ENTREPRENEURIAL SKILLS

1. CLASS – X
SUBJECT –INFORMATION TECHNOLOGY
TOPIC- ENTREPRENEURIAL SKILLS-II
Que What do you mean by Entrepreneurship ?
Ans It is simply described as starting a business using the resources available to a person.
Que Who is an entrepreneur ?
Ans An entrepreneur is one who sets up a business to generate a profit.
Que Explain some common entrepreneurship activities related to society .
Ans Some common entrepreneurship activities related to society include:
Social Entrepreneurship: Social entrepreneurship is related to finding solutions for social problems like
low reach of quality education, health and sanitation, unemployment, child labour etc.
Agricultural Entrepreneurship: Agricultural Entrepreneurship is related to the marketing and
production of inputs and products used in agricultural activities. Farmers have benefited the most with
rise in agricultural entrepreneurship as it has led to low-cost innovations in farming processes.
Women Entrepreneurship: Women entrepreneurship is the process where women organise all the
factors of production, undertake risks, and provide employment to others.
Que What are the main characteristics of an entrepreneur ?
OR
What are the qualities of an entrepreneur ?
Ans • Hard working: In order to be successful, an entrepreneur must be very hard working.
• Optimistic: Successful entrepreneurs should have a positive approach to life. They should
not be afraid of any adverse situations in business.
• Independent: Successful entrepreneurs like to function at their own will and rules. They do
not prefer working for others and are the masters of their own.
• Energetic: Entrepreneurs should possess a high level of energy as they have to put in more
hard work and time for making their venture a success.
• Self-confident: An entrepreneur should have a strong belief in his/her abilities. He must not
deviate from his/her decisions too early in case success is delayed rather he must trust
his/her competencies and hard work.
• Perseverant: Successful entrepreneurs never quit his/her venture even if she/he fails. They
keep on finding ways to succeed. They never give up easily.
Que What are the functions of an entrepreneur ?
Ans 1. Management functions:
• Planning at every level including initiating the processes , anticipating the
risks and identifying resources.
• Organising by providing a process to ensure that everything works as
planned.
• Managing team functions and organizing promotional activities.
• Recruitments and team building to have right kind of talent to convert the
vision into desired product or service.
• Giving directions and guidance where ever needed by the team .
• Controlling the proceedings to keep them going as planned and
improvising in strategy where ever needed.
2. Sales and promotion :
• This function influences the processes of bringing in revenues and
developing business relations.
• Addressing the customer segment and promoting the innovative product
is the function of an entrepreneur.
• Devising promotional strategy and activities are one of the prime concern
of an entrepreneur.
3. Finance and Commerce :
• Identifying the sources of funding and mobilising the funds are the
activities which entrepreneur manage.
• Commercial functions include looking into production and manufacturing
process related to service delivery .
• Analysing the financial figures and plan ahead.
Que What is the role of an entrepreneur ?

2. Ans. • Coordinating role: An entrepreneur has to coordinate the various factors for production.
• Agent’s role: Entrepreneurs are perceived as ‘Agents of Change’. They identify the
opportunities, establish enterprises and build-up industries which in turn lead to overall
development of the economy.
• Innovator’s Role: Entrepreneurs as innovators bring new products or service to the market
They act as market leaders and play the role of pioneers
• Risk assumption role: A risk is involved in every venture. Entrepreneurs retain some amount
of the profits earned and put it back in business.
• Imitating role: In developing nations, entrepreneurs usually imitate or adopt the innovations
done by the entrepreneurs of the developed nations. By doing so, they adapt these
innovations to the local conditions and hence work towards overcoming the entrepreneurial
challenges.
• Capital formation role: Entrepreneurs enable the formation of capital by mobilising the idle
savings for the purpose of carrying on business.
• Balancing role: Entrepreneurs provide for the regional developments by starting small-scale
industries
• Status transformation role: Entrepreneurs generate employment, income and wealth which
improves the overall standard of living in the society
• Employment Generation role: Establishment of business enterprises leads to the generation
of employment opportunities as various human resource professionals are needed to run
the business effectively.
Que What is the importance of an entrepreneur ?
Ans 1. Mobilisation of public wealth : Entrepreneurs invest their own resources and
arrange for capitals and investment. This mobilizes public wealth and benefits
people and stakeholders in the form of success of the growing business.
2. Creation of employment opportunities : Entrepreneurs are job creators rather
than job seekers.
3. Contribution to Industrial Development : Entrepreneur sets up a new business by
locating it in less developed areas. The growth of business leads to infrastructure
improvements like better roads ,rail links, airports schools etc.
4. Enhancing living standard of people :Entrepreneur create jobs and adopt
innovations leading to improved quality of life.
5. Entrepreneurs create jobs: Entrepreneurs create opportunities for jobs .As their
business grows ,opportunities for more jobs are created .
6. Contribution in economic growth : Entrepreneurs make use of resources like
land, labour and capital that add to national income and per capita income of the
country.
Que What are the myths related to entrepreneurship ?
Ans Myth : Entrepreneurs are born that way
Fact : Many people assume that only people who have certain natural talents can be entrepreneurs.
However, the truth is that almost anyone can become an entrepreneur if they can learn the
necessary skills.
Myth : All entrepreneurs have great ideas
Fact : Some people may not attempt to start their own business because they don’t have a unique
idea. Ideas are important, but so are planning, talent, leadership, and communication .
Myth : Entrepreneurs take lots of risks
Fact : They don’t necessarily take lots of risks .Entrepreneurs learn how to take calculated risks. It is
all about balancing the risk and reward.
Myth : A lot of money is required to start any business
Fact : While certain amount of capital is required for take a business off the ground, it varies
depending on the business.
Myth : It is difficult to get loans for a start up from banks.
Fact : It is not difficult, rather , it is easier now.Make in India initiative of the government and various
other loan schemes are there.
Myth :Success is quick if we start small.
Fact : Size of the business is nothing to do with success directly . Success depends on the acceptance
of the product in the market.
Que Write a short note on entrepreneurship as a career option ?
Ans.an
• Development of entrepreneurial skills: Entrepreneurship cultivates unique skills. This
includes learning about core business areas such as finance, sales, marketing, management
and accounting.

3. • Develops the ability to handle failure: Entrepreneurship helps to learn from mistakes, take
failure positively and stay motivated to work towards achieving the goal
• Enhances critical thinking and problem-solving ability: The ability to think critically and
solve problems is essential to succeed in the world of business.
• Provides early exposure to the real world: Entrepreneurship as a career encourages
activities such as going out and interacting with customers, preparing detailed documents,
working with investors etc., which gives great knowledge about the trends and needs of the
real world.
• Becoming a Franchisee : Advantages of taking a franchise of a business is that,
you save a lot of time and effort in establishing the business.
• Leads to creating difference in society: Learning entrepreneurship encourages one to find
problems that need to be solved, invent a solution for them, and ultimately, make the world
a better place.
Que List a few advantages of entrepreneurship .
Ans 1. Control: You plan , chose and design the things the way you need or like.
2. Excitement : Each day brings its own challenges and rewards.
3. Flexibility : Working hours can be planned as per the requirement of the work.
4. Freedom : In terms of location , timings and team building there is more freedom.
5. Recognition : Once business grows ,people begin to recognize you and get inspired by you.
Que List a few disadvantages of entrepreneurship .
Ans 1. Competition : You need to constant update yourself on the competition in market.
2. Lone struggling : Mostly risk taking lies on the entrepreneur him or herself .
3. No regular income : Income in business is not predictable.
4. Greater responsibilities : An entrepreneur is responsible for all the processes and
functions in your business.
5. Long working hours : There are no fixed hours and days for an entrepreneur.