5.
Entrepreneurship
Acrostics:
Eager to create something new
Never afraid to take a risk
Tough and resilient, a fighter
Realizing dreams, a survivor
Enthusiastic and passionate
Positive and optimistic
Responsible and accountable
Excellent problem-solver
Never giving up, a champion
Exceeding expectations, a leader
1. What is Entrepreneurship?
Answer: An entrepreneur is a person who creates a new
business, takes risks, brings new ideas to start a business
and is self-employed.
2. What are the different ideas entrepreneurs
add?
Answer: New ideas with which an entrepreneur adds
varieties of product, new services, cost reduction ideas, or
new marketing techniques.
3. What are the roles and benefits of
entrepreneurs?
Answer: The role and benefits of entrepreneurship
a.Economic Development –
As entrepreneurs provide quality products and services for
the customer, entrepreneurs grow their business, invest the
money in the business and expect good returns.
b.Social Development–
In the beginning the business is usually very small, to
become successful in the business entrepreneur have to
expand their business,to expand the business entrepreneur
have to work hard and they have to create more jobs. when the
jobs are created by the entrepreneur then more people will earn
money and have a good life.c.
c.Improved Standard of Living–
When entrepreneurs sell quality products
tothe customer, quality products help people live a more
comfortable life.
d.Optimal Use of Resources–
Around us a lot of renewable and no-renewable resources are
available. entrepreneurs have to find the most optimal ways
of using the resources to reduce costs and increase their
profits.
4. What are the qualities of
successful entrepreneurs?
Answer:
An entrepreneur needs to have the following qualities
–
a. Patience
Success may not be achieved in one-day , it can take time.
It is important for an entrepreneur to be patient.
b. Positivity
Always be positive when you are finding difficulty in the
business. An entrepreneur has to think positively even when
he/she takes a big risk.
c. Hard working
An entrepreneur has to work hard till it becomes successful
inthe business.
d. Confidence
An entrepreneur has to make decisions and be very confident
about their business. An entrepreneur needs to
communicate with the customers confidently.
e. Open to Trial and Error
Entrepreneurs have to implement new ideas, implement
trial and error and new experiments without fear of failure to
tell the business becomes successful.
f.Creativity and Innovation
An entrepreneur should be able to see and identify the problem
from different perspectives and come up with creative
solutions.
5. Characteristics of Entrepreneurs?
Answer: Adaptable and flexible to achieve the goals of
enhancing quality and customer satisfaction
1. Believe in hard work
2. Ability to take up risks
3. Money Management
4. Knowledge of the product and services and their need
or demand in the market
5. Effective planning and execution6. Financial literacy
6. What is wage employment?
Answer: Wage management is based on work grades and
performance parameters. Wage management’s goal is to
take reward and give high performance standards in the
business. The wage management does not take too much
risk but entrepreneurs have to take risks.
8. What are the different types of business
activities in entrepreneurship?
Answer: There are three types of business activities in
entrepreneurship.
a.Product business
If entrepreneurs sell any physical product to the customer
which can be seen and touched is called a product business.
Example grocery item, sport item or electronic item.
b.Service business –
If an entrepreneur provides some services to the customers
it is called service business. example caching institute,
electronic services shops, call centers etc.
c.Hybrid business –
Combination of product and service business is called
hybrid business. example
Mobile shop, they provide sell and service both.
9. Difference between product business and
service business? Answer:
10. Types of product based business?
Answer–
There are two types of product- based businesses
a.Manufacturing Businesses
These are the businesses that make a product and sell it.
Products are usually made in factories. There are a lot of
different types of factories which manufacture different
types of products.
b. Trade Business
That type of business which buys and sells products to
customers. In the trade business transport the product from
the factory to ware houses and then to the shops. example
retail shops, distributors and wholesalers.
11. What is the entrepreneurship development
process?
Answer
–
To enhance the knowledge and skills through several
training programs whether it is formal or informal, the
entrepreneur development process helps to achieve the
goals. There are different types of steps for starting a
business
