Periodic assessment - 1 2023-2024 Name: ________________________

Subject:Entrepreneurship Class: 11 Division: _____________

Date: / /2023 Roll No: _______________________
Time: 2 hours Invigilator’s Sign ________________
Max Marks: 35

General Instructions:-
1.The question paper contains 4 sections - A, B, C and D
1.1. Section A contains Multiple choice questions
1.2. Section B - 2 marks
1.3. Section C - 3 marks
1.4. Section D - 5 marks
2. Internal choice is given in the paper, there is no overall choice.

1. b. Organising 1

2. b. Pervasive 1

3. b. Fabian Entrepreneurs 1

4. b. Lifeline of the nation 1

5. c. Accounting 1

6. d. Industrial entrepreneur 1

7. b.Financing the proposition 1

8. a.Joseph Alois Schumpeter 1

9. : Harvest (or exiting) is the method owners and investors use to get out of a business 1
and, ideally, reap the value of their investment in the firm. Many entrepreneurs successfully
grow their businesses but fail to develop effective harvest plans.

10. 2
Motivated entrepreneurs :

Motivated entrepreneurs are highly motivated and usually not pleased by the steady progress
in their profession. They believe in the past progress of enterprise. They become
entrepreneurs because they are confident that there is a scope of a new product or service.

11. 2
Salary: Starting your own business means that you must be willing to give up the security of a
regular paycheck.

Benefits: There will undoubtedly be fewer benefits, especially when considering that your
business will be just starting off.

business will be just starting off.

12. 3
Innovation is the hallmark of entrepreneurship”.
 Yes, it is correct. It inspires entrepreneurial thinking, dreams big and makes things happen.” It is
the specific tool of entrepreneurs, by which they exploit change as an opportunity for different
business services. It is capable of being presented as a discipline, capable of being learned,
capable of being practised.
The ‘dictionary’ meaning of innovation is “Introduction of new things”. Innovation involves
problem solving and entrepreneurs are problem solvers. So innovation is the means of
exploiting a business opportunity. All goods and services are produced by combining three
factors:
Natural, physical and mental labour and capital. An innovation is a new combination of these
three things.

13. Yes, I do agree that Intrapreneur is necessary for an organisation. The reasons are: 3
• It is the best way to retain the talented, creative and innovative staff, who transform a
dream and idea into a viable project.
• It describes the easiest way of developing new products and services within the company
through him.
• Intrapreneur’s new way of thinking making organisations.

14. No, I don’t agree because the key to success in business is not just inheritance; it is creation of 3
more wealth and the constant innovation, from the prevailing to the next best practices

15. 3
ANY THREE - Types of Business Depending on the nature, size and type of business,
entrepreneurs are divided into five categories:

1. Business Entrepreneur: Business entrepreneurs are those who develop an idea for a new
product or service and then establish an enterprise to materialise their idea
into reality. Most of the entrepreneurs belong to this category because the
majority of entrepreneurs are found in the field of small trading and
manufacturing concerns.

2. Trading Entrepreneur: Entrepreneurs who undertake trading activities whether

domestic or overseas are Trading Entrepreneurs. They have to identify the
potential market for his product in order to stimulate the demand for the same.
They push many ideas ahead of others in the form of demonstrations to
promote their businesses.

3. Industrial Entrepreneur: Industrial entrepreneurs essentially manufacture products and

offer services, which have an effective demand in the marketing. They have the
ability to convert economic resources and technology into a profitable venture.

For example: Enterprises like Hero Motocorp and Hyundai Corporation.

4. Corporate Entrepreneur: Corporate Entrepreneurs are those who through their

innovative ideas and skill are able to organise, manage and control a corporate
undertaking very effectively and efficiently. Usually, they are promoters of the
undertakings/corporations, engaged in business, trade or industry.

5. Agricultural Entrepreneur: Agricultural entrepreneurs are those who undertake agricultural

as well as allied activities in the field of agriculture. They engage in raising and marketing of
crops, fertilisers and other inputs of agriculture through employment of modern techniques,
machines and irrigation
16. Maslow’s Hierarchy of Needs 5
In Abraham Maslow developed one of the earliest theories of human motivation, commonly
referred to as Maslow’s Hierarchy of Needs. Maslow’s theory of motivation is called the
“hierarchy of needs”. Maslow believes that people would not move down on this list to be
motivated by the next set of needs until the previous set(s) had been satisfied.
Maslow believes that people have five main needs in the following order of importance:

Physiological Needs: are deemed to be the lowest-level needs. These needs include: (a)
the need to eat (b) the need to drink (c) the need to work (d) the need to sleep (e) the
need to reproduce.
• As long as physiological needs are unsatisfied, they exist as a driving or motivating
force in a person’s life.
• A hungry person has a felt need. This felt need sets up both psychological and physical
tensions that manifest themselves in overt behaviours directed at reducing those
tensions (getting something to eat). Once hunger is stated, the tension is reduced, and
the need for food ceases to motivate. At this point (assuming that other physiological
requirements are also satisfied) the next higher order need becomes the motivating
need.
Safety Needs: The needs for shelter and security become the motivators of human
behaviour. This include the following twelve motivating factors: (1) job security and
stability, (2) sympathetic help with personal problems, (3) personal loyalty to
employees, (4)interesting work, (5) good working conditions, (6) tactful discipline, (7)
good wages, (8) promotions and growth in the organisation, (9) feeling of being in on
things, (10) full appreciation of work done, (11) freedom from fear and anxiety, and (12)
need for structure, order and law.
In the workplace this needs translates into a need for at least a minimal degree of
employment security; the knowledge that we cannot be fired on a whim and that
appropriate levels of effort and productivity will ensure continued employment. Social
Needs/Belonging Needs include the need for belongingness and love.
(a) The need to feel part of a group
(b) The need for acceptance
• Generally, as gregarious creatures, humans have a need to belong.
 • In the workplace, this need may be satisfied by an ability to interact with one’s co-
workers and perhaps to be able to work collaboratively with these colleagues.
Self-Esteem Needs:
• After social needs have been satisfied, ego and esteem needs become the motivating
needs.
• Esteem needs include the desire for self-respect, self-esteem, and the esteem of
others.
• When focused externally, these needs also include the desire for reputation, prestige,
status, fame, glory, dominance, recognition, attention, importance, and appreciation.
• An individual eventually needs to feel that he/she has a social status. This goes
beyond just having social relationships; the individual must feel that in work or at home
he/she is making a contribution. This also includes recognition of achievement from
others and the need to feel good about themselves.
Self-actualization Needs/Self-Realisation Needs:
This is the final and highest level of needs. Meeting this need is characterised by
continuously focusing on personal growth, problem solving, life appreciation, and peak
experiences for oneself.
(i) the need for personal fulfilment
(ii) the need to grow and develop.
The need for self-realisation, continuous self-development, and the process of
becoming all that a person is capable of.

17. 5

The central idea running through the process of attitude formation is that the thoughts,
feelings and tendencies to behave are acquired or learned gradually. The attitudes are
acquired from the following sources:
1. Direct Personal Experience: The quality of an individual’s direct experience with the
attitude object (work area) determines his/her attitude towards it.
For example if a worker:
• finds his/her job challenging,
• always tries to understand supervisors and co-workers
• is nature wise very cooperative
• creates an healthy environment
• completes the task on time
• is satisfied and happy with the entire environment
then he/she will have a positive attitude towards his/her job because of the quality of his/her
direct experience with the job.
2. Group Associations: Each and every individual working in an organisation is always
influenced to one degree or another by other members in the group to which they belong.

Their attitudes toward products, ethics , warfare and a multitude of other subjects are influenced
strongly by groups that they value and with which they do or wish to associate.

All those people involved in a group are, including family, working members, and peer groups,
and cultural and sub-cultural groups, are important in affecting a person’s attitudinal
development.
3. Influential to Others:
• A consumer’s attitude can be formed and changed through personal contact with influential
persons such as respected friends, relatives and experts.
• Opinion leaders are examples of people who are respected by their followers and who may
strongly influence the attitudes and purchase behaviour of followers.
• To capitalise on this type of influence, advertisers often use actors and actresses who look
similar to or act similar to their intended audiences.
People tend to like others who are similar to themselves because they believe that they share
the same problems, form the same judgments and use the same criteria for evaluating
products.

Ans: Process of Entrepreneurship can be seen in the following way:

Enterprises are as different and unique as the entrepreneurs who create them, most of them
appear to work through a process. The diagram given below describes the process through
which most of them create their enterprise:

· Self-discovery:
Entrepreneurs enjoy doing different things and learning from them.
Examine their strengths and weaknesses.
Understand his abilities, talent, knowledge and feelings relating it to potential
opportunities.

· Identifying opportunities: Entrepreneurs see needs, wants, problems, challenges

and craft opportunities that other people miss or that are not yet being met and convert
it into different forms effectively.

· Generating and evaluating ideas: He uses his creativity, conscious endeavour and
past experience to collect ideas from different sources and find out a creative and
innovative solution and ends it as a creative venture.

· Planning: Making a written business plan including requirement of financial

resources, human resources, technical resources, material resources according to size of
business, prepares applicable marketing strategies and turn the idea into a viable
venture.

· Raising Start-up capital: Using the business plan to attract investors, venture
capitalists and partners. This stage can involve producing prototypes or test-marketing
services.

· Start-Up: Entrepreneurs launch the venture as per the requirement, need, taste and
preferences of a customer, and keep a margin of flexibility in marketing strategy and
operational plans as required.

· Growth: Time to time scanning of environment, making sure of constant flow of

ideas, by adapting to new, different strategies, different economic policies, changing
technology, innovation diversification facilitate growth and expansion.

· Harvest: Harvesting is the final phase in the entrepreneurial value creation , process
were the owners can simply sell the business and reap the value of their
investment in the firm and harvesting the rewards.