SEBA Class X Employability Skills: Unit 4 Entrepreneurial Skills Questions and Answers

 

Session 1: Entrepreneurship and Society

1. What qualities are required for successful entrepreneurs?

Answer – Successful entrepreneurs have the following qualities.

• They are confident, They believe in themselves and their abilities.
• They keep trying new ideas in their business
• They are creative and think differently about business ideas.
• They do not give up when they face difficulty.
• They make decisions after thinking about them.
• They are patient
• They take responsibility for their actions
• They work hard

2. What do entrepreneurs do when they run their business?

Answer – To run the business entrepreneurs do –

• Fulfill Customer Needs – A product or service that people want is referred to as demand. Entrepreneurs discover what people desire. Then students use their imaginations to come up with a business plan to address that demand.
• Use Local Materials – Entrepreneurs produce low-cost items by using the materials and people available to them.
• Help Society – Entrepreneurs have a good interaction with the general public. They gain money by doing things that help society. Some businesspeople donate money to create schools and clinics, while others work to save the environment.
• Create Jobs – They buy more material, and from more people. They also hire more people to work for them. In this way, more people have jobs.
• Sharing of Wealth – Wealth means having enough money to live a comfortable life. As entrepreneurs grow their business.
• Lower Price of Products – The price of a product decreases when more entrepreneurs sell the same thing. In India, for example, as more mobile phones were sold, the cost of the phone decreased.

Entrepreneurial Skills Class 10 Questions and Answers

Session 2: Qualities and functions of an entrepreneur

3. Qualities of an Entrepreneur?

Answer – Qualities of entrepreneur are –

• I believe in myself and what I can do. I am confident.
• I think of different ways to solve a problem. I am creative.
• I work hard on every task.
• Problems take time to get solved. I am patient about solving them.
• I take responsibility for my actions and mistakes.
• I do not give up when I face a problem.
• I keep trying new ideas.
• I think before I make a decision.

Entrepreneurial Skills Class 10 Questions and Answers

Session 3: Myths about entrepreneurship

4. What are the misconceptions of Entrepreneurship?

Answer – Misconceptions of Entrepreneurship are –

• It is a common misconception that every company idea must be unique or exceptional.
• A person needs a lot of money to start a business.
• Entrepreneurs are born, not made.
• A person having a big business is an entrepreneur.

Entrepreneurial Skills Class 10 Questions and Answers

Session 4: Entrepreneurship as a career option

5. What is wage employment?

Answer – Wage management is based on work grades and performance parameters. Wage management’s goal is to take reward and give high performance standards in the business. The wage management does not take too much risk, but entrepreneurs have to take risks.

6. Difference between Self employment & Wage employment?

Answer – There are two ways a person can earn a living.

• Self Employment – An entrepreneur is a self-employed individual who runs a business to meet a need by experimenting with new ideas.
  • Enter – When an entrepreneur first starts business, they are simply getting their feet wet in the business world.
  • Survive – There are a lot of entrepreneurs around nowadays. In a competitive market, the entrepreneur must remain competitive.
  • Grow – An entrepreneur considers growing his or her business once it has reached a certain level of stability.

• Wage Employment – Wage management is based on work grades and performance parameters. Wage management’s goal is to take reward and give high performance standards in the business.

7. What is Entrepreneurship?

Answer – An entrepreneur is a person who creates a new business, takes risks, brings new ideas to start a business and is self-employed.

8. What are the different ideas entrepreneurs add?

Answer – New ideas with which an entrepreneur adds varieties of product, new services, cost reduction ideas, or new marketing techniques.

9. Characteristics of Entrepreneurs?

Answer – Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction

1. Believe in hard work
2. Ability to take up risks
3. Money Management
4. Knowledge of the product and services and their need or demand in the market
5. Effective planning and execution
6. Financial literacy