M & E UNIT 4
Unit 4: Entrepreneurs and Entrepreneurship.
1. Provide
meaning of entrepreneur and entrepreneurship.
A.
Entrepreneur:
An agent who buy means of
production at certain price in order to combine them into a product that he is
going to sell at price which are uncertain.
Entrepreneur is the
economic agent who units all means of production.
Entrepreneur is the
person who decided and choose to undertake opportunity and provide goods and
services to the people by creating an entity(money) for the purpose.
Entrepreneurship:
(process or collection of business activity)S
It is a function of
seeing investment and production process, rasing capital, haring labours,
arranging supply of raw materials, introducing a new technique, discovering new
source of raw material and selecting top managers for day to day operations.
Entrepreneurship as a
purposeful activity of an individual or group to maintain profit oriented
business and distribution of economic goods and services.
Entrepreneurship is essentially a function of
co-ordination, organization and supervision.
2. State
importance of entrepreneurship in current era.
A.
Entrepreneurship
offers the following benefits:
Improving
standards of living:
By
creating productive organizations, entrepreneurship helps in making a wide
variety of goods and services available to the society which results into
higher standards of living for the people.
Means
of economic development:
Entrepreneurship involves creation and
use of innovative ideas, maximization of output from given resources,
development of managerial skills, etc., and all these factors are so essential
for the economic development of a country.
Creation
of organizations:
Entrepreneurship
results into creation of organizations when entrepreneurs assemble and
coordinate physical, human and financial resources and direct them towards
achievement of objectives through managerial skills
Development of managerial
capabilities:
The
biggest significance of entrepreneurship lies in the fact that it helps in
identifying and developing managerial capabilities of entrepreneurs. An
entrepreneur studies a problem, identifies its alternatives, compares the
alternatives in terms of cost and benefits implications, and finally chooses
the best alternative.
3. Enlist
characteristics of entrepreneur.
A.
·
Innovative
person
·
Independent
·
Commitment
to task
·
They
choose a moderate risk
·
Saizing
opportunities
·
Sense
of efficiency
·
Objectivity
·
Open
to feedback
·
Hope
for the success
·
Optimist
in novel situation
·
Attitude
towards money
·
Proactive
management
·
Competition
and collaboration
·
Flexible
relationship
·
Sound
decision making ability
·
Good
at work
·
Visionally
person
·
Self
confidence
·
Positive
attitude
·
Dedication
and devotion
4. Provide
different phases in entrepreneurial process.
A.
(i) Identification and evaluation of
opportunities
(II) Drawing of a business plan
(iii) Determination of
required sources
(iv) Creating the venture
(v) Managening the
enterprise
5. Enlist
barriers to entrepreneurship.
A.
o
Competition
o
Avaibility
of qualitative resources
o
Lack
of ability / skill to manage the enterprise
o
Lack
of technical skill
o
Lack
of motivation
o
Monopoly
o
Lack
of market knowledge
o
Lack
of capital
o
Social
disturbance or norms
o
Legal
constrains and regulation
o
Right
time, right opportunity at right idea / strategies
6. Explain
in brief concept of entrepreneurship.
A.
Refer
question no. 1
7. Provide
non-economic factors influencing entrepreneurship.
A.
·
Social
norms and values
·
Roll
model
·
Social
pressure
·
Respect
and status
·
Security
8. Which
areas should be discussed while explaining role of entrepreneurs in economic
development?
A.
The
economy of a nation depends on the number of entrepreneur present in the
society. They are known as driving force of an economy.
·
National
product
·
Balanced
regional development
·
Dispersal
economic power
·
Reinvestment
of profit
·
Employment
generation
·
Harnessing
youth
9. Enlist
different types of entrepreneur.
A.
Based
on readiness to adopt new technology, product or market.
(i)
Innovative
entrepreneur
(ii)
Imitative
entrepreneur
(iii)
Fabian
entrepreneur
(iv)
Drone
entrepreneur
10. State
personal barriers to entrepreneurship.
A.
Refer
question no. 5
11. Provide
meaning of Innovative and Imitative entrepreneurs.
A.
Innovative
entrepreneur:
Show high tendency under taking risk.
Always look out for new product, new market, new technology and new
method of manufacturing.
Most of the innovative entrepreneurs are found in develop countries.
Example, Steve jobs = Apple
Bill gates =
Microsoft
Imitative entrepreneur:
Imitative entrepreneurs are not very innovative, they do not enter in
market for making new product or services they sometime even copy and already
existing product do some creativity in it and put it into the market.
Example, Samsung
12. Briefly
explain ‘commitment to task’, a characteristic of entrepreneur.
A.
By
natural ability I mean those qualities of intellect and disposition which urge
and qualify a man to perform acts that lead to reputation. I do not mean
capacity without zeal, nor zeal without capacity, nor even a combination of
both of them, without an adequate power of doing a great deal of very laborious
work. But I mean a nature which, when left to itself, will, urged by an
inherent stimulus, climb the path that leads to eminence and has strength to
reach the summit -- on which, if hindered or thwarted, it will fret and strive
until the hindrance is overcome, and it is again free to follow its laboring
instinct.10
13. Mention
environmental barriers to entrepreneurship.
A.
Refer
question no. 5
14. State
economic factors influencing entrepreneurship.
A.
Capital
(money)
Avaibility of human resources (labours)
Avaibility of raw material
Market opportunities
15. “Entrepreneurs
must have vision and leadership skills”- Explain in brief.
A.
·
One
of the most important leadership skills an entrepreneur must have is the
ability to develop a vision for the company and to inspire the company
employees to pursue that vision as a team. The expression “people would rather
be led than managed” applies especially well to an entrepreneurial venture.
·
To
have vision a key skill for entrepreneurs. They must be able to develop plans
to meet goals in a variety of areas, including finance, marketing, production,
sales and personnel (hiring and maintaining productive and satisfied
employees).
16. Provide
relationship between words ‘Entrepreneur’, ‘Entrepreneurship’ and ‘Enterprise’.
A.
Refer
question no. 1
Entrepreneur is a person/ businessman
Entrepreneurship is process or collection of activities
Enterprise is a object of result of the efforts of entrepreneur
17. “Entrepreneurs
choose moderate risk”-Are you agree with it?-Justify.
A.
Yes, Risk-taking is almost synonymous with
entrepreneurship. To start and support your own business, you’ll have to put
your career, personal finances and even your mental health at
stake. For most, the prospect of making your own decisions and being in
charge of your own destiny is worth it. But if you’re going to be successful as
an entrepreneur, you have to be prepared for the risks and challenges that come
with it.
18. How
entrepreneurship contributes in balanced regional development?
A.
Perhaps
the most exceptional aspect of the current era of globalisation is that
entrepreneurship has become the engine for local processes of economic, social
and cultural development throughout the world. This important new book brings
together a number of leading scholars in the field to explore the development
aspects of globalisation, in particular those that foster the evolution of
entrepreneurs in local–global processes.
The expert contributions consider local processes such as entrepreneurship, new firm formation, creativity, media clustering, migration, and many more. They examine how the footprints of these processes reveal themselves in the contemporary global context, characterized by increasing economic interdependence as evidenced by the expanding trade in goods and services, and the growth in capital, knowledge and technology flows. The authors highlight the fact that global patterns of change are the result of innumerable local processes driven by economic, political and social entrepreneurs in localities, regions and nations around the world.
With a variety of geographic perspectives, this book will appeal to researchers, students and policymakers in a range of fields including urban and regional economics, economic geography, international trade, and entrepreneurship and innovation policy.
The expert contributions consider local processes such as entrepreneurship, new firm formation, creativity, media clustering, migration, and many more. They examine how the footprints of these processes reveal themselves in the contemporary global context, characterized by increasing economic interdependence as evidenced by the expanding trade in goods and services, and the growth in capital, knowledge and technology flows. The authors highlight the fact that global patterns of change are the result of innumerable local processes driven by economic, political and social entrepreneurs in localities, regions and nations around the world.
With a variety of geographic perspectives, this book will appeal to researchers, students and policymakers in a range of fields including urban and regional economics, economic geography, international trade, and entrepreneurship and innovation policy.
19. State
meaning of Fabian and Drone entrepreneurs.
A.
Fabian
entrepreneur:
They are highly traditional in nature and prefer their traditional area
of operation.
They missed out grate opportunities.
Example, sward making, gardening, traditional hotels
Drone entrepreneur:
Drone entrepreneur refuse to adopt and use opportunity to make changes in
production. Such entrepreneur are very lazy. Sometime they may suffer loss.
20. “Fabian
Entrepreneurs adopt all changes and new methods of production”-Are you
agree?-Justify.
A.
Refer
question no. 19
21. Mention
any one recent initiative that has been taken by Indian government for
entrepreneurship development.
A.
The
Entrepreneurship Development Institute of India (EDII), an autonomous body and
not-for-profit institution, set up in 1983, is sponsored by apex financial
institutions, namely the IDBI Bank Ltd, IFCI Ltd. ICICI Ltd and State Bank of
India (SBI). The Institute is registered under the Societies Registration Act
1860 and the Public Trust Act 1950. The Government of Gujarat pledged
twenty-three acres of land on which stands the majestic and sprawling EDII
campus.
22. Provide
list of various resources needed to start a new enterprise.
A.
·
capital
·
labour
·
land
·
infrastructure
·
Avaibility
of raw material
·
Readily
available market
Etc.
23. “Entrepreneurship
is very important tool to generate employment in country”-Explain in brief.
A.
24. “Economic
power can be dispersed through entrepreneurship”-Explain in brief.
A.
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