10th Standard, Social Science, BUSINESS STUDIES, CHAPTER – 32
ENTREPRENEURSHIP
EXERCISES
I. Fill in the blanks with suitable words:
1. The word entrepreneur has come from the French word Entreprende.
2. The process of action an entrepreneur undertakes to establish an entreprise is called Entrepreneurship.
3. District Industrial Centres were started in the year 1978.
II. Discuss the following questions in group and then answer.
4. Who is an entrepreneur?
Answer: Entrepreneur is an innovator of new ideas and business processes. He possesses management skills and strong team building abilities and essential leadership qualities to manage the business. He exercises initiative by organising a venture to take the benefit of an opportunity.
5. “Entrepreneurship is a creative activity”. How?
Answer: 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.
6. What are the characteristics of Entrepreneurship?
Answer: The characteristics of Entrepreneurship are as follows.
- Creativity
- Innovation
- Dynamism
- Leadership
- Team building
- Achievement motivation
- Problem solving
- Goal orientation
- Risk taking
- Decision making
- Commitment
7. Explain the importance of an entrepreneur.
Answer: The importance of an entrepreneur are,
1. Entrepreneurs promote capital formation by mobilizing the idle savings of the citizens. They employ resources for setting up their enterprises.
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 capital 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
8. What is the part played by the District centres in the development of Entreprises?
Answer: The part played by the District centres in the development of Entreprises are as follows.
1) Technical support for preparation of project report.
2) Promotion of new Industrial Estates.
3) Approval of Project reports of special types.
4) Training through Entrepreneurship development programmes.
5) Allotment of raw materials.
6) Financial assistance under self-employment schemes.
7) Assistance in marketing linkage with central government.
8) Marketing assistance through participation in exhibitions/trade fairs/buyers-sellers meet.
9) Attending problems related to SSI registration/Bank loan/marketing production.
10) Financial assistance for modernisation of units.
11) Export assistance.
12) Promoting entrepreneurship through National level awards for innovative products.
13) Promotion of products under non-conventional energy source.
14) Assistance in design and product development for handicrafts.
Additional Questions and Answers:
1 . What are the main functions of an entrepreneur?
Answer: The main functions of an entrepreneur are as follows.
1. Entrepreneur starts business activity by preparing various plans relating to business
2. He organises factors of production.
3. He takes decisions about product, technology, marketing, employment etc,
4. He co-ordinates things effectively.
5. He innovates new methods.
6. He handles budget of his concern
7. He bears risk and uncertainty.
8. He gives directions to the business firm and ensures its effective operation.
2. Which are the Importance of Entrepreneurs?
Answer: Entrepreneurs promote capital formation by mobilising the idle savings of the public. They employ their own as well as borrowed resources for setting up their entreprises. 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 production and sale of new products 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.
3. What are the Self-employment opportunities for entrepreneurship?
Answer: The Self-employment opportunities for entrepreneurship are as follows.
1) Advertising agencies
2) Marketing consultancy.
3) Industrial consultancy.
4) Equipment rental and leasing.
5) Photocopying centres
6) Industrial Research and Development.
7) Industrial testing labs.
8) Internet browsing/setting up of cyber cafe.
9) Installation and operation of cable and T.V network.
10) Beauty parlours.
4. Name some of the important financial institutions which help small scale industries by providing loans?
Answer: The financial institutions which help small scale industries by providing loans are,
1) Industrial Development Bank of India (IDBI)
2) National Bank for Agriculture & Rural Development (NABARD)
3) Export and Import Bank (EXIM BANK)
4) Small Industries Development Bank of India (SIDBI)
5) Industrial Finance Corporation of India (IFCI)
6) Industrial Credit & Government Corporation of India (ICGCI)
7) Industrial Re-construction Bank of India (IRBI)
8) Commercial & other Banks
9) State Finance corporations.
10) Life Insurance Corporation of India (LIC)
11) Unit Trust of India (UTI)
5. Which are the Promotional organisations to help emerging entrepreneur?
Answer: The Promotional organisations to help emerging entrepreneur are as follows.
1) District Industrial Centres (DIC’s)
2) Small Industries Development Corporation Ltd (SIDC)
3) National Small Industries Corporation (NSIC)
4) Small Scale Industries Board
5) Small Industries Service Institutions (SISI)
6) Industrial Estates.
7) Khadi & Village Industries Corporation
8) Technical Consultancy Organisation.
III. Activities:
1. Visit an entreprise near your place and collect information about the workers.
2. Collect information about various entreprises through internet.
3. Collect the photographs of famous entrepreneurs of India.
IV. Project:
1. Arrange for an interview with your nearby entrepreneur and collect detailed information about how he/she has built up that entreprise and prepare a report.
