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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.
iii. Discuss with others: Talk to like-minded people, get active in social groups, and join local startup groups to
conduct research with others. Many times, conversing with others opens up new avenues of opportunities. It is also
beneficial to master the subtleties of business.
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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