Page 98 - Data_Science_Part_A C12

Recap

Ÿ The term ‘entrepreneur’ is derived from the French word entreprendre, that means "to undertake."
Ÿ Entrepreneurship can be defined as “an economic process in which an idea or an opportunity is generated, improved,
developed, and implemented while being exposed to uncertainty in order to realise a profit through effective resource
utilisation.”
Ÿ Entrepreneurship is the perfect combination of art and science because it involves definite progression and procedures to
be followed as well as the ability to deviate whenever necessary while still making the entire activity profitable and growth-
oriented.
Ÿ The qualities of a successful entrepreneur include initiative, willingness to take risks, ability to learn from mistakes, motivation,
self-confidence, hard work, and ability to make decisions.
Ÿ There are various types of entrepreneurs.
Ÿ The essential functions of an entrepreneur include identifying business opportunities, putting ideas into action, feasibility
study, resources, establishing an enterprise, managing the business, and growth and development.
Ÿ Qualities that motivate an entrepreneur are excellence as a standard, uniqueness, concentrating on long-term goals,
exerting influence, identifying possibilities and taking risks.
Ÿ A startup is a business that is in its early stages of development.
Ÿ The Government of India's flagship initiative, ‘Startup India,’ aims to create an ecosystem for the growth of startup businesses.

Solved Exercise

Objective Type Questions (Section A)

A. Tick ( ) the correct option.
1. ______________________ means not to give up and keep going even when a challenging situation arises while running a
business.
a. Motivation b. Self-awareness
c. Perseverance d. Determination

2. An ______________________ acts as a means of assisting budding entrepreneurs in recognising and designing
one-of-a-kind distinctive business possibilities.
a. entrepreneurship development programme b. stress management programme

c. business development programme d. mentor development programme
3. Which of the the following is a part of entrepreneurship process?

a. Developing of business plans
b. Using innovation, launching and running the business
c. Both a and b

d. Copying other businesses
4. Which of the following is NOT a quality of a successful entrepreneur?
a. willingness to take risks b. ability to learn from mistakes

c. motivated d. taking frequent holidays

96 Touchpad Data Science-XII