Class 10 - Information Technology and AI - Entrepreneurial Skills-II (Q & A) #eduvictors #entrepreneurship

Class 10 - Information Technology and AI - Entrepreneurial Skills-II (Q & A)

Q1. Who is an Entrepreneur?

Answer: The word ‘entrepreneur’ comes from the French word meaning 'to undertake.' An entrepreneur is a person who starts a new business, taking on most of the risks and reaping most of the rewards.

Howard W. Johnson was an American educator. He says an entrepreneur is a composite of three basic elements:

(i) invention, 

(ii) innovation and 

(iii) adaptation.

According to Joseph Schumpeter, “Entrepreneurs are innovators, who use the process of entrepreneurship to shatter the status quo of the existing products and services, to set new products, new services.”

Q2. What is the impact of entrepreneurship on society?

Answer: An entrepreneur has personal qualities that influence their actions. They live in society, so economic opportunities and gains impact them. Entrepreneurs create organisations. Because they live in society, economic opportunities and gains affect entrepreneurship. 

Entrepreneurs:

- encourage investment, 

- boost production, 

- bring competitiveness to businesses, 

- lower product costs, and 

- improve the standard of living in society. 

Q3. What are the Qualities/Characteristics of a Good Entrepreneur?

Answer:

Here are the main qualities of a good entrepreneur:

Leadership: An entrepreneur needs to be a good leader who can guide a team to achieve their goals. A leader clearly expresses their ideas and has a strong vision. An entrepreneurial leader understands the importance of taking initiative and being responsive, and they make extra efforts to support their team.

Risk Taking: An entrepreneur carefully plans and makes firm decisions to handle risks. They have a unique way of approaching risks. Good entrepreneurs are always willing to invest their time and money, but they always have a backup plan for any risk they take.

Goal-oriented: Goal-oriented entrepreneurs get the best results from their efforts because they work towards clear and measurable targets.

Motivator: An entrepreneur needs to build team spirit and motivate the team to ensure full cooperation from employees.

Innovativeness: As customers' needs and requirements change, production should adapt using innovative ideas. An entrepreneurial venture doesn't have to stick to just one innovation or type of innovation. Success can come from combining different innovations. For example, a new product can be delivered in a new way with a new message.

Self-confidence: An entrepreneur needs confidence to achieve their goals, otherwise they won't be able to convince their team to reach those goals.

Action-oriented: An entrepreneur should have a vision and ideology focused on taking action and planning well.

Trust in Self: An entrepreneur trusts their own decisions and actions, believing in their perseverance and creations rather than luck.

Decision-maker: An entrepreneur must make many decisions to turn their business idea into reality. They choose the most suitable and profitable options.

High Achiever: Entrepreneurs are high achievers with a strong drive to succeed. Their most important trait is their motivation to achieve.

Highly Optimistic: A successful entrepreneur is always optimistic and is not deterred by current problems. They believe the situation will improve for their business in the future.

Dynamic Agent: An entrepreneur identifies new needs and finds new ways to meet them. They can visualise new ventures and create new plans.

Q4 (MCQ): Innovation of an entrepreneur includes

(a) division of work

(b) opening new markets

(c) introducing new products

(d) Both (b) and (c)

Answer: (d) Both (b) and (c)

Q5: What do you mean by the term entrepreneurial skills?

Answer: Starting a business requires many skills that help an entrepreneur to launch, grow, finance, and successfully operate a business. The most important ones are marketing, business development, customer service, leadership, execution, resilience, focus, determination, talent acquisition, and being a continuous learner.

Q6(MCQ). From the following statements, which one is not correct about the Qualities of an entrepreneur

(a) Successful entrepreneurs adapt the habit of hard work from a very early stage.

(b) Entrepreneurs should not think optimistically about the future of the business.

(c) A confident entrepreneur must not deviate from his/her decisions too early in case success is delayed.

(d) Entrepreneurs like to function at their own will and rules

Answer: (b) Entrepreneurs should not think optimistically about the future of the business.

Q7. Explain any two Myths about Entrepreneurship

Answer: Myths about Entrepreneurship are:

1. The misconception is that every business idea needs to be unique or special. Each entrepreneur saw customer demand and brought a new idea into their business. A person can take an idea that is already there in the market and do something different with it.

2. The misconception we have is that a person needs a lot of money to start a business. Every business does not need a lot of capital to start. Depending on how much money you have or can borrow, you can start a business with that much money. Once you make more money, you can put that into your business to make it bigger.

3. A misconception we have is that only a person having a big business is an entrepreneur. No business is big or small. If a person is running a business to fulfil a customer’s need, they are an entrepreneur. Most businesses start small. It becomes big with hard work and creativity.

4. Our misconception is that entrepreneurs are born, not made. Only some people have the talent for doing business. An entrepreneur is a person who does whatever it takes to make the business successful. 

Being an entrepreneur starts with a way of thinking. You must believe that anything is possible and it shall be achieved. It starts with thinking of an idea that you want to work on, making it different.

Q8. Write any four roles of Entrepreneurs.

Answer: The roles of Entrepreneurs are:

i. Coordinating role

ii. Agent’s role

iii. Innovator’s Role

iv. Risk assumption role

v. Imitating role

vi. Capital formation role:

vii. Employment Generation role

Q9. 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) Women Entrepreneurship

Q10: Explain the risk-bearing characteristic of an entrepreneur.

Answer: An entrepreneur must have patience to see their efforts pay off. During the time between coming up with an idea and seeing its results, an entrepreneur has to take on risks. Without a willingness to take risks, entrepreneurship would never succeed.