Entrepreneurial Skills-I
Q.1- What is entrepreneurship ?
Ans. An entrepreneur is an individual who creates a new business, bearing most of the
risks and enjoying most of the rewards.
Q.2- What are the 4 Types of Entrepreneurship?
Ans. 1. Small Business Entrepreneurship-
2. Scalable Start-up Entrepreneurship-
3. Large Company Entrepreneurship-
4. Social Entrepreneurship-
Q.3- What is the Characteristics of Entrepreneurship? Write any 4- 6 Characteristics .
Ans. Characteristics of Entrepreneurship:
1. Ability to take a risk..
2. Innovation.
3. Visionary and Leadership quality.
4. Open-Minded.
5. Flexible
6. Determination.
Q.4- Write any four Importance of Entrepreneurship?
Ans. Importance of Entrepreneurship:
1. Creation of Employment.
2. Impact on Society and Community Development.
3. Increase Standard of Living.
4. Supports research and development.
Q.5- Who is the father of entrepreneurship?
Ans. Joseph Alois Schumpeter is regarded as the father of entrepreneurship.
He introduced the concept of entrepreneurship.
Q.6- What are the two main types of entrepreneurship?
Ans. There are many types of entrepreneurship, two examples of such are:
1. Small business entrepreneurship
2. Large company entrepreneurship
Q.7- What are the key concepts of entrepreneurship?
Ans. The 4 key concepts of entrepreneurship are as follows:
1. Innovation
2. Risk taking
3. Vision
4. Organisation
Q.8 - What are entrepreneur traits?
Ans. Some of the most important entrepreneurial traits are:
1. Passion
2. Risk taking ability
3. Persisting nature
4. Innovative
5. Leading from the front
6. Ethical in nature
Q.9- A shopkeeper who introduces a new idea or method in the business is called…………
(Choose the correct answer)
1.) Businessman 2.) Entrepreneur
Ans. Entrepreneur
Q.10- The product can be seen and touched in…………………..
(Choose the correct answer)
1.)Product Business 2.) Service Business
Ans. Product Business.
Q.11- Do you think entrepreneurs thrive on risk? Give your opinion.
Ans. Yes , because they are having risk of getting loss or profit.
Q.12- What is the aim of entrepreneurship ?
(a) Earn a Profit (b) Solve customers' need innovatively
(c) Both of the above (d) None of the above
Ans. (c) Both of the above
Q.13- Who is entrepreneur? Give few important skills to become a successful entrepreneur.
Ans. An Entrepreneur is a designer or a creator who designs new businesses and
ideas according to its own passion but according to the requirements of market.
To become a successful entrepreneur following skills are required
1. An ambition
2. Willingness to learn
3. Creativity
4. Courage
5. Take risk
Q.14- What do you mean by „Whole sale price‟ and „Retail Price‟?
Ans. Whole sale price - Wholesale price is the price charged for goods that are sold
in bulk or large quantities to a businessman or a trader.
Retail price - Retail price is the price of goods or products when they are
sold to customers for consumption, and not for sale.
Q.15- Which of the following skills are required to be a successful entrepreneur?
i. Ambition
ii. Creativity
iii. Team management
iv. All of these
Ans. iv. All of these
Q.16- Give any two examples of manufacturing business activity.
Ans. automotive companies, bakeries, shoemakers, tailors etc...
Q.17- Write any four characteristics of entrepreneurship ?
Ans. 1. Innovation 2. growth 3. Confidence 4. Passion
Q.18- What is the difference between a start-up and a small business?
Ans. Startups want to grow with the goal of disrupting the market. on the other hand, Small
businesses, are created for the purpose of entrepreneurship and serving a local market.
Q.19- Business is a (an), activity .
1. Socio-economic
2. Charitable
3. Hazardous
4. Selling
Ans. Socio-economic
Q.20- What are the 3 types of business activities ?
Ans. There are three main types of business activities:
1. product Business
2. Service Business
3. Hybrid Business.
Q.21 - What is the meaning of manufacturing and trading based business.
Ans. Explanation: In manufacturing business you have to manufactured products for your
client and in trading business you need to purchase manufactured product from
manufacturing company and sell it to customer directly.
Q.22- How is entrepreneurship different from business?
Ans. Businessmen invest energy, resources and time to run the business based on an already
existing model. On the other hand, an entrepreneur is someone who invests energy,
resources and time to build a model that is original and has been evolved from scratch.
Q.23- How entrepreneurs positively contribute to society?
Ans. New and improved products, services or technology from entrepreneurs enable new
markets to be developed and new wealth to be created. Additionally, increased
employment and higher earnings contribute to better national income in the form of
higher tax revenue and higher government spending.
Q.24- What is difference between cooperative and corporation
Ans. A cooperative is a group of people who come together and voluntarily cooperate for
their mutual, social, economic, and cultural benefit. A corporation is a separate legal
entity, which is owned by shareholders.
Q.25 List any 4 essential business activities
Ans. marketing. finance. customer services .human resources. accounting.
