Entrepreneurship Very Short Answer Type Questions

Question 1.
Define “entrepreneurship”.
Answer:
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit is called entrepreneurship.

Question 2.
Define the team “entrepreneur”.
Answer:
A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk is called entrepreneur.

Question 3.
Who is an intrapreneur?
Answer:
Intrapreneur is a person who focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment.

Question 4.
What is Enterprise?
Answer:
Enterprise is an organisation engaged in a business activity. It is an integrated whole of values, orientation, vision of entrepreneur and his workforce, mission, major objectives and strategic interest.

Question 5.
What is entrepreneurial culture?
Answer:
Entrepreneurial culture implies vision, values, norms and traits that are conducive for the development of the economy.

Question 6.
What is innovation?
Answer:
The process of translating an idea or invention into a good or service that creates value or for which customers will pay is called innovation.

Question 7.
Three barriers to entrepreneurship are as follows:
Answer:

  • Lack of viable concept
  • Lack of market knowledge
  • Lack of technical skills

Question 8.
State any four functions of Entrepreneur.
Answer:
The functions of entrepreneur are as follows:

  • Risk-bearing function.
  • Decision making function.
  • Innovative function
  • Managerial function

Question 9.
Mention any two roles of Entrepreneur for Economic Development.
Answer:
The two roles of Entrepreneur for Economic development are as follows:

  • Promotes capital formation by mobilizing the idle savings of the public.
  • Create large scale employment opportunities.

Question 10.
Mention any two factors influencing Entrepreneurship.
Answer:
The two factors influencing entrepreneurship are as follows:

  • Creativity.
  • Leadership

Question 11.
Mention the psychological factors of entrepreneurship.
Answer:
The psychological factors influencing entrepreneurship are as follows:

  • Confidence.
  • Positive attitude.
  • Leadership qualities.
  • Cultural values.

Question 12.
State any two Pros of being an Entrepreneur.
Answer:
Advantages:
The two pros of being an entrepreneur are as follows:

  • Freedom.
  • Control.

Question 13.
State any two Cons of being an Entrepreneur.
Answer:
The two cons of being an entrepreneur are as follows:

  • Bear risks.
  • Pressure to be competitive.

Question 14.
Mention the qualities of a true entrepreneur.
Answer:
The qualities of a true entrepreneur are intelligence, imagination, capacity to innovate, willingness to work hard, the ability to turn visions into realities, and the ability to assume risks.

Question 15.
Who is innovating entrepreneur?
Answer:
Innovating Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities.

Question 16.
Who is Fabian entrepreneur?
Answer:
A fabian entrepreneur is the one who adopts a great caution and scepticism in introducing any change in the business. He doesn’t take any risk at all and imitates only when it is clear that failure to do so would result in heavy loss for him, A technocrat entrepreneur develops new and improved quality of goods as a result of his craftsmanship. He is highly skilled in production techniques.

Question 18.
Who is a technical entrepreneur?
Answer:
A technical entrepreneur demonstrates his innovative capabilities in matter of production of goods and rendering of services. He concentrates more on production than marketing. Spontaneous Entrepreneurs are the entrepreneurs start their business because of their natural talents. They are persons with initiative, boldness and confidence in their ability which motivate them to undertake entrepreneurial activity. Such entrepreneurs have a strong conviction and confidence in their inborn ability.

Question 20.
Who is an agricultural entrepreneur?
Answer:
Agricultural entrepreneurs refer to those entrepreneurs who invest in agriculture sectors and help to provide education and employment opportunities to people especially those located in struggling regions.

Question 21.
What do you mean by women entrepreneur?
Answer:
Women entrepreneurs are the women or group of women who initiate, organise and operate a business enterprise. The GOI has defined women entrepreneur as “an enterprise owned and controlled by a woman having a minimum financial interest of 51% of capital and giving atleast 51% of the employment generated in the enterprise to women.”

Question 22.
Write any two successful women entrepreneurs.
Answer:

  • Kiran Majumdar
  • Sudha Murthy

Question 23.
Who is a Rational Entrepreneur?
Answer:
A rational entrepreneurs who plans, develops and manages in a rational way. He demonstrates his innovative skill in organising and managing in a suitable manner.