CBSE Class 10 Computer Science Entrepreneurial Skills II Worksheet

ENTREPRENEUR

The word ‘entrepreneur’ is derived from the French word ‘entrepreneur’ which means to undertake.
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
                          or
A promoter in the entertainment industry.
                          or
An entrepreneur is a person who sets up a business with the aim to make a profit.
                          or
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.
                          or
An entrepreneur is the person who sees a problem in the world and immediately focuses on creating the solution. They’re the leaders that strike out on their own to improve society. Whether they’re creating jobs or a new product, they constantly take action to ensure world progress.

Entrepreneur Skills
There are many skills required to start a business. The most popular entrepreneur skills are marketing, business development, customer service, leadership, execution, resilience, focus, determination, talent acquisition, continuous learner.

Entrepreneurship And Society

Entrepreneurship: The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether startup entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action. It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute it.

Entrepreneurship is about execution of ideas.

Society: Society can be described as an aggregate of people living together in a community or
basically a situation of being in the company of others. The persons that comprise a population
associate for various engagements including business.

QUALITIES/CHARACTERISTICS OF A GOOD ENTREPRENEUR:
The major qualities/characteristics of a good entrepreneur are linked below
• Leadership: An entrepreneur must possess the characteristics of leadership and must lead a team for achievement of goals. The leader is able to clearly articulate their ideas and has a clear vision. An entrepreneurial leader realises the importance of initiative and reactiveness and they go out of their way to provide a support to the team.
• Risk Taking: An entrepreneur with rational planning and firm decisions bear the risks. They have differentiated approach towards risks. Good entrepreneurs are always ready to invest their time and money but they always have a back up for every risk they take.
• Innovativeness: With the changing needs and requirements of customers production should meet requirements with the help of innovative ideas. An entrepreneurial venture does not have to restrict itself to just one innovation or even one type of innovation. Success can be built on combination of innovation. For example, a new product delivered in a new way with a new message.
• Goal-oriented: Goal-oriented entrepreneurs achieve the maximum results from their efforts in business due to the fact they work towards clear and measurable targets.
• Decision-maker: An entrepreneur has to take many decisions to put his business idea into reality. He chooses the best suitable and profitable alternative.
• Highly Optimistic: A successful entrepreneur is always optimistic and the present problems does not matter to them. He is always hopeful that the situation will became favourable for business in future.
• Motivator: An entrepreneur has to create a spirit of team work and motivate them. So that he gets full cooperation from the employees.
• Self-confident: An entrepreneur should have confidence to achieve his goals otherwise he won’t be able to convince his team to achieve his goals.
• Action-oriented: An entrepreneur should have an action oriented vision and ideology to plan things well.
• Dynamic Agent: An entrepreneur creates new needs and new means to satisfy them. He has the ability to visualise new ventures and new plans.
• High Achiever: An entrepreneurs are high achievers as they have a strong urge to achieve. The most important characteristic is his achievement motivation.
• Trust in Self: An entrepreneur believes on their own decisions and actions as he has trust in his perseverance and creations. He does not believe in luck.

ENTREPRENEURSHIP AND ECONOMY
Entrepreneurship plays an influential role in the economic growth and standard of living of the country. As a startup founder or small business owner, you may think that you are simply working hard to build your own business and provide for yourself and your family. But you are actually doing a whole lot more for your local community, state, region, and the country as a whole. An entrepreneur is the builder of economic growth. He promotes the prosperity of a country by his initiative and skill for innovation and dynamic leadership. He creates wealth, opens up employment opportunities and fosters the other segments of economic system.
The role and significance of an entrepreneur are given under the following headings
• Organiser of Society’s Productive Resources: An entrepreneur is the organiser of society’s productive resources. He is the person who assembles the unused natural, physical and human resources of the society, combines them properly, establishes effective coordination between them and makes the economic activities dynamic.
• Helpful in Capital Formation: An entrepreneur is helpful in capital formation as we know that increase in the rate of capital formation is quite essential for the economic development of any country. Those nations which are not able to increase the rate of capital formation or does it nominally remain backward from industrial development’s point of view.
• Increase in Employment Opportunities: An entrepreneur creates maximum employment opportunities in the society by way of establishing new industries, developing and expanding the existing industries and by undertaking innovative activities.
• Development of New Production Techniques: An entrepreneur does not feel contended only with the existing techniques of production. Hence, he carries out various experiments for saving time, labour and capital in the production, as also to improve the variety and quality of the product and service.
• Visionary Leader: An entrepreneur has a good vision towards the achievement of his goals. He is able to recognise profitable opportunities and conceptualise strategies.
• Contribution of the Execution of Government Policies: An entrepreneur provide an important contribution in implementing government policies and achieving the national goals. An entrepreneurs cooperate with the government for implementations of development plans of the country.
• Higher Productivity: Entrepreneur have the ability to produce more goods and services with less inputs. They play an important role in raising productivity.
• Initiator: An entrepreneur is the one who initiates the process of creating an enterprise by coming up with the idea for the business and planning out how to turn that idea into reality.
• Backbone of Capitalist System: Capitalist economy is one in which there is a freedom to save and invest to compete and operate any business. An entrepreneur plays a vital and prominent role in the enterprise because he controls market by assuming the role of a competitor and a leader.
• Ingredient of Modern Production System: An entrepreneur has become the ‘balancing wheel’ of modern global economy. They seek the unique product, change the technical frontiers and reshape public desires. Today, entrepreneurs act as an ingredient of modem production system as they create wealth and employment.

MYTHS OF ENTREPRENEURSHIP
Entrepreneurship is a set of activities performed by the entrepreneur. It is the process of identifying opportunities in the market place. It is the attempt to create value. Many entrepreneurs believe a set of myths about entrepreneurship and the most common are as follows
• Starting a Business is Easy: In reality, it is a very difficult and challenging process to start a successful business. The rate of failure of new ventures is very high but small entrepreneurship are comparatively easier to start.
• Lot of Money to Finance New Business: Successful entrepreneurs design their business with little cash also.
• Startups cannot be Financed: Under the schemes like MUDRA, entrepreneurs can raise loans from banks.
• Talent is more Important than Industry: This is not true as the nature of industry an entrepreneur chooses greatly effects the success and growth of the business.
• Most Startups are Successful: Mostly in the developing countries startups fail as they could not manage to earn high profits.

ADVANTAGES OF ENTREPRENEURSHIP
The main advantages of adopting entrepreneurship as a career are discussed below
Independence: An entrepreneur is himself a boss or owner and he can take all the decisions independently.
• Exciting: Entrepreneurship can be very exciting with many entrepreneurs considering their ventures highly enjoyable. Everyday will be filled with new opportunities to challenge your determination, skills and abilities.
• Wealth Creation: The principal focus of entrepreneurship is wealth creation and improved livelihood by means of making available goods and services.
Entrepreneurial venture generates new wealth, new and improved products, services or technology form entrepreneurs, enable new markets to be developed and new wealth to be created.
• Flexibility: As an entrepreneur you can schedule your work hours around other commitments, including quality time you would spend with your family.
• Status: Success in entrepreneurship beings a considerable fame and prestige within the society.
• Ambition Fulfilment: Through entrepreneurship one can fulfil his ambitions into original products or services.

DISADVANTAGES OF ENTREPRENEURSHIP
Some of the disadvantages of entrepreneurship as a career are discussed below
Huge Amount of Time: You have to dedicate a huge amount of time to your own business.
Entrepreneurship is not easy and for it to be successful, you have to take a level of time commitment.
• Risk: An entrepreneurship involves high risk of loss. If the business fails then it will wipe away all the personal savings.
• Hard Work: An entrepreneur has to work very hard to make the new business very successful.
• Uncertain Income: There is no regular or fixed income available to an entrepreneur. So, there is uncertain kind of income received by an entrepreneur.
• Incompetent Staff: A new entrepreneur may not be able to hire qualified and experienced staff so there are chances of incompetency by the staff due to lack of experience and knowledge.

ENTREPRENEURSHIP AS A CAREER OPTION
A career is a line of work that a person takes for life. There are two ways a person can earn a living.
They are
1. self-employment
2. wage employment
For example, a doctor who works for a hospital is a wage employed person. If the same doctor has their own clinic, he or she is a self-employed person.
A self-employed person running a business to satisfy a need by trying new ideas is an entrepreneur.
A person who becomes an entrepreneur goes through a career process. This process is as follows

Objective Type Questions

Question. _________ is the type of self-employment where one is running a business to satisfy the needs of people and looking for ways to make the business better.
(a) Entrepreneurship
(b) Entrepreneur
(c) Business Idea
(d) Entrepreneurist
Answer : A

Question. A doctor who works for a hospital is a _______ person.
(a) Wage employed
(b) Self employed
(c) Both of the above
(d) None of the above
Answer : A

Question. Qualities of successful entrepreneurs are.
(a) They keep trying new ideas.
(b) They are confident.
(c) They are creative
(d) All of the above
Answer : D

Question. ________ people are those who start businesses to satisfy the needs of people.
(a) Self-employed
(b) Wage-employed
(c) Both of the above
(d) None of the above
Answer : A

Question. An entrepreneur do the things as ________ .
(a) others are doing
(b) different from others.
(c) a lazy person
(d) None of the above
Answer : B

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. Who is Entrepreneur out of Ramya and Ramu.
(a) Ramya
(b) Ramu
(c) Both of the above
(d) None of the above
Answer : C

Question. Adverse impact of entrepreneurship on society is ____________ .
(a) Environmental degradation
(b) Trade imbalance
(c) Labour exploitation
(d) None of the above
Answer : D

Question. The money used to start a business is called ________ .
(a) Capital
(b) Business Money
(c) Start ups
(d) None of the above
Answer : A

Question. Which of the following are the qualities of successful entrepreneurs?
(a) They are confident.
(b) They take responsibility for their actions.
(c) They work hard
(d) All of the above
Answer : D

Question. Which of the following are commercial functions of Entrepreneur?
(a) Innovation
(b) Finance and Accounting
(c) Leadership
(d) All of the above
Answer : D

Question. Positive impact of entrepreneurship on society is _________
(a) Accentuates economic Growth
(b) Encourages welfare of the society
(c) Solves the problems of the society
(d) All of the above
Answer : D

Question. A self-employed person who is always trying to make his/her business better by taking risks and trying new ideas is called _______ .
(a) Skilled man
(b) Business man
(c) Entrepreneur
(d) None of the above
Answer : C

Question. As an entrepreneur, you should be _______ .
(a) Creative
(b) Hard Working
(c) Decision Maker
(d) All of the above
Answer : D

Question. Which of the following are misconception about Entrepreneur?
(a) Entrepreneurs are born, not made.
(b) A person having a big business is an entrepreneur.
(c) A person needs a lot of money to start a business.
(d) All of the above
Answer : D

Question. Which of the following social problems are tackled by social entrepreneurs?
(a) Low reach of quality education
(b) Unemployment
(c) Child labour
(d) All of the above
Answer : D

Question. What do entrepreneurs do when they run their business?
(a) They help in increasing jobs in their area.
(b) Helping the people in the society to earn money.
(c) Both of the above
(d) None of the above
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 her mistakes
(b) thinks before making a decision
(c) does not give up
(d) is creative
Answer : A

Question. Entrepreneurship skills helps ___________ .
(a) to develop ability to handle failure.
(b) in making difference to the society.
(c) to develop critical thinking
(d) All of the above
Answer : D

Question. _________ are people who work for a person or an organization and get paid for that work.
(a) Self employed
(b) Wage employed
(c) Both of the above
(d) None of the above
Answer : B

Question. Success of entrepreneur depends on _________ .
(a) Hard Work
(b) Good Idea
(c) Both of the above
(d) None of the above
Answer : C

Question. Society plays a role in boosting entrepreneurship by ___________ .
(a) Providing raw materials
(b) Creating needs and demands
(c) Both of the above
(d) None of the above
Answer : C

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. Dr. Ravi has his own clinic so he is a _____________ Person.
(a) Self-employed
(b) Wage-employed
(c) Both of the above
(d) None of the above
Answer : A

Question. Agricultural Entrepreneurship helps farmers in _________ .
(a) finding low-cost innovations in farming processes.
(b) giving loans to farmers
(c) giving jobs to the family members of farmers.
(d) All of the above
Answer : A

Question. Which of the following entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a micro scale?
(a) Women Entrepreneurship
(b) Agricultural Entrepreneurship
(c) Small Scale Entrepreneurship
(d) None of the above
Answer: C

Question. An enterprise owned and controlled by a woman and giving at least 51 per cent of the employment generated in the enterprise to women is ___________ .
(a) Agricultural Entrepreneurship
(b) Small Scale Entrepreneurship
(c) Social Entrepreneurship
(d) Women Entrepreneurship
Answer : D

Question. When many entrepreneurs sell mobile phones in a market, the prices of phones increase. (T/F)
(a) True
(b) False
Answer : B

Question. Entrepreneurs can create jobs in the market. ( T / F )
(a) True
(b) False
Answer : A

Question. All businesses are either skyrocket or fail. (T/F)
(a) True
(b) False
Answer : A

Question. Entrepreneurs identify a need in the market and build a product or service for it. (T/F)
(a) True
(b) False
Answer : A

Short Answer Type Questions

Question. State a difference between an entrepreneur and a 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 or a better way to offer an existing idea or concept.

Question. What are the myths of entrepreneurship? Explain.
Answer : The myths of entrepreneurship are as follows
(i) It is Easy to Start a Business: This depends on the scale of the enterprise. Starting up a large entrepreneurial venture is a challenging process. Small scale enterprises are easier to set up. Moreover, the rate of failure of new ventures is quite high all over the world. Just about one-third of all enterprises become profitable only after operating for several years.
(ii) Lot of Money is needed to Startup a New Venture: Again, this depends on the type and scale of the business venture. There are ventures that can be started with a small amount of money. Big ventures need a lot of investment.
(iii) A Startup cannot Borrow from the Banks: Today our government is promoting startup ventures and offering them loans on easy terms under various government schemes such as MUDRA (Micro-units Development and Refinance Agency) and MSME (Micro, Small & Medium Enterprises) scheme.
(iv) Businesses either Flourish or Fail: This is not always the case. Some ventures initially falter or have lackluster growth rates. However, with right re-planning and effort they may go on to achieve a healthy growth.
(v) A Good Idea is the only Requirement for a Successful Enterprise: Remember that even the best of ideas need proper execution to become a reality. Ideas are important, but so are planning, talent, leadership, communication and a host of other factors.

Question. Why an entrepreneur is highly optimistic?
Answer : A successful entrepreneur is always optimistic and is not disturbed by the present problems faced by him. He is always optimistic that the situation will become favourable for business in future.

Question. What is a business plan?
Answer : An entrepreneur conducts studies to assess the feasibility of the market as regards the proposed products or services. He makes an assessment of the resources required to run the enterprise and the problems that may possibly be faced. Such a blue print of an enterprise is termed as a business plan or a project report.

Question. Explain the quality of an entrepreneur as a passionate person.
Answer : Successful entrepreneurs are passionate about making their business succeed. They genuinely love their work and are willing to put in extra hours to make their business succeed.
Success gives them a joy that goes beyond money.

Question. Do you think entrepreneur is a leader? Discuss.
Answer : An entrepreneur is 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 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. How does an entrepreneur promotes economic prosperity of a country?
Answer : Entrepreneurs can bring about drastic changes in the very structure of the economy. They stand beyond challenges and make huge profits in every economic system. They are an important source of economic development. They create jobs, wealth and capital in the country. They promote investment, increase production and bring competitiveness in business, reduce costs of products and raise the standard of living in society.

Question. What do you mean by the term entrepreneurial skills?
Answer : Entrepreneurial skills are the basic skills that help an entrepreneur to start, develop, finance and successfully run a business. Every entrepreneur who is starting a business must have a complete knowledge of the various aspects of his/her business, not only for the success of his venture; but also for its growth and expansion.

Question. What is the contribution of the entrepreneurs in the execution of government policies?
Answer : The entrepreneurs provide an important contribution in implementing government policies and achieving the national goals. They cooperate with the government for implementations of development plans of the country.

Question. Explain the creative and determined nature of an entrepreneur.
Answer : Creativity Creativity is probably the most important trait of an entrepreneur. Entrepreneurs often come up with innovative solutions and repurpose their products to market them to new industries. Repurposing means transforming a product for an alternative use.
Determination Successful entrepreneurs do not believe that something cannot be done. They make determined efforts and work hard to achieve success in all their endeavours.

Question. Explain the risk bearing characteristic of an entrepreneur.
Answer : An entrepreneur has to have patience to see his efforts bearfruit. In the intervening period (time gap between the conception and implementation of an idea and its results), an entrepreneur has to assume risk. If an entrepreneur does not have the willingness to assume risk, entrepreneurship would never succeed.

Question. Explain the role and significance of an entrepreneur as an enterprising man and a visionary leader.
Answer : Enterprising Man A business does not get started by itself. It is the entrepreneur who takes the risks and is willing to face devastating failure. He braves uncertainty, strikes out on his own and through native wit, devotion to duty and singleness of purpose, somehow creates business and industrial activity where none existed before. His values and activities have become integral to corporate culture.
Visionary Leader An entrepreneur has a good vision and sense of mission. He instills inspiration. He is able to recognise potentially profitable opportunities and to conceptualise the venture strategy. He is the key force in successfully moving the idea from the laboratory to the market place. He has the sense of accomplishment.

Question. Do you think an entrepreneur is innovative by nature? Discuss.
Answer : 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. Define an entrepreneur. Explain the leadership and decision-making qualities of an entrepreneur.
Answer : An entrepreneur is someone who perceives opportunity, organises resources needed for exploiting that opportunity and exploits it.
An entrepreneurial leader realises the importance of initiative and reactiveness as they go out of their way to provide all support to the team.
Decision-making is an important function because it includes stabilising organisation’s aims and objectives and changes them according to the changing conditions.

Question. Why an entrepreneur is considered as an ‘enterprising man’?
Answer : A business does not get started by itself. It is the entrepreneur who takes the risks and is willing to face devastating failure. He braves uncertainty, strikes out on his own wit, devotion to duty and singleness of purpose, somehow creates business and industrial activity where none existed before. His values and activities have become integral to corporate culture.

Question. What is entrepreneurship development?
Answer : Entrepreneurship development is the process of improving the knowledge and skills of the entrepreneurs. In other words, it can be said that entrepreneurship development is the process of enhancing an entrepreneur’s ability to develop, manage and organise a business venture, while keeping in mind the risks associated with it.

Question. Explain the role and significance of entrepreneurs.
Answer : The role and significance of entrepreneurs are discussed below
(i) Organiser of Society’s Productive Resources: An entrepreneur is the organises of society’s productive resources. He is the person who assembles the unused natural, physical and human resources of the society, combines them properly, establishes effective coordination between them and makes the economic activities dynamic.
(ii) Helpful in Capital Formation: An entrepreneur is helpful in capital formation or we know that increase in the rate of capital formation is quite essential for the economic development of any country.
(iii) Increase in Employment Opportunities: An entrepreneur creates maximum employment opportunities in the society by way of establishing new industries, developing and expanding the existing industries and by undertaking innovative activities.

Question. Explain the role of an entrepreneur as a catalytic agent.
Answer : As Joseph Schumpeter says, entrepreneur’s task is “creative destruction”. He destroys to create new things. He changes and transmutes values. He searches change and responds to it. He is a change creator. Ralph Harwitz writes in his book ‘Realities of Profitability’, The entrepreneur makes a happening, wants piece of action, is the growth man. Without him there is no happening, no action, no growth.

Question. Write four positive impact of Entrepreneurship on society.
Answer : Four positive impact of Entrepreneurship on society. (Write any four )
1. Accentuates economic Growth
2. Stimulates Innovation and Efficiency
3. Creates Jobs and Employment Opportunities
4. Solves the problems of the society
5. Encourages welfare of the society

Question. How entrepreneurs help in growing the area and society?
Answer : Entrepreneurs run their businesses in a market. The market has people who buy products and
services and people who sell them also. When people are buying and selling from each other, it is
helpful for everyone because everyone involved makes money. This is how entrepreneurs help in
growing the area and society.

Question. Write the positive impact of Entrepreneurship on society.
Answer : Entrepreneurship has some positive impacts on society. These are:
• Accentuates Economic Growth
• Fosters Creativity
• Stimulates Innovation and Efficiency
• Creates Jobs and Employment Opportunities
• Solves the problems of the society
• Encourages welfare of the society

Question. How does entrepreneurs and entrepreneurship contributes to society?
Answer : Entrepreneurs and entrepreneurship contributes to society are
(i) Entrepreneurship Creates Jobs,
(ii) Entrepreneurship helps raise the standard of living,
(iii) Successful entrepreneurs as Role models generate more entrepreneurship
(iv) Community / Society Development

Question. What is Women Entrepreneurship?
Answer : The entrepreneurial activity led by women, where women undertake risks, create enterprises, organise factors of production, innovate with products/services and generate employment opportunities, is called Women Entrepreneurship.

Question. What is Small Scale Entrepreneurship?
Answer : Small scale entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale or micro scale.
These businesses serve as the backbone of many developing countries.

Question. How entrepreneurship contributes to a country’s economy?
Answer : Entrepreneurship contributes to the country’s economy are:-
(i) Entrepreneurship creates wealth
(ii) Contribute to the growth of the overall economy by stimulating the growth of related businesses,
(iii) Regional Development,
(iv) GDP and Per Capita income,
(v) Exports

Question. How entrepreneurship contributes to an Individual?
Answer : Entrepreneurship contributes to an Individual’s are
(i) Gives Independence and Freedom to set your own schedule.
(ii) Gives flexibility to work
(iii) Makes one own boss,
(iv) Earns individual much respect.

Question. What is Social Entrepreneurship?
Answer : Social entrepreneurship develops a sustainable solution for social problems that leads to social change by employing entrepreneurial mindset, processes and operations.
Many social problems are tackled by social entrepreneurs such as the low reach of quality education, health, and sanitation, unemployment, child labour etc.

Question. According to the Govt. of India, what is Women Entrepreneurship?
Answer : According to the Govt. of India, “an enterprise owned and controlled by a woman having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of the employment generated in the enterprise to women.”, called Women Entrepreneurship.

Question. What adverse impact is created by entrepreneurship on society?
Answer : Adverse impacts created by entrepreneurship on society are
(a) environmental degradation,
(b) trade imbalance,
(c) labour exploitation, etc.

Question. What are the Promotional functions of an Entrepreneur?
Answer : Promotional functions of an Entrepreneur are:-
(a) Idea Discovery
(b) Detailed Investigation
(c) Assembling the Requirements
(d) Financing

Question. What are the qualities of an Entrepreneur?
Answer : An Entrepreneur has the following qualities:-
(i) Hard Work,
(ii) Optimism,
(iii) Independence,
(iv) Energetic,
(v) Self-confident,
(vi) Perseverant

Question. Does an Entrepreneur like to work under anyone else?
Answer : No,
They prefer to be their own master and not work under someone else. Entrepreneurs like the
independence to drive a business on their own.

Question. What are the different roles of an Entrepreneur?
Answer : An entrepreneur can be in the following role:
(i) Innovator’s Role
(ii) Agent’s role
(iii) Coordinating role
(iv) Risk assumption role
(v) Capital formation role
(vi) Imitating role
(vii) Employment Generation role
(viii) Satus transformation role
(ix) Balancing role

Question. What are the functions of an Entrepreneur?
Answer : An Entrepreneur has the following qualities :-
(i) Entrepreneurial functions,
(ii) Promotional functions,
(iii) Managerial functions.
(iv) Commercial functions

Question. What are the Managerial functions of an Entrepreneur?
Answer : Managerial functions of an Entrepreneur are:-
(a) Planning
(b) Organizing
(c) Directing
(d) Staffing
(e) Leadership
(f) Communication
(g) Supervision
(h) Motivation
(i) Co-ordination
(j) Controlling
(k) Negotiation

Long Answer Type Questions

Question. Explain the role of an entrepreneur as “Person with higher productivity” and “Ingredient of modern production system.”
Answer : Person with Higher Productivity: Entrepreneurs have the ability to produce more goods and services with less inputs. They play an important role in raising productivity. John Kendrick
Bangs writes, “Higher productivity is chiefly a matter of improving production techniques, and this task is the entrepreneurial function par excellence.” Two keys to higher productivity are research and development and investment in new plant and machinery. But there is a close link between R & D and investment programmes, with a higher entrepreneurial input into both.
Ingredient of Modern Production System: Entrepreneur has become the ‘balancing wheel’ of modern global economy. They seek the unique product, the marketing breakthrough. They change technical frontiers and reshape public desires. They create wealth and employment.

Question. Write the Pros and Cons of being an entrepreneur
Answer : PROS:
• Freedom: There’s no denying that one of the best parts of being an entrepreneur is the complete freedom you have to do your own thing. No more bosses to report to, or managers peering over your shoulder – now you’ve gone from the bottom all the way to the top. You are the boss.
• Flexibility: Many people are excited to work for themselves because it means they can work when they want and where they want. Your commute could be as simple as walking to the couch or taking a stroll to the local coffee shop.
• Control: Many budding entrepreneurs value control. Getting your own venture off the ground requires heavy lifting but at the end of the day, it’s your dream and you are in control of making it happen. Having influence over the direction of the company is one of the most exciting parts of being an entrepreneur.
• Profits: Instead of making others richer, now your profits can slide right into your own pocket. This means each business success becomes your success, and as your business grows, so does your potential income. This can be incredibly motivating for many new entrepreneurs on the path to success.
CONS:
• Responsibility: Not only is the future of your business in your hands but so is your next paycheck. Moving away from a salaried job to an unstable income is hard. There is great sacrifice that comes from starting your own business, and while the pay-off may be worth it, carrying the weight of responsibility can be difficult at first.
• Risk: As the business owner, you will take on much of the risk associated with starting a new venture. This means, instead of your employer taking the fall, you’re often risking your savings, time and effort to get your business off the ground.
• Workload: It takes serious hustle to get a new business up and running, and for the most part, you’ll be doing all the grunt work – especially in the early stages. All the heavy lifting can be hard for one person to manage. While it can be an exciting time, full of possibility, it can also be exhausting.
• Limitations: The idea of running your own business can be very different to the reality. From late nights to lonely weekends, being an entrepreneur is not without its challenges. You can also find it quite limiting in the early stages, without the funding of a big name or wellestablished business behind you.

Question. Discuss the importance of entrepreneurship.
Answer : If we go through the business history of India, we come across many names who have emerged as successful entrepreneurs, like Tatas, Birlas, Dalmia, Modi, Ambani etc. These
business houses started as small scale enterprises and have made their name in the list of industrialists of world fame.
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.
The entrepreneur is in essence an institution which comprises of all people required to perform various functions. The task of such people is to innovate, adjust or combine various factors of production, and expand on account of change in demand and market conditions.
They must acknowledge the opportunities and must also be in a position to make opportunities out of a given situation.
(i) It give Freedom: An entrepreneur is himself a boss or owner and he can take all the decisions independently.
(ii) It can be Exciting: Entrepreneurship can be very exciting with many entrepreneurs considering their ventures highly enjoyable. Every day will be filled with new opportunities to challenge your determination, skills and abilities.
(iii) It Allows to Set your own Earnings: The principal focus of entrepreneurship is wealth creation and improved livelihood by means of making available goods and services.
Entrepreneurial ventures generate new wealth. New and improved products, services or technology from entrepreneurs, enable new markets to be developed and new wealth to be created.
(iv) If offers Flexibility: As an entrepreneur you can schedule your work hours around other commitments, including quality time you would spend with your family.
(v) Status: Success in entrepreneurship brings a considerable fame and prestige within the society.
(vi) It offers Ambition-fulfilment: Through entrepreneurship one can fulfil his ambitions into original products or services.

Question. Explain characteristics or qualities of an entrepreneur.
Answer : The characteristics of successful entrepreneurs are as follows
(i) Goal-oriented: Entrepreneur is goal-oriented. Firstly, 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.
(ii) Highly Optimistic: A successful entrepreneur is always optimistic and is not disturbed by the present problems faced by him. He is always optimistic that the situation will become favourable for business in future.
(iii) Trust in Self: An entrepreneur does not believe in luck or fate. He believes in his own firm decisions and actions. He has trust in his perseverance and creations. He pulls his own strings.
(iv) Leadership: An entrepreneur must possess the characteristics of leadership and must lead a ream for achievement of goals. The leader is able to clearly articulate their ideas and has a clear vision.
(v) Innovativeness: With the changing needs and requirements of customers production should meet requirements with the help in innovative ideas. An entrepreneur does not have to restrict itself to just one innovation rather he must use combination of innovation.
(vi) Decision-maker: An entrepreneur has to take many decisions to put his business idea into reality. He chooses the best suitable and profitable alternative.

Question. What are the qualities of a successful Entrepreneur?
Answer : Successful entrepreneurs have the following qualities.
They are confident.
They believe in themselves and their abilities.
They keep trying new ideas in their business.
They are patient.
They are creative and think differently about business ideas.
They take responsibility for their actions.
They take decisions after thinking about them.
They work hard.
They do not give up when they face a difficulty

Question. Describe the disadvantages of entrepreneurship as a career.
Answer : Some of the common disadvantages of entrepreneurship as a career are as follows
(i) Huge Amount of Time: You have to dedicate a huge amount of time to your own business.
Entrepreneurship is not easy and for it to be successful, you have to take a level of time commitment.
(ii) Risk: Entrepreneurship involves high risk of loss. If the business fails then it will wipe away all the personal savings.
(iii) Hard Work: Entrepreneur has to work very hard to make the new business very successful.
(iv) Uncertain Amount: There is no regular or fixed income available to an entrepreneur. So, there is always uncertainty in terms of income.
(v) Incompetent Staff: A new entrepreneur may not be able to hire qualified and experienced staff so there are chances of incompetency by the staff due to lack of experience and knowledge.

Question. What are the functions of an entrepreneur? Explain.
Answer : The functions of an entrepreneur are as follows
(i) New Inventions: Encouraging new inventions and introducing innovations in production, production techniques, sales, marketing, advertisement etc.
(ii) Establishing Relations with Government: To establish relations with government and its functionaries. In this regards his functions are (a) obtaining licences, (b) payment of taxes, (c) selling the product to government, (d) Provision for export-import etc.
(iii) Size and Scale of Business Unit: To decide about size of business unit, i.e., he wants to establish one production unit or more etc. which is dependent upon demand of the product. Similarly, he has to decide about scale of production, i.e., small scale, middle scale or large scale.
(iv) Organisation and Management: An entrepreneur organises and manages various economic and human factors through planning, coordination, control, supervision and direction.
(v) Factors of Production: Another important function of an entrepreneur is the factors of production i.e. land, labour, capital etc., should be in right proportion and to maximise output of these factors is the responsibility of the entrepreneur.