Unit-4-Entrepreneurship Development-II,

Session-1 Characteristics of a successful

Entrepreneur
I. Multiple Choice Questions. Tick the correct
answer:
1. Which of these is not a characteristic of a successful
entrepreneur?
a. risk taking b. determination c. nature
lover d. Innovativeness
Answer: Nature lover
2. Which of these is the main aim of entrepreneurship?
a. earning profit b. providing innovative products and
services c. Both a and b d. Neither a nor b
Answer: Both a and b
3. Which of these is a disadvantage of entrepreneurship
as a career?
a. freedom of work b. uncertain earnings c.
independence d. excitement
Answer: Uncertain earnings
4. Which of these is true about entrepreneurship?
a. a lot of money is needed to start an entrepreneurial
venture
b. entrepreneurial ventures are mostly successful
c. entrepreneurial ventures are easy to start.
d. most of the entrepreneurial ventures end up as
failures.
Answer: Entrepreneurial ventures are most
successful.
5. Which of the following are functions of
entrepreneurs?
a. hiring people b. innovation c.
motivation d. all of these.
Answer: All of these
II. Fill in the blanks:
1. An ___ is an individual who starts and runs a
business with and is responsible for all the risks and
rewards of his or her business venture.
Answer: Entrepreneur
2. The practice of establishing a new business enterprise
is called the ____.
Answer: Entrepreneurship
3. Entrepreneurs are_________ that they will make
their business succeed.
Answer: Confident
4. Entrepreneurs are considered as the ______ in the
process of industrial and economic development of a
country.
Answer: Change agents
5. ______ products offered by an entrepreneurial
venture can bring about social change.
Answer: Innovative & Unconventional
III. Short Answer Questions.
1. What is meant by an entrepreneur? What is
entrepreneurship?
Answer: Entrepreneurs are people who come from the
society. They need the society's support to establish and
run their business. In return, entrepreneurship provides
economic growth, new job opportunities, wealth and
prosperity to other people in society.
Entrepreneurship is the practice of establishing a new
business enterprise, usually in an industry or a sector of
the economy that has a large capacity and potential for
growth.
2. State the main characteristics of a successful
entrepreneurship?
Answer: Some of the important qualities of
entrepreneurs are described below:
1. Discipline: Successful entrepreneurs are disciplined.
They are focused on making their businesses work, and
make sustained efforts to remove any obstacles that
hinder the achievement of their objectives.
2. Confidence: Entrepreneurs are confident that they
will make their business succeed.
3. Open Mindedness: Entrepreneurs look at all
events and situations as business opportunities. They
have the ability to look at everything around them as
opportunities and focus on availing them to fulfill their
goals.
4. Self Starter
5. Competitive
6. Creativity
7. Determination
8. Strong people skills
3. State some functions that an entrepreneur
performs for his enterprise.
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.
Some functions:
1. Identifying entrepreneurial opportunity: There
are many opportunities in the world of business. An
entrepreneur sense the opportunities faster than others
do.
2. Turning ideas into action: An entrepreneur
brings about innovative ideas, products and services and
packages them to suit the demands of the market.
3. Feasibility study: An entrepreneur conducts
studies to assess the feasibility of the market as regards
the proposed products or services.
4. Resourcing.
5. Setting up of the enterprise.
6. Managing the enterprise
7. Growth and development
8. Control and directions.
9. Encouraging innovations
10. Liasioning with competitors.

4. How is an entrepreneur different from a

regular 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.
5. Write some advantages of entrepreneurship
over the wage employment.
Answer: Advantages of Entrepreneurship
1. It gives freedom: If you are working for a boss and
a company, then you have little freedom on the job. On
the other hand, if you start your own business, you will
be able to keep your own hours and set your own tasks
and schedule.
2. It can be exciting: Entrepreneurship can be very
exciting. Every day will be filled with new opportunities
to challenge your determination, skills and abilities.
3. It allows you to set your own earnings: It allows
you to set your own wages and earnings.
4. It offers flexibility: As an entrepreneur, you can
schedule your work hours around other commitments,
including spending quality time with your family.