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Question 1. Answer each of these questions in about 15 words:. Question 2. Answer each of these questions in about 50 words:. Question 3. Answer each of these questions in about words:. The various entrepreneurial functions are explained below:. The need for entrepreneurship can be highlighted thus:.
Commercial Functions include:. Discovery of an idea: The entrepreneur visualizes ideas often construed as mental representation and convert this idea into opportunities by using skill, talent and use it for a particular type of business to earn maximum profits out of it.
The idea may be to exploit new areas of natural resources, more profitable venture, or an existing line of business. For example, Karsan Bhai Patel, the creator of Nirma Washing Powder, who was working as a factory chemist in Gujarat Mineral Development Corporation, started making detergent powder in his kitchen for poor rural women of Gujarat and selling his product by visiting different villages.
His efforts culminated in the whitish yellow detergent powder named Nirma. The idea behind was need and the problem of the society that could not afford other brands of detergent powders because of their high cost.
The brand sells over 8 lakh tonnes annually. This is creative effort and risk taking ability of a person who turned out to be an entrepreneur. The strength of being capable is the phis Sst Class 10th Ncert Notes And point of an entrepreneur. Question 4. Answer: Richard Cantillion. What do you mean by entrepreneurship? Answer: Entrepreneurship involves any deliberate activity that initiates, maintains and grows a profit-oriented enterprise for production or distribution of economic goods or services.
Answer: According to Richard Cantillon: As a person, who pays a certain price to a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. Question 5. He describes entrepreneurs as innovators. Question 6. How Peter F. Answer: According to Peter F. He believes in increasing the value and consumer satisfaction.
Thus, a professional manager who mobilises resources and allocates them to make a commercial gain from an opportunity, is also called an entrepreneur. Question 7. Name some product based business ventures.
Answer: Some product based business ventures � manufacturing of cars, production of dress material, watches etc.
Question 8. Name some idea-centric and need-based companies mushrooming all over the countries. Question 9. Who plays the role of an entrepreneur in a capitalist and developed country?
Answer: In capitalist and developed countries, private entrepreneurs play an important role in economic development. Question Who plays the role of an entrepreneur in India? Answer: In India, private entrepreneurs as well as government plays an important role of an entrepreneur. Do you agree? Give reasons.
Why private entrepreneurship is not encouraged in under-developed countries? Answer: In under-developed countries, private entrepreneurship is not encouraged because of the degree of risk involved in it. What changes were introduced in to encourage private entrepreneurship in India? Answer: To encourage private entrepreneurs in India, Indian government has introduced liberal economic policies since Name the entrepreneur who introduced the logo given below and state the idea behind the same.
Answer: Mahima Mehra started Hathi Chaap. It was totally a new venture Ncert Solutions Class 10th Probability Inc where different raw materials were tried out to make handmade paper. After researching a lot, they found that elephant dung had more fibre content which made it easy to make handmade paper. Name various other products produced using elephant dung. Explain the concept of entrepreneurship with the help of a diagram. Answer: The Concept of Entrepreneurship Entrepreneur is an individual person or a group of persons who take initiative, skill for innovation and bears risk, puts up new viable project that creates wealth and provides employment opportunity and leads to growth of all sectors of an economy.
As the fourth factor he organises, manages, utilises and control all factors of production resources like land, labour, capital, raw-materials machinery, energy and space. Enterprise is an organisation of structure, rules policies, culture and communication system. How an enterprise gives benefit to society, country and an entrepreneur? Answer each of these questions in about 15 words: What is an Enterprise? Who is an Entrepreneur?
Who plays the role of an entrepreneur in a socialist country? Answer: An enterprise is the business organization that is formed by an individual and group of individuals, which brings all required resources together for the production of goods and services. An entrepreneur is an innovator, generator of job and wealth, risk taker, an excellence seeker, goal oriented, appreciates quality of persistence, has creativity, sets up an organization to build something of value.
Scumpeter defines an entrepreneur as a person who innovates, raises money, assembles inputs, chooses managers and sets the organization going with his ability to identify opportunities which others are not able to identify and is able to make use of them.
The State Government plays the role of an entrepreneur in a socialist country. Answer each of these questions in about 50 words: Explain any two advantages of being an Entrepreneur.
Explain any two disadvantages of being an Entrepreneur. Differentiate between entrepreneur and entrepreneurship. Answer: Following are the two main advantages of being an entrepreneur: Excitement: Due to its high capacity for risk, there is a lot of adventure for example, Steve Jobs left his position in Apple Inc,and started Pixar, which later turned out to be a successful venture.
Originality: Some feel that they can offer a new service or product that no one else has offered before, i. Following are two main advantages of being an entrepreneur: Salary: Starting your own business means that you must be willing to give up the security of a regular pay check. Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
Entrepreneur Entrepreneurship An entrepreneur is a person who bears the risks, combines various factors of production and brings new ideas and carries out creative innovations.
Entrepreneurship is the set of activities performed by an entrepreneur. An entrepreneur is an individual, responsible for identifying a business opportunity and taking it from idea to implementation i. It is a process involving various actions to be undertaken to establish enterprise. It involves multi-pronged activities.
Entrepreneurs are tangible people. Entrepreneurship is an abstraction. In entrepreneurship process an entrepreneur identify opportunities, organise all resources and find new market to foothold in the market and attain for long term gains.
It is the attempt to create value. Answer each of these questions in about words: Describe entrepreneurial functions of an entrepreneur.
What is the need of entrepreneurship in an economy? Mehak wants to start a textile unit near Gurgaon. Discuss the commercial function which will require to plan and perform for the same. Explain any four managerial functions of an entrepreneur.
Explain any four promotional functions of an entrepreneur. Answer: 1. The various entrepreneurial functions are explained below: Innovation: It is a process of entrepreneurship. It involves the conversion of a useful idea into an application which has common value.
As an innovator, the entrepreneur has to discover new opportunities, area of a new product, new methods of production, a new use for a product or service or a new way of integrating several uses in one product or service for optimum utilization of resources.
An entrepreneur wants to experiment with new ideas, facing uncertainty and therefore the process involves imagination, intuition and taking calculated risks. Example: I-Pod, Smart phones, Induction cook top, etc. It refers to taking responsibility for a loss that may occur due to unforeseen contingencies in the future. An entrepreneur need to take calculated risk and he tries to minimise by his initiative, skills and good judgement.
Organisation Building: Organisation refers to the bringing together of the various factors of production, ensures continuing management and risk-bearing function. The purpose is to allocate the productive resources in order to minimise losses and reduce costs in production. All decisions relating to an enterprise is taken by the entrepreneur. According to J. B Say an entrepreneur is a person who combines land of one, the labour of another and capital of yet another and thus produces a product.
By selling the product in the market, he pays interest on capital, rent on land and wages to labourers and what remains he keeps as a profit.
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