ENTREPRENEURSHIP SKILLS - II

 ENTREPRENEURSHIP SKILLS - II

1. What is Society?

Society is described as an aggregate of people living together in a community, who associate for various engagements including business.

2. What does an Entrepreneur do?

An entrepreneur combines factors in a creative manner in order to generate value for customers and create wealth.

3. What are the positive impacts of Entrepreneurship on Society?

The positive impacts of Entrepreneurship on Society are

  • Emphasize economic Growth
  • Fosters Creativity
  • Stimulates Innovation and Efficiency
  • Creates Jobs and Employment Opportunities
  • Solves the problems of the society
  • Encourages welfare of the society 

4. What role does Society plays in boosting entrepreneurship?

Society plays the following roles in boosting entrepreneurship:

  • Creates needs and demands
  • Provides raw materials
  • Enables financial support
  • Creates a need for education
  • Catalyses policy formation and reform
  • Facilitates networking
  • Supports infrastructure development

5 Name some adverse effects of Entrepreneurship on Society

Some adverse effects of Entrepreneurship on society are

  • Environmental degradation
  • Trade imbalance
  • Labour exploitation.

6. Name the common Entrepreneurial activities related to Society?

The common Entrepreneurial activities related to Society are:

  • Social entrepreneurship
  • Agricultural entrepreneurship
  • Women entrepreneurship
  • Small scale entrepreneurship

7. What is social entrepreneurship?

Social entrepreneurship is the creation of sustainable solutions for social problems that leads to social change by employing entrepreneurial mindset, processes and operations.

8. What is agricultural entrepreneurship?

Agricultural Entrepreneurship is being primarily related to the marketing and production of inputs and products used in agricultural activities.

9. What is Women Entrepreneurship?

Women entrepreneurship is referred to the entrepreneurial activity led by women, where women undertake risks, create enterprises, organise factors of production, innovate with products/services and generate employment opportunities.

10. What is small scale entrepreneurship?

Small scale entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale. They serve as the backbone of many developing countries.

11. What are the qualities of an entrepreneur?

The qualities of an entrepreneur are

  • Hard work
  • Optimism
  • Independence
  • Energetic
  • Self-confident
  • Perseverant
  • Passion
  • Vision
  • Creativity
  • Risk taker
  • Disciplined

12. Name the different categories of functions performed by an entrepreneur.

The different categories of functions performed by an entrepreneur are

  • Entrepreneurial functions
  • Promotional functions
  • Commercial functions
  • Managerial functions

13. Name the different Entrepreneurial functions performed by an entrepreneur.

The different Entrepreneurial functions performed by an entrepreneur are

  • Organisation Building and Management
  • Risk taking
  • Innovation

14. Name the different Promotional functions performed by an entrepreneur.

The different Promotional functions performed by an entrepreneur are

  • Idea Discovery
  • Detailed Investigation
  • Assembling the Requirements
  • Financing

 15. Name the different Commercial functions performed by an entrepreneur.

The different Commercial functions performed by an entrepreneur are:

  • Production and Operations
  • Finance and Accounting
  • Marketing
  • Human Resource Management

16. Name the different Managerial functions performed by an entrepreneur.

The different Managerial functions performed by an entrepreneur are

  • Planning
  • Organizing
  • Directing
  • Staffing
  • Leadership
  • Communication
  • Supervision
  • Motivation
  • Co-ordination
  • Controlling
  • Negotiation
  •  
  • 17. Name the different roles performed by the Entrepreneurs.
  • The different roles performed by the Entrepreneurs are
  • Innovator’s Role
  • Agent’s role
  • Coordinating role
  • Risk assumption role
  • Capital formation role
  • Imitating role
  • Employment Generation role
  • Status transformation role
  • Balancing role

18. Name the importance of Entrepreneurs.

The importance’s of Entrepreneurs are

  • Free market evolution
  • Efficiency improvements
  • New markets
  • New values

 19. What are the different myths of Entrepreneurship?

The myths of Entrepreneurship are:

  • Entrepreneurs are born a certain way
  • Great ideas are what make entrepreneurs
  • Entrepreneurs have to take a lot of risk
  • Businesses either skyrocket or fail
  • A lot of money is required to start any business
  • One must know everything before starting a business

 20. How does how taking the route of entrepreneurship benefits an individual in their career?

Taking the route of entrepreneurship benefits an individual in their career in the following ways:

  • Nurtures development of entrepreneurial skills and capabilities
  • Enables application of an entrepreneurial mindset
  • Develops the ability to handle failure and ambiguity
  • Enhances critical thinking and problem-solving ability
  • Provides early exposure to the real world
  • Inspires to think about one’s career differently
  • Leads to creating difference in society

 

 


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