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2. What are the benefits of entrepreneurship?
Ans. Among the numerous advantages are the following:
• Engage in activities that stimulate your interest: Entrepreneurship allows you to start and do what you enjoy by
combining your interests and talents.
• Work for yourself, not for others: As an entrepreneur, you have the option of working for yourself rather than
for someone else. You have the freedom to choose the type of work you want to undertake and how you want to
accomplish it.
• Make profits for yourself: As an entrepreneur, you have the freedom to choose how much money you want to
make and how you want to make it.
3. Why should an entrepreneur display ‘Perseverance’?
Ans. It is critical to be persistent, patient, and willing to continue even if the first battle is lost. Entrepreneurs must remain
focused, patient, and confident in their mission. Only by attempting different things and methodologies can a solution
be found.
4. Who is an entrepreneur?
Ans. An entrepreneur is someone who seeks to address the demands of a consumer through new ideas or ways of doing
business while still making a profit. New ideas for adding value to a firm can take many forms, including new products
such as adding variation and new services such as home delivery or credit services.
5. What is meant by a ‘business idea’?
Ans. A business idea is a thought that can be used to make money and is usually focused on a product or service that can
be sold for money. The first step in the process of establishing a successful business is the generation of an idea.
6. Mention any two qualities of a successful entrepreneur. [CBSE Sample Paper, 2022]
Ans. Initiative, willingness to take risks, ability to learn from experience, motivation, self-confidence, hard work, decision
making ability.
7. What motivates an entrepreneur? [CBSE Sample Paper, 2022]
Ans. An entrepreneur has the potential and willingness to overcome every hurdle that comes in his/her way. Qualities can
be uniqueness, need to influence, identifying opportunities and risk taking.
8. What are some methods for prospective entrepreneurs to identify new business opportunities and assess their
potentials and hazards?
Ans. Following are some methods for prospective entrepreneurs to identify new business opportunities and assess their
potentials and hazards:
i. Community Concerns: Look for problems that are important to your community. Starting small might have a big
payoff in some cases. Identify inefficiencies, analyse how an innovation can assist, and weigh the dangers.
ii. Personal experiences: Many significant world-changing ideas emerge from an entrepreneur's life experiences
and obstacles. If you want to be an entrepreneur, you should listen to and be inspired by the personal experiences
of great entrepreneurs. Their experiences may teach you valuable lessons in entrepreneurship and provide insights
into certain company tactics that you can use to achieve success.
9. Differentiate between Entrepreneurs of the first generation and entrepreneurs from a family business.
Ans. i. Entrepreneurs of the first generation: First generation entrepreneurs are people who have no prior business
experience. They can come from a variety of ages and backgrounds. A person who starts at the age of 50 without
any entrepreneurship history is also a first-generation entrepreneur, as is someone who starts at the age of 17.
ii. Entrepreneurs from a family business: When a family or a person successfully operates a business and passes it down
to the next generation, such entrepreneur is referred to as a family business entrepreneur. The individual to whom
the business or the operation of an enterprise is passed over is not the first-generation entrepreneur. The individual
continues to carry out all inherited entrepreneurial operations in the same manner or brings specific technology
upgrades to the existing technique and approach of the family business.
98 Touchpad Web Applications-XII

