LOVELY PUBLIC SR. SEC.
SCHOOL, NLP
ASSIGNMENT
Class: X Chapter: Entrepreneur skill
Q1.What is a business?
Ans. Business is an economic activity which is related with continuous and regular production and distribution
of goods and services for satisfying human wants. Businesses can be for-profit entities on nonprofit
organizations.
Q2.Who is an entrepreneur?
Ans. An entrepreneur is a person who is self-employed, swilling to take a calculated risk and brings in a new idea
to start a business. It is, however, important to understand that all self-employed persons are not
entrepreneurs, for example, a shopkeeper cannot be called an entrepreneur unless he/she introduces a
new method or idea in the business.
Q3.What is an enterprise?
Ans. An enterprise is a project or undertaking that is bold and fulfills a need of the society which no one has
ever addressed.
Q4. What an entrepreneurship?
Ans. The process of developing a business plan, launching and running a business using innovation to meet
customer needs and to make a profit is entrepreneurship.
Q5. What is the impact of entrepreneur on society?
Ans.
•Accentuates economic Growth
• Fosters Creativity
• Stimulates Innovation and Efficiency
• Creates Jobs and Employment Opportunities
• Solves the problems of the society
• Encourages welfare of the society
Q6. What is the impact of society on entrepreneur?
Ans.
•Creates needs and demands
• Provides raw materials
• Enables financial support
• Creates a need for education
• Catalyses policy formation and reform
• Facilitates networking
• Supports infrastructure development
Q7. What are the qualities of an entrepreneur?
Ans. The quality of an entrepreneur:-
Optimism
Positivity and belief in what they do is what takes entrepreneurs far in their journey. He
should learn from mistakes and failures and finding alternative ways to do things.
Independence
They prefer to be their own master and not work under someone else.
Entrepreneurs like the independence to drive a business on their own.
Hardworking, Never Giving Up and Perseverance
Every new business goes through failures and therefore, an entrepreneur needs to work hard till it
becomes successful.
Confidence
An entrepreneur needs to be very confident and take decisions about their business.
Perseverant:
A way of thinking that helps to accept failure, learn from mistakes, not give up,
continuously experiment etc. is crucial for an entrepreneur.
Creativity and Innovation
An entrepreneur should be able to see a problem from different perspectives and come up with
original and creative solutions.
Q8. What are functions of an Entrepreneur?
Ans. Entrepreneurial functions:-
a. Organisation Building and Management
b. Risk taking
c. Innovation
Promotional functions
a. Idea Discovery
b. Detailed Investigation
c. Assembling the Requirements
d. Financing
Managerial functions
a. Planning
b. Organizing
c. Directing
d. Staffing
e. Leadership
f. Communication
g. Supervision
h. Motivation
i. Co-ordination
j. Controlling
k. Negotiation
Commercial Functions
a. Production and Operations
b. Finance and Accounting
c. Marketing
d. Human Resource Management
Q9.What are role of Entrepreneurs?
Ans.
1. Innovator’s Role:- It means unique and new products and services into the market.
2. Agent’s role :- Entrepreneurs act as ‘Agents of Change’ as they identify opportunities, solve problems, offer
effective solutions, establish enterprises, set up industries and bring positive change for the economy
3. Coordinating role :- An entrepreneur coordinates many things such as factors of production, delegated tasks,
smooth functioning across different business departments, timely delivery of inputs and outputs etc.
4. Risk assumption role :- Entrepreneurs are not risk aversive and they realize that taking risks is a part of
business. The
5. Employment Generation role :- Businesses cannot function without employing people. Skilled professionals,
unskilled labour and managerial staff are all required by businesses.
6. Status transformation role :- Since more and more people are employed by entrepreneurs, overall income
and standard of living of the society increases.
7. Balancing role :- Entrepreneurship is encouraged with small and micro enterprises and small-scale industries
as well.
Q10. What are importance of an entrepreneurs.
Ans. 1. Free market evolution
2. Efficiency improvements
3. New markets
4. New values
Q11. What are Myths related to an Entrepreneurship.
AnsEntrepreneurs are born a certain way
2. Great ideas are what makes entrepreneurs
3. Entrepreneurs have to take a lot of risk
4. Businesses either skyrocket or fail
5. A lot of money is required to start any business
6. One must know everything before starting a business
