Plus Two Business Studies Chapter Wise Questions and Answers Chapter 13 Entrepreneurial Development

Kerala Plus Two Business Studies Chapter Wise Questions and Answers Chapter 13 Entrepreneurial Development

Plus Two Business Studies Entrepreneurial Development One Mark Questions and Answers

Question 1.
The factors which affect the success of an enterprise are called …………….
Answer:
Entrepreneurship values and attitudes.

Question 2.
Activities undertaken by an entrepreneur to bring a business unit into existence are known as ………………
Answer:
Entrepreneurship.

Question 3.
……………… is the reward of the entrepreneur for taking risks.
Answer:
Profit

Question 4.
Choose the right answer from the bracket given below.
(a) Employer
(b) Taking the responsibility of risk
(c) Maximise the wealth
(d) All the above
Answer:
(d) All the above

Question 5.
Entrepreneurship must be encouraged due to …………………..
(a) It helps regional development.
(b) Promote export trade.
(c) Create employment opportunities.
(d) All the above
Answer:
(d) All the above

Question 6.
Entrepreneur + Enterprise = ………………………..
Answer:
Entrepreneurship

Question 7.
The owner of a new enterprise is called?
Answer:
Entrepreneur

Question 8.
KASH means
Answer:
Knowledge + Attitude + Skills + Habits

Question 9.
Match the following.

Answer:

Question 10.
Pick out the false statement.
(a) Entrepreneurship is a systematic and purposeful activity.
(b) The object of entrepreneurship is lawful business.
(c) Entrepreneurship involves risk.
(d) Entrepreneurship and management are same.
Answer:
(d)Entrepreneurship and management are same

Plus Two Business Studies Entrepreneurial Development Two Mark Questions and Answers

Question 1.
Complete the steps in setting up of a business.

Answer:

Plus Two Business Studies Entrepreneurial Development Three Mark Questions and Answers

Question 1.
In a classroom discussion Raju stated that “entrepreneur is also a manager. But manager is not an entrepreneur”. Are there any differences between these two?
Answer:
Relationship between Entrepreneurship and Management:

Plus Two Business Studies Entrepreneurial Development Four Mark Questions and Answers

Question 1.
What is entrepreneurial motivation?
Answer:
Entrepreneurial Motivation:
The entrepreneurial motivation may be defined as the process that activates and motivates the entrepreneur to exert higher level of efforts for the achievement of organisational goals.

1. Need for Achievement (N-Ach.):
Need for achievement implies a desire to accomplish something difficult. They are intrinsically motivated. They prefer work that has a moderate chance for success (about 50/50) and tend to avoid situations that are low-risk and those that are high-risk.

2. Need for Power (N-Pow):
Need for Power is the concern for influencing people or the behaviour of others for moving in the chosen direction and attaining the envisioned objectives.

3. Need for Affiliation (N-Aff.):
The need for affiliation is characterised by a desire to belong, and enjoyment of teamwork, a concern about interpersonal relationships, etc.

4. Need for Autonomy (N-Aut.):
The need for autonomy is a desire for independence and being responsible and accountable to oneself rather than some external authority for performance.

Question 14.
The qualities or competencies of an entrepreneur can be written as KASH. What is it?
Answer:
Qualities of an entrepreneur can be summarised as follows:

• K – Knowledge
• A – Attitude
• S – Skills
• H – Habits

Plus Two Business Studies Entrepreneurial Development Five Mark Questions and Answers

Question 1.
Explain the features of Entrepreneurship.
Answer:
Characteristics of Entrepreneurship

• It is a systematic and purposeful activity.
• The object of entrepreneurship is a lawful business.
• Entrepreneurship is a creative response to the environment and the ability to exploit an economic opportunity.
• It is concerned with employing, managing, and developing the factors of production.
• Entrepreneurship involves risk. Profit is the reward of risk-taking.

Question 2.
Distinguish between entrepreneurship and Management.
Answer:

Question 3.
List down the process of setting up of a business.
Answer:
Process of Setting up a Business:

Question 4.
An entrepreneur is a leader, philosopher, planner, etc. He must have several qualities and competencies. List down any five entrepreneurial competencies.
Answer:
Entrepreneurial Competencies:

1. He has the ability to take or initiate the first move towards setting up of an enterprise.
2. He is always on the look out or searching for opportunity and is ready to exploit it in the best interest of the enterprise.
3. Successful entrepreneur finds ways to do things faster with fewer resources at tower costs.
4. He belives in systematic planning and its proper execution to reach goals.
5. An entrepreneur is never disheartened by failures. He follows try-try again for overcoming the obstacles.
6. An entrepreneur is always in search of new ideas from various sources.
7. He has the ability to understand and solve business problems.
8. He must be optimistic

Plus Two Business Studies Entrepreneurial Development Eight Mark Questions and Answers

Question 1.
An entrepreneur is responsible for doing several functions. What are the functions of an entrepreneur?
Answer:
Role of Entrepreneurs in Relation to their Enterprise

1. Perceiving market opportunities
2. Gaining command over scarce resources.
3. Marketing of the products.
4. Face the competition
5. Dealing with public bureaucracy (concession, licenses and taxes)
6. Managing the human relation within the firm.
7. Managing customer and supplier relations.
8. Managing finance.
9. Acquiring and overseeing assembly of the factory.
10. Improve the quality of the products

Question 2.
Write an essay on the role of entrepreneurs in economic development.
Answer:
Functions (Role) of Entrepreneurs in Relation to Economic Development:
1. Contribution to GDP:
Entrepreneurs explore and exploit opportunities, encourage effective resource mobilisation of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product (GDP) as well as per capita income of the people in a country.

2. Capital Formation:
Entrepreneurs promote capital formation by mobilising the idle savings of public. They employ these resources for setting up an enterprise.

3. Generation of Employment:
With the setting up of more and more business units by entrepreneurs, a large number of employment opportunities are created.

4. Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas.

5. Reduces Concentration of Economic Power:
A large number of entrepreneurs needs to be developed, which will help reduce the concentration of economic power amongst the population.

6. Improvement in the Standard of Living:
Entrepreneurs enables the people to avail better quality goods at lower prices which results in the improvement of their standard of living.

7. Promotes Export Trade:
Entrepreneurs help in promoting a country’s export-trade, which is an important ingredient of economic development.

8. Facilitates Overall Development:
The entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and invite others for overall development of the area.

Plus Two Business Studies Chapter Wise Questions and Answers