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3. List any two values that an entrepreneur should have to achieve success.

4. What is meant by ‘goal-setting’?
5. Differentiate between entrepreneurs in technology and in entrepreneurs information technology.

B. Long answer type questions.
1. Differentiate between a wage employee and an entrepreneur using examples.
2. What do you understand by a startup? Also explain the Government of India's flagship initiative, ‘Startup India’.
3. How is entrepreneurship as a career option? What challenges and risks one might have to take up as an entrepreneur?
4. Why is an entrepreneur important for the development of the country?
5. Write a note on women entrepreneurs. Also mention any one example for the same.

21 st Century #Leadership & Responsibility
C. Competency-based/Application-based question. Skills
Payal lives in a small town and notices the inconvenience of travelling 2 hours to buy groceries. Seeing this as an opportunity,
she starts a door-to-door grocery delivery service, despite lacking prior business experience. What entrepreneurial
competency does Payal demonstrate?

Previous Years’ Questions

1. is an economic process, where an idea is generated or an opportunity is created, refined, developed
and implemented, while being exposed to uncertainty, to realise a profit by effective utilisation of resources. [2023]
a. Entrepreneurs b. Entrepreneurship development
c. Entrepreneurship d. Cluster intervention
Ans. c. Entrepreneurship
2. Which entrepreneur, out of the following, is essentially a manufacturer, who identifies the needs of customers and
creates products or services to serve them? [2023]
a. Service entrepreneur b. Industrial entrepreneur
c. Agricultural entrepreneur d. Technical entrepreneur
Ans. b. Industrial entrepreneur
3. Write any four qualities that motivate an entrepreneur. [2023]
Ans. The four qualities that motivate an entrepreneur are:
• Standard of excellence • Focus on long term goals
• Need to influence • Identifying opportunities and risk taking
4. Briefly define the term competency. Mention any two common entrepreneurial competencies. [2023]
Ans. Competency is the ability to do something well. The common entrepreneurial competencies are:
• Decisiveness • Initiative
• Interpersonal Skills • Perseverance
5. Name any two common entrepreneurial competencies. [2022]
Ans. Decisiveness, Initiative
6. What is Competency? [2022]
Ans. Competency is described as the capacity to apply or use the collection of linked information, skills, and abilities needed
to successfully complete "essential job functions" or tasks in a certain work environment. A competent person is more
productive and adds better value to the work.

7. Suggest any one way to an entrepreneur to deal with self-doubt. [2022]
Ans. Working towards one's goals is one of the finest strategies to deal with self-doubt. When we are feeling unmotivated,
simply looking at our goals and knowing that the actions we are performing today are contributing to our long term
targets might help us feel better.

Entrepreneurial Skills-IV 101