Entrepreneurship Class 10 Questions and Answers KSEEB 10th Social Science
I. Fill in the blanks with suitable answers:
The word entrepreneur has come from the French word _____________
The process of action, an entrepreneur undertakes to establish an enterprises is called _____________
The person who developed Apollo Group of hospitals was _____________
Dr. Prathap Reddy
The Chairperson of Wipro is _____________
II. Discuss the following questions in group and then answer
Who is an Entrepreneur?
‘Enterpreneur’ is an inventor of new ideas and business processes.
“Entrepreneurship is a creative activity”. How?
Entrepreneurship is a creative activity. It is the ability to create and build something. It is a knack of sensing the opportunity where others see chaos, contradiction and confusion.
Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture which comprises of numerous activities involved in it. Entrepreneurship is a philosophy. It is the way one thinks, one acts and therefore in can exit in many situtations, let it be business or government or in the field of education, science and technology or proverty alleviation or any others.
What are the characteristics of Entrepreneurship?
- Team building
- Achievement motivation
- Problem solving
- Goal orientation
- Decision making
- Self Confidence
Explain the importance of an Entrepreneur.
Entrepreneurs occupy a central position in a market economy. They serve as the “Spark plug” in the economy’s engine, activating and stimulating all dynamic activities for the economic progress of a nation and to spread its activities worldwide. So they must be encouraged and rewarded. A society become prosperous only when it rewards and encourages the Entrepreneurial activities because they are the critical determinants for success, prosperity, growth and opportunity in the economy.
The most dynamic societies in the world are those that have more entrepreneurs. Entrepreneurs promote capital formation by moblising the idle savings of the public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of Entrepreneurial activities tends to value addition and creation of wealth, which is very essential for the industrial and economic development of a country.
It is the Entrepreneurial energy, creativity and innovation that trigger the produciton and sale of new product and services. It is the Entrepreneur, who undertakes the risk of the enterprise in search of profit and seeks opportunities to earn profit and strives hard to satisfy the needs.
Additional Questions and Answers
Explain the major role played by Entrepreneur in the economic developmetn of a country.
1. Entrepreneur promote capital formation by mobilizing the idle savings of the citizens. They employ resources for setting up their enterprise.
2. Entrepreneurs provide large scale employment to artisans, technically qualified persons and professionals.
3. Entrepreneurs help the country to increase the Gross Domestic product (GDP) and Per Capita Income.
4. Entrepreneurs encourage effective mobilization of skill, bring in new products and services and develop market for the growth of the economy.
5. Entrepreneurs enable the people to avail better quality goods at lower prices which results in the improvement of their standard of living.
6. Entrepreneurs promote development of Industries. They help to remove regional disparities by industrialising rural and backward areas.
7. Entrepreneurs contribute towards the development of society by reducing concentration of income and wealth.
8. Entrepreneurs promote country’s export trade.
9. Entrepreneurs work in an environment of changing technology and try to maximise profits by innovations.
Mention some self – employment opportunities for an Entrepreneur.
- Advertising Agencies
- Marketing Consultancy
- Industrial Consultancy
- Equipment Rental and Leasing
- Photo copying centres
- Industrial Research and Development
- Industrial Testing Labs.
- Internet Browsing/Setting up of Cyber Cafe.
- Installation and Operation of Cable and T.V. Network
- Creche and Beauty Parlours.
What are the functions of an Entrepreneur?
- Entrepreneur starts business activity by preparing various plans relating to business
- He organises factors of production.
- He takes decisions about product, technology, marketing employment etc.,
- He co-ordinates things effectively
- He introduces new methods into practice.
- He handles budget of his concern
- He bears risk and uncertainty.
- He gives directions to the business firm and ensures its effective operation.
Name any five financial institutiuons that provide loans for an Entrepreneur.
Some of the important financial institutions are :
- Industrial Development Bank of India (IDBI)
- National Bank for Agriculture & Rural Development (NABARD)
- Export and Import Bank (EXIM BANK)
- Small Industries Development Bank of India (SIDBI)
- Industrial Finance Corporation of India (IFCI)
- Industrial Credit & investment Corporation of India (ICICI)
- Industrial Re-construction Bank of India.
- Commercial & other Banks.
- State Finance Corporations.
How do promotional organisation support entrepreneurs.
Government at State and Central level has introduced many measures to support the growth and development of entrepreneurs. A number of promoting agencies and institutions have been setup to help emerging entrepreneurs to start especially, small 86 medium scale enterprises. These institutions support the entrepreneurs in respect of training, financing and marketing.
Name any five promotional organisations established by the government.
- District Industrial Centres (DIC’s)
- Small Industries Development Corporation Ltd. (SIDC)
- National Small Industries Corporation (NSIC)
- Small Scale Industries Board (SSIB)
- Small Industries Service Institutions (SISI)
- Industrial Estates (KIADB)
- Khadi & Village Industries Corporation (KVIC)
- Technical Consultancy Organisations (TCO)
Write a brief profile of ‘Narayan Murthy’ of infosys Technologyes Ltd.
‘Narayan Murthy’ is one of the founders of “Infosys Technologies Ltd”. in 1999. Infosys became the first Indian company to be listed on NASDAQ (National Association of Securities Dealers Automated Quotations.) By 2006, the company employed over 50000 people and had a turnover of two billion dollars. Murthy has always believed that honesty, transparency and moral integrity are the key factors for the success.
Write a brief profile of any one of women entrepreneur’s of Karnataka.
Kiran Mazumdar Shah: She is the Chairman and Managing Director of Biocon Ltd., the largest Bio-technology company in India. She started Biocon in 1978 in a rented garage, faced with variety of problems and challenges because bio-technology was a new field and a woman entrepreneur promoted such an enterprise was very rare. She crossed over all entrepreneurial barriers and made Biocon a success.
Multiple Choice Questions and Answers
An inventor of new ideas and business Process is
A. Self employed
The process of an individual establishing his Enterprise is
A. Team Ship
The important characteristic of an Entrepreneur is
The process of creating some thing new is
B. Skill development
A Tea – Seller is
B. Self – employed .
C. Small – businessman
b. Self – Employed