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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.

GeneralClass 11CBSE

What do you mean by entrepreneurial functions?

An entrepreneur performs certain specific functions to qualify as a successful entrepreneur. These functions are known as entrepreneurial functions.

GeneralClass 11CBSE

What do the entrepreneurial functions describe?

Entrepreneurial functions describe the intensity of the relationship of the entrepreneur with the enterprise.

GeneralClass 11CBSE

What do we need for converting ideas into reality?

Opportunity analysis is required for converting ideas into reality.

GeneralClass 11CBSE

What is the spirit of an enterprise?

Entrepreneurship is the spirit of an enterprise.

GeneralClass 11CBSE

How does a small business differ from an entrepreneurship?

| Basis of Difference | Small Business Owners | Entrepreneurs | | --- | --- | --- | | 1.Capital Investment | Invest less capital | Invest a large amount of capital | | 2.Aim | They may carry out activities to supplement their regular income. | They generate profits through creation of ideas, process or products. | | 3.Innovation | Small business owners work on pre tested methodologies. | Entrepreneurs innovate products, services and processes. | | 4. Nature of work | Routine work | Challengin

GeneralClass 11CBSE

Explain the following myths related to entrepreneurs.

Entrepreneurs are gamblers. Entrepreneurs are High Tech Professionals. Entrepreneurs Have to be rich. 6Marks A.20 (i)Entrepreneurs are gamblers: Entrepreneurs take risks and exploit opportunities as gamblers do but they do not invest time, money and other resources in unpredictable situations. They cannot be called as gamblers as they do not try to assimilate others’ money by unfair practices. They get rewarded for their hard work. (ii

GeneralClass 11CBSE

Explain any 3 personal qualities of entrepreneurs?

The personal qualities of entrepreneurs are: Competitiveness - A true entrepreneur is never scared of competition. Today’s business environment is getting increasingly dynamic where changes are taking place at fast track. Market conditions, brand loyalty, demanding customers, price changes and technology changes are some of the examples of global competition. Through healthy competition an entrepreneur tries to provide better products and services at reduced prices. <p

GeneralClass 11CBSE

”Entrepreneurs are born and not made.” Do you agree with the statement? Justify your answer with reasons.

It is a myth. The required characteristics of entrepreneurs can be acquired. It is not necessary that an entrepreneur should have genetic traits. Education and studies endows a person with knowledge and skills. Thus, through careful study, observation, practical experience and learning, a person can become a successful entrepreneur. Entrepreneurial skills can be obtained by proper training. Skills of evaluating opportunities, motivating people and operating a business are easily acquirable fa

GeneralClass 11CBSE

”An entrepreneur is a risk manager.” Comment.

Being an entrepreneur means having an ability to trust one’s intuition and acting upon it. At times entrepreneurs get demotivated, still they continue to take risks and succeed because their risk taking capacity is based on their in-depth understanding of the situation. However, an entrepreneur’s risk-taking ability does not depend on luck, but on sheer effort and hard work.

GeneralClass 11CBSE

Does an entrepreneur necessarily needs to have a vision?

Vision means an ability to see the opportunity and the forethought of its successful implementation as a venture. The ability to see the end results of goals and desire to work for them are important traits of an entrepreneur. Vision provides an insight towards the requirements of resources in terms of men, money, methods and material. Vision motivates an entrepreneur to put the resources together to achieve end products.

GeneralClass 11CBSE

What is adaptability?

In a business, environment changes occur frequently. If an entrepreneur is able to mould himself according to the changes, his success in the business can not be denied. This flexibility is known as adaptability which means ability to adjust to new situations and find creative solutions to problems. If the environment is not adaptable then the entrepreneur has capability to change the environment.

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