NIOS Class 10 Entrepreneurship Chapter 1 Introduction to Entrepreneurship Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Entrepreneurship Chapter 1 Introduction to Entrepreneurship and select need one. NIOS Class 10 Entrepreneurship Chapter 1 Introduction to Entrepreneurship Question Answers Download PDF. NIOS Study Material of Class 10 Entrepreneurship Notes Paper 249.
NIOS Class 10 Entrepreneurship Chapter 1 Introduction to 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 Entrepreneurship Chapter 1 Introduction to Entrepreneurship, NIOS Secondary Course Entrepreneurship Solutions for All Chapters, You can practice these here.
Introduction to Entrepreneurship
Chapter: 1
Intext Questions 1.1
1. Fill in the blanks with suitable text.
(a) The emphasis of entrepreneurship is not merely on the ………………….. but also on the ……………………and implementation of a new business environment.
Ans: Idea generation, promotion.
(b) Entrepreneurship is the best ………………. of available resources.
Ans: Utilization.
(c) Entrepreneurship is an economic activity done to create, develop and maintain a ………………………………………..
Ans: Profit – oriented business.
Intext Questions 1.2
1. Match the following:
| Column A | Column B |
| (a) Women entrepreneurship | (i) Risk |
| (b) Small-scale entrepreneurship | (ii) Size of enterprise |
| (c) Corporate entrepreneurship | (iii) Ownership |
| (d) Trading entrepreneurship | (iv) Gender |
| (e) Imitative entrepreneurship | (v) Types of business |
Ans:
| Column A | Column B |
| (a) Women entrepreneurship | (iv) Gender |
| (b) Small-scale entrepreneurship | (ii) Size of enterprise |
| (c) Corporate entrepreneurship | (iii) Ownership |
| (d) Trading entrepreneurship | (v) Types of business |
| (e) Imitative entrepreneurship | (i) Risk |
2. State whether the following statements are true or false.
(a) Bill Gates is an example of an innovative entrepreneur.
Ans: True.
(b) Corporate entrepreneurship was pioneered by Burgelman.
Ans: True.
(c) Shahnaz Husain is an example of women entrepreneurship.
Ans: True.
(d) Development of small shopping complexes is an example of imitative entrepreneurship.
Ans: True.
3. Choose the correct option from the following:
(a) A woman entrepreneur is supposed to have a minimum financial interest of:
(i) 35 percent.
(ii) 51 percent.
(iii) 75 percent.
(iv) 100 percent.
Ans: (ii) 51 percent.
(b) The concept of social entrepreneurship came around:
(i) 1960
(ii) 1965
(iii) 1990
(iv) 2014
Ans: (i) 1960
(c) Any business with a turnover of up to rupees five crore would be considered:
(i) A micro enterprise.
(ii) A small enterprise.
(iii) A medium enterprise.
(iv) Large enterprise.
Ans: (i) A micro enterprise.
(d) Any business with a turnover over rupees 75 crore but up to rupees 250 crore would be considered:
(i) A large enterprise.
(ii) A small enterprise.
(iii) A medium enterprise.
(iv) A micro enterprise.
Ans: (iii) A medium enterprise.
Intext Questions 1.3
Choose the correct option:
1. In self-employment, the person is free to choose:
(a) Time.
(b) Place.
(c) The manner of work to enjoy all the perks and profits.
(d) All of the above.
Ans: (d) All of the above.
2. Which of the following is not an example of self- employment?
(a) Online tutoring.
(b) Opening an online shop and doing regular business.
(c) Running an errand service.
(d) Teaching.
Ans: (d) Teaching.
3. Entrepreneurship is for people:
(a) Who gets a salary.
(b) Who doesn’t like work.
(c) Who has the ability to start their own business.
(d) Who does not want to take any risk in business.
Ans: (c) Who have the ability to start their own business.
Intext Questions 1.4
Choose the correct option from the following:
1. Lack of capability is concerned with:
(a) Pull factors.
(b) Push factors.
(c) Both (a) and (b).
(d) None of these.
Ans: (b) Push factors.
2. Which of the following is not concerned with Push factors?
(a) Job dissatisfaction.
(b) Insufficient salary.
(c) Zeal to work.
(d) All of the above.
Ans: (c) Zeal to work.
| Terminal Questions |
1. Define Entrepreneurship. Discuss its features.
Ans: Entrepreneurship may be defined as the visualisation and realisation of new ideas by insightful individuals, who are able to use information and mobilise resources to implement their vision. Entrepreneurship is the ability of a person to translate ideas of commencing a business unit into reality by setting up a business on ground to serve the needs of society and the nation, in the hope of profits.
The features of Entrepreneurship are as follow:
(i) Entrepreneurship is an economic activity done to create, develop and maintain a profit-oriented business.
(ii) It begins with identifying an opportunity as a potential to sell and make profit in the market.
(iii) Entrepreneurship is the best utilisation of available resources.
(iv) Entrepreneurship is the ability of an enterprise and an entrepreneur to take risks.
2. What is corporate entrepreneurship?
Ans: Corporate entrepreneurship is an approach used to develop new business opportunities, products, or services within an organisation. This process seeks to create value, drive revenue growth, and encourage innovation inside the company through entrepreneurial thoughts and actions.
3. What do you mean by self-employment?
Ans: Self-employed people may be individuals or self-governing contractors. A self-employed person could be skilful in a particular type of work but still involved in various occupations. Some examples of self-employed persons are writers, freelancers, lawyers, insurance agents, salespersons, etc.
4. What is meant by livelihood?
Ans: Livelihood means securing the basic necessity of life such as food, clothing, shelter, health and the capacity to acquire the above to meet the requirements of oneself and the family. The capacity to acquire the basic necessities of life can be possible by providing an opportunity to develop the capabilities through education and skills. The Government of India took considerable initiative for development of livelihood assets.
5. Define micro, small and medium enterprises.
Ans: (i) Micro Enterprises: Any business with a turnover of up to Rupees five crore.
(ii) Small-Scale Entrepreneurship: A small enterprise has an annual turnover of more than Rupees five crore but not more than Rs 75 crore.
(iii) Medium-Scale Entrepreneurship: A business with a turnover over Rs 75 crore and up to Rs 250 crore.
6. Explain the different concepts of entrepreneurship.
Ans: Different concepts of entrepreneurship by different Writers are follow:
Baumol’s definition of entrepreneurship includes all kinds of opportunity seeking behaviour – in his own words encompassing, for instance, political rent-seeking and “organised crime.
“Wennekers and Thurik have probably provided the most elaborate and inclusive definition:
Entrepreneurship is the manifest ability and willingness of individuals, on their own, in teams, within and outside existing organisations to perceive and create new economic opportunities (new products, new production methods, new organisational schemes and new product-market combinations), and to introduce their ideas in the market, in the face of uncertainty and other obstacles, by making decisions on location, form and the use of resources and institutions.
Finally, entrepreneurship can be understood as, An economic process where an idea is generated or an opportunity is created, refined, developed and implemented, while exposed to uncertainty to realise a profit by effective utilisation of resources.
7. Explain innovative entrepreneurship.
Ans: Entrepreneur comes up with new ideas and turns them into viable business and find new ways to market the products that make their business stand out from the crowd and sometimes create a new crowd. Examples are Steve Jobs and Bill Gates.
8. Describe imitative entrepreneurship.
Ans: Imitative Entrepreneurship implements current techniques from which they copy certain business ideas and improve upon them as to gain an upper hand in the market. Imitative entrepreneurship is characterised by the adoption of exogenously changing technologies. Examples are development of small shopping complexes and small car manufacturers.
9. Explain social entrepreneurship.
Ans: Social entrepreneurship focuses on social problems and environmental problems aiming at bringing about transformation. This obligation of contribution to social well-being is primary and in a way, profit takes a back seat or is more or less secondary but essential to survival.
10. Describe women entrepreneurship.
Ans: The Government of India defines women entrepreneurship as, “a business enterprise which is owned, managed and controlled by women having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of employment generated in the enterprises to women.”
11. Explain the push factors that discourage individuals from choosing entrepreneurship as a career option.
Ans: Push Factors: These factors push individuals away from entrepreneurship.
(i) Culture.
(ii) Individual preference for alternate sources of employment.
(iii) Individual capabilities.
12. Differentiate between entrepreneurship and job.
Ans:
| Basic | Entrepreneurship | Job |
| (i) Creation vs. Continuation | Entrepreneurship is about ideas, creation and developing something new and solving problems in a unique way. | Job is often about continuation of same work and doing it in much better way. Creativity may be useful and appreciable but is not necessary for survival as nurturing is not the priority. One needs to do work on time. |
| (ii) Risks | Entrepreneurship is risky in respect of losing initial investments due to failure of business. | Jobs have relatively low financial risks. Yet, in the case of retrenchment or termination of job, you will lose money and may get a similar job at less salary. |
| (iii) Whole day vs. Fixed working hours | Entrepreneurs often lose track of time as they are solely responsible for their enterprise. They find it difficult to adjust to the demands of family and society. | People in job often work for fixed time and find enough time for their family. |
| (iv)Diversified vs. Concentrated skills | Entrepreneurship is a multi-skilled diversified field like one is to design, create one’s own boat and then escape in it. | Job requires concentrated skills which can be obtained through education to become an expert in a specified area. |
| (v) Explosive vs. Incremental | Entrepreneurship can lead to explosive growth if worked through practice which can make one rich and famous. | Jobs offer logical increments over time in the form of promotion resulting in increase in salary consistently with every rise in position. |
| (vi) Uncertainty of income vs. Certainty of salary | Entrepreneurship is not for people who cannot survive without any pay. It does not guarantee the certainty of profits for months, sometimes for years. | Jobs pay immediately and usually, salaries are fixed and certain. |
13. State the merits and demerits of entrepreneurship.
Ans: The merits of entrepreneurship are:
(i) You don’t report to anybody. You can work freely.
(ii) Work hard and get remuneration accordingly. The better you provide products or services, the better are your prospects.
(iii) You can take a day off as per your own convenience.
(iv) You are your own boss. You are whatever you do.
(v) You can have job satisfaction along with desired career growth.
The following are the demerits of entrepreneurship:
(i) If you fail to deliver the desired result, chances are you lose your ground. The risk factor is high.
(ii) No surety of financial success. There are many entrepreneurs who had to go back to their routine desk job.
(iii) You virtually don’t get leave even though you are your own boss.
(iv) You don’t have one boss, you have multiple. All the stake owners will expect you to provide better quality products or service.
(v) You may not get enough time to socialise or be with family.
14. State the merits and demerits of job.
Ans: The following are the merits of job:
(i) You have a specific time for your work. Even if you have to work sometimes after the office hours, that is not the daily scenario.
(ii) You get time for your other activities after your working hours.
(iii) You get your salary at the end of each month.
(iv) You get promotions and new job activities.
(v) You get a peer circle throughout your time in your cubicle.
The following are the demerits of job:
(i) You may not get due credit for your work.
(ii) Hard work often gets unnoticed.
(iii) The competition among your team may drive you crazy.
(iv) Little or no job satisfaction.
(v) Fear of losing a job during a slowdown or recession.
