Entrepreneural Skills-I (Class-9)

-

ENTREPRENEURAL SKILLS-I (Solutions)

 Multiple-Choice Questions (MCQs)

1. How many steps are involved in an entrepreneurial process?

        d. Six

2. Which of the following functions involves employment of individuals with a particular skill set?

        b. Staffing

3. Which of the following types of entrepreneurs are cautious and sceptic about bringing any change in their modus operandi or enterprises?

        c. Fabian entrepreneurs

4. The entrepreneurs who offer a great degree of advice and help to customers are known as_______.

        a. advisors 

5. Which of the following steps involves the support for the establishment of the business enterprise?

        a. Pre-training 

Very Short Answer Questions

1. What is Leadership?

Ans. Leadership can be defines as a quality that enables to manage all the issues effectively, generate resources and influence others to perform efficiently.

2. Define Staffing.

Ans. Staffing can be defined as the process of employing individuals with the required skillsets for carrying out the various organizational functions effectively.

3. Who are joint entrepreneurs?

Ans. Joint entrepreneurs are the entrepreneurs who form and operate the enterprises in partnership or involve two or more persons to invest or manage the organization with equal rights.

4. What is merchandizing business?

Ans. Merchandising Business is a type of business in which the products are bought at wholesale prices and are sold at retail prices.

5. Define community business?

Ans. A community business can be defined as business set up by the communities facing challenges together in developing a business.

Short Answer Questions -I

1. What do you understand by the innovation characteristic of an entrepreneur?

Ans. Innovation refers to the ability of an entrepreneur to provide things in a novel manner. It is a specific instrument of entrepreneurship that adds value to the products.

2. Define the self-confidence characteristic of an entrepreneur.

Ans. Self-confidence refers to the strong confidence that entrepreneurs have in their own abilities to carry out a certain task successfully even in adverse conditions.

3. What is staffing?

Ans. Staffing can be defined as a process of employing individuals with a specific skill set that is required to carry out organizational functions effectively.

4. Why the arrangement of finance is important for entrepreneurs?

Ans. Arranging finance is necessary for entrepreneurs to establish their enterprises. They need to provide the initial capital to begin the business and arrange the additional funds to carry on further activities and expand the business.

5. Who are drone entrepreneurs?

Ans. Drone entrepreneurs are the entrepreneurs who believe in status quo. They do not change their approach of doing business and maintain conservatism even when they suffer losses.

Short Answer Question-II

1. Enlist and explain any five entrepreneurial skills.

Ans. The following are some of the common entrepreneurial skills:

€€ Dynamism: A successful entrepreneur should strive to bring dynamism to industries and markets by transforming a new idea into a successful innovation.

Risk-taking and decision-making ability: It refers to the capability of entrepreneurs to make decisions under uncertain conditions.

€€ Self-motivation: It means that entrepreneurs can be successful only if they are guided by self-motivation to achieve welldefined objectives.

€€ Self-confidence: It refers to the strong self-confidence that the entrepreneurs have in their own abilities to carry out a certain task successfully even in adverse conditions.

€€ Time management: It refers to the entrepreneur’s ability to manage time efficiently.

2. Discuss any three functions of an entrepreneur.

Ans. The following are the main functions of an entrepreneur:

€€ Idea generation: It implies that an entrepreneur identifies business opportunities, chooses the most appropriate business opportunity and transforms that opportunity/idea into a successful business venture.

€€ Promotion: It indicates that the activities of an entrepreneur are not limited to establishing an enterprise.

€€ Risk and uncertainty bearing: It points to the fact that an entrepreneur requires to take risks in forming a new enterprise and be aware of any losses due to adverse conditions.

3. Classify the entrepreneurs on the basis of the nature of business.

Ans. Types of entrepreneurs based on the nature of business are as follows:

€€ Manufacturing entrepreneurs: These are the entrepreneurs who manufacture goods and mobilize the resources to sell those products.

€€ Service entrepreneurs: These are the entrepreneurs who are involved in manufacturing and rendering services rather than goods.

€€ Trading entrepreneurs: These are the entrepreneurs who carry out only the trading activities.

€€ Private entrepreneurs: These are the entrepreneurs who establish and operate private enterprises without any government control.

€€ State or public entrepreneurs: These are the entrepreneurs who are associated with the enterprises that are owned and controlled by the state government.

€€ Joint entrepreneurs: These are the entrepreneurs who form and operate the enterprises in partnership or involve two or more persons to invest or manage the organization with equal rights.

4. Discuss different categories of entrepreneurs based on their personality traits.

Ans. On the basis of personality traits, entrepreneurs can be categorized as follows:

€€ Advisors: These are the entrepreneurs who offer a great degree of advice and help to customers.

€€ Administrators or organizers: These are the entrepreneurs who manage different events and processes.

€€ Builders or creators: These are the entrepreneurs who are involved in building or creative works.

€€ Communicators or trainers: These are the entrepreneurs who offer information services.

Caretakers: These are the entrepreneurs who have an extremely helpful nature and indulge in taking care of the people and property.

5. What is the significance of designing Entrepreneurship Development Programme? What are its characteristics?

Ans. Entrepreneurship Development Programme (EDP) was designed to promote small enterprises by identifying and training the prospective entrepreneurs. EDP focuses more on enhancement in operations than academic training to meet certain requirements of the participants. With the help of EDP, the prospective entrepreneurs can be trained to start an enterprise by obtaining the necessary knowledge and skills. They can also learn the required approach to set up their enterprise through EDP as it helps them analyze the environment in which they want to start their business. The following are its characteristics:

  • €€ Motivation
  • €€ Provide opportunities
  • €€ Purpose of developing the first-generation entrepreneurs
  • €€ Key tool for HR development
  • €€ Primary focus
  • €€ Target of preparing entrepreneurs
  • €€ Assistance to the potential entrepreneurs
  • €€ Subsidized training
  • €€ Use of trained and professional instructors
  • €€ A process

Long answer Questions

1. Describe different types of issues in EDP.

Ans. Uneven distribution of EDPs in various regions has proved to be the cause of various problems. Thus, suitable EDPs need to be formulated to ensure uniformity and upgradation. Some key issues that require urgent attention are:

  • €€ Structure and composition of EDPs
  • €€ Operational areas
  • €€ Fixing priorities
  • €€ Method of financing
  • €€ Spatial dispersal of EDPs
  • €€ Training of participants
  • €€ Follow-up
In addition, some of the operational issues that quite often come forward while implementing EDPs are as follows:
  • €€ Sometimes, the supporting agencies or professional organizations fail to support the entrepreneurial programme properly. In this way, they minimize the entrepreneurial potential of a particular region.
  • €€ This also leads to the prospective entrepreneurs failing to receive the required guidance and counselling.
  • € There is a lack of innovation depicted by the supporting organizations and agencies. These often engage in maintenance functions rather than effective operations.
  • €€ Past records indicate the failure of numerous EDPs due to insufficient investment by the participating establishments and ineffective selection of the target groups.
  • €€ Incompetence and poor management also contribute to the failure of EDPs.

2. Discuss the scope of entrepreneurship in India.
Ans. Entrepreneurship relates to establishing small enterprises. In India, the potential entrepreneurs possess dynamic confidence and vision to establish small enterprises. Such entrepreneurship offers them a distinct life. The Indian government has started offering all the necessary facilities and incentives to the potential entrepreneurs. Therefore, the government has updated the industrial policies and five-year plans to enhance industrial growth. The government has started offering various incentives and concessions, which comprise capital subsidy, marketing facilities, technical know-how, industrial facilities, etc. Various financial corporations, started by state governments, aim to help entrepreneurs in acquiring finance and offering the required technical facility. In addition, the scope of entrepreneurship in India is enhanced with the help of institutions, such as Industrial Development Bank of India (IDBI), Small Industries Development Bank of India (SIDBI), etc. Some of these financial institutions have even started offering venture capital to the prospective entrepreneurs. The continued efforts of the government along with these institutions have started yielding positive results.

Comments

Post a Comment

Popular posts from this blog

IT & ITeS (CBSE Class IX Answers)

-
IT & ITeS  Multiple-Choice Questions (MCQs) 1. Which of the following is not a feature of a computer system? a. Fast performance b. Executing logical operations c. Decision-taking capability d. Never get tired Ans. c 2. Which of the following defines a computer system more accurately? a. Hardware b. Software c. Hardware, software and data d. Data, information, hardware, and software Ans. c 3. ________is a special type of pen used to write text and select options on the LCD screen. a. Stylus b. PDA c. Embedded computer d. All of these Ans. a 4. Which of the following best defines ‘data’? a. The output coming from the computer system b. Arranging processed data c. Report printed by the computer system d. Raw facts and figures Ans. d 5. Which of the following activities are performed by a computer system for a train reservation system? a. Checking seat availability b. Displaying arrival and departure time c. Making reservation and printing tickets d. All of these Ans. D 6. Which of th
Read more

BASIC ICT SKILLS - CLASS - IX

-
INFORMATION AND COMMUNICATION TECHNOLOGY Chandrakant Nanda Introduction Information and Communications Technology (ICT) can be regarded as the extension of IT as it involves the integration of IT with media transmission and broadcasting technologies. In the past few decades, Information Technology (IT) has brought a revolution in the computing and communication fields.  Today, thanks to the Internet, you can send or receive information almost about any topic in just a few seconds from any corner of the world.  The Internet also allows you to communicate with a person or a group of people simultaneously in a real-time environment.  Innovations in the IT field have affected many areas of our daily life, such as education, entertainment and health.  The revolution in the IT sector has also created many new careers in the field of software and engineering.  However, despite its numerous advantages, the IT sector poses serious problems in the form of ethical and other issues
Read more

GREEN SKILLS - I

-
Image
Introduction Green economy aims to provide a high quality of life by the efficient use of natural resources.  The factors behind adopting green economy are consumption of vast amount of non-renewable resources, non-availability of mineral and energy-resources frequently and growing number of poor people. The steps towards developing green economy also make an impact on employment rate by offering green jobs which will define its significance in the future.  Green jobs can be created in different sectors, such as agriculture, industry, services or administration. These sectors may include the kinds of jobs that provide protection of ecosystems; reduce the consumption of energy, raw materials and water; and minimize waste and pollution. Now, to do such green jobs, some necessary green skills are required. Green skills are the skills required to adapt the processes, services and products for climate change in compliance with the environment rules and regulations related to them.
Read more