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B Long ans er type uestions
. hat are the essential functions that an entrepreneur must accomplish plain any four.
Ans. he follo ing are some of the essential functions that an entrepreneur must accomplish
i. Identi ying business opportunities: here are numerous opportunities in the corporate sector. hese are
based on ever changing human requirements such as food, fashion, and education. he general population is
una are of these opportunities. o ever, an entrepreneur detects opportunities faster than others. As a result,
the entrepreneur must have his or her eyes and ears open at all times. o become an entrepreneur, one must have
vision, creativity, and innovativeness.
ii. Putting ideas into action: ntrepreneurs must be able to put their ideas into action. hey should be able to
gather information on ideas, products, and processes in order to meet market demand.
iii. easibility study: ntrepreneurs undertake feasibility studies to determine the commercial viability of a ne
product or service. hey anticipate problems and evaluate the number, quality, pricing, and sources of inputs
needed to run the business. A 'business plan' or 'pro ect report' is a roadmap of all actions.
iv. Resourcing: o establish a successful business, an entrepreneur requires a variety of resources such as money,
machinery, ra materials, and labour. An entrepreneur's primary responsibility is to secure the timely availability of
all of these resources.
. hat are some methods for prospective entrepreneurs to identify ne business opportunities and assess their
potentials and ha ards
Ans. ollo ing are some methods for prospective entrepreneurs to identify ne business opportunities and assess their
potentials and ha ards
i. Community Concerns: ook for problems that are important to your community. tarting small might have a big
payoff in some cases. Identify inefficiencies, analyse ho an innovation can assist, and eigh the dangers.
ii. Personal experiences: any significant orld changing ideas emerge from an entrepreneur's life e periences
and obstacles. If you ant to be an entrepreneur, you should listen to and be inspired by the personal e periences
of great entrepreneurs. heir e periences may teach you valuable lessons in entrepreneurship and provide insights
into certain company tactics that you can use to achieve success.
iii. Discuss ith others: alk to like minded people, get active in social groups, and oin local startup groups to
conduct research ith others. any times, conversing ith others opens up ne avenues of opportunities. It is
also beneficial to master the subtleties of business.
. Differentiate bet een ntrepreneurs of the first generation and entrepreneurs from a family business.
Ans. i. Entrepreneurs of the first generation: irst generation entrepreneurs are people ho have no prior business
e perience. hey can come from a variety of ages and backgrounds. A person ho starts at the age of ithout
any entrepreneurship history is also a first generation entrepreneur, as is someone ho starts at the age of .
ii. Entrepreneurs from a family business: hen a family or a person successfully operates a business and passes it do n
to the ne t generation, such entrepreneur is referred to as a family business entrepreneur. he individual to hom
the business or the operation of an enterprise is passed over is not the first generation entrepreneur. he individual
continues to carry out all inherited entrepreneurial operations in the same manner or brings specific technology
upgrades to the e isting technique and approach of the family business.
. hat are the fe qualities that motivate an entrepreneur
Ans. ollo ing are the fe qualities that motivate an entrepreneur
i. cellence as a standard: An entrepreneur consistently sets high standards and seeks to achieve e cellence by
orking hard and being innovative.
ii. Uni ueness: One of the most significant characteristics of an entrepreneur is the ability to be unique in everything
he or she does and ho it is done.
iii. Concentrate on long-term goals: ong term goals are those that are out of reach in terms of time. An entrepreneur
is more concerned ith hat ill be accomplished in the distant future than hat ill be accomplished in the near
future. he individual ill plan and ork carefully to achieve long term ob ectives.
iv. Need to e ert in luence: he entrepreneur feels that ideas can be revolutionary and e pects them to have a
significant impact on the orld. ost entrepreneurs' ideas have had an impact on the globe, and others have
radically changed the face of the planet.
E ntre pre ne uri al S ki l l s- IV

