Answer: NCERT SolutionsPsychologyEntrepreneurshipIndian Economic DevelopmentHumanities. It holds 40% of the Indian market, with a turnover of more than Rs.

Cookies help us deliver our site. Planning is concerned with the mental state of the entrepreneur. Her competitiveness which means willingness to compete honestly with others and providing quality product and services and reduction in price.

An entrepreneur need to take calculated risk and he tries to minimise by his initiative, skills and good judgement. The State (Government) plays the role of an entrepreneur in a socialist country.

As an innovator, the entrepreneur has to discover new opportunities, area of a new product, new methods of production, a new use for a product or service or a new way of integrating several uses in one product or service for optimum utilization of resources. Her desire to work independently and potential efforts, helped her to reduce the element of uncertainty. The idea may be to exploit new areas of natural resources, more profitable venture, or an existing line of business. Filed Under: CBSE Tagged With: CBSE 11 Entrepreneurship, CBSE Class 11, Entrepreneurship Entrepreneurship: Concept and Functions. An entrepreneur reduces uncertainty in his/her plan of investment, diversification of production and expansion of the enterprise. Understanding of the area/market in which she is going to start her business. An entrepreneur is an agent of change. RD Sharma Class 11 Solutions Free PDF Download, NCERT Solutions for Class 12 Computer Science (Python), NCERT Solutions for Class 12 Computer Science (C++), NCERT Solutions for Class 12 Business Studies, NCERT Solutions for Class 12 Micro Economics, NCERT Solutions for Class 12 Macro Economics, NCERT Solutions for Class 12 Entrepreneurship, NCERT Solutions for Class 12 Political Science, NCERT Solutions for Class 11 Computer Science (Python), NCERT Solutions for Class 11 Business Studies, NCERT Solutions for Class 11 Entrepreneurship, NCERT Solutions for Class 11 Political Science, NCERT Solutions for Class 11 Indian Economic Development, NCERT Solutions for Class 10 Social Science, NCERT Solutions For Class 10 Hindi Sanchayan, NCERT Solutions For Class 10 Hindi Sparsh, NCERT Solutions For Class 10 Hindi Kshitiz, NCERT Solutions For Class 10 Hindi Kritika, NCERT Solutions for Class 10 Foundation of Information Technology, NCERT Solutions for Class 9 Social Science, NCERT Solutions for Class 9 Foundation of IT, PS Verma and VK Agarwal Biology Class 9 Solutions. © 2010-2020 Simplicable. Question 2. A list of things to include in a business plan. He believes in increasing the value and consumer satisfaction. The definition of intangible value with examples. It was not … 5. .

Question 4.Answer each of these questions in about 250 words: I. Tends to persist in the face of adversity. Find new market for a product or services.

How has Joseph Schumpeter defined the term ‘entrepreneur’? The type of source of funds is also decided-share, debenture, loan, etc. A definition of cost control with examples. Reproduction of materials found on this site, in any form, without explicit permission is prohibited. This is creative effort and risk taking ability of a person who turned out to be an entrepreneur. (v) Stationery (vi) Cards, II. Example: I-Pod, Smart phones, Induction cook top, etc. The definition of microtransactions with examples. It is decision-making in advance: what to do,when to do, how to do and who will do a particular task. Today, Nirma is one of the world’s biggest detergent powder manufacturer. Business Model: A business model is a company's plan for how it will generate revenues and make a profit .

The definition of durable product with examples.

Thus, a professional manager who mobilises resources and allocates them to make a commercial gain from an opportunity, is also called an entrepreneur.”. Answer: Entrepreneurship involves any deliberate activity that initiates, maintains and grows a profit-oriented enterprise for production or distribution of economic goods or services. An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. It refers to taking responsibility for a loss that may occur due to unforeseen contingencies in the future.

Is a moderate risk taker and works under uncertainty for achieving the goal. She is an innovator of ideas, products, practices, services to meet the perceived opportunity, a lot of effort has done by Shivi to convert her dream into reality. Risk may be defined as the condition of not being able to predict the outcome of an activity. In the new Business Management MicroMasters program from IIMBx and edX, entrepreneurs, students and professionals can gain in-depth knowledge of the key concepts of management across six functional areas. A difficult or important challenge, as in “Her latest enterprise is to swim the English Channel. Answer: Some product based business ventures – manufacturing of cars, production of dress material, watches etc. Question 7.Name some product based business ventures. Entrepreneur is the only person who bear the costs and risks of launching a new venture, developing a new product, commercializing an invention, adapting a technology and developing a new market, start a new enterprise. You may need to download version 2.0 now from the Chrome Web Store. Name the entrepreneur who introduced the logo given below and state the idea behind the same. Answer: In India, private entrepreneurs as well as government plays an important role of an entrepreneur. Answer: According to Peter F. Drucker, “An entrepreneur is one who always searches for changes, responds to it and exploits it as an opportunity. This material may not be published, broadcast, rewritten, redistributed or translated. total value of goods and services (production) in an economy in a year, more production means the more number of entrepreneurs and quality of entrepreneurs in the society. It involves the conversion of a useful idea into an application which has common value. How an enterprise gives benefit to society, country and an entrepreneur? “Innovation is the hallmark of entrepreneurship”. Answer each of these questions in about 150 words: 1.

Why private entrepreneurship is not encouraged in under-developed countries?

At this stage, things will change and there is no need for a business concept to fully describe the business. More number of enterprise means more entrepreneurs, more entrepreneurs means more growth equivalent to progress of nation. Learn more. The definition of imperialism with examples. He/she foresees a potentially profitable opportunity and tries to exploit it.

He/she alone determines the lines of business to expand and capital to employ. He describes entrepreneurs as innovators. The term first appeared in the English language in the early fifteenth century with the meaning ‘an undertaking’. Question 9.Who plays the role of an entrepreneur in a capitalist and developed country? What business concepts do capture is the unique value proposition of your business in the context of a crowded … The concept of a social enterprise was developed in the UK in the late 1970s to counter the traditional commercial enterprise. Explain the concept of entrepreneurship with the help of a diagram. This comparison is possible because in competitive resource markets, an entrepreneur’s costs of production are determined by the prices required to bid the necessary resources away from alternative uses. Entrepreneur is an individual person or a group of persons who take initiative, skill for innovation and bears risk, puts up new viable project that creates wealth and provides employment opportunity and leads to growth of all sectors of an economy. It consists of manufacturing, ancillary and advisory activities.

An enterprise is the business organization that is formed by an individual and group of individuals, which brings all required resources together for the production of goods and services. Give reasons. An entrepreneur is an innovator, generator of job and wealth, risk taker, an excellence seeker, goal oriented, appreciates quality of persistence, has creativity, sets up an organization to build something of value.

Yes, it is correct. The most important of these resources is manpower. Question 2. Very Short Answer Type Questions [1 MARK]