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GeneralClass 11CBSE

What was the common medium of exchange in the town economy?

Precious metals like silver and gold were the common instrument for exchange.

GeneralClass 11CBSE

Is there any relation between entrepreneurial opportunities and human activities?

Entrepreneurial opportunities and human activities are positively associated in terms of nature, growth and continuity.

GeneralClass 11CBSE

For performing human activities, what do people need?

For performing human activities people need certain tools and techniques, means and methods, products and services, facilities and environment.

GeneralClass 11CBSE

What type of activity is included in services enterprise?

It provides different types of services ranging from repair and maintenance, to tours and travel, entertainment and information etc.

GeneralClass 11CBSE

What type of activity is included in business enterprise?

It deals with distribution, purchase and sale of goods and services.

GeneralClass 11CBSE

What type of activity is included in industry enterprise?

Industry enterprise deals with manufacturing and processing of goods.

GeneralClass 11CBSE

What do you mean by ‘Barter System’ of exchange?

The practice of exchanging goods with other goods is known as Barter System of exchange.

GeneralClass 11CBSE

What is the purpose of performing human activities?

The purpose of performing human activities is to satisfy human needs.

GeneralClass 11CBSE

Name any six entrepreneurial qualities.

Important entrepreneurial qualities are: Motivation and emotion Determination and perseverance Boldness Initiative to take responsibility Creativity and innovative spirit Need to achieve

GeneralClass 11CBSE

‘Entrepreneurs have a quest for outstanding performance’. Explain.

Success of an entrepreneur depends upon the disciplined exploitation of resources. Entrepreneurs are motivated and stimulated by challenges. They value performance of high order. They set certain standards for excellence and deals with unexpected consequences with confidence. Thus, an entrepreneur, due to his quest for excellence, is able to solve problems under pressure.

GeneralClass 11CBSE

Mention six main actions of entrepreneur reflecting innovativeness.

Actions of entrepreneur reflecting innovativeness are: Experimenting with new idea Enjoying change Facing uncertainty to try new ideas Demonstrating originality Finding problems to solve Providing critical inputs for new idea

GeneralClass 11CBSE

What do you mean by the entrepreneurial value ‘Respect for work’?

The entrepreneurial culture respects and values work. Hard work is the key for success. It provides goal direction which encourages entrepreneurs to pursue a path of hard work with more incentives and rewards. Thus, hard work and respect for work constitutes an important value for all entrepreneurs.

GeneralClass 11CBSE

‘Entrepreneurs derive great satisfaction in their sense of ownership’. Explain.

Commitment, sense of complete identification and sincere hard work to achieve their mission are the basic requirements for ownership. By being independent entrepreneurs have the feeling of achievement and satisfaction.

GeneralClass 11CBSE

‘Entrepreneur likes to be the master of his own destiny.’ Explain.

Entrepreneurs have the propensity to act in an atmosphere of freedom. They cannot work under anyone. They are their own master. They have confidence and courage to innovate with the quality of self reliance. That is why it is true to say that entrepreneur likes to be the master of his own destiny.

GeneralClass 11CBSE

Mention four values found to be prominent among entrepreneurs.

Four values found to be prominent among entrepreneurs are: Innovativeness and creativity Independence or ownership Quest for outstanding performance or achievement Respect for work

GeneralClass 11CBSE

How do entrepreneurs contribute towards the economic development in the country?

Countries having more entrepreneurs are more advanced than the countries having fewer entrepreneurs. Entrepreneurs contribute to the economy by generating employment opportunities which in turn harness the available human resource.

GeneralClass 11CBSE

What is the action plan for significant entrepreneurial ventures?

A very strong and positive ego drive is involved in the action plan of all significant entrepreneurial ventures. With this, the entrepreneur develops a mission concept driving them to achieve their goal with a clear vision.

GeneralClass 11CBSE

Mention important areas of innovations done by entrepreneurs.

Important areas of innovations are as follows: New product New methods of production New use for a product or service New way of integrating several uses in one product

GeneralClass 11CBSE

Mention two basic entrepreneurial qualities.

Two basic entrepreneurial qualities are: i) Motivation and emotion ii) Determination and perseverance

GeneralClass 11CBSE

What are the two important features of entrepreneurial career?

Two important features of entrepreneurial career are: i) They generate wealth. ii) They provide employment.

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