Information Technology
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Class-10
Book- Employability
Skill
Unit 4 Entrepreneurial
Skills
Session 1 Entrepreneurship and Society
A. State
whether the following statements are True or False
1.
Entrepreneurs can create jobs in the market.True
2. When many
entrepreneurs sell mobile phones in amarket, the prices of phones increase.False
3.
Entrepreneurs identify a need in the market and build aproduct or service for
it.True
B. Subjective
question
1. List the
ways in which an entrepreneur affects a society.
Ans: Entrepreneurs have a positive relationship with society.They make profits through activities that benefitsociety. Some entrepreneurs work towards saving theenvironment, some give money to build schools andhospitals. This way, the people and area around them becomes better.
The ways in which an entrepreneur affects a society are:
1) Fulfil Customer Needs: Entrepreneurs find out what people want. Then, they use their creativity to come up with a business idea that will meet that demand.
2) Use Local Materials: Entrepreneurs use the material and people available around them, to make products at low cost.
3) Help Society: They make profits through activities that benefit society. Some entrepreneurs work towards saving the environment, some give money to build schools and hospitals. This way, the people and area around them becomes better.
4) Create Jobs: With the growth of a business, entrepreneurs look for more people to help them. They buy more material, and from more people.The also hire more people to work for them.
5) Sharing of Wealth: As entrepreneurs grow their business, the people working for them and in related businesses also grow.
6) Lower Price of Products: As more entrepreneurs sell the same product, the price of the product goes down. For example, when more mobile phones were getting sold in India, the cost of the phone became lesser.
2. Identify the
role of entrepreneurs and how they help inthe growth of society.
Ans: Create Jobs :With the growth of a business,
entrepreneurs look formore people to help them. They buy more material, andfrom
more people. The also hire more people to work forthem. In this way, more
people have jobs.
Sharing of Wealth :Wealth means having enough money to live
a comfortable
life. As entrepreneurs grow their business, the
peopleworking for them and in related businesses also grow.Hey have more money
to live a better quality life.
Lower Price of Products :As more entrepreneurs sell the same
product, the price
of the product goes down. For example, when moremobile
phones were getting sold in India, the cost of thephone became lesser.
Q:
Define Business.
Ans: A
business is defined as a continuous activity, where economic actions are taken
by humans with the objective of earning a profit by either producing, sourcing,
buying and selling of goods and services.
Q :
Define Entrepreneurship.
Ans: Entrepreneurship
: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.
Q :
Define entrepreneur.
Session 2 Qualities and Functions of an
Entrepreneur
A.Here are some stories of some entrepreneurs. Tick
the option for the quality they are showing.
1. Ravi’s customer comes to his store and starts
shoutingat him. He does not get angry. He listens to what hiscustomer is
saying. He is ____________.
(a) hardworking (b)
confident
(c) patience (d)
prying new ideas
Ans: (c) patience
2. Susheela decides to sell her company tyres in Sri
Lanka.It does not sell and she has a loss. She apologises to thepeople who work
for her. She says she will plan betternext time. She _______________________.
(a) takes responsibility for your mistakes (b) thinks before making a
decision
(c) does not give up (d)
is creative
Ans: (a) takes responsibility for your mistakes
B. Tick the
correct option for the function that theentrepreneur is doing.
1. Ali has a
diamond factory. He pays his employees on the1st of every month.
(a) Creates a new product (b)
Manages the business
(c) Takes risk
Ans: (b) Manages the business
2. Mary buys
bulbs for her business from Noida. She learnsthat bulbs are cheaper in
Faridabad. So, she decides tostart buying bulbs from there.
(a) Makes decisions (b)
Divides income
(c) Takes risk
Ans: (a) Makes decisions
3. Rehnuma
has two people who work for her. Every day,she spends one hour with them to
learn about whatthey’ve done that day.
(a) Creates a new product (b)
Divides income
(c) Manages the business
Ans: (c) Manages the business
C.
Subjective question
1. What do
you think is the most important function ofan entrepreneur? Write your answer
giving suitableexamples.
Ans: MAKING DECISIONS :Anentrepreneurmakesdecisionseveryday.This
includes
what toproduce orsell, howmuch andwhere to sell.
MANAGING THE BUSINESS :Anentrepreneurplans thefuture ofhis or herbusiness.
He/shearranges forraw material,hires peoplefor workand
tellseveryonewhat to do.
They alsocheck if theplan is beingfollowed.
DIVIDE INCOME :Theentrepreneurdivides
thebusinessmoneyto manygroups.
He/shespendsmoney tobuy material,pays rent ofthe
buildingand salariesto people.
TAKING RISK :Risk is
thechance ofsomethinggoingwrong.Anentrepreneurtakes risksagainst fires,lost
itemsand theft.
CREATE A NEW METHOD, IDEA OR PRODUCT :Anentrepreneuris alwaystrying new
things.He/shedoes this toincrease theirimportanceand
income.
2. Identify the qualities of successful entrepreneurs.
Ans: Confidence
Take decision
Keep tying new idea
Patient
Creative
Take responsibility
Self-analysis
Wok hard
Never give up
Session 3 Myths about Entrepreneurship
A.
Subjective questions
1. What is
the difference between a misconception andreality? Give an example.
Ans: A myth, or a misconception, is a
false belief or opinionabout something. For example, if we think tall peoplerun
faster than short people, we have a misconception.It is not true. The truth is
that short people can alsorun fast.
The difference between misconception and reality are:
Misconception: A myth, or a misconception, is a false belief or opinion about something. For example, if we think tall people run faster than short people, we have a misconception. It is not true. The truth is that short people can also run fast.
Reality: Reality is the state of things as they actually exist, rather than as they may appear or might be imagined. In other words reality includes everything that is and has been, whether or not it is observable or comprehensible.
B. Match
each story below with the misconception aboutentrepreneurship.
|
Story |
Misconception |
|
1) Ramu owns a large clothesshop. Shamu has a
smallstore selling handmadesarees. Shamu does not callhimself an
entrepreneur. |
(a) Every
business idea needsto be unique or special. |
|
2) Anna
has a great idea for awebsite. She has ` 5,000. Sheis waiting for ` 20,000
more,so that she can start it. |
(b) Entrepreneurs are born,not made. |
|
3) In a city of thousands oftailoring shops, Gauri isa
tailor who stitches goodquality clothes and has avery successful business. |
(c) A person needs to have abig business to be called
anentrepreneur. |
list the misconceptions around entrepreneurship and
the truth behind them.
Ans:
1. c ) A person needs to have abig business to be called
anentrepreneur.
2. b) Entrepreneurs are born,not made.
3. a) Every business idea needsto be
unique or special.
Session 4 Entrepreneurship as a Career Option
A. Write against the option, if the business idea is of self-employment or
wage employment.
(a) Cooking in a restaurant
Ans: .- wage employment
(b) Owning a clothing business
Ans: self-employment
(c) Having a dosa selling stall
Ans: self-employment
B. Match the columns
|
1. Surabhi opens 5 painting storesacross India. |
a. Enter |
|
2. There are many coaching classes inMumbai. Jacob owns
one of them.He is starting morning batches toattract more students to his
classes. |
b. Survive |
|
3. Salma has started her clothing lineon the Internet. |
c. Grow |
Ans: 1.c )Grow
2.b)Survive
3.a)Enter
Q Define the meaning of a career.
Ans: an occupation or profession, especially one requiring
special training, followed as one's lifework: He sought a career as a lawyer. a person's progress or general course of
action through life or through a phase of life, as in some profession or
undertaking
Q Present your opinion about entrepreneurship as alife option.
Ans: Entrepreneurship is important as it has the ability to improve standards of living and
create wealth, not only for the entrepreneurs, but also for related businesses. Entrepreneurs also help drive change with innovation, where new and
improved products enable new markets to be developed.
Extra Question
Fill in the blanks
1. An Entrepreneur is a
person who establishes a business or a venture that generates some value to the
customer and proves to be profitable for him.
2.
Entrepreneurship has a crucial role in the Functioning of the society.
3.
Functions of an entrepreneur Rajesh Marwaha and J. S. Mehandipur have given a
comprehensive classification of the functions of entrepreneurs in their book Entrepreneurship
and Small Business
4. Entrepreneurship simply
described as starting a business using the resources available to a person.
5. An entrepreneur combines
factors in a creative manner in order to generate value for customers
and create wealth.
Q1. How Entrepreneurship and
Society are interdependent on each other?
Ans: Entrepreneurship has some positive impact on
society such as:
·
Accentuates
economic Growth
·
Fosters
Creativity
·
Stimulates
Innovation and Efficiency
·
Creates Jobs and
Employment Opportunities
·
Solves the
problems of the society
·
Encourages
welfare of the society
·
On other hand
Society plays a role in boosting entrepreneurship by:
·
Creates needs and
demands
·
Provides raw
materials
·
Enables financial
support
·
Creates a need
for education
·
Catalyses policy
formation and reform
·
Facilitates
networking
·
Supports
infrastructure development
Q2. List some common
entrepreneurship activities related to society?
Social Entrepreneurship: Social entrepreneurship can be understood as creation
of sustainable solutions for social problems includes quality education, health
and sanitation, unemployment, child labour etc.
Agricultural
Entrepreneurship: Agricultural
Entrepreneurship is related to the marketing and production farm products. It
has led to low-cost innovations in farming processes.
Women Entrepreneurship: Women entrepreneurship is the process where women
organise all the factors of production, undertake risks, and provide employment
to others.
Small Scale Entrepreneurship: Small scale entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale or micro scale. These businesses serve as the backbone of many developing countries.
Q3. What are the qualities of an entrepreneur?
1.
Hard working:
2. Optimistic:
Successful entrepreneurs should have a positive approach to life.
3. Independent:
They do not prefer working for others and are the masters of their own.
4. Energetic:
Entrepreneurs should possess a high level of energy as they have to put in
more hard work and time for making their venture a success.
5. Self-confident:
An entrepreneur should have a strong belief in his/her abilities.
6. Perseverant: Successful entrepreneurs never quit his/her venture
even if s/he fails. They keep on finding ways to succeed.
Q4. What are the functions
of an entrepreneur?
1. Entrepreneurial
functions:
Organisation Building and
Management: Organisation building is about bringing together different factors
of production and allocating these resources to bring down costs and losses.
Risk taking: Risk taking is
about taking responsibility and planning for a loss or mishap that may occur in
the future due to unforeseen contingencies
Innovation: Entrepreneurs
innovate by introducing new concepts, products, services, designs, ideas etc.
They may introduce something new and innovative in any branch of economic
activity.
2. Promotional functions
Idea Discovery: The first step
towards entrepreneurship is discovery of a business idea.
Detailed Investigation: While
coming up with ideas can seem like an easy process, the challenge is to
understand if the idea has the potential to turn into a viable business
venture.
Assembling the Requirements:
Some basic business requirements include infrastructure or office space, human
resources, key vendors or partners, working capital etc
Financing: Raising capital for
a business is one of the core functions that entrepreneurs perform themselves,
not just at the initial stage of the business, but even to grow and scale the
business
3. Managerial functions
Planning:
Organizing: Organizing in the managerial context refers to
setting specific and attainable goals and objectives to be achieved by
different departments and by each employee.
Directing: Directing is about initiating planned action and
ensuring that each employee is performing effectively.
Staffing: Staffing refers to different sub-processes such as
manpower planning, recruitment, selection, placement, training, transfer,
salary, promotion, payroll, appraisal etc. The objective of staffing is to fill
a particular position with the right employee at the right time.
Leadership: Leadership is more of a skill than a function for an
entrepreneur as he or she has to lead, guide and supervise people who work for
the business
Communication: An entrepreneur has to communicate every single day,
in the form of writing, responding, drafting emails, verbal instruction,
discussion etc. It has been established that entrepreneurs spend 75% to 90% of
their working time communicating with others.
Supervision: After issuing instructions, the entrepreneur has to
see that the given instructions are carried out. Supervision refers to the job
of overseeing subordinates at work to ensure the maximum utilisation of
resources, to get the required and directed work done, and to correct the
subordinates whenever they go wrong.
Motivation: Along with guiding employees, an entrepreneur also
plays a role of motivating them and encouraging positive behaviour and culture
within the organization.
Co-ordination: Co-ordination between different departments of the
business helps to ensure that work happens in a timely manner
Negotiation: An entrepreneur negotiates terms and conditions for
many parts of the business such as payment terms and timelines, salaries of
employees, vendor quotations etc.
4. Commercial Functions
Production and Operations:
Depending on whether it is a service business or product business, an
entrepreneur has to perform the function of managing production.
Finance and Accounting: While
finance is more focused on raising funds and managing them, accounting helps to
record and analyse the financial position of the business. Thus, an
entrepreneur has to prepare and analyse cash flow statements, income sheet,
balance sheet etc.
Marketing: Marketing refers to promoting products and services.
Marketing plays a significant role in promoting the well-being of the business
enterprise. An entrepreneur has to perform this function to make people aware
about the offerings of the business and makes sales.
Human Resource Management:
Human Resource Management (HRM) refers to recruitment, employment, selection,
training, development and compensation of the employees with an organization.
An entrepreneur performs this function as no business can function without
people.
Q5. List the Role of
Entrepreneurs
i.
Coordinating role
ii.
Agent’s role
iii.
Innovator’s Role
iv.
Risk assumption role
v.
Imitating role
vi.
Capital formation role
vii.
Balancing role
viii.
Status transformation role
ix. Employment Generation role
Q6. What are the importance
of Entrepreneurs ?
1.
Entrepreneurs are important in a free market because they help the market
respond to changing prices and consumer preferences. For example, with the rise
in the use of internet, an entrepreneur may see the potential to set up a new
home delivery service which uses an app for consumers to buy.
2. A
successful entrepreneur increase their own efficiency by changing and
introducing new technologies which significantly move on an industry.
3.
An Entrepreneurs can often ‘redefine the rules’ of an established industry.
They do this by creating new markets for existing products and slightly
innovating in small ways to suit the needs of a new target market.
4. An entrepreneur may be
motivated to enter an industry to offer a more ethical product or provide a
service to a community.
Q7. Write the myths related
to Entrepreneurship.
There are many myths about
characteristics and traits of entrepreneurs.
1. Entrepreneurs are high risk
takers: They are neither high nor low risk – takers. They always prefer
situations which lead to generating profits.
2. Entrepreneurs become rich as
they start a new business: Starting a business does not mean that person will
become rich overnight. A new business always needs a span of year or two to
become successful.
3. Entrepreneurs are Job
hoppers. They are not job hoppers. They are the ones who create job
opportunities for the people. They work for many years and gain experience
before starting any new venture.
4. Entrepreneurs have limited
dedication : Dedication is the key to success. An entrepreneur can never be
successful unless he is dedicated towards his work.
5. Entrepreneurs are born that
way : Many people assume that entrepreneurial qualities are innate and that
only people who have certain natural talents can be entrepreneurs.
6. All entrepreneurs have great
ideas
7. The only requirement is a
good idea
8. Businesses either flourish
or fail
9. One must know everything
before starting a business
Q8 Why should anyone choose
an entrepreneurship as a Career ?
I.
Nurtures development of entrepreneurial skills and capabilities:
Entrepreneurship cultivates unique skills and encourages outside the box thinking.
II.
Enables application of an entrepreneurial mind-set.
III.
Develops the ability to handle failure and ambiguity.
IV.
Enhances critical thinking and problem-solving ability.
V.
Provides early exposure to the real world.
VI.
Inspires to think about one’s career differently.
VII. Leads to creating
difference in society: Entrepreneurs not only economically impact society but
also identify the real needs and problems of people and solving them.
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