Page 100 - Data_Science_Part_A C12

• 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.
B. Long answer type questions.
1. What are the essential functions that an entrepreneur must accomplish? Explain any four.

Ans. The following are some of the essential functions that an entrepreneur must accomplish:
i. Identifying business opportunities: There are numerous opportunities in the corporate sector. These are based
on ever-changing human requirements such as food, fashion, and education. The general population is unaware of
these opportunities. However, an entrepreneur detects opportunities faster than others. As a result, the entrepreneur
must have his or her eyes and ears open at all times. To become an entrepreneur, one must have vision, creativity,
and innovativeness.
ii. Putting ideas into action: Entrepreneurs must be able to put their ideas into action. They should be able to gather
information on ideas, products, and processes in order to meet market demand.
iii. Feasibility study: Entrepreneurs undertake feasibility studies to determine the commercial viability of a new product
or service. They anticipate problems and evaluate the number, quality, pricing, and sources of inputs needed to run
the business. A 'business plan' or 'project report' is a roadmap of all actions.
iv. Resourcing: To establish a successful business, an entrepreneur requires a variety of resources such as money,
machinery, raw materials, and labour. An entrepreneur's primary responsibility is to secure the timely availability of
all of these resources.
2. 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.

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