AHSEC Class 12 Business Studies Chapter 13 : Entrepreneurship Question Answer can be very Valuable & useful for the Preparation of Assam Higher Secondary Education HS 2nd Year Examination . Assam Board AHSEC HS 2nd Year Business Studies Notes gives you the best information of Business Environment Chapter . You can find solutions to their questions at both basic and advanced levels.
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| AHSEC Class 12 Business Studies |
Short Answer type question (Mark for each question- 3/4)
1. Clarify the meaning of the term entrepreneur, entrepreneurship and enter prise.
Ans. Entrepreneur - An entrepreneur is the economic agent who unites all means of production, land of one, the labour of another and the capital of yet another and thus produces a product Entrepreneurship-The term entrepreneurship is often used synonymously with the term entrepreneur though they are two sides of the same coin. Entrepreneurship is Enterprise - Enterprises are mainly known as the Business Enterprises An entrepreneur performs all the necessary functions which are essential from the point of the indivisible process. view of expansion of the enterprise. The success of enterprise always depends on planning, organising, decision making etc.
2.Why is entrepreneurship regarded as a creative activity?
Ans. Entrepreneurship is primarily an economic activity because it involves creation and operation of an enterprise. It is basically concerned with the satisfaction of the needs of customer with the help of production and distribution of goods and services, Entrepreneurship is an automatic, spontaneous and creative response to changes in the environment. It involves innovation of something new to cause dynamic change and success in the economy and creates condition for growth of the economy Entrepreneurship works in different ways in different economic system such as capitalism, socialism and mixed economy.
An entrepreneurship has the following features -
(a) Ability to create enterprise
(b) Organising factors of production
(c) Innovative ideas
(d) Risk bearing capacity
(e) Managerial and leadership activity
3. What are the characteristics of Entrepreneurship.
Ans. Following are the characteristics of Entrepreneurship –
(i) Ability to create enterprise - Entrepreneurship is primarily an economic activity because it involves creation and operation of an enterprise.
(ii) Organising function-An entrepreneur brings together various factors of production for an economic use. He co-ordinates and controls the factors of production, efforts of all the persons engaged in his enterprise.
(iii) Innovative-Entrepreneurship is an automatic, spontaneous and creative to changes
in the environment. It involves innovation of something new to cause dynamic change and success in the economy.
(iv) Risk bearing capacity - Risk is an inherent and inseparable elements of entrepre neurship. He assumes the uncertainty of future.
(v) Gap feelings - The gap feeling between human needs and the available product and services leads to Entrepreneurship.
Long Answer Type Question (Mark for each question- 5/6)
1. Describe the process of Entrepreneurship development.
Ans. The following process of strategy for entrepreneurship development may be suggested.
(i)Public entrepreneur should remain confined only to these industries and sector where private enterprises individual or corporate is generally not attracted. Existing public entrepreneur be improved through better management.
(ii) All possible effort is made seriously for the development of an industrial culture. It should be realised that the central core of entrepreneur is the motive force, since by its very nature Entrepreneurship implies positive action.
(iii) There is need to develop management education and industrial training in modern times, management education is being viewed as an effective supplement. Facilities should be provided on an increasing scale for sending talented young men and women to the business school abroad.
(iv) The development of background regions or areas constitute a new challenge. programme for their development be drawn up and should be effectively imple mented.
(v) Economic development, administration by the state should be improved and made more effective so that economic policies may be fully achieve their objective in the overall interest of the economy administration would go a long way in ensuring and increasing the supply of entrepreneurship.
(vi) Greater emphasis should be laid on search from within. The emphasis be put on research relating to process and enhancement of the volume of indigenous techniques. This would have an encouraging impact on the entrepreneurship and technology at home.
2. "Entrepreneur are born not made." Elucidate the statement.
Ans. Entrepreneur is an economic agent who plays a vital role in the economic development of a country. Economic development of a country refers steady growth in the income levels. This growth mainly depends on its entrepreneur. An entrepreneur is an individual with knowledge, skills, initiative who aims at achieving goals. According to J.B., "A entrepreneur is the economic agent who units all means of production land, labour, capital etc. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remians in his profit. So an entrepreneur is an organiser, who combines various viable product. From the following mentioned qualities. We may say that an entrepreneur may bom but not made.
(i) Success and Achievement by the entrepreneur.
(ii) Entrepreneur accepts risk bearer. (iii)Entrepreneur always identifies opportunities.
(iv) Entrepreneur always try to solve the problem.
(v) Entrepreneur are planner and motivation.
(vi) Entrepreneur always want flexible decisions.
3. Explain the role of entrepreneur in relation to the enterprise.
Ans. An entrepreneur performs all the necessary functions which are essential from the point of view of expansion of the enterprise. Entrepreneur performs vari ous primary functions from the stage of starting an enterprise to its success well level. Such as__
(i) Planning Planning is the first step in the direction of selling upon of an enterprise He prepares blue print of proposed project in a formal systematic format.
(ii) Organising-An entrepreneur co-ordinates essembles and supervises land, labour and capital during the promotion stage and at the performance stage for optimum utilisation of the resources. The efficient expansion and growth of the enterprise largely depends on the efficiency of the organisational network employed.
(ii) Decision making-As a decision maker enterpreneur takes various decisions regarding.
(a)Objectives of the enterprise
(b)Procurement of machine, material men, money.
(c) Efficient technology.
(d)Adequate market for the product
(iv) Innovation - It implies doing a new things or doing of things that are already being done in a new way.
(v) Risk bearing-An entrepreneur undertakes the reponsibility for loss that may arise due to unforseen contingencies in future.
4.Explain the role of entrepreneur in relation to economic development.
Ans. The role of entrepreneur are
(i) Promotion of capital formation - Capital formation is an important element in the economic development of a country. An entrepreneur uses the saving of the public for productive purposes Entrepreneur becomes a channel for mobilising savings of the people.
(ii) Providing employment - With the setting up of new units specially in small scale sector, the employment opportunities are created. The entrepreneur are not only gets self employment but he creates job opportunities for others also.
(iii) Reducing concentration of economic power - When more and more entrepreneurs set up their units then economic power is distributed in more hands. The pace of economic development will be accelerated with the entry of more and more entrepreneurs in the economic field.
(iv) Equitable distribution of wealth-Economic development can be accelerated when wealth is equitably distributed among people. When more and more units are set up by new entrepreneurs then more persons get direct and indirect employment.
(v) Resource mobilisation - When new entrepreneurs enter in the industrial activity, the mobilise resource such as capital, labour etc. The mobilisation of skill and resources will add to the process of economic development..
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