NIOS Class 10 Entrepreneurship Chapter 2 Introduction to Entrepreneur Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Entrepreneurship Chapter 2 Introduction to Entrepreneur and select need one. NIOS Class 10 Entrepreneurship Chapter 2 Introduction to Entrepreneur Question Answers Download PDF. NIOS Study Material of Class 10 Entrepreneurship Notes Paper 249.
NIOS Class 10 Entrepreneurship Chapter 2 Introduction to Entrepreneur
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 2 Introduction to Entrepreneur, NIOS Secondary Course Entrepreneurship Solutions for All Chapters, You can practice these here.
Introduction to Entrepreneur
Chapter: 2
Intext Questions 2.1
State which of the following statements is true and which is false.
(i) An entrepreneur is her/his own boss.
Ans: True.
(ii) Intrapreneurs are entrepreneurs operating outside the existing organisation.
Ans: False.
(iii) Vision is of no use to an entrepreneur.
Ans: False.
(iv) The nature of an entrepreneur is of utmost importance when it comes to success or failure of an enterprise.
Ans: True.
(v) Risk is an inevitable part of any venture.
Ans: True.
Intext Questions 2.2
Select the most suitable option from the given options.
(i) Which of the following is not a trait of a successful entrepreneur?
(a) Assertive.
(b) Committed.
(c) Risk Avoider.
(d) Inquisitive.
Ans: (c) Risk Avoider.
(2) Imitative entrepreneurs are the ones who:
(a) Are sceptical of changes.
(b) Want to operate traditionally.
(c) Follow the lead of innovating entrepreneurs.
(d) Are committed to innovation.
Ans: (c) Follow the lead of innovating entrepreneurs.
(3) An entrepreneur who is concerned only with the customers and the marketing needs is a:
(a) Drone Entrepreneur.
(b) Classical Entrepreneur.
(c) First Gen Entrepreneur.
(d) Fabian Entrepreneur.
Ans: (b) Classical Entrepreneur.
Intext Questions 2.3
(1) Which of the following is not a managerial function to be performed by an entrepreneur?
(a) Control.
(b) Planning.
(c) Staffing.
(d) Criticising others.
Ans: (d) Criticising others.
(2) The process of motivating others is part of which managerial function of an entrepreneur?
(a) Planning.
(b) Directing.
(c) Control.
(d) Staffing.
Ans: (b) Directing.
| Terminal Questions |
1. What is meant by the term entrepreneur? State any three traits of becoming a successful entrepreneur.
Ans: The word entrepreneur has its origin in the French word Entreprendre made up of two words entre and Prendre. Entre implies ‘between,’ and Prendre means, ‘to take’. An entrepreneur means a person or group of persons who are willing to take the risk of a new venture. An entrepreneur is her/his own boss and therefore self-employed and independent. She/he assumes the risk of the new venture and adds value to society.
The following traits may help one become a successful entrepreneur:
(i) Desire to become a successful entrepreneur, the person has to have the desire to work and an inherent will to succeed in the venture. Someone not willing to work may become a successful investor but cannot become a successful entrepreneur.
(ii) Risk Taker An entrepreneur’s unique trait includes willingness to assume a certain percentage of risk. In fact, an entrepreneur is defined as someone willing to take risk.
(iii) Responsive An entrepreneur has to assume an active and responsive role. It is expected that an entrepreneur will look for opportunities from every walk of life.
2. Elaborate the types of entrepreneurs on the basis of adaptability or innovation.
Ans: The types of entrepreneurs on the basis of adaptability or innovation are:
(i) Innovating Entrepreneurs: Innovating entrepreneurs think out of the box or come up with solutions that are innovative. The entrepreneur may introduce new technologies, new products, new methods of work, or even explore new markets. These entrepreneurs can innovate when a certain level of development already exists and when people want better and improved goods and services.
(ii) Imitative Entrepreneurs: These entrepreneurs follow the lead of innovating entrepreneurs and are open to adopting their successful innovations. Imitative entrepreneurs do not initiate change or innovation. They just copy or imitate an existing technology and offer their own version of goods and services. An example of this is entrepreneurs in the area of production of generic medicines.
(iii) Fabian Entrepreneurs: These entrepreneurs are characterised by the scepticism to change. They usually avoid taking any bold step and try to imitate only when failure is imminent. They can be called laggards as they are lazy and not much open to change or adapt to new methods to improve the enterprise.
(iv) Drone Entrepreneurs: Drone entrepreneurs are one step ahead of Fabians as they are not open to any kind of change in the enterprise even at the risk of incurring losses. They are conservative or orthodox entrepreneurs. They always feel comfortable with existing technology or methods of production. They are also laggards as they continue to operate in a traditional way and resist any possible change.
3. Distinguish between First Gen and Next Gen entrepreneurs.
Ans:
| First Gen Entrepreneurs | Next Gen Entrepreneurs |
| These are individuals who start their own businesses without any significant prior experience or family background in entrepreneurship. | Next generation entrepreneurs, on the other hand, inherit or take over existing family businesses. |
| First generation entrepreneurs often begin from scratch, identifying opportunities, creating business plans, and building their enterprises from the ground up. | These individuals often have the advantage of a family legacy, which may include an established brand, existing customer base, and inherited knowledge of the industry. |
| They typically face unique challenges such as limited access to capital, lack of networks, and navigating unfamiliar territory in terms of business operations and management. | Next generation entrepreneurs may join the family business after gaining education and experience elsewhere, or they may start working in the business from a young age under the guidance of family members. |
4. Discuss the managerial functions of an entrepreneur.
Ans: These are some of the functions performed by an entrepreneur:
(i) Planning: Determination of future course of action to achieve desired results. It involves questions such as, What is to be done? When should it be done? How to do it? Who should do it? stc.
(ii) Organizing: Entire organisation is divided into interlinked and interdependent structures in harmony with each other. An entrepreneur has to ensure harmonious adjustment to various part to achieve common goals.
(iii) Staffing: People, also known as Human Resource, are the essence of any organisations. An entrepreneur must find the right person for the right role and keep them gainfully occupied. This responsibility often begins with recruitment, selection and other sub functions.
(iv) Staffing: It implies the process of instructing, guiding, communicating and inspiring human resources in the enterprise. Supervision, communication, leadership and motivation are the sub-functions under directing.
(v) Control: This refers to the comparison of actual and desired results so that corrective actions can be taken if results are negative or replication of efforts can be made if results are positive.
5. Explain the statement, ‘Financial rewards are of secondary importance to an entrepreneur.’
Ans: The statement “Financial rewards are of secondary importance to an entrepreneur” suggests that while entrepreneurs may recognize the importance of financial gain, their primary motivations for starting and running a business extend beyond just monetary rewards.
Here’s an explanation of why this statement holds true for many entrepreneurs:
(i) Passion and Purpose: Entrepreneurs are to establish a successful business and also achieve a healthy balance between their personal and professional lives. This involves creating a business venture that fulfils market needs and secures financial stability while allowing for personal growth and life satisfaction.
(ii) Autonomy and Independence: Entrepreneurs are often driven by a deep desire for independence. They value the ability to make decisions on their own and maintain full control over their businesses.
6. Identification of opportunities and the willingness to take risks are the core functions of an entrepreneur. Explain the given statement.
Ans: Entrepreneurs possess a unique ability to identify and capitalise on opportunities that others may overlook. This involves recognizing gaps or inefficiencies in the market, understanding emerging trends or changing consumer needs, and spotting areas where innovation can create value. Entrepreneurs are visionary individuals who identify opportunities, take calculated risks, and bring innovative ideas to life. They play a crucial role in creating and expanding businesses, generating employment opportunities, and fostering economic growth.Successful entrepreneurs are often adept at observing their surroundings, asking probing questions, and thinking creatively to identify potential business opportunities. Entrepreneurship inherently involves risk-taking, as entrepreneurs must make decisions and take actions with uncertain outcomes. Risk-taking is essential in entrepreneurship because it drives innovation, growth, and progress. Without taking risks, entrepreneurs would be reluctant to pursue new opportunities, experiment. Entrepreneurs also handle idea generation, business financing, business plan development, company culture building and public relations.
7. How are trading entrepreneurs different from business entrepreneurs?
Ans:
| Trading Entrepreneurs | Business Entrepreneurs |
| Trading entrepreneurs are people who perform trading activities in the market, such as buying and selling manufactured goods and services at different price levels. | Business entrepreneurs are people who find an idea to start a business and establish a business according to their idea. |
| Trading entrepreneurs primarily focus on buying and selling goods or assets. Their business model often involves identifying opportunities in the market to buy low and sell high, leveraging price differentials, market trends, and fluctuations. | Business entrepreneurs are involved in establishing and operating businesses that offer goods or services. They are concerned with creating sustainable ventures that provide value to customers and generate profits through various revenue streams. |
| Trading involves a higher level of short-term risk, as market fluctuations can quickly impact profitability. Trading entrepreneurs often deal with market volatility, uncertainty, and rapid changes in demand and supply. | Business entrepreneurs face long-term risks associated with building and growing a business, including market competition, regulatory changes, operational challenges, and financial constraints. |
