ENTREPRENEURSHIP

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 up

Note: Kindly write the qualities as desired in the question such as 1 or 2 in 1 mark.

[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] Divya and Bhavya both own a shop. Bhavya is sitting at her shop always and sells
whenever a customer visits her shop. Whereas Divya walks around and get a customer
at her shop and she is working to do more and grow her business. So she added
different ideas for that. Identify the role of Bhavya and Divya.
Ans. Bhavya is Businesswoman and Divya is an entrepreneur

[6] Name the business ran by Bharti Manav a woman from Bihar.
Ans. Manavi Natural Handicrafts

For more details, you can visit Manavi Natual Handicrafts.

[7] What do you mean by demand?

Ans. Demand refer to a product or service that people want.
[8] What entrepreneur 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 behave.
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] Mathan 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 demonstrates here?
Ans. take responsibility for his work

[14] Anjali pays salary 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 the 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 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

[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

[25] There are many coaching institutes till Dev earns profit from this coaching
institute. Name this step as an entrepreneur’s career process.
Ans. Survive

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 entreprenuer has following queries:
1. Confident: Entreprenuers 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. Cretaivity helps them to come up with new ideas for
their business.
5. Take responsibilities: They always take responsibilies for their actions.
6. Take decisions: They take decisions after thinking about them.
7. Do not give up: Whenerver they face any difficulty they do not give up.
8. Work Hard: They work hard and fulfill cusotmers need.

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

Ans.
Wage Employed:
1. They work for a person or organization
2. The get paid for heir 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. Entreprenuer run their business local market. The local people buy the product form
market. Customers can use their serivces 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 fulfill 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 bulid
schools and hosiptals etc.
4. They create jobs in the local market.
5. When entreprenuers becomes succesfull 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 entreprenuers 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 etrepreneur. Managing starts from arragnement of raw material,
hiring people for work and tell people what to do and also ensures that the planning is
being follwed 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 rirks: 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. Enterpreneurs are born not made.

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

1. Nayan started a small shop of stationary. But he doesn’t call himself an entreprenuer.
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 mobileshopes are already
there. He doesn’t call himself an entrepreneur.
4. Anil is coming from a middle class family. He has idea to start up a shopping maal in his
areas. 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
fulfil 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 moeny. 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 fulfil a customer need, they are an entrepreneur.
4. Entreprenuers 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 preson starts a business
he/she entering into the market.
2. Survive: Today’s market has heavy competition. An enterpreneur has to remain in a
competitive in the market. There are many entreprenuers 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 enterpreneur 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 ans 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 ble print.