Please refer to Entrepreneurial Skills-II Class 10 Information Technology Important Questions given below. These solved questions for Entrepreneurial Skills-II have been prepared based on the latest CBSE, NCERT and KVS syllabus and books issued for the current academic year. We have provided important examination questions for Class 10 Information Technology all chapters.
Class 10 Information Technology Entrepreneurial Skills-II Important Questions
Short Answer Type Questions :
Question. Explain the risk bearing characteristic of an entrepreneur.
Ans. An entrepreneur has to have patience to see his efforts bearfruit. In the intervening period (time gap between the conception and implementation of an idea and its results), an entrepreneur has to assume risk. If an entrepreneur does not have the willingness to assume risk, entrepreneurship would never succeed.
Question. Why an entrepreneur is highly optimistic?
Ans. A successful entrepreneur is always optimistic and is not disturbed by the present problems faced by him. He is always optimistic that the situation will become favourable for business in future.
Question. What is the contribution of the entrepreneurs in the execution of government policies?
Ans. The entrepreneurs provide an important contribution in implementing government policies and achieving the national goals. They cooperate with the government for implementations of development plans of the country.
Question. Explain the role and significance of an entrepreneur as an enterprising man and a visionary leader.
Ans. Enterprising Man A business does not get started by itself. It is the entrepreneur who takes the risks and is willing to face devastating failure. He braves uncertainty, strikes out on his own and through native wit, devotion to duty and singleness of purpose, somehow creates business and industrial activity where none existed before. His values and activities have become integral to corporate culture.
Visionary Leader An entrepreneur has a good vision and sense of mission. He instills inspiration.
He is able to recognise potentially profitable opportunities and to conceptualise the venture strategy. He is the key force in successfully moving the idea from the laboratory to the market place. He has the sense of accomplishment.
Question. Explain the role and significance of entrepreneurs.
Ans. The role and significance of entrepreneurs are discussed below
(i) Organiser of Society’s Productive Resources An entrepreneur is the organises of society’s productive resources. He is the person who assembles the unused natural, physical and human resources of the society, combines them properly, establishes effective coordination between them and makes the economic activities dynamic.
(ii) Helpful in Capital Formation An entrepreneur is helpful in capital formation or we know that increase in the rate of capital formation is quite essential for the economic development of any country.
(iii) Increase in Employment Opportunities An entrepreneur creates maximum employment opportunities in the society by way of establishing new industries, developing and expanding the existing industries and by undertaking innovative activities.
Question. State a difference between an entrepreneur and a businessman.
Ans. An entrepreneur is different from a conventional businessman. A businessman is someone who sets up a business with an existing idea offering products and services to customers. An entrepreneur, on the other hand, is a person who starts an enterprise with a new idea or concept or a better way to offer an existing idea or concept.
Question. Do you think an entrepreneur is innovative by nature? Discuss.
Ans. Customer’s requirements and tastes keep on changing, therefore, production should meet the customer’s requirements. Thus, innovativeness is another important characteristic of an entrepreneur. He always tries to out strive others by taking initiative in doing new things, i.e. exploring new products, new markets, new raw materials, new methods of production etc.
Question. Why an entrepreneur is considered as an ‘enterprising man’?
Ans. A business does not get started by itself. It is the entrepreneur who takes the risks and is willing to face devastating failure. He braves uncertainty, strikes out on his own wit, devotion to duty and singleness of purpose, somehow creates business and industrial activity where none existed before. His values and activities have become integral to corporate culture.
Question. Explain the role of an entrepreneur as a catalytic agent.
Ans. As Joseph Schumpeter says, entrepreneur’s task is “creative destruction”. He destroys to create new hings. He changes and transmutes values. He searches change and responds to it. He is a change creator. Ralph Harwitz writes in his book ‘Realities of Profitability’, The entrepreneur makes a happening, wants piece of action, is the growth man. Without him there is no happening, no action, no growth.
Question. Do you think entrepreneur is a leader? Discuss.
Ans. An entrepreneur is essentially a leader. According to K.L. Sharma, a psychologist, entrepreneurs are men who exhibit qualities of leadership in solving problems. They have to lead a team for achievement of goals. Thus, an entrepreneur must have all universally accepted qualities of a leader, i.e. initiative, high energy level, self-confidence, human relations skills, motivational skills, creativity and keen desire to solve problems.
Question. What do you mean by the term entrepreneurial skills?
Ans. Entrepreneurial skills are the basic skills that help an entrepreneur to start, develop, finance and successfully run a business. Every entrepreneur who is starting a business must have a complete knowledge of the various aspects of his/her business, not only for the success of his venture; but also for its growth and expansion.
Question. What is a business plan?
Ans. An entrepreneur conducts studies to assess the feasibility of the market as regards the proposed products or services. He makes an assessment of the resources required to run the enterprise and the problems that may possibly be faced. Such a blue rint of an enterprise is termed as a business plan or a project report.
Question. Define an entrepreneur. Explain the leadership and decision-making qualities of an entrepreneur.
Ans. An entrepreneur is someone who perceives opportunity, organises resources needed for exploiting that opportunity and exploits it.
An entrepreneurial leader realises the importance of initiative and reactiveness as they go out of their way to provide all support to the team.
Decision-making is an important function because it includes stabilising organisation’s aims and objectives and changes them according to the changing conditions.
Question. How does an entrepreneur promotes economic prosperity of a country?
Ans. Entrepreneurs can bring about drastic changes in the very structure of the economy. They stand beyond challenges and make huge profits in every economic system. They are an important source of economic development. They create jobs, wealth and capital in the country. They promote investment, increase production and bring competitiveness in business, reduce costs of products and raise the standard of living in society.
Question. What is entrepreneurship development?
Ans. Entrepreneurship development is the process of improving the knowledge and skills of the entrepreneurs. In other words, it can be said that entrepreneurship development is the process of enhancing an entrepreneur’s ability to develop, manage and organise a business venture, while keeping in mind the risks associated with it.
Question. Explain the creative and determined nature of an entrepreneur.
Ans. Creativity Creativity is probably the most important trait of an entrepreneur. Entrepreneurs often come up with innovative solutions and repurpose their products to market them to new industries. Repurposing means transforming a product for an alternative use.
Determination Successful entrepreneurs do not believe that something cannot be done. They make determined efforts and work hard to achieve success in all their endeavours.
Question. Explain the quality of an entrepreneur as a passionate person.
Ans. Successful entrepreneurs are passionate about making their business succeed. They genuinely love their work and are willing to put in extra hours to make their business succeed. Success gives them a joy that goes beyond money.
Question. What are the myths of entrepreneurship? Explain.
Ans. The myths of entrepreneurship are as follows
(i) It is Easy to Start a Business This depends on the scale of the enterprise. Starting up a large entrepreneurial venture is a challenging process. Small scale enterprises are easier to set up. Moreover, the rate of failure of new ventures is quite high all over the world. Just about one-third of all enterprises become profitable only after operating for several years.
(ii) Lot of Money is needed to Startup a New Venture Again, this depends on the type and scale of the business venture. There are ventures that can be started with a small amount of money. Big ventures need a lot of investment.
(iii) A Startup cannot Borrow fromthe Banks Today our government is promoting startup ventures and offering them loans on easy terms under various government schemes such as MUDRA (Micro-units Development and Refinance Agency) and MSME (Micro, Small & Medium Enterprises) scheme.
(iv) Businesses either Flourish or Fail This is not always the case. Some ventures initially falter or have lackluster growth rates. However, with right re-planning and effort they may go on to achieve a healthy growth.
(v) A Good Idea is the only Requirement for a Successful Enterprise Remember that even the best of ideas need proper execution to become a reality. Ideas are important, but so are planning, talent, leadership, communication and a host of other factors.
Long Answer Type Questions :
Question. Discuss the importance of entrepreneurship.
Ans. If we go through the business history of India, we come across many names who have emerged as successful entrepreneurs, like Tatas, Birlas, Dalmia, Modi, Ambani etc. These business houses started as small scale enterprises and have made their name in the list of industrialists of world fame.
The success of small enterprises and their growth to leading industrial houses can be attributed to entrepreneurs themselves. Thus, it is important to understand the success story of such entrepreneurs. There are definitely some common personal characteristics in entrepreneurs.
The entrepreneur is in essence an institution which comprises of all people required to perform various functions. The task of such people is to innovate, adjust or combine various factors of production, and expand on account of change in demand and market conditions. They must acknowledge the opportunities and must also be in a position to make opportunities out of a given situation.
(i) It give Freedom An entrepreneur is himself a boss or owner and he can take all the decisions independently.
(ii) It can be Exciting Entrepreneurship can be very exciting with many entrepreneurs considering their ventures highly enjoyable. Every day will be filled with new opportunities to challenge your determination, skills and abilities.
(iii) It Allows to Set your own Earnings The principal focus of entrepreneurship is wealth creation and improved livelihood by means of making available goods and services. Entrepreneurial ventures generate new wealth. New and improved products, services or technology from entrepreneurs, enable ew markets to be developed and new wealth to be created.
(iv) If offers Flexibility As an entrepreneur you can schedule your work hours around other commitments, including quality time you would spend with your family.
(v) Status Success in entrepreneurship brings a considerable fame and prestige within the society.
(vi) It offers Ambition-fulfilment Through entrepreneurship one can fulfil his ambitions into original products or services.
Question. What are the functions of an entrepreneur? Explain.
Ans. The functions of an entrepreneur are as follows
(i) New Inventions Encouraging new inventions and introducing innovations in production, production techniques, sales, marketing, advertisement etc.
(ii) Establishing Relations with Government To establish relations with government and its functionaries. In this regards his functions are (a) obtaining licences, (b) payment of taxes,
(c) selling the product to government, (d) Provision for export-import etc.
(iii) Size and Scale of Business Unit To decide about size of business unit, i.e., he wants to establish one roduction unit or more etc. which is dependent upon demand of the product. Similarly, he has to decide about scale of production, i.e., small scale, middle scale or large scale.
(iv) Organisation and Management An entrepreneur organises and manages various economic and human factors through planning, coordination, control, supervision and direction.
(v) Factors of Production Another important function of an entrepreneur is the factors of production i.e. land, labour, capital etc., should be in right proportion and to maximise output of these factors is the responsibility of the entrepreneur.
Question. Describe the disadvantages of entrepreneurship as a career.
Ans. Some of the common disadvantages of entrepreneurship as a career are as follows
(i) Huge Amount of Time You have to dedicate a huge amount of time to your own business.
Entrepreneurship is not easy and for it to be successful, you have to take a level of time commitment.
(ii) Risk Entrepreneurship involves high risk of loss. If the business fails then it will wipe away all the personal savings.
(iii) Hard Work Entrepreneur has to work very hard to make the new business very successful.
(iv) Uncertain Amount There is no regular or fixed income available to an entrepreneur. So, there is always uncertainty in terms of income.
(v) Incompetent Staff A new entrepreneurmay not be able to hire qualified and experienced staff so there are chances of incompetency by the staff due to lack of experience and knowledge.
Question. Explain characteristics or qualities of an entrepreneur.
Ans. The characteristics of successful entrepreneurs are as follows
(i) Goal-oriented Entrepreneur is goal-oriented. Firstly, he sets a goal to achieve, i.e. to earn profit by producing goods and services and after reaching one goal he proceeds to another goal.
(ii) Highly Optimistic A successful entrepreneur is always optimistic and is not disturbed by the present problems aced by him. He is always optimistic that the situation will become favourable for business in future.
(iii) Trust in Self An entrepreneur does not believe in luck or fate. He believes in his own firm decisions and actions. He has trust in his perseverance and creations.
He pulls his own strings.
(iv) Leadership An entrepreneur must possess the characteristics of leadership and must lead a ream for achievement of goals. The leader is able to clearly articulate their ideas and has a clear vision.
(v) Innovativeness With the changing needs and requirements of customers production should meet requirements with the help in innovative ideas.
An entrepreneur does not have to restrict itself to just one innovation rather he must use combination of innovation.
(vi) Decision-maker An entrepreneur has to take many decisions to put his business idea into reality. He chooses the best suitable and profitable alternative.
Question. Explain the role of an entrepreneur as “Person with higher productivity” and “Ingredient of modern production system.”
Ans. Person with Higher Productivity Entrepreneurs have the ability to produce more goods and services with less inputs. They play an important role in raising productivity. John Kendrick Bangs writes, “Higher productivity is chiefly a matter of improving production techniques, and this task is the entrepreneurial function par excellence.” Two keys to higher productivity are research and development and investment in new plant and machinery. But there is a close link between R & D and investment programmes, with a higher entrepreneurial input into both.
Ingredient of Modern Production System Entrepreneur has become the ‘balancing wheel’ of modern global economy. They seek the unique product, the marketing breakthrough. They change technical frontiers and reshape public desires. They create wealth and employment.