Class 10 Employability Skills Unit 4 Entrepreneurial Skills Question and Answer

Employability Skills – Question Answer (based on ncert/cbse employability skills combined book)

Unit 4 : Entrepreneurial Skills

1. What is entrepreneurship?

Answer : Entrepreneurship is simply described as starting a business using the resources available to a person.

An entrepreneur combines factors in a creative manner in order to generate value for customers and create wealth.

2. What is Society?

Answer : Society is described as an aggregate of people living together in a community, who associate for various engagements including business.

3. What is the beauty of entrepreneurship in a society?

Answer: The beauty of entrepreneurship in a society is that, as businesses prosper the impact the businesses create also increases.
It is due to entrepreneurial activity that society is provided with goods and services.

4. How society is related to the entrepreneur?

Answer : There is a direct relationship between the entrepreneur and society. Society provides market for products and services provided by the Entrepreneur.

5. Write the positive impact of Entrepreneurship on society.

Answer: Entrepreneurship has some positive impacts on society. These are:

• Accentuates Economic Growth
• Fosters Creativity
• Stimulates Innovation and Efficiency
• Creates Jobs and Employment Opportunities
• Solves the problems of the society
• Encourages welfare of the society

6. How is society boosting entrepreneurship?

Answer: Society plays a role in boosting entrepreneurship by:

• Creates needs and demands

• Provides raw materials

• Enables financial support

• Creates a need for education

• Catalyses policy formation and reform

• Facilitates networking

• Supports infrastructure development

7. What adverse impact is created by entrepreneurship on society?

Answer : Adverse impacts created by entrepreneurship on society are
(a) environmental degradation,
(b) trade imbalance,
(c) labour exploitation, etc.

8. How does entrepreneurs and entrepreneurship contributes to society?

Answer : Entrepreneurs and entrepreneurship contributes to society are

(i) Entrepreneurship Creates Jobs,

(ii) Entrepreneurship helps raise the standard of living,

(iii) Successful entrepreneurs as Role models generate more entrepreneurship

(iv) Community / Society Development

9. How entrepreneurship contributes to a country’s economy?

Answer : Entrepreneurship contributes to the country’s economy are:-

(i) Entrepreneurship creates wealth

(ii) Contribute to the growth of the overall economy by stimulating the growth of related businesses,

(iii) Regional Development,

(iv) GDP and Per Capita income,

(v) Exports

10. How entrepreneurship contributes to an Individual?

Answer: Entrepreneurship contributes to an Individual’s are

(i) Gives Independence and Freedom to set your own schedule.

(ii) Gives flexibility to work

(iii) Makes one own boss,

(iv) Earns individual much respect.

11. What is Social Entrepreneurship?

Answer : Social entrepreneurship develops a sustainable solution for social problems that leads to social change by employing entrepreneurial mindset, processes and operations.

Many social problems are tackled by social entrepreneurs such as the low reach of quality education, health, and sanitation, unemployment, child labour etc.

12. What is Agricultural Entrepreneurship?

Answer : Agricultural Entrepreneurship is related to the marketing and producing inputs and products used in agricultural activities.

13. How farmers are benefited by Agricultural Entrepreneurship?

Answer : Farmers have benefited the most with rise in agricultural entrepreneurship as it has led to low-cost innovations in farming processes.

14. What is Women Entrepreneurship?

Answer : The entrepreneurial activity led by women, where women undertake risks, create enterprises, organise factors of production, innovate with products/services and generate employment opportunities, is called Women Entrepreneurship.

15. According to the Govt. of India, what is Women Entrepreneurship?

Answer : According to the Govt. of India, “an enterprise owned and controlled by a woman having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of the employment generated in the enterprise to women.”, called Women Entrepreneurship.

16. What is Small Scale Entrepreneurship?

Answer : Small scale entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale or micro scale.

These businesses serve as the backbone of many developing countries.

17. What are the qualities of a successful Entrepreneur?

Answer: Successful entrepreneurs have the following qualities.

They are confident.
They believe in themselves and their abilities.
They keep trying new ideas in their business.
They are patient.
They are creative and think differently about business ideas.
They take responsibility for their actions.
They take decisions after thinking about them.
They work hard.
They do not give up when they face a difficulty

18. What are the qualities of an Entrepreneur?

Answer: An Entrepreneur has the following qualities:-

(i) Hard Work,
(ii) Optimism,
(iii) Independence,
(iv) Energetic,
(v) Self-confident,
(vi) Perseverant

19. How many hours do successful entrepreneurs work?

Answer: On average, successful entrepreneurs are found to be working anywhere between 60 to 90 hours per week.

20. Does an Entrepreneur like to work under anyone else?

Answer: No,
They prefer to be their own master and not work under someone else. Entrepreneurs like the independence to drive a business on their own.

21. What are the functions of an Entrepreneur?

Answer: An Entrepreneur has the following qualities :-

(i) Entrepreneurial functions,

(ii) Promotional functions,

(iii) Managerial functions.

(iv) Commercial functions

22. What are the Entrepreneurial functions of an Entrepreneur?

Answer: Entrepreneurial functions of an Entrepreneur are:-

(a) Organisation Building and Management

(b) Risk-Taking

23. What are the Promotional functions of an Entrepreneur?

Answer: Promotional functions of an Entrepreneur are:-

(a) Idea Discovery

(b) Detailed Investigation

(d) Financing

24. What are the Managerial functions of an Entrepreneur?

Answer: Managerial functions of an Entrepreneur are:-

(a) Planning
(b) Organizing
(c) Directing
(d) Staffing
(e) Leadership
(f) Communication
(g) Supervision
(h) Motivation
(i) Co-ordination
(j) Controlling
(k) Negotiation

25. What are the Commercial functions of an Entrepreneur?

Answer: Commercial functions of an Entrepreneur are:-

(a) Production and Operations

(b) Finance and Accounting

(d) Human Resource Management

26. What are the different roles of an Entrepreneur?

Answer: An entrepreneur can be in the following role:

(i) Innovator’s Role
(ii) Agent’s role
(iii) Coordinating role
(iv) Risk assumption role
(v) Capital formation role
(vi) Imitating role
(vii) Employment Generation role
(viii) Satus transformation role
(ix) Balancing role

27. What do you mean by an Innovator’s role of an Entrepreneur?

Answer: Entrepreneurs innovate by bringing unique and new products and services into the market.

In many cases, these are improved versions of existing products or services available. Innovation fuels economic growth and helps to boost the global presence of products and services.

28. Entrepreneurs act as “Agents of change”.

Explain the above statement.

Answer: Entrepreneurs act as ‘Agents of Change’ as they identify opportunities, solve problems, offer effective solutions, establish enterprises, set up industries, and bring positive change for the economy.