Saturday 19 March 2022

CBSE Class 11 - Entrepreneurship Development (Business Studies) Questions and Answers #BStClass11 #smallbusiness #eduvictors

CBSE Class 11 - Entrepreneurship Development (Business Studies)

Questions and Answers

CBSE Class 11 - Entrepreneurship Development (Business Studies) Questions and Answers #BStClass11 #smallbusiness #eduvictors

Q1. What is Entrepreneurship Development?

Answer: Entrepreneurship is the process of setting up one's own business as distinct from pursuing any other economic activity, be it employment or practising some profession. It is a process of enhancing entrepreneurial skills and knowledge through structured learning and institution-building programmes.

The person who set up his business is called an entrepreneur. The output of the process, that is, the business unit is called an enterprise.

Richard Cantillon, a French economist defines:

"Entrepreneur is a person who organizes the business, undertakes the risk and enjoys the profit" 

Q2. Mridu discussed entrepreneurship development with her teacher. The teacher explained to her that there are pre-requisites for entrepreneurship development. Can you suggest what are those?

Answer: There are some pre-requisites for entrepreneurship development. A few are listed below:





Human factor

Industrial technology

Sustained efforts

Government assistance/Grant

Q3. What are the three important attributes that today's entrepreneurs require?


A transformational leadership (e.g. from family business to global business), 

Customer-centric business (Conventional Practices to Customer focus practices), and 

Emerging business models (Traditional Shops to Digital Markets)

Q4: What are the characteristics of entrepreneurship?

Answer: Characteristics of Entrepreneurship

1. Systematic Activity: 

It's a methodical, step-by-step process with a clear goal, thus involves step-by-step and purposeful activities, It has a temperamental, skill, and other knowledge and competency needs that can be learned, developed, and obtained through formal educational and vocational training, as well as observation and work experience.

2. Lawful and Purposeful Activity: 

The goal of entrepreneurship is to do legal business. The goal of entrepreneurship is to create value for personal gain and social benefit.

3. Innovation: 

Entrepreneurship is creative in that it entails the production of value. Entrepreneurs develop goods and services that meet society's needs and wants by combining multiple sources of production.

The object of entrepreneurship is lawful business. The purpose of entrepreneurship is the creation of value for personal profit and social gain.

4. Organisation of Production: 

Knowledge of the availability and location of resources, as well as the best approach to combine them, is at the heart of production organisation. To raise these in the best interests of the company, an entrepreneur needs negotiation abilities.

5. Risk-taking: 

Entrepreneurs are thought to be high-risk individuals. Persons who choose entrepreneurship as a career face a greater risk than those who choose a career in employment or the practice of a profession because there is no "guaranteed" payout.

Q5(MCQ). People who own, operate and take risk of a business venture

(a) Aptitude 

(b) Employee 

(c) Entrepreneur 

(d) Entrepreneurship

Answer: (c) Entrepreneur 


👉See Also:

Ch4: Business Services (Introduction)
Ch4: Banks and Functions Of Commercial Banks
Ch4: Insurance Services
Ch4: Communication Services
Ch5: Emerging Modes of Business (VSQA)
Ch10: International Business-I (NCERT Answers)

Business Studies Unit Test Paper 1 (2019-20)

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