CHAPTER 4: ENTREPRENEURSHIP SKILLS - I

1. What do you understand by Business?

Business refers to all economic activities which are concerned with the production or purchase and sale or exchange of goods and services with the objective of earning profits.

2. Define Entrepreneurship.

Entrepreneurship is the process of discovering and opportunity, mobilizing resources, launching an enterprise to exploit the opportunity and an attempt to create value. 

3. What is Hybrid business?

Hybrid businesses are companies that may be classified in more than one type of business.

 4. What do you understand by a cooperative society?

Cooperative society is the one which is organized with the purpose of rendering service to its members and to the public in general. It is organized on the principle of mutual self-help. As an incorporated association of persons, it enjoys perpetual life. It has a distinct identity and the liability of its members is limited.

 5. State the roles of an Entrepreneur.

The roles of an Entrepreneur are

a) Entrepreneurial functions consisting of Innovation, Risk taking and Organisation building.

b) Promotional functions consisting of Discovery of an idea, Detailed investigation, Assembling resources and Financing the proposition

c) Managerial functions consisting of Planning, Organising, Staffing, Directing, Controlling and Coordination

d) Commercial functions consisting of Production, Marketing, Personnel, Accounting and Finance.

6. State three characteristics of Entrepreneurship.

Three characteristics of Entrepreneurship are

a) It is a purposeful activity

b) It is a creative activity

c) It is a risk bearing activity

7. Name three types of Business activities with two examples of each.

Three types of Business activities are

a) Manufacturing   Business

b) Service Business

c) Hybrid Business

Two examples of Manufacturing Business are Automobile industry and Cotton Textile industry.

Two examples of Service Business are Accounting firms and Law firms.

Two examples of Hybrid Business are Restaurant Business and _______

8. Name the forms of Business enterprises classifying them on the basis of corporate and non-corporate.

The forms of Business enterprises are

A) Non-Corporate

                i) Sole Proprietorship

                ii) Joint Hindu Family Firm

                iii) Partnership Firm

B) Corporate

                i) Joint Stock Company

                ii) Cooperative Society

9. What are the various types of manufacturing business industries?

The various types of manufacturing business industries are

a) Analytical

b) Synthetical

c) Processing

d) Assembling

10. Give four advantages of entrepreneurship.

Four advantages of entrepreneurship are:

  • Independence: An entrepreneur is his own boss. He can take all decisions himself. He need not obey someone.
  • Ambition fulfilment: Entrepreneur can convert their original ideas into a new product or service.
  • Freedom: Entrepreneurship allows the freedom to try out one's ideas.
  • Status: Success in entrepreneurship brings considerable fame and prestige. 
MCQ'S

1. Which of the following is a business activity?

(a) Manufacturing               (b) Hybrid                            (c) All of these

2. Which of the following is a corporate type of business enterprise?

                (a) Sole proprietorship      (b) Partnership                 (c) Joint Stock Company

3. An entrepreneur is a/an

(a) Innovator                         (b) Risk taker                     (c) Both of these

4. The process of improving the skills and knowledge of entrepreneurs through various training and classroom programs is called

                (a) Entrepreneurship development                         (b) Planning            (c) Organizing

5. Basic raw material is broken into several useful materials in manufacturing business type:

(a) Analytical                      (b) Synthetical                   (c) Processing

6. Manufactured components or parts are combined together in manufacturing business type:

                (a) Analytical                      (b) Processing                   (c) Assembling

7. The head of this form of business enterprise is known as ‘Karta’:

                (a) Sole Proprietorship  (b) Partnership                 (c) Joint Hindu Family Business

8. Characteristic s of Entrepreneurship is

                (a) Creative activity         (b) Risk bearing activity (c) All of these

9. A person who starts an Enterprise is

                (a) Manager                       (b) Organiser                     (c) Entrepreneur

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