NCERT Solutions Class 10 Computers Entrepreneurial Skills II

Multiple Choice Questions.

Question. Which of the following characteristics should an entrepreneur have?
(a) Innovativeness
(b) Motivator
(c) All of these
Answer : C

Question. Entrepreneur plays an important role in ____________ of Society
a. making
b. evolving
c. growing
d. None of the above.
Answer : C

Question. Entrepreneur is/are _________________
a. Risk taker
b. Hard Working
c. Innovative
d. All of the above
Answer : D

Question. Mary buys bulbs for her business from Noida. She learns that bulbs are cheaper in Faridabad. So, she decides to start buying bulbs from there.
(a) Makes decisions
(b) Divides income
(c) Takes risk
Answer : A

Question. Entrepreneur is a _________ of growing society.
a. builder
b. destroyer
c. citizen
d. None of the above
Answer : A

Question. Ali has a diamond factory. He pays his employees on the 1st of every month.
(a) Creates a new product
(b) Manages the business
(c) Takes risk
Answer : B

Question. Ravi’s customer comes to his store and starts shouting at him. He does not get angry. He listens to what his customer is saying. He is ___ _____.
(a) hardworking
(b) confident
(c) patient
(d) trying new ideas
Answer : C

Question. Susheela decides to sell her company’s product in Sri Lanka. It does not sell and she has a loss. 
She apologizes to the people who work for her. She says she will plan better next time. She ___________.
(a) takes responsibility for your mistakes
(b) thinks before making a decision
(c) does not give up
(d) is creative
Answer : C

Question. ____________ is not the characteristics of entrepreneur.
a. Hard Work
b. Lazy
c. Decision Maker
d. None of the above
Answer : B

Question. Rehnuma has two people who work for her. Every day, she spends one hour with them to learn about what they’ve done that day.
(a) Creates a new product
(b) Divides income
(c) Manages the business
Answer : C

Question. Which of the following are the functions of an entrepreneur?
(a) Innovation
(b) Risk-taking
(c) All of these
Answer : C

Question. The decision-making function of an entrepreneur includes:
(a) Hardwork
(b) Risk bearing
(c) Utilisation of financial resources
Answer : C

Question. Which of the following is an advantage of entrepreneurship as a career?
(a) Risk
(b) Hardwork
(c) None of these
Answer : C

Question. Which of the following is a disadvantage of entrepreneurship as a career?
(a) Uncertainty
(b) Independence
(c) Ambition fulfillment
Answer : A

Question. 'An entrepreneur has to get the work done through others.' Which characteristic of the
entrepreneur does this statement depict?
(a) Motivator
(b) Organiser
(c) Innovator
Answer : A

Bharti is a young woman from Bihar. Many girls in her area like to wear earrings. She buys jute from a farmer and makes earrings from that. Her business is called Manavi Natural Handicrafts. She sees that most women in her village do not work. So, she hires two women to help them.

Read the above paragraph and answer the following questions.

Question. What demand did Bharti identify in her village?
(a) People in her village wanted Jute
(b) Girls in her area liked to wear earrings
(c) The villagers wanted more water
Answer : A

Question. What is the local resource that Bharti used?
(a) Jute
(b) Water
(c) Sand
Answer : A

Question. How is Bharti helping her village grow?
(a) By buying jute from the local farmer who can now earn more money
(b) By providing jobs to local women
(c) Both (a) and (b
Answer : C

Question. How was she creating more jobs?
(a) By selling earrings to women without a job
(b) By buying jute from the local farmer
(c) By providing jobs to local women
Answer : C

A. Here are some stories of some entrepreneurs. Tick the option for the quality they are showing.

Question. Ravi’s customer comes to his store and starts shouting at him. He does not get angry. He listens to what his customer is saying. He is ____________.
(a) hardworking
(b) confident
(c) patient
(d) prying new ideas
Answer : C

Question. Susheela decides to sell her company tyres in Sri Lanka. It does not sell and she has a loss. She apologises to the people who work for her. She says she will plan better next time. She _________.
(a) takes responsibility for your mistakes
(b) thinks before making a decision
(c) does not give up
(d) is creative
Answer : A

B. Tick the correct option for the function that the entrepreneur is doing.

Question. Ali has a diamond factory. He pays his employees on the 1st of every month.
(a) Creates a new product
(b) Manages the business
(c) Takes risk
Answer : C

Question. Mary buys bulbs for her business from Noida. She learns that bulbs are cheaper in Faridabad. So, she decides to start buying bulbs from there.
(a) Makes decisions
(b) Divides income
(c) Takes risk
Answer : A

Question. Rehnuma has two people who work for her. Every day, she spends one hour with them to learn about what they’ve done that day.
(a) Creates a new product
(b) Divides income
(c) Manages the business
Answer : C

C. Write against the option, if the business idea is of self-employment or wage employment.

(a) Cooking in a restaurant
Answer : Wage Employment

(b) Owning a clothing business
Answer : Self Employment

(c) Having a dosa selling stall
Answer : Self Employment

State whether the following statements are True or False'

Question. Entrepreneurs can create jobs in the market.
Answer : True

Question. Nothing matters more than the business idea.
Answer : False

Question. Entrepreneurs who do not have an innovative idea cannot succeed.
Answer : True

Question. Entrepreneurship is a process of constant learning.
Answer : True

Question. When many entrepreneurs sell mobile phones in a market, the prices of phones increase.
Answer : False

Question. Entrepreneurs exhibit high risk-taking ability, but they take calculative risks.
Answer : True

Question. Entrepreneurs identify a need in the market and build a product or service for it.
Answer : True

Question. Any one can acquire and develop entrepreneurial skills.
Answer : True

Very Short Answer type Questions.

Question. What is the beauty of entrepreneurship in a society?
Answer : The beauty of entrepreneurship in a society is that, as businesses prosper the impact the businesses create also increases.
It is due to entrepreneurial activity that society is provided with goods and services

Question. Write any two disadvantages of Entrepreneurship as a career.
Answer : Two disadvantages of Entrepreneurship as a career are :
1. No Fixed income
2. Problem of generating finance in the beginning of career.

Question. What is Society?
Answer : Society is described as an aggregate of people living together in a community, who associate for various engagements including business.

Question. Entrepreneurs also ___________ (increasing / decreasing) jobs in the society.
Answer : increasing

Question. What is entrepreneurship?
Answer : Entrepreneurship is simply described as starting a business using the resources available to a person.
An entrepreneur combines factors in a creative manner in order to generate value for customers and create wealth.

Question. How society is related to the entrepreneur?
Answer : There is a direct relationship between the entrepreneur and society. Society provides market for products and services provided by the Entrepreneur.

Question. How farmers are benefited by Agricultural Entrepreneurship?
Answer : Farmers have benefited the most with rise in agricultural entrepreneurship as it has led to low-cost innovations in farming processes.

Question. How many hours do successful entrepreneurs work?
Answer : On average, successful entrepreneurs are found to be working anywhere between 60 to 90 hours per week.

Question. What is Agricultural Entrepreneurship?
Answer : Agricultural Entrepreneurship is related to the marketing and producing inputs and products used in agricultural activities.

Short Answer type Questions.

Question. List the ways in which an entrepreneur affects a society.
Answer : The ways in which an entrepreneur affects a society are:
• Fulfil Customer Needs: Entrepreneurs find out what people want. Then, they use their creativity to come up with a business idea that will meet that demand.
• Use Local Materials: Entrepreneurs use the material and people available around them, to make products at low cost.
• Help Society: They make profits through activities that benefit society. Some entrepreneurs work towards saving the environment, some give money to build schools and hospitals. This way, the people and area around them becomes better.
• Create Jobs: With the growth of a business, entrepreneurs look for more people to help them.
They buy more material, and from more people.The also hire more people to work for them.
• Sharing of Wealth: As entrepreneurs grow their business, the people working for them and in related businesses also grow.
• Lower Price of Products: As more entrepreneurs sell the same product, the price of the product goes down. For example, when more mobile phones were getting sold in India, the cost of the phone became lesser.

Question. What do you think are the important functions of an entrepreneur? Write your answer giving suitable examples.
Answer : The functions of an entrepreneur are:
• Making Decisions: An entrepreneur makes decisions everyday. This includes what to produce or sell, how much and where to sell.
• Managing the Business: An entrepreneur plans the future of his or her business. He/she arranges for raw material, hires people for work and tells everyone what to do. They also check if the plan is being followed.
• Divide Income: The entrepreneur divides the business money into many groups. He/she spends money to buy material, pays rent of the building and salaries to people.
• Taking Risk: Risk is the chance of something going wrong. An entrepreneur takes risks against fires, lost items and theft.
• Create a new Method, Idea or Product: An entrepreneur is always trying new things. He/she does this to increase their importance and income.

Question. What is the difference between a misconception and reality? Give an example.
Answer : The difference between misconception and reality are:
Misconception: A myth, or a misconception, is a false belief or opinion about something. For example, if we think tall people run faster than short people, we have a misconception. It is not true.
The truth is that short people can also run fast.
Reality: Reality means the things which actually exist. It may happen that it appears or nor. You may have unnoticed it but in actual it exists. In other words, the reality is all the things which has real existence irrespective of appearance or not.

Question. What is meant by an entrepreneur?
Answer : An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Question. Do you think an entrepreneur is innovative by nature? Discuss.
Answer : An innovative entrepreneur is a person who discovers totally new things. An innovative owner is a person who creates innovative products and services. An innovative entrepreneur is a person who innovates the business processes in his business. An innovative person is a person who is not afraid to take a risk.

Question. State the main characteristics of an entrepreneur.
Answer : Characteristics of an Entrepreneur: Leadership, risk-taking, innovativeness, goal-oriented, decision-maker, highly optimistic, motivator, self-confident, action-oriented, dynamic agent, high achiever, trust in self.

Question. Who is an entrepreneur?
Answer : An entrepreneur is an individual who sets up business or businesses, identifies and solves problems, creative, innovative, opportunist, risk-taker, self-starter, and open-minded with the hope of making a profit from the enterprise.

Question. Give two advantages of entrepreneurship as a career.
Answer : Advantages of Entrepreneurship as a Career: Independence, ambition fulfillment, excitement, freedom, wealth creation, and status.

Question. Discuss the importance of entrepreneurship.
Answer : Role and Significance / Importance of Entrepreneur: Enterprising man, great achievers, reinvesting organizations, job creation, first movers, higher productivity, visionary leader, economic prosperity, the backbone of the capitalist system, protector of society's interest, catalytic agent, an ingredient of a modern production system.

Question. State the functions of an entrepreneur.
Answer : The function of an Entrepreneur: Innovation, risk-taking, decision-making, organization and management, size and scale of Business unit, the appointment of Managerial and another workforce, to arrange for factors of production and establishing coordination, Procuring raw material and machinery, control and direction, finding a suitable market, new inventions, establishing relations with government, establishing contacts with competitors.

Question. Do you think an entrepreneur is a leader? Discuss.
Answer :  An entrepreneur essentially a leader. According to K.L. Sharma, a psychologist, entrepreneurs are men who exhibit qualities of leadership in solving problems. They have to lead a team for the achievement of goals. Thus, an entrepreneur must have all universally accepted qualities of a leader, i.e., initiative, high energy level, self-confidence, human relations skills, motivational skills, creativity, and keen desire to solve problems.

Question. State two disadvantages of entrepreneurship as a career.
Answer : Disadvantages of Entrepreneurship as a Career: Risk, hard work, uncertain income, the problem of finance, and incompetent staff.

Question. Explain briefly Innovation as characteristics of an entrepreneur.
Answer : Innovativeness: Customer's requirements and tastes keep on changing, therefore, production should meet the customer's requirements. Thus, innovativeness is another important characteristic of an entrepreneur. He always tries to out strive others by taking initiative in doing new things, i.e., exploring new products, new markets, new raw materials, new methods of production, etc.

Question. What do you mean by Entrepreneurship ?
Answer : Entrepreneurship is the type of self-employment where one is running a business and looking for ways to make the business better to make profits.

Question. Write four Misconceptions about Entrepreneurship.
Answer : Four Misconceptions about Entrepreneurship are :
a) Every business idea needs to be unique or special.
b) A person needs a lot of money to start a business.
c) A person having a big business is an entrepreneur.
d) Entrepreneurs are born, not made.

Question. What do you mean by Entrepreneur?
Answer : A self employed person who is always trying to make his/her business better by taking risks and trying new ideas is an entrepreneur.

Question. Write four qualities of successful Entrepreneur?
Answer : Four qualities of successful Entrepreneur are :
a) They are confident.
b) They keep trying new ideas in their business.
c) They take responsibility for their actions.
d) They do not give up when they face a difficulty.

Question. Write four functions of an Entrepreneur.
Answer : Four functions of an Entrepreneur are:
1 Making Decisions.
2. Managing the Business.
3. Taking Risk.
4. Create new method, Idea or Product

Question. Ramya and Ramu both own plant shops. Ramu sits at his shop every day. When customers come, he sells to them. Ramya walks around and gets customers to her shop. She also sells seeds and flowers with her plants. Who is Entrepreneur out of Ramya and Ramu and why?
Answer : Ramya is entrepreneur as she is working to grow her business. She has also added a different idea to her business.

Question. What is the difference between Wage employed and Self employed people?
Answer : Wage employed people are people who work for a person or an organization and get paid for that work. Self-employed people are those who start businesses to satisfy the needs of people.

Question. Entrepreneurs act as “Agents of change”.
Explain the above statement.
Answer : Entrepreneurs act as ‘Agents of Change’ as they identify opportunities, solve problems, offer effective solutions, establish enterprises, set up industries, and bring positive change for the economy.

Question. What are the Commercial functions of an Entrepreneur?
Answer : Commercial functions of an Entrepreneur are:-
(a) Production and Operations
(b) Finance and Accounting
(c) Marketing
(d) Human Resource Management

Question. What are the Entrepreneurial functions of an Entrepreneur?
Answer : Entrepreneurial functions of an Entrepreneur are:-
(a) Organisation Building and Management
(b) Risk-Taking
(c) Innovation

Question. How is society boosting entrepreneurship?
Answer : Society plays a role in boosting entrepreneurship by:
• Creates needs and demands
• Provides raw materials
• Enables financial support
• Creates a need for education
• Catalyses policy formation and reform
• Facilitates networking
• Supports infrastructure development

Question. What do you mean by an Innovator’s role of an Entrepreneur?
Answer : Entrepreneurs innovate by bringing unique and new products and services into the market. In many cases, these are improved versions of existing products or services available. Innovation fuels economic growth and helps to boost the global presence of products and services.

Long Answer type Questions.

Question. Write an essay on the qualities of an entrepreneur.
Answer : Qualities/characteristics of a successful entrepreneur: The success of small enterprises and their growth to leading industrial houses can be attributed to entrepreneurs themselves. Thus, it is important to understand the success story of such entrepreneurs. There are definitely some common personal characteristics in entrepreneurs. After carefully scanning the qualities/characteristics of such entrepreneurs the principal ones were noticed, which are as follows:
1. Leadership: An entrepreneur essentially a leader. According to K.L. Sharma, a psychologist, entrepreneurs are men who exhibit qualities of leadership in solving problems. They have to lead a team for the achievement of goals. Thus, an entrepreneur must have all universally accepted qualities of a leader, i.e., initiative, high energy level, self-confidence, human relations skills, motivational skills, creativity, and keen desire to solve problems.
2. Risk-taking: business risks are unpredictable but still an entrepreneur, with rational planning and firm decisions, bears the risks. An entrepreneur innovates an idea and undertakes the risk of commercially exploiting that idea by investing his funds because he recognizes the fact that - the higher the risk, the greater is the profit.
3. Innovativeness: Customer's requirements and tastes keep on changing, therefore, production should meet the customer's requirements. Thus, innovativeness is another important characteristic of an entrepreneur. He always tries to out strive others by taking initiative in doing new things, i.e., exploring new products, new markets, new raw materials, new methods of production, etc.
4. Goal-oriented: The entrepreneur is goal-oriented. First, he sets a goal to achieve, i.e., to earn profit by producing goods and services, and after reaching one goal he proceeds to another goal.
5. Decision-maker: The entrepreneur is regarded as a decision-maker. He has to take many decisions to put his business idea into reality. He recognizes an idea i.e., a product, service, or market, and out of various alternatives before the time he has to make a choice between them. This involves decision-making to choose the best suitable and profitable alternative.
6. Motivator: An entrepreneur has to get the work done through others. Hy has to create a spirit of teamwork and motivate them so that he gets wholehearted cooperation.
7. Self-confident: An entrepreneur should have self-confidence in achieving his goals, otherwise he will not be able to convince his fellow beings to achieve his goals.

Question. Describe six advantages of entrepreneurship as a career.
Answer : The main advantages of adopting entrepreneurship as a career are as follows:
1. Independence: An entrepreneur is his own boss. He can take all decisions himself. He need not obey someone.
2. Ambition - Fulfilment: Some people want to convert their original ideas into a new product or service, for example, smartphones, electric vehicles, driverless trains, etc.
3. Excitement: Entrepreneurship involves adventure. Some people resign from their well-paid jobs and launch their own venture due to excitement.
4. Freedom: Entrepreneurship allows the freedom to try out one's ideas. Freedom-seeking people choose entrepreneurship as a career.
5. Wealth Creation: Successful entrepreneurs create enormous wealth for themselves and their staff.
6. Status: Success in entrepreneurship brings considerable fame and prestige. Narayana Murthy, Sunil Mittal, Rana Kapoor, Subhash Chandra, and other successful entrepreneurs are known all over the world.

Question. Define 'entrepreneur'. What are the various functions of an entrepreneur?
Answer : Entrepreneur: An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
The various functions of an entrepreneur may be classified and described as under
1. Innovation: It includes (a) Introducing new products, (b) Opening new markers (c) New sources of raw material, and (d) New organization structure.
2. Risk-taking: Choosing one among various alternatives, the end results of which are unpredictable.
3. Decision making: Includes: (a) Stabilising organization's aims and objective and changing them
according to changing conditions or to make the most profitable, (b) Division of work among
subordinates, (c) Utilisation of financial resources, (d) Taking decisions on effective techniques, (e)
Selling the produced as per the demand of customers, (f) Relationship with social functionaries.
4. Organisation and management: To organize and manage various economic human factors. Under this category, the following are his functions: (a) Planning the enterprise, (b) Coordination and control, (c) Supervision, and (d) Direction
5. Size and scale of business unit: To decide about the size of a business unit, i.e. wants to establish one production unit or more, etc. which is dependent on the demand of the product. Similarly, he has to decide about the scale of productivity i.e, small scale, middle scale, or large scale.
6. Appointment of managerial and another workforce.
7. To arrange for factors of production and establishing coordination, i.e., land, labor, capital, etc. in appropriate proportion and to maximize output by best utilization of these factors after coordinating them.

Question. Describe five disadvantages of entrepreneurship as a career.
Answer : Disadvantages of Entrepreneurship as a Career:
1. Risk: Entrepreneurship involves a considerable risk of loss. Failure can wipe away all the personal savings and lead to a considerable debt - burden.
2. Hard Work: An entrepreneur has to work very hard to make the new business successful. His work schedule is unpredictable and he has to work late hours. Spouse and children may have to suffer due to his very busy work schedule.
3. Uncertain Income: No fixed and regular income is available to an entrepreneur. During the startup stage, it may be difficult even to meet household expenses.
4. Problem of Finance: Raising the necessary funds is very difficult for a first-generation entrepreneur.
5. Incompetent Staff: A new entrepreneur may not be able to hire and retain qualified and experienced employees. The administrative burden is heavy and faulty decisions can be very harmful to the business.

Question. State five myths of entrepreneurship.
                          'OR'
What are the myths about entrepreneurship?
Answer : Myths of entrepreneurship
1. It is easy to start a business: In reality, starting a successful business is a very difficult and challenging process. The rate of failure of new ventures is high. Even after a period of seven years, only one-third of the enterprises are profitable. However, it is relatively easy to start a very small business than a large company.
2. Lot of money is needed to start a new business: A business can be started with limited money. For example, Infosys Technology was started with only 10,000. In the beginning, you can hire space and equipment.
3. A Startup cannot borrow from banks: Under various schemes like MUDRA, budding entrepreneurs also can raise loans from banks.
4. Talent is more important than an industry: The nature of the industry an entrepreneur chooses has a great effect on success and growth. For example, if you enter an industry wherein competition is cutthroat or materials are scarce, you may fail.
5. Most startups are successful: A large percentage of startups fail. The average profit of an ownermanaged firm is 20,000 per month. A very few entrepreneurs earn more than employees.