Characteristics of Entrepreneurship

 

Chapter 14

Characteristics of Entrepreneurship

 

Multiple Choice Questions

1. Which of the following statements about entrepreneurship is correct.

(a) It helps in establish in one’s own business.

(b) It helps in managing a business.

(c) It helps in creating and expanding opportunities

(d) All of the above

2. What do we call a person who sets up his own business?

(a) Manager                                                                                 (b) Board of Director  

(c) Entrepreneur                                                        (d) Head

3. Which of the following are the characteristics of entrepreneurship?

(a) Systematic activity                                            (b) Visionary approach

(c) Lawful and purposeful activity                     (d) All of these

4. Which of the following initiative of the government are related to entrepreneurship?

(a) Beti Bachao, Beti Padao                                  (b) Startup India     

(c) Aadhar Sabka Adhikar                                     (d) Pradhan Mantri Jan Dhan Yojna

5. Which of the following is an example of franchise business.

(a) McDonald                                                               (b) Facebook

(c) Amazon                                                                   (d) Flipkart

 

Short Answer Type Questions

1. What is entrepreneurship?

Ans. Entrepreneurship is the process of establishing one’s own business. It is the capacity and willingness to develop, organize and manage a business venture with all the risks, in order to get profit.

2. What is an enterprise?

Ans. An enterprise is a set-up or an organization that supports a business unit to run it efficiently and smoothly.

3. Who is an entrepreneur?

Ans. A person who sets up his/her business is called an entrepreneur. He/she is responsible to run the business.

4. What is Entrepreneurship Development?

Ans. Entrepreneurship Development is the process of developing one's skills in methodical manner in order to improve and enhance the knowledge and skills of entrepreneurs.

Long Answer Type Questions

1. What do you understand by Entrepreneurship Development? Explain the process of Entrepreneurship Development.

Ans. Entrepreneurship Developing is the process to improve and enhance the skills of an entrepreneur. The process of entrepreneurship development is a sequence of steps that involves generating a business idea, conducting thorough research and planning, securing necessary resources, launching the business, and managing its growth and expansion. It's a dynamic journey that also focuses on developing the individual's skills, knowledge, and mindset to successfully manage and scale a venture.

2. Enlist the characteristics features of entrepreneurship.

Ans. The following are the characteristics features of entrepreneurship.

Clear View of the Objective of the Program: Every entrepreneurship program must begin with a clear objective so that participants understand the purpose and expected outcomes.

 

 Selecting the Potential Targets: It is important to identify the right group of people who are interested in entrepreneurship and capable of benefiting from the program.

 

 Identifying Local Talents and Markets: Entrepreneurship development should focus on recognizing local skills, resources, and talent that can support business growth.

 

Choosing the Right Location: Selecting a suitable location ensures smooth operations and better opportunities for growth.

 

Tying-up with Institutions: Collaborating with educational, financial, or government institutions provides support in terms of training, funding, and guidance.

 

Developing the Entrepreneurship Program as Needed: The program should be flexible to address emerging challenges and incorporate improvements based on feedback.

 

 Analyzing the Results for Future Development: Evaluating the results helps measure the success of the program and identify areas for improvement.

 

 

 

 

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