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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.

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