These Class 11 AI Important Questions Chapter 4 Entrepreneurial Skills Class 11 Important Questions and Answers NCERT Solutions Pdf help in building a strong foundation in artificial intelligence.
Entrepreneurial Skills Class 11 Important Questions
Class 11 AI Entrepreneurial Skills Important Questions
Important Questions of Entrepreneurial Skills Class 11 – Class 11 Entrepreneurial Skills Important Questions
Entrepreneurial Skills Class 11 Very Short Answer Type Questions
Question 1.
Who is an entrepreneur?
Answer:
An entrepreneur is an individual who with efforts tries to meet customer needs through new ideas or ways of doing business and ultimately gets profit.
Question 2
What is an entrepreneurship?
Answer:
Entrepreneurship is a process where customer needs are closely analyzed and a business plan is developed. Then running of a business with innovative ideas to meet customer needs, in order to make a profit.
Question 3.
Once a business is established, do entrepreneurs sit silently?
Answer:
Once, a successful business is made, entrepreneurs think about ways to improve it and grow. They add value to their business for attracting more customers.
Question 4.
What is business plan?
Answer:
A business plan is a detailed plan of entrepreneurs goal setting and the way to achieve it.
Question 5.
What do you think; funds estimation is required before planning a business?
Answer: Through fund estimation a rough financial planning of a business is estimated. This includes fund estimation for the growth, performance, investments and requirement of funds for a given period of the business.
Question 6.
What are the types of business activities?
Answer:
The various types of business activities are: Manufacturing, Trading and Services.
Question 7.
How confidence makes an Entrepreneur successful?
Answer:
Confidence is the self- belief through which an entrepreneur have trust on his/her own chosen course of action. Through confidence only , any individual can take step to start a new business. Further, helps in try new things to grow their business.
Question 8.
What is problem-solving?
Answer:
With this process of thinking, entrepreneurs can come up with many solutions to improve their business.
Question 9.
Define the meaning of business idea?
Answer:
Mostly entrepreneur gets an idea of business either from needs of customer or inspiration from what others are doing. There are many ways in which one can come up with innovative, yet practical ideas for a business.
Question 10.
How an entrepreneur gets an idea of business?
Answer:
Some of the ideas are;
- Based on location
- Based on Season
- Based on events
- Based on self-interest
- Based on study
Entrepreneurial Skills Class 11 Short Answer Type Questions
Question 1.
What are the ways of understanding the market?
Answer:
Ultimate goal of an entrepreneur is to grow business by understanding customers’ needs by providing them the desired product or service offered by the business. Thus, an entrepreneur has to keep in mind two things for understanding the market:
- Customer’s need and preferences.
- Competitors business
Therefore, in this stage of business, understanding exactly what most of the customers want in terms of the following factors is very important.
Question 2.
How can an entrepreneur find out about customer needs?
Or
Why customer survey is important and how it is done?
Answer:
Through customer survey, entrepreneurs try to understand
Customer needs and their preferences. From this they analyze whether they are meeting customer needs and also understand what their preferences are. Customer survey is one of the most effective ways to find out what customers want. It involves talking directly to customers and asking them questions. Later in this session, you will be doing an activity to practice taking a customer survey
Entrepreneurial Skills Class 11 Long Answer Type Questions
Question 1.
What are some questions an entrepreneur should consider while launching a new company?
Answer:
- Who is the client, and what need is being satisfied?
- Which good or service should I sell?
- Which substance or materials are needed to construct the product?
- What kinds of company operations are involved?
- What function does each team member perform?
- How many clients are you trying to reach?
Question 2.
How may tenacity and self-assurance contribute to an entrepreneur’s success?
Answer:
Perseverance is the ability to move through adversity and keep moving forward. Operating a business comes with a lot of challenges. No matter what, a good entrepreneur rises above these obstacles, absorbs their lessons, and continues. When times are hard, entrepreneurs must remain upbeat and driven. An entrepreneur must consider growth and progress in addition to hard effort. Repetition of the same technique is not a sign of perseverance.
It entails coming up with novel and inventive solutions to problems and keeping the end goal in mind no matter what occurs along the route. Being confident entails having faith in your strategy and in yourself. Self-assurance enables entrepreneurs to take the initial leap to launch a new company and then explore novel approaches to expand their enterprise. It motivates business owners to keep going even when they fail.
Additionally, self-assurance motivates business owners to contact clients and ask for input on their goods or services. Entrepreneurs that receive feedback are able to expand and enhance their businesses.
Case-Based Questions:
Question 1.
Soham and Aditya are business partners, they want start their own business. So, what would be their first step?
a. Planning for a business idea
b. Surveying existing customer need
c. Seeking a space for their business
d. Arranging money for their business
Answer:
b. Surveying existing customer need
Question 2.
What value does the entrepreneur have?
a. Rohit runs a special hair salon in Bidar. Young boys come to him and ask him to give a Justin Bieber haircut. Rohit doesn’t know about this haircut so he searches on the Internet and finds the pictures.
What value does Rohit have?
Answer:
Problem solving
b. Shalu makes special Indian snacks and goes door-to-door in her town to sell it to different people. Only 1 in 10 people to whom she goes, buys her products.
What value does Shalu have?
Answer:
Hard working
Entrepreneurial Skills Class 11 Notes
Entrepreneurship- It is the process of analyzing society, finding an innovative idea, developing a business plan, and then doing business in a way that meets customer needs while ultimately generating profits.
Various types of Business activities- With the changing business needs and customer desires, there are various products in the markets thus there are various business activities. i.e. manufacturing, trading, services.
Values of a successful Entrepreneur- Some of the qualities of an Entrepreneurs are :
- Innovativeness and Creativity.
- Independence or Ownership.
- Quest for Outstanding Performance or Achievement.
- Respect for Work.
Attitudes of an Entrepreneur:
Steps for generating a business idea-The various steps for generating a business idea are:
- Developing a business idea
- Understanding the market
- Planning the business
- Finally generating the business
Understanding customer needs- As Entrepreneurial journey is all about to understand the customer needs and to present it is in the form of business. Categorizing the needs are as follows:
- Fulfilled needs
- Partially fulfilled needs
- Unfulfilled and known needs
- Unknown needs
Understanding business plan and its necessities- Without planning a business cannot be grow and to flourish the business a successful plan is the must.
Importants of business planning- Business planning is required for the following reasons.
- For estimating fund requirement
- For estimating material cost
- For planning business strategies
- Goal setting
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