Unit 4: Entrepreneurial Skills (Characteristics of Entrepreneurship)
Assessment Time
A. Multiple Choice Questions:
1. Entrepreneurship development is ___________.
a) An institution
b) A process
c) A course
d) A venture
Answer: b) A process
2. The first phase of the entrepreneurship development is ____________.
a) Management of the resulting enterprise
b) Development of the business plan
c) Identification and evaluation of the opportunity
d) Determination of the required resources
Answer: c) Identification and evaluation of the opportunity
3. _____ is the readiness and willingness to start a new enterprise.
a) Business
b) Initiative
c) Success
d) Vision
Answer: b) Initiative
4. Aptitude are _________.
a) Learnt skills
b) Professional qualifications
c) Memory skills
d) Natural talents or inclinations
Answer: d) Natural talents or inclinations
5. Entrepreneurship helps in generating _______________.
a) Confidence
b) Employment opportunities
c) Regional development
d) All of these
Answer: d) All of these
B. Fill in the Blanks:
1. Perseverance is the determination that pushes the entrepreneur to keep going, and keep trying.
2. One of the psychological benefits of entrepreneurship is that it develops confidence.
3. Capital is the funds for investment to start a business venture.
4. Creativity can be in the form of an invention, an innovation, as marketing, or problem-solving strategy.
5. One of the most essential characteristics of entrepreneurs is their willingness to take action.
C. Answer the Following Questions:
1. How will you define entrepreneurship?
Answer: Entrepreneurship is the act of setting up a business and taking on financial risks in the hope of making a profit.
2. What is entrepreneurship development?
Answer: Entrepreneurship development refers to inculcation, development, and polishing of entrepreneurial skills in a person to enable him to establish and successfully run an enterprise.
3. Define ‘Need for Achievement’.
Answer: Need for achievement refers to an innate drive to aim high and achieve success. The presence of this factor makes individuals highly motivated to overcome obstacles to be successful and to excel in their chosen fields.
4. What do you understand by the term ‘risk tolerance’?
Answer: Risk tolerance is the degree to which an individual can comfortably accept taking chances.
5. Mention the three ways which make entrepreneurship beneficial for society.
Answer: Entrepreneurship is beneficial for society in three way - economically, psychologically and socially.
D. Answer in One or Two Sentences:
1. Define integrity.
Answer: Integrity is the personal commitment to keep your promises, to do what you say you are going to do. An entrepreneur with integrity creates confidence in customers and investors and is more successful and respected than others.
2. Make a list of some aptitudes useful in entrepreneurial ventures.
Answer: Some aptitudes useful in entrepreneurial ventures are Artistic, Perceptive, Logical, Mechanical, Spatial and Intellectual.
3. What are the social benefits of entrepreneurship to the society?
Answer: The social benefits of entrepreneurship to the society are:
• Helps reduce unemployment
• Improves socio-economic status
• Satisfies consumer need
4. How is optimism an excellent personal quality for entrepreneur?
Answer: Optimism means to have a positive outlook and not to give up in difficult situation. Optimism helps in bouncing back after a failure. For an entrepreneur, it is an excellent personal quality. For entrepreneurs, such a thought process leads to novel ideas for new products, services or businesses having a greater chances of success.
5. Explain with the help of an example that family background affects the entrepreneurial behaviour of people.
Answer: Background of a family business also influences entrepreneurship. Youngsters who belong to business families often join their family business. They learn business skills from their elders. They often evolve their business according to the changing culture and take it to greater heights. Examples: TATA, Godrej, Ambani, Hinduja, and Bajaj are some of the well-known business families in India.
E. Answer the Following Questions:
1. Mention any five characteristics that you possess that can help you to become a successful entrepreneur.
Answer: Five characteristics that you possess that can help you to become a successful entrepreneur are:
• Willingness to take action
• Aptitude
• Vision
• Risk tolerance
• Confidence
2. Think of a possible venture that you could have start. Also explain the four main phases of entrepreneur development process of your venture.
Answer: The 4 main phases of entrepreneur development process are:
• Innovation: Creative ideas to find opportunities, planning out ideas etc.
• Startup: Motivating factor for the business starting, Identifying possible resources, etc.
• Implementation: Implementation of plans, launching new products and managing those, etc.
• Growth: To find opportunities for expansion of the business, increasing the profit etc.
3. Do you think it is essential to have big money and place to start a business? Give reasons for your answer.
Answer: No, it is not essential to have big money and place to start a business. Every big business has to start somewhere. Some of the very successful global businesses began from garages like Google, Microsoft, Nike etc. They were successful because they had unique ideas and more importantly, they had the necessary talents and skills that made them legendary entrepreneurs.
4. ‘Entrepreneurs are a national treasure. They create wealth, jobs, opportunities, and prosperity in the country’. Write your opinion on this statement.
Answer: Entrepreneurs are a national treasure. They create wealth, jobs, opportunities, and bring prosperity to the country. They are the most significant people in a market economy, and there is always the need for more in any society. As an entrepreneur, your success is vital to the success and prosperity of many around you.
F. Application Based Questions:
1. Amit is good at painting. What possible careers will you suggest him to pursue?
Answer: He can become artist, animator, painter, art teacher etc.
2. Sunaina runs an NGO for under-privileged children. Since it is a non-profitable organisation, what factors do you motivate her to work hard?
Answer: Perceptive view is the factor that motivates her to work hard.
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