Important Question IT (402) Board Examination 2023-24 : Entrepreneurship

 

Entrepreneurial Skills:Important Questions

1 Mark Questions

[1] I refer to 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 to make profits. – Who am I?

Ans. Entrepreneurship

[2] List out the qualities of an entrepreneur.

Ans. The qualities of entrepreneur are as following:

1. Confident

2. Patient

3. Creative and think differently

4. Take responsibility for their actions

5. take decisions after thinking

6. Hard working

7. Don’t give 

[3] Rohan is working for a private organization and gets paid for that work whereas Manish has started his own business to satisfy the needs of people. Identify the profession of Rohan and Manish.

Ans. Rohan is wage Employed whereas Manish is self-employed

[4] A self-employed person who is always trying to make his/her business better by taking risks and trying new ideas. Who is this person?

Ans. entreprenuer

[5] Diya and Bhavya both own a shop. Bhavya is sitting at her shop always and sells whenever a customer visits her shop. Whereas Diya walks around and get a customer at her shop and she is working to do more and grow her business.

She added different ideas for that. Identify the role of Bhavya and Diya.

Ans. Bhavya is Businesswoman and Diya is an entrepreneur

[24] Dev is struggling with his competitors in providing online teaching due to some initial ups and downs. But now he has opened two new branches of his institute in nearby cities. Identify this step.

Ans. Grow

[7] What do you mean by demand?

Ans. Demand refer to a product or service that people want.

[8] What do entrepreneurs do with respect to demand?

Ans. An entrepreneur find out the what people want and use their creativity to come up with business ideas that will mee the demand of people.

[9] What is the local resource used by Bharti Manav to make jewellery?

Ans. Jute, water and sand

[10] Name the term used for a way in which a person acts or behaves.

Ans. quality

[11] The term is used for the chance of something going wrong.

Ans. risk

[12] Mohan is sitting in his shop. A customer came to his shop and shouted at him without any reason. But Mohan did not get angry. He listened to him. Name this quality of an entrepreneur.

[13] Manthan has started a catering service in his area. But due to a few reasons, he couldn’t make a profit in it. He stopped working on this idea and apologies to the people involved for the work and promised to work better in future. Which quality of an entrepreneur, he demonstrate here?

Ans. take responsibility for his work

[14] Anjali pays salaries to her employees every month. Which function she is performing as an entrepreneur here?

Ans. Manages the business

[15] Mahesh needs to purchase raw materials from farmers for his business. He is purchasing the materials from another state where he is not doing business. Here he pays more cost. The local farmer approached him for supplying the raw material. He started purchasing from them at a lower cost and stopped from another state. Here which function he is performing as an entrepreneur?

Ans. Making Decision

[16] Name the term used for a false belief or opinion about something.

Ans. Myth or Misconception

[17] A person needs a lot of money to start a business. It is considered as _________

Ans. myth or misconception

[18] A person is having a large business is an entrepreneur. (True/False)

Ans. False

[19] Name the term is used for a line of work that a person takes for life.

Ans. career

[20] If a teacher is working in a school, owned by someone else is considered as

Ans. wage employment

[21] If a teacher has opened a coaching class and is managed by him is considered as

Ans. self employment

[22] What are the three main steps of the career process?

Ans. The three steps of career process are:

1. Enter 2. Survive 3. Grow

[23] Identify the step of the career process: Pintu has started a catering service in his local area.

Ans. Enter

2 Marks Questions

[1] What do you mean by entrepreneurship?

Ans. Entrepreneurship 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 to make profits.

[2]Explain the qualities of an entrepreneur.

Ans. An entrepreneur has following queries:

1. Confident: Entreprenesrs are confident. They believe in themselves and their abilities.
2. New Ideas: They are always trying new ideas in their business.
3. Patient: They are patient. They listen their customer’s feedback and suggestions. They never make any decision in hurry.
4. Creative: They are always creative. Creativity helps them to come up with new ideas for their business.
5. Take responsibilities: They always take responsibilities for their actions.
6. Take decisions: They take decisions after thinking about them.
7. Do not give up: Whenever they face any difficulty they do not give up.
8. Work Hard: They work hard and fulfil customers need.

[3] Differentiate between wage employed and self-employed people.

Ans.

Wage Employed:

1. They work for a person or organization
2. They get paid for their work
3. He just do the work assigned to him
4. They never take any risks

Self Employed:

1. They start their own business
2. They try to satisfy the need of people
3. They always trying to make his/her business better by taking risks
4. They always trying new ideas

[4] How do entrepreneurs help in growing the area and society?

Ans. Entrepreneur run their business local market. The local people buy the product form market. Customers can use their services from local market only. By this process of selling and buying they help everyone involved in the selling buying process. Hence they earn money from it and this way the area and society grows.

 [5] What do entrepreneurs do when they run their businesses?

Ans.

1. They fulfil customer needs.
2. They use local material and people to make products at low cost.
3. They help society by working towards saving environment, give donations to build schools and hospitals etc.
4. They create jobs in the local market.
5. When entrepreneurs becomes successful they share their wealth for better society and quality life.

[6] What are the functions of entrepreneurs? Explain any two of them.

Ans. The functions of an entrepreneurs are as following:

1. Making Decisions: An entrepreneur makes decisions everyday. It includes what to produce or sell, how much and where to cell etc.
2. Managing the business: Making a successful plan and its execution is one of the important functions of an entrepreneur. Managing starts from arrangement of raw material, hiring people for work and tell people what to do and also ensures that the planning is being followed or not.
3. Divide Income: The business money needs to be divided into different heads. An entrepreneur spends money to buy material, pays rent of the building and salaries to the people.
4. Taking risks: Risk is the chance of going something wrong. Sometimes fires, item loss and theft can affect business. So an entrepreneur has to think about these all risks.
5. Create a new method, idea or product: An entrepreneur always trying new ideas and new things.

[7] What are the myths/misconceptions of an entrepreneur?

Ans. The myths/misconceptions of an entrepreneur are as follows:

1. Every business idea needs to be unique or special.
2. A person needs lot of money to start a business.
3. A person having big business is an entrepreneur.
4. Entrepreneurs are born not made.

[8] Identify the misconceptions associated with the following statements:

1. Nayan started a small shop for stationery. But he doesn’t call himself an entrepreneur.

2. Rakesh has an idea to host a website to build various courses. He has very less money to invest. So he has not started the website.

3. Milan has a mobile shop in the market where so many other mobile shops are already there. He doesn’t call himself an entrepreneur.

4. Anil is coming from a middle-class family. He has an idea to start up a shopping mall in his area. But he couldn’t start

Ans.

1. Every business idea needs to be unique or special.
2. He needs lot of money to start a business.
3. A person is having big business is called an entrepreneur.
4. Entrepreneurs are born, not made.

[9] State the truth behind the misconceptions of entrepreneurs.

Ans.

1. Every business idea needs to be unique or special: In the market the business are common but each entrepreneur working on customer demand and brought a new idea to fulfill the demand of customer. So he/she take an idea from market and do something different in it.
2. A person needs lot of money to start a business: To start a business you need to invest money but not lot of money. A person can start with a small scale and grow it gradually by earning and makes his business bigger.
3. Only a person having a big business is an entrepreneur: No business is big or small. If a person is running a business to fulfill a customer need, they are an entrepreneur.
4. Entrepreneurs are born, not made: Sometimes, we think 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 any person starts with a way of thinking. he must believe that anything is possible and it shall be achieved.

[10] Explain the steps of a career process.

Ans. An entrepreneur goes through a career process:

1. Enter: This step is considered as starting the business. When the person starts a business he/she entering into the market.
2. Survive: Today’s market has heavy competition. An entrepreneur has to remain in a competitive in the market. There are many entrepreneurs in the same kind of business.
3. Grow: After starting a business, if it is stable and going good, an entrepreneur thinks about expanding his or her business.

[11] Differentiate between an entrepreneur and a businessman.

Ans.

1. Entrepreneur: An entrepreneur starts an enterprise with a new ideas or concept or a better way to offer an existing idea or concept.
2. Businessman: A businessman is someone who sets up a business with an existing idea offering products and service to customers.

[12] What do you mean by a business plan?

Ans. The bule print of a business that includes studies to assess the feasibility of the market, an assessment of the resources required to run the enterprise and the problems that may possibly faced is known as blue print.