Experts have designed these Class 10 AI Important Questions Chapter 4 Entrepreneurial Skills Class 10 Important Questions and Answers NCERT Solutions Pdf for effective learning.
Entrepreneurial Skills Class 10 Important Questions
Class 10 AI Entrepreneurial Skills Important Questions
Important Questions of Entrepreneurial Skills Class 10 – Class 10 Entrepreneurial Skills Important Questions
Very Short Answer Type Questions (I mark each)
Question 1.
Define an entrepreneur.
Answer:
An entrepreneur is someone who perceives opportunity organises sources needed for exploiting that opportunity and exploits it.
Question 2.
Name any two qualities of a successful entrepreneur
Answer:
- Leadership
- Self-motivation
- Persistent
- Risk-taking (Any two)
Question 3.
How decision making is an important function of an entrepreneur?
Answer:
Decision-making is an important function because it includes stabilising an organisation’s aims and objectives and changing them according to the changing conditions.
Question 4.
How does an entrepreneur act as a visionary leader?
Answer:
Entrepreneur acts as a visionary leader as he is able to recognise profitable opportunities an successfully conceptualise strategies according to it.
Question 5.
State any two functions of the entrepreneur
Answer:
- Entrepreneurial functions
- Commercial functions
- Promotional functions
- Managerial functions (Any two)
Question 6.
Entrepreneurship creates jobs. Is it true?
Answer:
Yes, it is true. Many entrepreneurial adventures can provide a significant number of new job roles. Entrepreneurs can create employment opportunities for themselves and others by starting new businesses. Whether locally or remote, this can help reduce unemployment rates and improve the overall economic well-being of the community.
Question 7.
What are the two types of risk usually faced by an entrepreneur?
Answer:
The two type of risk usually faced by an entrepreneur are:
- Measurable and insurable risk
- Uncertainty risks
Question 8.
Who plays the role of an entrepreneur in a socialist country?
Answer:
In socialist countries, the State (Government) is the entrepreneur. Government is responsible for the growth, development, and employment generation in such countries.
Question 9.
Identify whether the following business ideas are of self-employment or wage employment.
(i) Cooking in a restaurant
(ii) Having a noodles-selling stall
Answer:
(i) Cooking in a restaurant Wage employment
(ii) Having a noodles-selling stall Self-employment
Short Answer Type Questions (2 marks each)
Question 1.
How is society helping entrepreneurs in their business?
Answer:
Society is helping entrepreneurs by
- Creating needs
- Providing raw material
- Buying/selling of items
- Making money (Any two)
Question 2.
What do entrepreneurs do when they run their business? Mention any two points.
Answer:
- Fulfill Customer Needs
- Use Local Materials
- Help Society
- Create Jobs
- Sharing of Wealth
- Lower Price of Products (Any two)
Question 3.
Raj has a small convenience store in his locality. There are many other convenience stores in the area. Yet, Raj’s store survives the competition and does well. Which stage of an entrepreneur’s career process can you relate this to? Explain.
Answer:
This stage is the Survive stage of an entrepreneur’s career process. In this stage, even if there are many entrepreneurs in the market, the new entrepreneur has to remain in a competitive market.
Question 4.
Do you think entrepreneurs are leaders? Explain why.
Answer:
Entrepreneurs are leaders due to their vision, initiative, and ability to inspire others with their innovative ideas and risk-taking mindset. They navigate challenges with resilience, empowering teams and driving collaboration towards shared goals. Their impact extends beyond their ventures, shaping industries and driving economic and social change, 2
Question 5.
Explain the quality of an entrepreneur as a passionate person.
Answer:
Entrepreneurs, driven by passion, exhibit relentless dedication and enthusiasm in pursuing their goals, fueling their creativity and resilience through challenges. This fervor not only propels their ventures forward but also inspires others to join their vision and contribute to their success.
Question 6.
Explain any two characteristics or qualities of an entrepreneur.
Answer:
The characteristics of successful éntrepreneurs are as follows:
(i) Leadership: An entrepreneur must possess the characteristics of leadership and must lead a team for the achievement of goals. The leader can clearly articulate their ideas and has a clear vision.
(ii) Innovativeness: With the changing needs and requirements of customers production should meet requirements with the help of innovative ideas. An entrepreneur does not have to restrict himself to just one innovation rather uses a combination of innovations.
(iii) Decision Maker: An entrepreneur has to make many decisions to put his business idea into reality. He chooses the most suitable and profitable alternative. (Any two)
Question 7.
What are the functions of an entrepreneur? Explain any two.
Answer:
The functions of an entrepreneur are as follows:
(i) Organisation and management: An entrepreneur organises and manages, various economic and human factors through planning, coordination, control, supervision and direction.
(ii) Size and Scale of Business Unit: An entrepreneur has to decide about the size of business unit as he wants to establish one production unit or more dependent upon the demand of the product. Similarly, he has to decide about scale of production i.e. Small Scale, Middle Scale or Large Scale.
(iii) Factors of Production: Another important function of an entrepreneur is the factors of production i.e., land, labour, capital etc., should be in right proportion and to maximise output of these factors is the responsibility of the entrepreneur.
Question 8.
Explain the role and significance of entrepreneurs with the help of any two points.
Answer:
The role and significance of entrepreneurs are discussed below:
(i) Organiser of Society’s Productive Resources: An entrepreneur is the organiser of society’s productive resources. He is the person who assembles the unused natural, physical, and human resources of the society, combines them properly, establishes effective coordination between them, and makes the economic activities dynamic.
(ii) Helpful in Capital Formation: An entrepreneur is helpful in capital formation or we know that an increase in the rate of capital formation is quite essential for the economic development of any country.
(iii) Increase in Employment Opportunities: An entrepreneur creates maximum employment opportunities in society by way of establishing industries, developing and expanding existing industries, and undertaking innovative activities. (Any two)
Question 9.
What are the myth of entrepreneurship? Explain any two.
Answer:
Myths of Entrepreneurship:
Every business idea needs to be unique or special: People believe successful businesses are only born from completely novel ideas. However, history shows that many thriving businesses are based on improving existing concepts or addressing common problems in innovative ways. The key is often execution and differentiation rather than sheer uniqueness.
A person needs a lot of money to start a business: While having financial resources can be advantageous, it’s not always a prerequisite. Numerous successful businesses have been launched with minimal funds, leveraging strategies like bootstrapping, crowdfunding, or seeking investment.
Only a person having a big business is an entrepreneur: There’s a common misconception that only individuals who run large corporations qualify as entrepreneurs. In reality, entrepreneurship encompasses ventures of all sizes. Small and medium-sized businesses, as well as startups, embody the spirit of entrepreneurship through innovation, risk-taking, and value creation.
Entrepreneurs are born, not made: This misconception suggests that entrepreneurship is an innate trait, something people are born with. While certain personality traits like creativity, resilience, and vision can be beneficial, entrepreneurship is largely a skill that can be developed and honed through education, experience, and mentorship. Anyone with dedication and a willingness to learn can become an entrepreneur (Any two)
Question 10.
Why do we say entrepreneur should be open minded?
Answer:
Open-minded entrepreneurs are able to strategise better because they can listen to varying and look at a problem through multiple lenses.
Question 11.
‘Entrepreneurs are job creators, not job seekers’. Explain.
Answer:
Entrepreneurs are not job seekers but job creators. They facilitate new business opportunities of employment for people. Job creation by new and existing businesses is one of the primary goals of economic development.
Question 12.
It is believed that ‘Entrepreneurs are high risk takers. Explain.
Answer:
Entrepreneurs, often characterised as high-risk takers, embrace uncertainty and leverage opportunities, potentially reaping substantial rewards from their ventures. This risk-taking propensity enables them to innovate, seize competitive advantages, and ultimately drive growth and success in their enterprises.