Entrepreneur Skills.

Q1. Who is an entrepreneur?

A1. An entrepreneur is a person who is self-employed, Is willing to take a calculated risk and brings in a new idea to start
a business.

Q2. What is entrepreneurship?

A2. The process of developing a business plan, launching and running a business, using innovation to meet customer needs
and to make a profit is entrepreneurship.

Q3. What is an Enterprise?

A3. An enterprise is a project or undertaking that is bold and fulfills a need of society which no one has ever addressed.

Q4. Explain the importance of entrepreneur and its role in country’s and Society’s growth.

A4. Role and Importance of Entrepreneur are:

1. Economic development- Money in circulation- As entrepreneur create value by making available better and
cheaper product and services for customer, the economy grows.
2. Social development-creation of jobs.- As the business grows, it needs more work to be done, so create more jobs
And hence Helps in Social development.
3. Improved standard of living. More things available to live a comfortable life. When entrepreneurs sell products
like tractor, mobile phone or mobile services, it helps people live a more comfortable life.
4. Optimal use of resources.- Entrepreneurs keep working to find the most optimal way of using the resources to
reduce cost and increase their profit.
5. More benefit at lower prices Products and services at competitive prices. As entrepreneurs compete in the
market, prices of the products come down.

Q5. identify and describe the qualities of a successful entrepreneur.

A5. Qualities of a successful entrepreneur are:

1. Patience.- It is important for an entrepreneur to be patient in running the business.

2. Positivity.- An entrepreneur has to think positively, even when he or she takes a big risk.
3. Hard working, never giving up and perseverance.- And entrepreneur needs to work hard till it becomes
successful.
4. Confidence.- An entrepreneur needs to be very confident and take decision about their business.
5. Open to trial and error.- An entrepreneur needs to be open to new ideas and try them without fear of failure.
6. creativity and innovation.- An entrepreneur should be able to see a problem from different perspective and come
up with original and creative solutions.

Q6. List any four characteristics of entrepreneurship.

A6. Four characteristics of entrepreneurship are.:

.1. Ability to take up risks.

.2. Believe in hard work and discipline.

.3. Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction.

.4. Knowledge of the product and services and their need or demand in the market.

.5. Financial literacy and money management skills.

.6. Effective planning and execution.

Q7. List any two characteristics of wage employment.

A7. Two characteristics of wage employment are.:

1. In wage employment there are always two parties. One is the employer and the other is the employee.

2. Wage employment does not involve too much of risk compared to Entrepreneurship.

Q8. Name any one factor that is common to both entrepreneurship and wage employment on contract basis.

A8. Both entrepreneurship and wage employment allows a person to make money.

Q9. Describe the difference between entrepreneurship and wage employment.

A9.

Enterpreneurship Wage employment.

1. Create their own plan. 1. Follows instructions.
2. Don't have fixed income. 2. Have fixed income.
3. Have unlimited growth. 3. Have limited growth.

Q10. List the benefits of entrepreneurship.

A10. Various benefits are.:

1. Do what you are interested in.-

2. Work for yourself and not for others.

3. Make profits for yourself.

4. More risk, more profit.

Q11. What are the three types of business activities? Explained with example.

A 11. The three types of business activities are.:

1. Product business.- Our business where a seller and buyer exchange an item which can be seen and touched. For example
sports shop.

2. Service business.- A business where a seller helps the buyer to finish some work. For example, a cricket coaching center.

3. Hybrid business.- The hybrid is the one where the business is doing both selling product and selling services. For
example. Rahul starts a sports Academy for coaching and selling sports equipment as well.

Q12. What are the key differences between product and service based businesses?

A 12.
Q13. Identify different types of product based businesses.

A 13. Two types of product based businesses are.:

1. Manufacturing businesses.

.2. trade businesses.

Q14. What is the meaning of manufacturing and trading based business?

A 14. Manufacturing businesses.- These are the businesses that make products and sell it. Products are generally made
in factories.

Trade business.- These businesses buy and sell our product. They also transferred the product from the factory to
warehouse and then finally to shops near the customers. For example, wholesalers, distributors and retail shops.

Q15. What is entrepreneurship development?

A 15. It is the process of improving the skills and knowledge of entrepreneurs. It can take place through formal and informal
learning system.

Q16. Write the steps of starting a business.

A 16. Steps of starting a business are.:

1. To come up with a business idea.

2. Getting money and material.
3. Understanding customer needs.
4. Improving product/service.