10th Social Notes (Entrepreneurship)

 

10^th Entrepreneurship

I. Fill in the blanks with appropriate answers:

1. The word entrepreneur has come from the French word ‘Entreprende’. 

2. The process of action an entrepreneur undertakes to establish an enterprise is called Entrepreneurship. 

3. The person who developed Apollo Group of hospital was Dr.Pratap Reddy. 

4. The chairperson of Wipro is Azim Premji.

II. Discuss the following questions in group and then answer:

1. Who is an entrepreneur?

Ans: Entrepreneur is an innovator of new ideas and business processes. He possesses management skills, building abilities of strong team and essential leadership qualities to manage the business.

 

2. “Entrepreneurship is a creative activity”. How?
Ans: a) Entrepreneurship is a creative activity.

b) It is the ability to create and build something.

c) It- is a knack of sensing the opportunity where others see chaos, contradiction and confusion.

d) 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.

 

3. What are the characteristics of an entrepreneur?
Ans: The characteristics of an entrepreneur are:

a) Creativity,

b) Dynamisfn.

c) Team building.

d) Problem-solving.

e) Risk-taking.

f) Commitment.

g) Innovation.

h) Leadership.

i) Achievement of motivation

j) Goal Orientation.

k) Decision making.

 

4. Explain the importance of an entrepreneur.

Ans: a) Entrepreneurs occupy a central position in a market economy.

b) 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.

c) Encourages the entrepreneurial activities because they are the critical determinants for success, prosperity, growth and opportunity in the economy.

d) Entrepreneurs promote capital formation by mobilizing the idle savings of the public.

e) They employ their own as well as borrowed resources for setting up their enterprises.

f) The creation of wealth is very essential for the industrial and economic development of a country.

g) It is the entrepreneurial energy, creativity, and innovation that trigger the production and sale of new products and services.

h) He undertakes the risk of the enterprise in search of profit and seeks opportunities to earn profit and strives hard to satisfy the needs.