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GeneralClass 11CBSE

Why an entrepreneur is referred as a change agent?

The word entrepreneurship is derived from a French word ‘entreprendre’ commonly used in the 17th century. It refers to the individuals who were basically undertakers, who took the risk of a new enterprise. In French, British and Australian literature in economics, the word was used in the context of change agents.

GeneralClass 11CBSE

Is the concept of entrepreneurship confined to big business enterprises and economic institutions only?

No, the concept of entrepreneurship is equally or much more important to small scale industries and for small enterprises.

GeneralClass 11CBSE

Mention three qualities of an entrepreneur as stated by Peter Drucker.

Peter Drucker says that an entrepreneur: a) searches for a change b) responds to change c) exploits the change as an opportunity

GeneralClass 11CBSE

How Adam Smith defined an entrepreneur?

According to Adam Smith, an entrepreneur is an individual who undertakes the formation of an organisation for commercial purposes by organising the potential demand for goods and services. He acts as an economic agent and transforms demand into supply.

GeneralClass 11CBSE

Name the economist known for the various theories on the principles of economics.

Prof. Adam Smith is a well known economist known for the various theories on the principles of economics.

GeneralClass 11CBSE

How entrepreneurship helps in harnessing youth vigour?

Unemployment is growing all over the world. In India out of its 58 percent work force, 43 percent is unemployed. This accounts for nearly 25 million educated youth who are unemployed. In the absence of unemployment opportunities, youth often get engaged in anti social activities and at the same time the nation also don’t get to utilise the most productive source creatively. Excessive dependence on wage or salary cannot be relied as a solution to tap this productive resource. Entrepreneu

GeneralClass 11CBSE

Mention the importance of entrepreneurs in the following context. 6 Marks - Commercialising new ventures and products. - Offering challenging career options. - Reducing concentration of economic power.

20. Commercialising new ventures and products: Entrepreneurs shoulder the responsibility of the government by bearing the cost and risk of launching new venture, developing new products, commercialising technical inventions, adapting new technology and developing a new market. Offering challenging career options As compared to wage or salaried employment, entrepreneurship offers a challenging career option through its nature of being innovative. Entrepreneurs

GeneralClass 11CBSE

Differentiate between employment and entrepreneurship as career options.

The following table will illustrate the difference between employment and entrepreneurship: | Basis | Employment | Entrepreneurship | | --- | --- | --- | | | | | | 1. Nature | Self saturating | Unstable and self generating | | | | | | 2. Scope | Limited | Unlimited | | | | | | 3. Contribution to wealth generation | Indirect | Direct | | | | | | 4. Income | Fixed | Growing, Generating surplus | | | | | | 5. Status | Employee | Employer | | | | |

GeneralClass 11CBSE

Making society enterprising is one of the important tasks of entrepreneurship. Explain.

Entrepreneurship develops the traits of problem solving, innovation and optimum use of resources to meet challenges present in the society. In this manner it contributes to economic development, prosperity of the nation apart from making the society enterprising. Entrepreneurs engage in locating, mobilising and using resources in the best possible manner to meet challenges. In this way they make society vibrant, dynamic and enterprising. It develops a sense of self confidence among the

GeneralClass 11CBSE

How can entrepreneurship make market more competitive?

The markets in which entrepreneurs operate has a little tolerance for miscalculations about business opportunities, lack of commitment and incompetence. So entrepreneurs become very sensitive towards discipline of the market. They try to remain competitive through their innovative ideas and strategies. They try to keep cost under control through optimum utilisation of resources. Not only in the domestic market but also in international market they create competitive environment. They facilita

GeneralClass 11CBSE

How can entrepreneurship contribute to Balanced Area Development?

Tertiary sector also develops along with the manufacturing sector. A large number of welfare activities like roads, transportation, banking, communication, health, education, entertainment etc. develop side by side when industrial production takes place. Emergence of entrepreneurship in local areas facilitates balanced regional development. Otherwise, if industrial and economic activities remain concentrated in the hands of a few people, development will be lop sided. All those areas wi

GeneralClass 11CBSE

What do you understand by sweat equity?

Entrepreneurs create equity as a direct result of their hard work. They bear the cost and risk of launching a new venture, undertake responsibilities for developing a new product, commercialising an invention, putting it to social use, adapting a technology and developing a new market. While managing all these activities they create assets for an enterprise which is known as sweat equity.

GeneralClass 11CBSE

Why do you think youth fall in anti social activities? How can their energies be channalised in the right direction?

14.Youth is always full of vigour. In the absence of opportunities which can occupy them in productive activities, their energy and strength often gets diverted towards anti social activities and violence. By diverting their creative urge towards entrepreneurship, a nation can prosper and overcome the problems of unemployment, foreign exchange and anti social activities.

GeneralClass 11CBSE

How is entrepreneurship related to overall development of a nation?

13.Entrepreneurship contributes to various factors for development of a nation. It encourages people to think out of the box, provides goods and services at competitive prices, ensures optimum utilisation of scarce resources, taps in most productive human resource by creating employment opportunities. It also solves the problem of foreign exchange by targeting on production for exports.

GeneralClass 11CBSE

What do you understand by leech effect? What is its impact on society?

When the surpluses generated by an enterprise are not reinvested in the area where business unit is located but are reinvested at the place of entrepreneur’s origin, then it is compared to the blood sucking process of leeches and is known as leech effect. Leech effect causes draining of wealth from the place of its origin to entrepreneur’s place of origin. In this way profits earned are not reinvested in the same area for the welfare of those people who have generated them

GeneralClass 11CBSE

Do you find entrepreneurship a better option as compared to employment?

Entrepreneurship is certainly a better option as compared to employment as– It generates employment opportunities rather than consuming them as in case of employment. In entrepreneurship, returns grow over a period of time whereas in case of employment salary or wages remain fixed. The scope of entrepreneurship is wide and unlimited. It means there is no limit for an entrepreneur to grow whereas the scope of employment is limited.

GeneralClass 11CBSE

How can entrepreneurship contribute to increase in National Production?

Entrepreneurs facilitate increase in national production in the following manner: They produce goods and services to meet increasing demand of the consumers. They facilitate earning foreign exchange through production of export goods. They bear cost and risk of launching a new venture, developing a new product, commercialising an invention and developing a new market.

GeneralClass 11CBSE

What is the major reason of unemployment?

Excessive dependence on wage/salary employment is the major cause of unemployment.

GeneralClass 11CBSE

Name the two categories in which employed people can be divided.

White Collar (a salaried and educated professional) and Blue Collar (manual labour)

GeneralClass 11CBSE

Which career option can make a person self employed?

Entrepreneurship can not only make one person self employed but also generates opportunities for others.

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