NIOS Class 10 Entrepreneurship Chapter 7 Entrepreneurial values and Attitudes

NIOS Class 10 Entrepreneurship Chapter 7 Entrepreneurial values and Attitudes Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Entrepreneurship Chapter 7 Entrepreneurial values and Attitudes and select need one. NIOS Class 10 Entrepreneurship Chapter 7 Entrepreneurial values and Attitudes Question Answers Download PDF. NIOS Study Material of Class 10 Entrepreneurship Notes Paper 249.

NIOS Class 10 Entrepreneurship Chapter 7 Entrepreneurial values and Attitudes

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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 7 Entrepreneurial values and Attitudes, NIOS Secondary Course Entrepreneurship Solutions for All Chapters, You can practice these here.

Entrepreneurial values and Attitudes

Chapter: 7

Intext Questions 7.1

State whether the following statements are true or false: 

(i) Honesty and reliability are core values of an entrepreneur. 

Ans: True.

(ii) Values are not obtained from society.

Ans: False.

(iii) Values are basic beliefs. 

Ans: True.

(iv) Personality factors, environmental factors and action factors together form one’s value system. 

Ans: True.

Intext Questions 7.2

Fill in the blanks: 

(i) Sources of attitude are personal experiences, association and ……………………………….. 

Ans: Social learning.

(ii) Attitudes shape the ……………………… of every individual. 

Ans: Behaviour. 

(iii) Attitude is a ……………………………… trait. 

Ans: Psychological.

(iv) An entrepreneur must respect all ……………………………….

Ans: Stakeholders.

Intext Questions 7.3

State whether following statements are true or false: 

(i) Biological Motives, psychological motives and curiosity are human motives. 

Ans: True.

(ii) Motivation leads to efficiency and cooperation. 

Ans: True.

(iii) Motivation is not an internal feeling. 

Ans: False.

(iv) Motivation and satisfaction are same concept.

Ans: False.

(v) Motivation gives self-confidence.

Ans: True.

Intext Questions 7.4

Fill in the blanks: 

(i) Business ethics is basic ………….. need. 

Ans: Human.

(ii) Business ethics is required for …………………. of business. 

Ans: Survival.

(iii) Business ethics are impacted by ……………… obligations. 

Ans: Societal.

(iv) Ethics are …………….. principles. 

Ans: Moral.

1. Define values. What are its sources?

Ans: “Values are beliefs that guide actions and judgement across a variety of situations.” For example, an entrepreneur is expected to give true and correct information related to his business.

The most important sources of values are: 

(i) Family Factors: The family is the first source of values. People learn their basic values from their family. For example, child rearing practices. 

(ii) Social Factors: Social circles to which people belong also have an impact on their valuesystem. Example: discipline in school. 

(iii) Personal Factors: The personality of an individual also impacts the person’s value system. 

Example: Intelligence level. 

(iv) Cultural Factors: Values, beliefs and norms are a part of every cultural structure. These cultural values are passed from one generation to another. 

Example: How to welcome guests.

(v) Life Experience: The experiences of people also influence their value system. An individual learns from her or his own actions. For example, a person with 40 years of experience will have a different value system in comparison to a person with two years of experience. 

2. Explain the role of values for an entrepreneur. 

Ans: Research has highlighted the following values of entrepreneurs: 

(i) Honesty: It is essential for an entrepreneur to be honest to all stakeholders. In the absence of honesty, entrepreneurs will not be able to sustain themselves in the market for long. 

(ii) Reliable: An entrepreneur must be reliable in all dealings. The quality of products, services and decisions must be reliable. 

(iii) Respect: An entrepreneur must respect all stakeholders, whether customers, suppliers, investors or workers. Disrespecting any stakeholder might hinder the entrepreneur’s reputation and business dealings. An entrepreneur must also respect goals regarding work, time and business. 

(iv) Foresighted: Foresight comes through his education and intelligence. An entrepreneur must be able to assess future risks and accordingly plan business activities to safeguard from uncertainties. 

(v) Innovation and creativity: An entrepreneur must be able to think out of the box. It is one of the most important values if an enterprise is to become successful. These include new ideas, managing change, dealing with uncertainty while applying new ideas, portraying originality etc. 

(vi) Outstanding performance: Entrepreneurs need to outperform the competition to shine in the market and to establish themselves. Entrepreneurs have to accept their mistakes and to correct them. They do not take shortcuts to complete work because there are no shortcuts to quality. 

(vii) Independence: Freedom to express themselves is one of the greatest values entrepreneurs possess. Entrepreneurs are self-motivated and self reliant. 

3. Define attitudes. What are its sources? 

Ans: Attitudes are psychological traits that shape people’s behaviour. Schermerhorn, et al, defined attitude as predisposition to respond in a positive or negative way to someone or something in one’s environment. Attitude defines the positive and negative feelings about a place, persons, objects, and other things. 

Attitudes may be attributed to a variety of sources: 

(i) Personal experiences: People gain attitudes from their personal experience. The attitude of one person may be different from another person even in the same conditions. For example, two subordinates might have differing personal experiences with their supervisor.Ultimately, each will have a different attitude to his superior. 

(ii) Association: Every action has an impact on a person’s attitude. For example, if an employee is efficient and works hard for the company, the boss will have a positive attitude towards that person. Let us presume that after some time, a new employee joins the organisation, also works hard and efficiently. The supervisor may transfer appreciation to the new employee as well. 

(iii) Social learning: Attitudes are also obtained from family, teachers and superiors.

4. How attitudes shape entrepreneurs’ behaviour? 

Ans: Attitudes shape entrepreneurial behaviour. 

Some essential attitudes required for entrepreneurs are: 

(i) Patience: Entrepreneurship is not a one-day activity. At times, it takes a long time to establish oneself in the market and create a brand image. So, entrepreneurs need to be patient. 

(ii) Positivity: Entrepreneurs must have the capability to take risks and stay positive. A positive attitude is not only required to conduct a business but also for the successful future of the enterprise. 

(iii) Perseverance: Entrepreneurs need to put in regular, hard work to accomplish business goals. 

(iv) Resilience: Entrepreneurship is not a old career option, so it is natural that entrepreneurs may be cornered for their choice to be an entrepreneur. In such times, entrepreneurs need to be extremely resilient to achieve their goals. 

(v) Imagination: Entrepreneurs are considered visionaries. To tap market opportunities, entrepreneurs must use their imagination. 

(vi) Change: Entrepreneurs have a positive attitude towards change. Entrepreneurs accept change and modify themselves accordingly. 

(vii) Performance: Entrepreneurs are performers. They complete their tasks against all odds. 

(viii) Networking: Generally, entrepreneurs have a good networking circle. 

(ix) Respect: Entrepreneurs have a positive attitude towards their stakeholders like customers, suppliers and investors. They respect their stakeholders.

5. Define motivation and its features.

Ans: Motivation is the complex forces starting and keeping a person at work in an organisation. Motivation is something that moves the person to action, and continues him in the course of action already initiated.”

Features of motivations are s follow:

(i) Internal Feeling: Motivation generally comes from within. It is an internal feeling. It is hard to observe motivation directly, since it is depicted in an individual’s behaviour. 

(ii) Complex process: Motivation of one person differs from the motivation of another person, even when both are engaged in same activity. 

Example: Two fashion designers will be having different level of motivation. 

(iii) Continuous process: Motivation is not a one-time activity. An individual needs to be continuously motivated to achieve targets. 

(iv) Dynamic process: The needs and goals of every individual keep changing, as does their motivation level. Example:A student may study hard to score well and get a job in the relevant industry. After some job experience, the same person will work hard for promotions and also for a better lifestyle. 

(v) Different from satisfaction: Motivation is the desire to achieve something. Satisfaction comes after the desired target is achieved. 

6. Explain the significance of motivation.

Ans: The following factors make motivation significant for any activity or at any level: 

(i) Will to work: Motivation creates the will to work. It is necessary to achieve organisational goals. 

(ii) Efficiency: A motivated worker performs more efficiently than the unmotivated worker. 

(iii) Cooperation: A motivated worker cooperates more in the organisational activities than the non-motivated worker. 

(iv) Labour absenteeism: If workers are motivated to work, labour absenteeism will be low. 

(v) Good human relations: The organisation with motivated workers faces less friction among employees. 

(vi) Fewer complaints: Motivated employees generally focus on their work and search for solutions to resolve problems rather than complain about them. 

(vii) Low wastage: Motivated employees try to achieve efficiency and produce more quality products. This leads to low wastage of raw materials.

7. Elaborate the role of motivation for an entrepreneur.

Ans: Factors motivating entrepreneurs and qualities they need to achieve are: 

(i) Innovation: New innovations and creativity motivates entrepreneurs to work more and more. Entrepreneurs are always ready to adapt to change and they modify themselves according to the need of an hour. 

(ii) Self-confidence: Entrepreneurs are not discouraged by mistakes and failures. They have the self-confidence to overcome difficulties and they can also go an extra mile to achieve their targets. 

(iii) Future orientation: Entrepreneurs have the tendency to look forward and plan for the future. They learn from past mistakes and rectify them to achieve their long-term goals. 

(iv) Responsibility: Entrepreneurs like to take responsibilities for necessary activities and take blame for their actions. At the same time, they want recognition for their work. 

(v) Feedback: Entrepreneurs search for continuous feedback on their actions. They do so to take corrective actions on time. 

(vi) Tolerance level: Entrepreneurs have a high tolerance level. Even if actions do not move in a planned manner they maintain their tolerance level and take actions accordingly. 

(vii) Achievers: Entrepreneurs are never satisfied with what they have in their hands. They always crave for more and better goals to achieve. 

(viii) Maintain relationships: Entrepreneurs generally maintain good relationships with all stakeholders. This helps stakeholders to feel motivated and contribute their best for the organisation. 

(ix) Mobility: Entrepreneurs are not fussy about their geographical location. They are motivated to move in different areas to achieve efficiency and higher profits.

8. What do you understand about business ethics? 

Ans: Ethics can be defined as the rule of conduct or moral principles. These are acceptable and unacceptable actions in any society. Business ethics are the special study of morality which applies on policies of business, institutions and behaviour of entrepreneurs. Various laws give at least basic ethical standards for any business activity. Of late, companies practise ethics on their own to maintain their reputation and higher standards in the market.

9. Explain various factors which govern business ethics. 

Ans: The following factors govern business ethics: 

(i) Legislative framework: In earlier times, ethics were followed voluntarily, but due to many unethical practices, laws came into force. These laws provide basic standards for any organisation to be followed. 

(ii) Regulatory framework of the government: The government from time to time checks whether the business houses are following ethical practices or not. The government sets the minimum basic standards for product quality, weight, etc. The government also do campaigning to make customers aware about the corporate defaults. 

For Example: Jago Grahak Jago campaign. 

(iii) Corporate Ethical codes: Most of the times, companies plan out their own ethical standards to be followed. These standards are circulated to all employees in the organisation and must be followed by them. 

(iv) Societal obligations: Social pressures have significantly impacted the ethical structure of any corporate. For example, Maternity leave. 

(v) Entrepreneurial vision and mission: The vision and mission of any entrepreneur also influence the ethical standards of his business. 

For Example: Tata is known for its ethical standards. 

10. Elaborate the role of business ethics for an entrepreneur.

Ans: The following factors make business ethics important for every entrepreneur: 

(i) Basic human needs: It is one of the basic human needs that entrepreneurs should behave ethically. All entrepreneurial activities should be conducted ethically. 

(ii) Credibility: An ethical enterprise is given more credibility by the society. People believe in ethical enterprise actions and their products more than the unethical ones. 

(iii) Coordination: An entrepreneur who follows the ethical standards is able to achieve better coordination among his employees, customers, suppliers, etc. 

(iv) Decision-making: Ethical standards help in taking decisions of any enterprise. Ethics tells about what is right and what is wrong. 

(v) Profits: Ethical enterprise can also be a profitable enterprise. Ethical practices help enterprises to build their reputation in the market. This leads to long-term survival of any firm.