NIOS Class 10 Business Studies Chapter 20 Entrepreneurship Solutions to each chapter is provided in the list so that you can easily browse throughout different chapters NIOS Class 10 Business Studies Chapter 20 Entrepreneurship Notes and select need one. NIOS Class 10 Business Studies Chapter 20 Entrepreneurship Question Answers Download PDF. NIOS Study Material of Class 10 Business Studies Notes Paper 215.
NIOS Class 10 Business Studies Chapter 20 Entrepreneurship
Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Business Studies Chapter 20 Entrepreneurship Solutions, NIOS Secondary Course Business Studies Solutions for All Chapter, You can practice these here.
Entrepreneurship
Chapter: 20
NIOS TEXTBOOK QUESTIONS ANSWERS
Intext Questions 20.1
Which of the following statements are true and which are false?
(i) Entrepreneurs take risks in converting ideas into action.
Ans:- True.
(ii) Entrepreneurs are gamblers.
Ans:- False.
(iii) An entrepreneur constantly strives for excellence.
Ans:- True.
(iv) Entrepreneurs are born not made.
Ans:- False.
(v) An entrepreneur generates employment for others.
Ans:- True.
(vi) Entrepreneur is an independent person.
Ans:- True.
Intext Questions 20.2
Which of the following statements are true and which are false?
(i) An entrepreneur should learn after committing the mistakes repeatedly.
Ans:- False.
(ii) A person who does not have decision making power cannot be an entrepreneur.
Ans:- True.
(iii) Lack of self confidence is the secret of success for all entrepreneurs.
Ans:- False.
(iv) An entrepreneur should have the capacity to make timely decisions.
Ans:- True.
Intext Questions 20.3
Write two sentences in your own words about each of the following
(i) Feasibility Study.
Ans:- A feasibility study is a detailed analysis that considers all of the critical aspects of a proposed project in order to determine the likelihood of it succeeding.
(ii) Resourcing.
Ans:- A resourcing strategy will help your business get the right people with the right skills into the right roles at the right time.
Intext Questions 20.4
I. Which of the following statements are true and which are false?
(i) Only rich people can start a business.
Ans:- False.
(ii) A small industry can be started by an entrepreneur in his own premises or rented premises.
Ans:- True.
(iii) An entrepreneur should start a business far away from the customers’ residences.
Ans:- False.
(iv) Large amount of working capital is not required for small business.
Ans:- False.
(v) Sales promotion technique should be used for marketing the product.
Ans:- True.
II.
| Multiple Choice Questions |
(i) Which one of the them is not an importance of entrepreneur?
(a) Provides employment to the people.
(b) Contributes towards research and development system.
(c) Creates wealth for the nation.
(d) Provides self sufficiency.
Ans:- (d) Provides self sufficiency.
(ii) Point out the quality in an entrepreneur
(a) Initiative.
(b) Lack of experience.
(c) Lack of confidence.
(d) Lack of decision making ability.
Ans:- (a) Initiative.
(iii) Which one in not function of an entrepreneur?
(a) Turning ideas into action.
(b) Feasibility study.
(c) Resourcing.
(d) Shutting down the existing business.
Ans:- (d) Shutting down the existing business.
(iv) Who can start a business
(a) Only highly educated person.
(b) Only an uneducated person.
(c) Only rich person.
(d) Any one of the above.
Ans:- (d) Any one of the above.
(v) While selecting of line a business, an entrepreneur must keep in his mind
(a) Profitability.
(b) Risk involved.
(c) Profits.
(d) All above.
Ans:- (d) All above.
| Terminal Exercise |
1. Explain the concept of ‘entrepreneurship’.
Ans:- Entrepreneurship defined as “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”. An entrepreneur is a creative thinker. He is an innovator, who volunteers to take risk and invest money. In the process he generates jobs, solves problems, adds values and seeks excellence.
2. Give any three features of an entrepreneur.
Ans:- The three features of an entrepreneur are discussed below:
(i) Motivation: Motivation in entrepreneurship is the drive or desire that keeps someone going towards a goal. It can come from both inside and outside. In the world of startups, entrepreneurs often have to work on their business venture products for years before they can see any real success.
(ii) Innovation: Innovation in entrepreneurship means the practice of creating new business ideas and plans with the intention of generating profits, helping the community, and accompanying company goals.
(iii) Passion: Entrepreneurial passion is the obtainable, conscious, and strong positive emotions that individuals exhibit when they perceive that their entrepreneurial activities are consistent with their own entrepreneurial identity during the process of participating in entrepreneurship.
3. State the importance of an entrepreneur.
Ans:- The following are the importance of an entrepreneur:
(i) Provides employment to the people: People often hold a view that all those who do not get employed anywhere jump into entrepreneurship, but in reality now a days most of the business are set by those who have other options available with them.
(ii) Contributes towards research and development system: Almost 2/3rd of all innovations are due to the entrepreneurs. Without the boom of inventions the world would have been a much dry place to live in. Inventions provide an easier way of getting things done through better and standardised technology.
(iii) Creates wealth for the nation and for the individuals as well: All individuals who search business opportunities usually, create wealth by entering into entrepreneurship. The wealth created by them plays a significant role in the development of the nation. The entrepreneurs contribute to the economy, in the form of products, and services Their ideas, thoughts, and inventions are also of a great help to the nation.
4. Describe any three qualities of a successful entrepreneur.
Ans:- The following are the qualities of successful entrepreneur:
(i) Willingness to assume risk: In any business there is an element of risk. It implies that a businessman may be successful or unsuccessful. In other words, it is not necessary that every business shall earn profit. This deters individuals to take up business. However, an entrepreneur always volunteers to take risks to run a business and be successful.
(ii) Self-confidence: For achieving success in life, one should have confidence in himself or herself. A person who lacks confidence can neither do any work himself nor can inspire others to work. Self Confidence is reflected in courage, enthusiasm and the ability to lead. A successful entrepreneur must have self-confidence.
(iii) Decision making ability: In running an enterprise, the entrepreneur has to take a number of decisions. He should therefore, be capable of taking suitable and timely decisions. In other words he must take right decision at the right time. In the present world, things move very fast. If an entrepreneur does not have the ability to take timely decision, he might miss opportunity and incur loss.
5. Explain how motivation is a key to success.
Ans:- Motivation is the key to success. This is necessary for success in every walk of life. Once you get motivated to do something you will not rest unless you complete it. For example, sometimes you become so much interested in reading a story or a novel that you do not sleep unless you complete it. This kind of interest in the work comes through motivation. This is an essential quality of a successful entrepreneur.
6. Explain the various functions of an entrepreneur.
Ans:- Some of the major functions of an entrepreneur are:
(i) Identifying entrepreneurial opportunity: There are many opportunities in the world of business. These are based on human needs like food, fashion, education, etc., which are constantly changing. These opportunities are not realised by common man, but an entrepreneur senses the opportunities faster than others do.
(ii) Turning ideas into action: An entrepreneur should be capable of turning his ideas into reality. He collects information regarding the ideas, products, practices to suit the demand in the market. Further steps are taken to achieve the goals in the light of the information collected.
(iii) Feasibility study: The entrepreneur conducts studies to assess the market feasibility of the proposed product or services. He anticipates problems and assesses quantity, quality, cost and sources of inputs required to run the enterprise. Such a blue print of all the activities is termed as a ‘business plan’ or a ‘project report’.
(iv) Resourcing: An entrepreneur needs various resources in terms of money, machine, material, and men to running the enterprise successfully. An essential function of an entrepreneur is to ensure the availability of all these resources.
(v) Setting up of the Enterprise: For setting up an enterprise the entrepreneur will have to fulfil some legal formalities. He also tries to find out a suitable location, design the premises, install machinery and do many other things.
(vi) Managing the enterprise: One of the important functions of an entrepreneur is to run the enterprise. He has to manage men, material, finance and organise production of goods and services. He has to market each product and service, after ensuring appropriate returns/ profits on the investment. Only a properly managed organisation yields desired results.
(vii) Growth and Development: Once the enterprise achieves its desired results, the entrepreneur has to explore another higher goal for its proper growth and development. The entrepreneur is not satisfied only with achieving a set goal but constantly strives for achieving excellence.
7. What are the factors you would like to consider if you start a small enterprise to produce ball pen.
Ans:- Some the factors are mentioned below:
(i) The uniqueness of the pen.
(ii) The limit of finance.
(iii) Targeted market.
(iv) The number of employees required.
(v) The desired location of the enterprise.
