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3. 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.
4. 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.
iv. Need to exert influence: The entrepreneur feels that ideas can be revolutionary and expects them to have
a significant impact on the world. Most entrepreneurs' ideas have had an impact on the globe, and others
have radically changed the face of the planet.
5. 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.
C. Competency-based/Application-based question. 21 st Century #Productivity & Accountability
Skills
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
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