Page 1 :
Class: 10; Unit 4: Entrepreneurial Skills-II, UNIT 4: ENTREPRENEURIAL SKILLS-II (Page 56-64) COPY ALL IN YOUR NOTEBOOK AND SUBMIT ON 7 FEB 2022, , A. Multiple choice questions (Page 63):, 1. Which of the following characteristics should an entrepreneur have?, a) Innovativeness, b) Motivator, c) All of these, 2. Which of the following is a disadvantage of an entrepreneurship as a carrier?, a) Uncertainty, b) Independence, c) Ambition fulfillment, B. Answer the following questions (Page 63), 1. Q What is meant by entrepreneur?, Ans: Howard W. Johnson says “Entrepreneur is composite of three basic elements i) invention, ii), innovation and iii) adaptation.” Thus, an entrepreneur is a person who lives in the society and, creates organization., 2. Q State the main characteristics of an entrepreneur., Ans: The main characteristics of an entrepreneur are:, 1. Leadership, 2. Risk-taking, 4. Goal – oriented, 5. Decision-maker, 7. Motivator, 8. Self- confident, 10. Dynamic agent, 11. High achiever, , 3. Innovativeness, 6. Highly optimistic, 9. Action-oriented, 12. Trust in self, , 3. Q State the functions of an entrepreneur., Ans: The functions of an entrepreneur are:, 1. Innovation, 2. Risk taking, 3. Decision making, 4.Organisation and management, 5. Size of scale and business, 6. Appointment of managerial and other work force, 7. To arrange for factors of production and establishing coordination, 8. Procuring raw material and machinery, 9. Control and direction, 10. Finding suitable market, 11. New inventions, 12. Establishing relations with governments, 13. Establishing contacts with competitors, 4. Q What are the myths about entrepreneurship?, Ans: Myths about entrepreneurship are:, 1. It is easy to start a business, 2. Lots of money is needed to start a business, 3. A startup cannot borrow money from the bank., 4. Talent is more important than industry., 5. Most startups are successful., Multiple choice questions(Page 63), 1. Which of the following are the functions of an entrepreneur?, a) Innovation, b) Risk taking, c) All of these, 2. Which of the following is an advantage of entrepreneurship as a carrier?, a) Risk, b) Hard work, c) None of these, 1, 10 Notes on IT; Unit 4

Page 2 :
Class: 10; Unit 4: Entrepreneurial Skills-II, , 3. Decision-making functions of entrepreneurship includes:, a) Hard work, b) Risk bearing, c) Utilization of financial resources, 4. An entrepreneur has to get the work done through others. Which characteristics of the, entrepreneurship does this statement depicts?, a) Motivator, b) Organizer, c) Innovator, Short answer questions (1) Page 64, 1.Q What is entrepreneur?, Ans:, An entrepreneur is a person who sets-up a business organization. The word entrepreneur, is derived from the French word ‘entreprendre’ which means to ‘undertake’. He starts a business, with taking the risk keeping an eye on what he is needed by the customers and profitable for, him/her at the same time., 2.Q Explain briefly innovation as a characteristic of an entrepreneur?, Ans:, As the customer wants and need change from time to time, the entrepreneurs try to, outstrive others by taking initiative in doing new things i.e., exploring new products, new markets, etc., 3.Q Give two functions of entrepreneur., Ans:, Two functions of entrepreneur are:, a) Risk- taking, b) Decision- making, 4.Q State the characteristics of Entrepreneurship, Ans:, The characteristics of an entrepreneur are: leadership, risk-taking, innovativeness, goaloriented, decision-maker, highly optimistic, motivator, self-confident, action-oriented, dynamic, agent, high achiever and trust in themselves., Short answer questions (2) Page 64, 1.Q Explain the functions of an entrepreneur., Ans:, Although there are many functions of an entrepreneur, the main functions are decision, making, management control, division of income, risk-taking and uncertainity bearing, and, innovation., 2.Q Do you think an entrepreneur is innovative by nature?, Ans:, An entrepreneur is innovative by nature as they always should think of the customer, needs and not only that they are the one to innovate the people., 3.Q Do you think entrepreneur is a leader? Discuss, Ans:, I think an entrepreneur is a leader as this is one of the most important qualities to be an, entrepreneur. They have to lead the team to achieve the goals as such if they are not the leader, their aims and visions for the team will not be fulfilled., 4.Q Give two myths of entrepreneurship as a career., Ans:, The two myths of entrepreneurship as a career are:, I) It is easy to start a business, ii) Lots of money is needed to start a business., 2, 10 Notes on IT; Unit 4

Page 3 :
Class: 10; Unit 4: Entrepreneurial Skills-II, , 5.Q Give two advantages of entrepreneurship as a career., Ans:, Two advantages of entrepreneurship as a career are: i) Independence, , ii) Excitement, , 6.Q State two disadvantages of entrepreneurship as a career., Ans:, Two disadvantages of entrepreneurship as a career: i) Risk ii) Uncertain Income., Long answer questions Page 64, 1.Q Write an essay on qualities of an entrepreneur., Ans: ASSIGNMENT TO BE SUBMITTED BEFORE 7th FEBUARY 2022 (Write at least 10 points with, explanation), 2.Q Define entrepreneur. What are various functions of entrepreneur?, Ans: ASSIGNMENT TO BE SUBMITTED BEFORE 7th FEBUARY 2022 Write at least 10 the points with, explanation), , 3.Q Discuss the importance of entrepreneurship., Ans:, The important role and significant of entrepreneurship are:, 1.Enterprising man: Since a business cannot start on its own, an entrepreneur takes the risks and, is willing to face devastating failures. He braves uncertainty, somehow, he creates business and, industrial activity where none existed before., 2.Great achievers: Entrepreneurs are great achiever. They set challenges and even stretch to, some extend but they do not gamble at all. They did not leave work to others instead they work, very hard and even spend time thinking of better things., 3.Reinventing organization: Entrepreneurs initiate changes. They reinvent the organizations by, the spirit of change and danger., 4. Job creation: Entrepreneurs creates organizations. He promotes industrial units and makes, resources productive. Since he is the founder of small scale units, he creates job opportunities, for the youth in the society., 5.First movers: Entrepreneurs moves in various areas earlier than their competitors when they, see opportunities. They also excel to discover new markets. They can even create new, industries., 6.Higher productivity: Entrepreneurs have the ability to produce more goods and services with, less inputs. They play an important role in raising productivity., 7.Visionary leader: An entrepreneur has a good vision and a sense of mission. He is the key force, in success to moving the idea from the laboratory to the market palce. He has the sense of, accomplishment., , 3, 10 Notes on IT; Unit 4

Page 4 :
Class: 10; Unit 4: Entrepreneurial Skills-II, , 8.Economic prosperity: Entrepreneurs 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 the business, reduce costs of products and raise the standard of, living in society., 9.Protector of society’s interest: Even though entrepreneurs are criticized as self-interested, exploiters they do some good to the society., 10.Ingredient of modern production system: Entrepreneur has become the balancing wheel of, modern global economy. They change technical frontiers and reshape public desires., 4.Q State five myths of entrepreneurship., Ans:, The five myths of entrepreneur ship are discussed as below:, 1.It is easy to start a business: In reality, starting a business is very difficult and challenging task, and there are many failures in starting a business in the past years. The rate of success is very, low. However, it is easy to start a small business and rate of success is high., 2.Lots of money is needed to start a new business: A business can be started with a small, amount of money. For example, Infosys Technology started with only ₹10,000., 3.A startup cannot borrow from banks: Even though they cannot borrow directly from banks,, there are various schemes where a startup can also borrow banks from money like MUDRA, etc., 4.Talent is more important than industry: Even though talent is of great importance, if an, entrepreneur does not know the industry there is a huge chance of failure., 5.Most startups are successful: A large percentage of startup fails, and the percentage of success, at the beginning is very low., 5.Q Describe six advantages of entrepreneurship as a career., Ans:, The six advantages of entrepreneurship as a career are:, 1.Independence: Since an entrepreneur is the leader himself, he can take all the decision and no, need to obey others., 2.Ambition-Fulfilment: An entrepreneur can convert his own ideas and fulfil his ideas., 3.Excitement: Since an entrepreneurship involves adventure, many people even quit their jobs, due to excitement., 4.Freedom: Entrepreneurship gives them the freedom to try out their own ideas and thus many, people choose over government jobs., 5.Wealth Creation: Successful entrepreneur creates large amount of money for themselves and, their staffs., 6.Status: Success in the entrepreneur give them prestige and even become famous worldwide., , 4, 10 Notes on IT; Unit 4

Page 5 :
Class: 10; Unit 4: Entrepreneurial Skills-II, , 6.Q Describe five disadvantages of entrepreneurship as a career., Ans:, Five disadvantages of entrepreneurship as a career are:, 1.Risk: Entrepreneurship involves huge risk of loss. Failure can wipe away all their personal, savings and not only that, can be in a huge debt., 2.Hard Work: An entrepreneur has to work very hard as compared to government jobs. He have, to work many extra hours and may not even have time for his/her wife/husband and family., 3.Uncertain Income: There is no fixed and uncertain income in an entrepreneur. In the beginning, of starting the business, they may even meet with difficulties with the family., 4.Problem of finance: Raising necessary funds is very difficult in starting a business., 5.Incompetent Staff: A new entrepreneur might not be able to hire qualified staff due ti financial, problems and this can lead to further problems., , Important notes (BESIDES THE TEXTBOOK QUESTION), Fill in the blanks: (Study fill in the blanks for Multiple choice questions), 1. Entrepreneurship has a crucial role in the Functioning of the society., 2. Entrepreneur is not only beneficial for the entrepreneur itself but it is also essential for the Growth of, the economy., 3. Entrepreneurship benefits the Entrepreneur as well as the society., 4. Entrepreneurship is a good option for a career choice., 5. Entrepreneurs are Visionaries., 6. Entrepreneur plays a key role in increasing the Standard of living in a community., 7. To be a successful entrepreneur, you must be Goal-oriented., 8. The two important personality traits that entrepreneur possess are Perception and Intuition., 9. Entrepreneurs also invest in community projects and provides financial supports to Charities., 10.Azim H Premji is the chairman of Wipro Limited., 11.An entrepreneur is a person who establishes a business or a venture that generates some value to the, customer, and proves to be Profitable and proves to be Profitable., 12.Entrepreneurs plays a key role in increasing the Standard of living in a community., 13.There is a Direct relationship between the entrepreneur and entrepreneurship., 14.When an entrepreneurial value starts in an area, the Economy of that local area gets developed., 15.The growth of industries and business in backward areas leads to Infrastructure., 16.Entrepreneurs are not job seekers but job Creators., 17.Successful entrepreneurs Eliminate any distractions that might stop them from achieving their goals., 18.Government regulations play a significant role in promoting entrepreneurship., 19.Entrepreneurs realize that every event and situation is a business Opportunity., 20. Every industrialist cannot be characterized as entrepreneur., 21.Entrepreneur is goal-oriented., 22.Entrepreneur have a positive relationship in the society., Multiple choice questions:, 1. Ravi customers 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) praying new ideas, 5, 10 Notes on IT; Unit 4

Page 6 :
Class: 10; Unit 4: Entrepreneurial Skills-II, 2. Savita decides to sell her company products to Udaipur, but does not sell and she loss. She apologizes to, the people she works for her. She says she will plan better next time. She, a) takes responsibilities for your mistakes, b) thinks before making a decision, c) does not give up, d) is negative, 3. Which of the following is not a reason behind the development of new products and services?, a) Customer demands, b) Entrepreneur curiosity, , c) Innovation, , d) Increased wealth, , 4. Which of the following is not correct with respect to entrepreneurship?, , a) Contributes to economic development, b) Leads to employment generation, c) Brings a demographic change, d) Brings a social change, 5. Entrepreneurs are not job seekers but they create opportunities of employment for people., a) True, b) False, QUESTIONS AND ANSWERS, , 1. Q What is the relationship between an entrepreneur and a society?, Ans:, An entrepreneur needs a society to establish a business, and at the same time, society, cannot function without the presence of entrepreneurs., 2. QHow does entrepreneurship help in wealth creation and development in a certain area?, Ans:, Entrepreneurship has proven to be beneficial for the society in terms of wealth creation, for the entrepreneur and the people involved. As a result, the economy of the local area, improves and develops., 3. Q What is a primary difference between the life of an entrepreneur and that of his cooperate, counterpart?, Ans:, The primary difference is a well-planned scheduled., 4. Q In some of the developed nations of the world, what is the recent shift in the economy and, employment pattern?, Ans:, Developed countries are moving from managerial to entrepreneurial economies, where, entrepreneurship is being encouraged as a career choice for the young., 5. Q What does an entrepreneur do?, Ans:, An entrepreneur starts a new business with an eye on what he identifies as an unmet, need in the market and works to fulfill it., 6. Q Why should an entrepreneur be open-minded?, Ans:, Entrepreneurs realize that every event and situation is a business opportunity. Ideas are, continuously generated about workflows, efficiently, people skills, and potential new, businesses. They can look at everything around them and reshape it into a path leads them, towards their goals., 7. Q What is the work of an entrepreneur?, Ans:, Initiate, design, develop and market the product and service ideas., 8. Q What is the single most important contribution of entrepreneurs to society?, Ans:, Employment generation., , 6, 10 Notes on IT; Unit 4

Page 7 :
Class: 10; Unit 4: Entrepreneurial Skills-II, , 9. Q Describe how entrepreneurs contribute to national income?, Ans:, Entrepreneurs explore new opportunities and develop new industries which help in, generating new wealth. This wealth contributes to the national income., 10. Q Which aspects of society are affected by entrepreneurship?, Ans:, Entrepreneurship affects all aspects of society including political, legal, social, cultural,, technologies, economic and demographic., 11. Q What resources are required by an entrepreneur for his business?, Ans:, An entrepreneur has to arrange for labor, capital, machines, equipment and methods for, his business., 12. Q Do you think entrepreneurs can be compared with the captain of a ship? If so, how?, Ans:, A ship’s fate depends on the decisions of its captain. Similarly, the fate of a business, organization depends on the decision taken by the entrepreneur., , 7, 10 Notes on IT; Unit 4