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GeneralClass 11CBSE

State the qualities of a good entrepreneur.

(4) Ans. The qualities of a good entrepreneur are: Foresees changes Understands the significance and magnitude of changes Anticipates the quality and time of arrival of changes Understands the needs of the users of these changes Senses the available opportunities

GeneralClass 11CBSE

’A comprehensive and concise business plan is basically a route map for the follow up of the project’. Explain.

For the success of the business an entrepreneur should properly visualise, design and market his product. He has to incorporate the sensitivities of time, place and needs. Therefore, an entrepreneur has to draw a comprehensive and concise business plan, a strategy and an action plan for successful running of the enterprise.

GeneralClass 11CBSE

Why an entrepreneur must acquire the skills to handle the idea, product or service?

An entrepreneur must acquire the skills to handle the idea, product or service because he has to convert his ideas into reality. He has to be an innovator of ideas, practices and services to meet the perceived opportunity.

GeneralClass 11CBSE

Why is it said that the relationship between entrepreneur and the enterprise is like that of a soul and the body?

The functions performed by an entrepreneur describe the intensity of the relationship of the entrepreneur with the enterprise. The success and quality of the output of the performance depends on how well he performs.

GeneralClass 11CBSE

”Resourcing is an important and vital aspect of entrepreneurial functions”. Explain the statement.

Resourcing refers to the identification and assessment of various resources that are input into the system which have a bearing on the quality, quantity, cost and continuity of the product or the service being offered. That is why resourcing is an important and vital aspect of entrepreneurial functions.

GeneralClass 11CBSE

Who is an entrepreneur?

An entrepreneur is a person who foresees the anticipated changes, understands the significance and magnitude of these changes, anticipates the quality and time of arrival of these changes, understands the needs of the users of these changes and senses the available opportunities.

GeneralClass 11CBSE

Explain the communicability attribute of an entrepreneur.

In order to sense and understand the opportunity, an entrepreneur must have the attribute of communicability along with imagination, intuition and responsiveness. His communicability reflects his innovativeness.

GeneralClass 11CBSE

Why marketing the product or service is an important feature of managing the enterprise?

The entrepreneur has to look for growth potential of his products and services. He has to pursue higher goals and improved quality. He has to watch for the competitors, so that, his products and services have a fair advantage in the market because of their quality.

GeneralClass 11CBSE

Explain the feature ‘feasibility report’ of business plan.

The entrepreneur conducts studies to assess the market feasibility of the proposed product or services. He anticipates problems and assesses quantity, quality, cost and sources of inputs required to run the enterprise. Such blue print is termed as feasibility report.

GeneralClass 11CBSE

Why an entrepreneur needs to draw a business plan?

The entrepreneur has to incorporate the sensitivities of time, place and needs. Therefore, he has to draw a business plan, a strategy and an action plan.

GeneralClass 11CBSE

State any two main features of managing the enterprise.

Two main features are: a) Organisation of goods and services b) Ensuring quality

GeneralClass 11CBSE

What things are required to meet certain human needs?

Human needs are economic, psychological, cultural, and social. These are met by food, clothes, shelter, transport, entertainment etc.

GeneralClass 11CBSE

Why is it necessary to make an opportunity assessment plan?

It is important to carry out an opportunity analysis for converting the ideas into reality. An opportunity assessment plan is a focused analysis to estimate the needs of the opportunity.

GeneralClass 11CBSE

Why an entrepreneur is not a mere dreamer?

An entrepreneur converts his dreams into reality. In order to convert the dreams, visions, anticipated changes etc. into reality, the entrepreneur has to be an innovator of new ideas, products, practices and services to meet the perceived opportunity.

GeneralClass 11CBSE

Mention any two attributes required on the part of an entrepreneur to sense the opportunities.

The following are the two important attributes required on the part of an entrepreneur to sense and understand the opportunities: i)Imagination ii)Innovativeness

GeneralClass 11CBSE

What is meant by the term resourcing?

Resourcing refers to identification and assessment of various resources that are input into the system which have a bearing on the quality, quantity, cost and continuity of the product or service being offered.

GeneralClass 11CBSE

What are the opportunities available to an entrepreneur?

The opportunities available to an entrepreneur are: Modifications Adjustments Inputs Pattern Innovations

GeneralClass 11CBSE

Mention any two important competencies required in an entrepreneur.

Important competencies that an entrepreneur should have are: a) Ability to see the risks and their returns b) Ability to assess the strength and opportunity.

GeneralClass 11CBSE

What is meant by a route map?

A comprehensive and concise business plan is basically known as a route map for the follow up of the project.

GeneralClass 11CBSE

Mention any two attributes of an entrepreneur?

Creativity and Innovativeness are two unique attributes of an entrepreneur.

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