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721 answers across CBSE, ICSE, and State boards - Class 1 to 12, every subject.

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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.

GeneralClass 11CBSE

‘An entrepreneur should have a good knowledge of English’. Comment.

It is a myth. It is not necessary that an entrepreneur should have good knowledge of English. If a person has reasonable skills to converse in his mother tongue, has a vision and confidence to convert his vision into reality, he can become an entrepreneur.

GeneralClass 11CBSE

What is corporate entrepreneurship?

Corporate entrepreneurship refers to innovations of corporate ventures. Here managers of leading companies are encouraged for displaying entrepreneurial skills. Managers are motivated to innovate new products or develop new methodologies for satisfying customers or for boosting up sales. Managers are not held responsible for any risk or loss.

GeneralClass 11CBSE

Why can’t a tuition centre be called an entrepreneurial venture?

People may start tuition centres to earn livelihood or to supplement their income. The owners of tuition centres cannot be called entrepreneurs as by investing a small amount into it they are not converting any threat into challenge. At the same time they are also not generating any innovative ideas or developing any new product.

GeneralClass 11CBSE

“An entrepreneur is achievement oriented” Explain.

An entrepreneur is achievement oriented as he works in a focused manner to achieve his targets. He obtains job satisfaction through pursuit of his actions. He maintains and develops certain standards and benchmarks of excellence. His determination is fueled by a burning desire to achieve his goals. He achieves success through non-routine methods.

GeneralClass 11CBSE

Mention any 3 characteristics of entrepreneurs?

Following are the characteristics of an entrepreneur: An entrepreneur incubates new ideas – An entrepreneur is keen to generate new vision, new products, new services and new methods and put his ideas into actions. (ii) An entrepreneur identifies opportunities – Challenging opportunities entice an entrepreneur. He overcomes hindrances through alternative methods and strategies. (iii) An entrepreneur has a high initiative – He analyses various routine problems

GeneralClass 11CBSE

How does quality of persistence helps an entrepreneur?

Despite all odds, an entrepreneur persistently works towards achievement of his goals. This quality of persistence does not deter him to achieve success and provide courage to overcome failures.

GeneralClass 11CBSE

What do you understand with the statement that ‘An entrepreneur loves independence.’?

It means an entrepreneur loves to take his own decisions and do not like any intervention from others. He wants to be the master of his own.

GeneralClass 11CBSE

In your opinion, does an entrepreneur needs to be honest?

For ensuring sustainable growth, an entrepreneur needs to be honest. By telling truth and showing a true image of business, he can earn trust of stakeholders which would ensure good returns in the long run.

GeneralClass 11CBSE

‘A successful entrepreneur is willing to test his skill against other competitors.’ Name the quality which identifies this spirit in an entrepreneur.

Competitiveness

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