Page 101 - Web Applications (803) Class 12
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10.   What are the few qualities that motivate an entrepreneur?
                    Ans.  Following are the few qualities that motivate an entrepreneur:
                        i.   Excellence as a standard: An entrepreneur consistently sets high standards and seeks to achieve excellence by
                           working hard and being innovative.
                        ii.   Uniqueness: One of the most significant characteristics of an entrepreneur is the ability to be unique in everything
                           he or she does and how it is done.
                        iii.   Concentrate on long-term goals: Long-term goals are those that are out of reach in terms of time. An entrepreneur
                           is more concerned with what will be accomplished in the distant future than what will be accomplished in the near
                           future. The individual will plan and work carefully to achieve long-term objectives.
                    11.  Explain why the following qualities are necessary for an entrepreneur:
                        i.   Willingness to take risks.
                        ii.  Ability to make decisions.
                    Ans.  i.    Willingness to take risks: There is an element of risk in any business. It means that it is not required for every firm

                           to make a profit. This discourages people from taking risks and starting their own businesses. An entrepreneur, on
                           the other hand, always offers to take risks in order to manage a successful firm.
                         ii.   Ability to make decisions: While running a business, an entrepreneur must make a variety of decisions. As a
                           result, the individual must be capable of making appropriate and timely decisions. Things move at a breakneck
                           pace in the modern world. If an entrepreneur lacks the ability to make appropriate and timely judgments, he or she
                           may miss out on an opportunity and incur damages.
                 B.  Competency-based/Application-based questions:

                    Shruti runs an online business of selling ladies purses and bags. Initially, she faced a lot of challenges. She had few
                    resources—only one machine to stitch the bags. Her packaging would also get damaged during transportation due to
                    which she suffered losses. However, Shruti did not give up. She paid extra attention to packaging so that it would not get
                    damaged during delivery. She also started selling various types of bags—handbags, potli bags, sling bags etc. Slowly she
                    turned her company to a big successful venture.  List how Shruti built her perseverance.
                   Ans. Perseverance can be built in the following ways:
                     • Never giving up when faced with a difficult situation
                     • Working hard to achieve your goal
                     • Learning from failures


                                                       Unsolved Questions


                                                  SECTION A (Objective Type Questions)
                       uiz
                 A.  Tick ( ) the correct option.
                    1.                 entrepreneurs are those who focus on generating solutions that benefit the society.
                        a.  Social                                       b.   Women
                        c.  IT                                           d.  Professional

                    2.   Startups rely on           provided by angel investors or venture capital firms.
                        a.  furniture                                    b.  funding
                        c.   support                                     d.  capital

                    3.   To become an entrepreneur, one must have vision,       , and innovativeness.
                        a.  originality                                  b.  resourcefulness
                        c.  ingenuity                                    d.  creativity

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