Chapter 3
Entrepreneurship Development
Q.l A) Select the correct option and rewrite the completed sentences:
1) The word 'entrepreneur' is derived from the ................ word 'entreprendre'.
a) Japanese
b) English
c) French
2) 'Entreprendre' means to ................
a) Undertake
b) Enterprise
c) Businessman
3) Start Up India is an initiative of the ------------------
a) RBI
b) Government of India
c) World Bank
4) ................ is the idea of bringing urban residents to rural areas, by empowering to local communities, both socially and economically.
a) Agro tourism
b) Medical tourism
c) Entertainment
B) Match the Correct the pair:
|
Group
‘A |
Group
B |
|
a) Gap filling
function |
(1) 2016 |
|
b) Enterpreneur |
(2) Employmenmt |
|
c) Agro tourism |
(3) Old methods of production |
|
d) Technology |
(4) 2019 |
|
e) Start up India |
(5) Self motivated |
|
|
(6) Rural tourism |
|
|
(7) Entrepreneurship |
|
|
8) Latest
knowledge |
|
|
(9) Necessity Based |
|
|
(10) Medical tourism |
Ans:
|
Group
‘A |
Group
B |
|
a) Gap filling
function |
(7) Entrepreneurship |
|
b) Enterpreneur |
(5) Self motivated |
|
c) Agro tourism |
(6) Rural tourism |
|
d) Technology |
8) Latest
knowledge |
|
e) Start up India |
(5) 2016 |
C) Write a word or phrase or a term which can substitute each one of the following:
1) An undertaking or adventure involving uncertainty and risk and requiring innovation.
2) A function of creating something new for an economic activity.
3) A person who is an innovator who introduces new combinations of means of production.
4) The process of enhancing entrepreneurial skills and knowledge through structured training and institution building programmes.
5) The process that motivates a person into action and induces him to continue the course of action for the achievement of goals.
6) An employee who has an authority and support of the organization to implement his creative ideas.
D) State whether the following statements are True or False.
1) An entrepreneur should not be ready to work hard.
2) Agritourism can support agricultural economy.
3) Successful businessman takes calculated risk.
4) Entrepreneurship is a full time job which requires dedication and hard work.
5) Startup India is an initiative of the Government of France.
E) Find the Odd one out:
1) Communicator, Innovator, Self-starter, Inactive.
2) Trekking, Wildlife study, Horseback riding, Indoor games.
3) Innovation, Lack of communication, Development of market, Determining the objectives.
F) Complete the sentences:
1) An entrepreneur is a person who starts a ........................ .
2) 'Start- up' India initiative was launched in ........................
G) Select the correct option.
|
Group ‘A’ |
Group ‘B’ |
|
a) The
idea of bringing Urban resident to agricultural farm |
1) ------------ |
|
b) Agro-
tourism is a form of |
2) ------------ |
|
c) ------------ |
3) To
introduce new combination of products & features |
|
d) ------------ |
4) A full
time job which requires, dedication & Hard-work.. |
Ans:
|
Group ‘A’ |
Group ‘B’ |
|
a) The
idea of bringing Urban resident to agricultural farm |
1) |
|
b) Agro-
tourism is a form of |
2) |
|
c) |
3) To
introduce new combination of products & features |
|
d) |
4) A full
time job which requires, dedication & Hard-work.. |
H) Answer in one sentence.
1) What is Agro tourism?
2) Who is 'Entrepreneur'?
3) Who described 'Entrepreneurship' as the founding of a private enterprise?
I) Correct the underlined word & rewrite the sentence.
1. The word 'Entrepreneur' comes from the German verb entreprendre, it means' to undertake'.
2. Entrepreneurs try to make home a better place where the needs of consumers can be satisfied.
3. The loan taken under stand-up India scheme is repayable in ten years.
Q.2. Explain the following terms/concepts;-
1) Entrepreneur
2. Agro- tourism
3) Start-ups
4. Stand-ups
5) Intrapreneur
Q.3 Study the following case/ situation and express your opinion.
Mr. Soham is young MBA degree holder, Mr. Navin is B.Com graduate. Mr. Soham is willing to start dairy farm at his village. Mr. Navin is willing to work as cashier in Private Company.
i) Find out dream of Soham and Navin.
ii) State anyone feature of Entrepreneur.
iii) To become successful entrepreneur, which qualities Mr. Soham should have?
Ans:
i) The dream of Soham is to become an entrepreneur and the dream of Navin is to take up a job in a private company and get a fixed income as salary.
ii) An entrepreneur is a person who is willing to take risk in order to earn money and start a business.
iii) To become a successful entrepreneur Mr. Soham should have qualities like innovator, creator, reactive, and risk bearer.
Q.4 Answer in brief.
1) Define entrepreneur. Explain functions of entrepreneur.
Definition: Webster dictionary gives a definition, "An entrepreneur is a person who starts a business and is willing to risk loss in order to make money."
Functions for entrepreneur.
1) Innovation:
An entrepreneur is basically an innovator. He introduces new combinations of means of production. He must introduce new products or bring changes in the existing products. Customers are satisfied with new products or new features in the existing products. Innovation is also necessary to solve problems that arise in the business.
2) Determination of Objectives:
An entrepreneur has to determine the aims and objectives of the business. There may be difference between primary and secondary objectives of the enterprise. He can change these objectives as per the market situations.
3) Development of Market:
The entrepreneur has to find out different ways for marketing the products and services of his enterprise. He can conduct surveys or research to understand the customer's demand. When the markets are developed constantly, the demands of the consumers will increase.
4) New Technology:
In global world, everyday there is an invention of new technology. Introduction of new technology will always result in growth of business e.g. new machinery, advanced technology, new and scientific methods of production, etc.
5) Good Relations:
It is necessary to maintain healthy working atmosphere in an organization. It depends upon the efficient relations between subordinates and superiors. Co-ordination among the employees is the key of success.
6) Organizing Funds:
Entrepreneur needs to find out different financial resources because adequate and continuous finance is always necessary for business. Good and honest relations with the investors is necessary for every business.
7) Taking Decisions:
An entrepreneur has to take wise decisions for his enterprise. Timely and correct decisions are also important and necessary for a proper business plan. He should always consider the pros and cons before taking any business decision.
2) Define entrepreneur. Explain qualities of successful entrepreneur.
Definition:
Webster dictionary gives a definition, "An entrepreneur is a person who starts a business and is willing to risk loss in order to make money."
Successful business people have many Qualities in common with one another.
1. Disciplined :
These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. An entrepreneur has comprehensive strategies and outlines the tactics to accomplish them. A successful entrepreneur is disciplined enough to take steps every day towards the achievement of his objectives.
2) Confidence :
The entrepreneur does not ask questions about whether he can succeed or whether he is worthy of success. He is confident with the knowledge that he will make his businesses succeed. He shows confidence in everything he does.
3) Open Minded :
Entrepreneurs realize that every event and situation is a 'business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills, and potential new businesses. He has the ability to look at everything around him and focuses it towards his goals.
4) Self Starter :
An entrepreneur knows that if something needs to be done he should start it himself. He sets the parameters and makes sure that projects follow that path. He is proactive, not waiting for someone to give him permission.
5) Competitive :
Many companies are formed because an entrepreneur knows that he can do a job better than others. He needs to win the game of business. An entrepreneur will highlight his own company's track record of success.
6) Creativity :
One aspect of creativity is being able to make connections between seemingly unrelated events or situations. The entrepreneur often comes up with solutions which are the synthesis of other items. He will repurpose products to market them to new industries.
7) Determination :
An entrepreneur is not thwarted by his defeats. He looks at defeat as an opportunity for success.
He is determined to make all of their endeavors succeed, so will try and try again until it does. A successful entrepreneur does not believe that something cannot be done.
8) Strong communication skills :
The entrepreneur has strong communication skills to sell the product and to motivate employees. A most successful entrepreneur knows how to motivate his employees so the business grows overall. He is very good at highlighting the benefits of any situation and coaching others to their success.
9) Strong work ethic :
The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. He will come on his days off to make sure that an outcome meets his expectations. His mind is constantly on his work, whether he is in or out of the workplace.
10) Passion :
Passion is the most important trait of a successful entrepreneur. He genuinely loves his work. He is willing to put in those extra hours to make the business succeed because there is a joy his business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.
Q.5 Justify the following statements.
1) Entrepreneurship is the best source for self- employment.
(1) Intellectual capabilities:
An entrepreneur is a creative thinker. He always thinks more creatively and better than others. He always gives innovative ideas which are the sign of his intellectual capabilities. He has the ability to analyze any situation and take the proper decisions.
(2) Future vision:
The entrepreneurs have the ability to foresee the future market conditions. He can take appropriate decisions by considering the recent market situation and changes in market conditions. He must have knowledge of the external business environment. This enables them to take timely actions.
3) Technical knowledge:
The entrepreneur should have advanced technical knowledge about the products and services, plans of production, etc. An entrepreneur should also update his technical knowledge from time to time to understand the latest changes that take place in technology.
(4) Risk-bearing capacity:
This is one of the main characteristics of an entrepreneur. He should be calculative in taking a risk. He should be prepared to face challenges and look for opportunities in every adverse situation of the business.
Thus Entrepreneurship is the best source of self-employment.
2) Successful businessman takes calculated risk.
3) Entrepreneur must be a good communicator.
Ans:
4) An entrepreneur must be an innovator.
Ans:
Innovation is a dynamic change brought by an entrepreneur by bringing new combinations of factors of production. Innovation by the entrepreneur is a must for the development of an organization. An entrepreneur can be an innovator in many ways. They are :
(1) Introduction of a new product:
Entrepreneur through his dynamic skill and intelligence create new products by fulfilling innovation to commercialization by embedding it in an environment where it did not exist previously.
(2) Introduction of a new method of production:
By introducing new and latest technology an entrepreneur brings new life and energy in methods of production. The introduction of new technology, new machinery, scientific methods of production will save money and time for the organization.
(3) Opening of a new market:
An innovative entrepreneur creates and opens new avenues, new ideas with new products. It opens a new market which is not existing previously.
(4) Carrying out new forms of organization for industry:
An innovative entrepreneur is the one who discovers new methods and new materials. He utilizes inventions and discoveries in order to make new combinations.
Thus, the entrepreneur must be an innovator.
5) With creativity, farmers can expand their Agro-tourism Business
With creativity, farmers can expand their Agro tourism business through recreation, fun, entertaining activities. The valuable activities which farmers can do creatively are :
(1) Outdoor recreation:
The farmer can add value and can expand their agro-tourism business by outdoor recreation like trekking, fishing, hunting, wildlife study, horseback riding, etc. All such activities are the point of attraction for a tourist and this can be enjoyed with family and friends too.
(2) Educational experiences :
Farmers can also be more creative in farming tours, rice plantation, cooking classes on chulha. All such activities help customers to get the hands-on experience which they enjoy adding educational values.
(3) Entertainment:
Entertainment through harvest festivals like 'Hurda Party in Maharashtra, local dances, folk songs is recreation also the main attraction for a customer for agro-tourism. Entertaining activities such as a contest, adult and children classes, games, etc. can be arranged. This innovative touch helps the farmer to expand their business.
(4) Hospitality services:
Hospitality services like farm stays, guided forms make a customer happier. The farmer can add value to guest experience by offering them refreshments, fresh fruits, juice, fresh food, etc.
A happy customer will definitely return and also spread good word of mouth to their family and friends. Thus, with creativity, farmers can expand their agro-tourism business.
Q.6 Attempt the following
1) Explain the characteristics of Entrepreneurship Development.
2) What is Entrepreneurship Development Program ?
Q.7 Answer the following
1) Define entrepreneur. Explain characteristics of entrepreneur.
2) Define entrepreneur. Explain its functions
1. | Choose the Correct Option | 5 Marks | |
2 | Complete the Correction | 5 Marks | |
3 | Give Economic Term | 5 Marks | |
4 | Find the Odd Word | 5 Marks | |
5 | Complete the following Statements | 5 Marks | |
6 | Assertion and Reasoning Questions | 5 Marks | |
7 | Identify and Explain the Concepts | 6 Marks | |
8 | Distinguish Between | 6 Marks | |
9 | Answer in Brief | 12 Marks | |
10 | State with Reasons, Do you Agree/ Disagree | 12 Marks | |
11 | Table, Diagram, Passage Based Questions | 8 Marks | |
12 | Answer in Detail | 16 Marks |
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