Class 10 AI Entrepreneur and Entrepreneurship Notes | Class 10 AI Entrepreneurial skills Notes
1. What is an entrepreneur?
An entrepreneur is a person who establishes a business with a new idea..
2. What do you mean by entrepreneurship?
Entrepreneurship is defined as starting a business with a new idea.
3. What is importance of entrepreneurship?
OR
How can entrepreneurship impact economy?
OR
What are impacts of entrepreneurship on economy?
- It helps in wealth creation.
- It helps to grow overall economy.
- It helps to increase national income.
- It leads to regional development.
- It helps to maintain global standards.
4. What are impacts of entrepreneurship on society?
- It creates new employment opportunities.
- It improves the living standard of people.
- Successful entrepreneurs become role models for others.
- They help in development of society.
5. What are qualities of a successful entrepreneur?
OR
How can an entrepreneur become successful?
- Competitive: They are highly competitive by nature.
- Confidence: They are confident about their business ideas.
- Creativity: The have creative ideas to run their business and design new products.
- Deterministic: They don’t stop due to failures.
- Discipline: They are self disciplined.
- Ethics: They are honest and dedicated towards their work.
- Focused: Entrepreneurs are goal- oriented.
- Motivation: Entrepreneurs are self motivated.
- Optimism: They have a positive outlook towards life and business.
- Open Minded: They look for opportunities in day to day problems They generate new ideas to grow their business.
- Public Relations: They are able to maintain healthy relationship with people around them.
- Passion: Entrepreneurs don’t run only after money but they love what they do.
- Risk takers: They are not afraid to take risks in business.
6. What are impacts of entrepreneurship on an individual?
- Freedom to work as per your own schedule.
- You can follow your passion.
- Flexibility to work from anywhere.
- You become your own boss.
- It brings respect for you.
- You become wealthy if you become successful.
- It helps in personal growth of individua.
7. What are main functions of an entrepreneur?
- DECISION-MAKING: He makes different policies for business.
- MANAGEMENT: He manages and controls his business.
- INCOME DIVISION: He divides income among the different parts and sections of business.
- RISK-TAKING: He takes calculated risks necessary for growth of business.
- INNOVATION: He continuously creates new products, techniques to grow his business.
8. What are myths about entrepreneurship?
OR
What are misconceptions about entrepreneurship?
- They are high risk takers
- They possess inborn business capabilities.
- Entrepreneurs want to become rich:
- They give a little attention to their personal life:
- They are introvert by nature:
- They don’t love to do job.
- They finance their business from venture capitalists.
- They are rude.
- You should have a good idea to become an entrepreneur.
- They get freedom.
- They need an MBA degree.
9. Who should take entrepreneurship as a career option?
Those who can do following can take entrepreneurship as a career option
- Put a lot of physical and mental hard work in business.
- Can take risks.
- Want to become own boss.
- Can take crucial decisions.
- Have passion to do business.
10. How is entrepreneurship encouraged in India?
- Ministry of Skill Development and Entrepreneurship .
- Courses on Entrepreneurship by educational institutions.
- Business houses train new entrepreneur.
- Recognition of entrepreneurs in the community.
- Alumni of various institutions return to their institutes guide and invest in new entrepreneurship projects.
11. What is relationship between an entrepreneur and a society?
An entrepreneur needs a society where he can start a business whereas Society needs entrepreneurs to fulfill their needs.
12. How does entrepreneurship help in wealth creation and development in a certain area?
- Entrepreneurship needs infrastructure that can be purchased using money hence helping others generate wealth.
- Entrepreneurship needs raw material that needs to be purchased from market hence generating wealth for others.
- Entrepreneurship generates wealth for the entrepreneur as he earns money after selling his products
- Economy of the local area improves due to more employment opportunities and money flow.
13. What is the difference between an entrepreneur and his corporate counterpart?
The main difference between an entrepreneurs and his corporate counterparts is a well- planned schedule
14. ‘It is only money that motivates employees’. ‘Is this a myth or a reality?
This is a myth.
15. In some of the developed countries of the world, what is the recent shift in the economy and employment pattern?
They are encouraging entrepreneurship as a career choice for the young.
16. What does entrepreneur do?
An entrepreneur starts a new business with focus on fulfilling and an unmet need in the market .
17. Why should an entrepreneur be open-minded?
Entrepreneur should be open minded as every situation can be a business opportunity. He may get new ideas to improve skills, people and business. All these things can make him successful.
18. Explain two initiatives taken by the government to encourage Entrepreneurship ?
- Ministry of Skill Development and Entrepreneurship set up by the Government of India in 2014.
- Educational institutes are providing courses on entrepreneurship
19. What are the two types of risks usually faced by an entrepreneur?
The two types of risks faced by an entrepreneur are:
- Measurable and insurable risks: They are calculated risks or risks like theft, fire etc.
- Uncertainty risks: They are risks that happen due to natural disasters like earthquake, flood etc.
20. Why is entrepreneurship considered as a good options for earning a livelihood in the present times?
In the present times, we have an educated youth, but job opportunities are limited. Hence, entrepreneurship can be a right career choice.