Important Entrepreneurial Skills questions IT 402 Class 10



1. Define entrepreneur.

Ans. An entrepreneur (or you can call business person) is a person who sets up a business or businesses, taking on financial risks in the hope of profit.


2. What are some characteristics of successful entrepreneurs?

Ans. These are:

Acceptance of risk or failure

Related to innovation

Creative & persistent

Profit potential

Self-motivation and self-confidence

Leadership quality and competitive ability, etc.


3. Write any four Primary Functions of entrepreneurship.

Ans. Planning, organizing, decision making, managing, innovating, risk bearing, etc.


4. How does entrepreneurship help the economy?

Ans. Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.


5. How do entrepreneurs contribute to society?

Ans. Entrepreneurs contribution to the welfare of society is of high order. A business person apart from making money for him or herself also helps the society in many ways financially and socially. Also they contribute in form of donations, sponsorship, welfare programs, advisors to respective government, etc.


6. Mention five important qualities of a successful entrepreneur.

Ans. Five qualities are: self-confidence, open minded, leadership, willingness to assume risk and competitive spirit in nature.


7. What are the main commercial functions that manage an entrepreneur?

Ans. The commercial functions are production, finance, marketing, personnel and accounting.


8. Name the special quality of an entrepreneur which helps to sell the product and motivate employees.

Ans. Strong people skills.


9. What is the importance of entrepreneurship in our country?

Ans. The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important inputs in the economic development of a country.


10. What is the role of an entrepreneur as in export promotion?

Ans. In the field of export promotion, entrepreneurs are responsible for creating innovative, high quality products at reasonable prices.


11. Mention five important roles of an entrepreneur.

Ans. Five important roles of an entrepreneur are economic growth for the country, create new market, generate employment, development of new raw materials and products, growth of infrastructural facilities, export promotion and import substitution and increase in the standard of living.


12. What is the basic of employment generation in a developing economy?

Ans. The basic is when a new venture grows, it generates employment.


13. Why entrepreneurs are called as gamblers?

Ans. It is said about entrepreneurs that they are gamblers and take big risks. The truth is that most entrepreneurs are moderate risk takers.


14. Is entrepreneurship a career choice?

Ans. Entrepreneurship is becoming the most pursued career choice! The term entrepreneurship is defined by the willingness to take risks, plan, streamline, organize and manage new business ventures in an ever-evolving and competitive global marketplace.


15. What jobs can you get with entrepreneurship?

Ans. You can get different jobs like: mid-level management, business consultant, sales, research and development, teacher/faculty, business reporter, etc.



Also Check: 

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IT 402 Term 2 Sample Paper Class 10 Set 3

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