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GeneralClass 11CBSE

Mention any four efforts done by an entrepreneur to convert his dreams into reality?

The following efforts are done by an entrepreneur to convert the dreams into reality: Perceiving the opportunity. Collecting relevant information related to the consumer. Studying the needs of the market and the consumer. Gathering relevant information and expertise related to the tools and techniques required to design the idea, product or service.

GeneralClass 11CBSE

Why an entrepreneur cannot remain static?

The qualities of head and heart of an entrepreneur will not allow him to remain static. He has to look for growth potential of his products and services. He has to pursue higher goals and improved quality to expand his market. Therefore, the entrepreneur constantly strives for the growth and development.

GeneralClass 11CBSE

What necessary precautions an entrepreneur has to take in order to establish an enterprise?

In establishing an enterprise, the entrepreneur might have to seek: legal opinions governmental permission clearance from various agencies He has to formalise several ideas and put them into action. He has to exhibit a keen acumen, sharp intellect, patience and interpersonal skills in the task of establishing the enterprise.

GeneralClass 11CBSE

Why establishment of an enterprise is the crucial activity of the entrepreneur?

The task of establishing an enterprise calls for mobilisation of the resources. The entrepreneur might have knowledge, technology or the resources available at his disposal, but unless the enterprise is established, other functions do not get in focus or fall in a system. This needs planning, coordination and organisation, which need an initial investment in terms of the capital.

GeneralClass 11CBSE

Mention the types of resources included by an entrepreneur in resourcing.

The types of resources included are: Materials Money Machines Market availability Technology Human resources

GeneralClass 11CBSE

‘An entrepreneur has to sense the opportunities much faster than others do’. Explain why?

An entrepreneur possesses the qualities to foresee the changes. He understands the needs of the users of these changes. Besides this, he is able to distinguish between the real and the perceived value of the opportunity, able to see the risks and their returns, able to estimate the differential advantage of the enterprise in a competitive environment. That is why an entrepreneur senses the opportunities much faster than others do.

GeneralClass 11CBSE

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

The following are the attributes required on the part of an entrepreneur to sense and understand the opportunities: i)Imagination ii)Intuition iii)Innovativeness iv)Creativity.

GeneralClass 11CBSE

What is the catchword for growth and development for an entrepreneur?

‘Pursuit of excellence’ is the catchword for growth and development for an entrepreneur. An entrepreneur has to look for growth potential of his products and services for expansion of the market. 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 and need gratification.

GeneralClass 11CBSE

Why ‘growth and development’ is an important function of an entrepreneur.

Once the enterprise achieves its desired results, the entrepreneur has to explore another higher goal for its proper growth and development. The entrepreneur is not satisfied only with achieving a set of goal, but constantly strives for achieving excellence.

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

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