer: Weak networking
4. Identify the role of an entrepreneur, when he acts as market leader and play the role of pioneer.
a. Innovator b. Risk taker c. Job creator d. Catalyst agent
Answer: Innovator
D. Answer the following questions. Short questions
1. Who is an entreprenur?
Answer: An entrepreneur is someone who sees a business opportunity and takes action to realise their vision. Entrepreneur refers to a person working for himself or herself.
2. Define the term entrepreneur.
Answer: A person who makes money by starting or running businesses, especially when this involves taking financial risks.
3. List two qualities of an entrepreneur.
Answer:
Risk Taking: Entrepreneurs are risk takers and have the guts to dive deep into a future of uncertainty. Butnot all risk takers are successful entrepreneurs. Successful entrepreneurs need to plan the unpredictable and keep resources, plans ready in reserve.
Self-confidence: Confident entrepreneurs can get the job done even under the most stressful situations. They have an eye to spot an opportunity when others just see it as a challenge and focuses on the finish line and the end reward.
4. Give two example of entrepreneurs who were not academically strong.
Answer: Two examples of successful entrepreneurs who were not academically strong are Richard Branson, Founder of Virgin Group, and Steve Jobs, co-founder of Apple.
5. What is the importance of entrepreneurship?
Answer: Entrepreneurship is important for economic growth, job creation, and societal progress. An entrepreneur plays the role of an innovator who tries to develop new technology, products, markets, etc.
6. State four myths of entrepreneurship.
Answer: Four myths of entrepreneurship:
1. Entreprenurs like leaders, are born, not made
2. Entreprenurs are academic, talented and socially misfits
3. To be an entrepreneur, one needs only money
4. To be an entrepreneur, agreat idea is the only ingredient
7. List two disadvantages of option entrepreneurship as a career.
Answer:
1. It offers no guarantees with regards to a regular salary especially when the business is at tis formative stage.
2. Entrepreneur is required to respond to changes in the market or customer requests almost immediately.
E. Answer the following questions. Long questions
1. Briefly describe the functions of an entrepreneur.
Answer: Functions of an entrepreneur:
1. Decision Making: The primary task of an entrepreneuris to decide the vision, mission and policies and procedures.
2. Management Control: He manages and controls all the functions all by himself. He hires the right type of skilled resources to work along with him.
3.Risk Taking: Risk taking is required to produce goods or services in anticipation of their future demand.
4. Innovation: Another distinguishing function of the entrepreneur, is to make frequent inventions, invention of new products, new techniques and discovering new markets to improve his competitive position and to increase earnings.
2. An entrepreneur must have leadership quality. Why?
Answer: An entrepreneur has a vision. Leadership is the ability to exert interpersonal influence by means of communication towards the achievement of goals. Since a single person cannot perform all the tasks and therefore, it is important to bring some more people to perform various functions like production, supplying, accounting, etc. This also makes leadership very important as a leader provides the required direction to the efforts of the employees. Without proper leadership, everyone would be working independently without achieving the desired results.
3. Clarify three myths of an entrepreneurship.
Answer: Myths of an entrepreneurship:
1. Entrepreneurs, like leaders, are born, not made: The statement does not hold true as entrepreneurship is a discipline comprising of models, processes and case studies. One can learn about entrepreneurship by studying the discipline.
2. To be an entrepreneur, one needs only money: An enterprise to survive and ggrow need strong financial base. But for a new and diferent idea, money is not a problem.
3. To be an entrepreneur, a great idea is the only ingredient: A good or great idea shall reamain an idea unless there is proper combination of all the resources including management and executed well.
4. List three advantages of option entrepreneurship as a career.
Answer: The advantages of entrepreneurship as a career options are:
1. You feel a sense of achievement. You are able to implement your ideas and execute according to your planned model.
2. You are independent. You are your own boss and therefore can choose to work and plan your own time schedules and can take all decision all by yourself.
3. If successful you create a financial corpus for yourself.
5. Why innovative ideas initially difficult to accept by the team member?
Answer: New innovations are generally opposed by people because it makes them come out of their current comfort zone. So, he first tries new ideas at his level. It is only after the successful implementation of these ideas that an entrepreneur makes these ideas available to others for thier benefit.
Thus, he paves the way for the acceptance of his ideas by others. This is a reflection of his will power, passion, enthusiasm and energy which helps him in overcoming the society's resistane to change for something new.
6. Explain the qualities of an entrepreneur.
Answer:
Leadership: An entrepreneur has a vision. Leadership is the ability to exert interpersonal influence by means of communication towards the achievement of goals. Since a single person cannot perform all the tasks and therefore, it is important to bring some more people to perform various functions like production, supplying, accounting, etc.
Risk Taking: Entrepreneurs are risk takers and have the guts to dive deep into a future of uncertainty. Butnot all risk takers are successful entrepreneurs. Successful entrepreneurs need to plan the unpredictable and keep resources, plans ready in reserve.
Self-confidence: Confident entrepreneurs can get the job done even under the most stressful situations. They have an eye to spot an opportunity when others just see it as a challenge and focuses on the finish line and the end reward.
Full of determination: To be a successful entrepreneur it is important to set clear long term and short term goals.
Constantly learning: Industries is ever evolving. Only those who have the desire to learn new skills will stay ahead. There will always be competitors trying to surpass and someone always claiming to be the next greatest thing.
Some other qualities of entrepreneur are:
1. Passionate
2. Open minded
3. Self-starter
4. Interpersonal skills
5. Time orientation
6. Integrity and reliability
7. Tolerance for failure
8. Adaptability or flexibility
9. Networking abilities
7. Elucidate the functions of an entrepreneur.
Answer:
1. Decision Making: The primary task of an entrepreneuris to decide the vision, mission and policies and procedures.
2. Management Control: He manages and controls all the functions all by himself. He hires the right type of skilled resources to work along with him.
3.Risk Taking: Risk taking is required to produce goods or services in anticipation of their future demand.
4. Innovation: Another distinguishing function of the entrepreneur, is to make frequent inventions, invention of new products, new techniques and discovering new markets to improve his competitive position and to increase earnings.
8. An entrepreneur, is risk taker and not risk shirker. Comment.
Answer: The statement "entrepreneur is risk takers not risk shrikar" is generally true. Entrepreneurs, by definition , are individuals who create new businesses and take on the associated risks of launching and operating them. While they may consider and mitigate risks, they fundamentally embrace the uncertainty inderent in entrepreneurial ventures.
* Risk taking is inherent in the entrepreneurial process
* Entrepreneurs bear most of the risks
* Risk taking is rewarded with potential for high returns
* Entrepreneurs are not necessarily reckless
* Entrepreneurs are also risk managers.
SOME OTHER LINKS:
No comments:
Post a Comment