General foundation
unit 3 Entrepreneur Development
Important Question & Answers
UNIT – 3 SHORT ANSWERS
- What is value?
Values definition: the moral principles and beliefs or accepted standards of a person or social group. Values are individual beliefs that motivate people to act one way or another. They serve as a guide for human behavior. Entrepreneur believes that they can achieve anything through hard work. This value provides goal direction which encourages them to be on the path so as to accomplish the desired goals.
2. What is Motivation?
Motivation is derived from the Latin term ‘Movere’ which means ‘to move’.
Motivation is encouraging someone or oneself to get a desired course of action. It is a process of inducing, inspiring and energizing people to work willingly with zeal, confidence and satisfaction to achieve desired goal.
3. What is meant by Entrepreneur
An entrepreneur is someone who identifies a need for a new product, process, or service and builds a business around that need.
The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a new business venture along with risk entitled to it, to make profits.
An entrepreneur is typically an individual who creates a new business, plays an active role in its operations, assumes most of the financial risk, and enjoys most of its success. The process of creating a new business is known as entrepreneurship and is often driven by new ideas for products or services.
4. What is entrepreneurial behaviour?
entrepreneurial behaviour can be defined as a set of behaviours that an individual exhibits which allows them to innovate and/or improve upon existing ideas to market a product or service effectively in a competitive market. Some common behaviours that an entrepreneur requires are discipline, passion, dedication, constant learner, goal seeker, team players and opportunity grabber.
UNIT – 3 ESSAY ANSWERS
- Explain the characteristic of entrepreneur?
An entrepreneur is someone who identifies a need for a new product, process, or service and builds a business around that need.
Characteristics of Entrepreneurship:
Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship successful. A few of them are mentioned below:
- Ability to take a risk- Starting any new business an entrepreneur needs to be courageous and have ability to evaluate and take risks.
- Innovation- entrepreneur should be highly innovative to generate new ideas, start a company and earn profits out of it.
- Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of his new business. To turn the idea into reality, a lot of resources and employees are required for which he has to have leadership quality to guide them towards the right path of success.
- Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognised the gravity of demonetization and acknowledged the need for online transactions would be more, so it utilised the situation and expanded massively during this time.
- Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on the top, a businessperson should be equipped to embrace change in a product and service, as and when needed.
· Entrepreneur should have A Positive Mental Attitude
· He should enjoy being around people
· He should have excellent communication skills
· He should have a strong desire to achieve
· He should be a Resourceful person such as money, information and time.
· He should Possess Technical Skills and Knowledge.
2. Describe the attitude of entrepreneur?
Essential Attitudes of Successful Entrepreneurs
Attitude is an important trait needed for an entrepreneurial career. Entrepreneurs need to have positive attitudes. Some of the essential attitudes required of the entrepreneurs are as follows:
1. Attitude towards Imagination. Entrepreneurs are visionaries as they visualize opportunities in the environment. They are quick to analyze the facts, perceive a given situation and identify the strengths and weaknesses of the situation, find opportunities for innovation, growth and development.
2. Attitude towards Risk. Entrepreneurs are inclined to take calculated risks to introduce something new and earn higher profits.
3. Attitude towards Initiative. Entrepreneurs take initiative in developing new business or services. They are basically leaders and not followers. They convert their dreams into reality.
4. Attitude for looking new opportunities. Entrepreneurs always locate new opportunities and start new business to make use of the opportunities.
5. Attitude towards changes. Entrepreneurs have a positive attitude towards change. They love change as change is the law of life. They accept challenges thrown by the changes in the environment.
6. Attitude towards freedom of expression and action. Entrepreneurs enjoy freedom of expression and action. They value independence and ownership, they like to think on their own and act accordingly.
7. Attitude towards performance (successful completion of targets). Entrepreneurs value outstanding performance. Successful completion of the task is an indicator of their performance which gives them immense satisfaction.
8. Attitude towards personal capacity. Entrepreneurs tend to believe in their capacity to influence the environment. They think that in any given situation they can change and influence the environment.
9. Attitude towards Building Relations or Networking. Entrepreneurs often lack various resources required to complete a project. If they have networking with the suppliers of various resources such as capital, machinery, materials, etc. many of their difficulties are solved. Thus, entrepreneurs should have positive attitude towards networking or building relations with the suppliers of various resources.
10. Attitude toward customers. Entrepreneurs have respect for their customers and so they put the customers first. They accord top priority to customer satisfaction. They build customer trust by finding out quickly what the customer wants.
3. Explain entrepreneur competence?
Entrepreneur competence are :
1. Initiative: Does things before being asked or forced by the event.
Take action that go beyond job requirements or the demands of the situation.
Acts to extend the business into new areas, products or services.
2. sees and Acts on Opportunities:
a. sees and acts on new or unusual business opportunities.
b. Seizes unusual opportunities to obtain financing, equipment, land, work space or assistance.
3. Persistence:
a. Takes repeated actions to meet a challenge or overcome an obstacle.
b. Switches to an alternative strategy to reach a goal.
4. Information seeking:
a. Takes action on own to get information to help achieve objective or clarify problems.
b. Personally seeks information on clients, suppliers, competitors.
c. Uses personal and business contracts or information networks to obtain useful information.
5. Concern for high quality, innovation and efficiency:
a. Looks for or find ways to do things better, faster or chapter.
b. Acts to do things that meet or exceed standards of excellence or improve on past performance.
6. Commitment to work contract:
a. places the highest priority on getting a job completed.
b. Accepts full responsibility for problems in completing a job.
c. Makes a personal sacrifice or expands extraordinary efforts to complete a job.
d. Pitches in with workers or work in their place to get a job done.
7. Systematic planning:
a. Develops and uses logical, step-by-step plans to reach goals.
b. Plans by breaking a large task down into sub-task.
c. Keep financial records and uses them to make business decisions.
8. Problem solving:
a. Generates new and potentially unique ideas or innovative solutions to reach goals.
b. Switches to an alternative strategy to reach a goal.
9. Self-confidence:
a. Has a strong belief in one’s own ablilities.
b. Sticks with own judgments in the face of opposition or early lack of success.
c. Expresses confidence in one’s own ability to complete a difficult task or meet a challenge.
10. Persuasion:
a. Uses deliberate strategies to influence or persuade others.
b. Uses business and personal contracts as agents to accomplish own objectives.
c. Asserts strong confidence in one’s own company’s or organization’s products or services.
11. Use of influencing strategies:
a. uses a variety of strategies to influence or persuade others to accomplish own objectives.
b. Acts to develop business contracts.
12. Goal setting:
a. Articulates clear, long-range visions and goals.
b. Continuously sets and revises short-range objectives.
13. Risk taking:
a. States a preference for situations involving a challenge or moderate risk.
b. Deliberately calculates risks.
c. Takes action to reduce risks or control outcome.
These competencies are personal behavioral characteristics, which makes a person behave in a particular way to achieve the goal.
4. Describe Entrepreneurial Behaviour.
The behaviour of an entrepreneur is dependent largely on his psychology and motives which are the main determinants of behaviour. These motives are based on needs for survival and growth. Few Entrepreneurial Behaviour are as follows:
(1) Achievement Motive : Achievement motive is most important for an entrepreneur. It is this motive which motivates people to do something different and extraordinary so that one may feel that he has achieved or created something which others are not able to do.
(2) Desire to Influence Others : Strong desire of the need for power, helps a person to become a successful institution builder, Thus, it is necessary that an entrepreneur must have the ability of self-management with a strong will power. Thus, they possess a strong desire towards the need of influencing others.
(3) Desire for Independence : Entrepreneur possesses strong desire for independence and it is only due to this desire that they are motivated to start a new business.
(4) Innovation : Generally, an entrepreneur does those acts which are not taken up by other persons. They transform the creative ideas into useful applications. Accordmg to Schumpeter, a person is an entrepreneur only when he is an innovator, engaging himself in an innovative behaviour.
(5) Hope for Success : Entrepreneurs are always hopeful for future success. They work for being successful which enlightens them with the confidence, positive attitude and high energy level. Hope for success makes their behaviour strong and stable.
(6) Calculated Risk Taking : Entrepreneur is a person who is always in a position to accept challenging job, He works on those projects only, which are risky but have a probability of success through their efforts. The entrepreneur belives in calculated risk-taking.
(7) Immediate feedback : Entrepreneur wants immediate feedback of the progress of his entrepreneurial targets so that he can improve the way of achieving the targets and his behaviour changes according to the situations.
(8) Self-Efficacy : An entrepreneur is a the problem solver, instead of problem avoiders. They do not want to copy others but they want others to copy them. Further they feel proud of their achievements and live in the present.
(9) Self-Expression : The desire for self-expression appears to be a common thread and may help explain why so many men and women prefer to work for themselves than for someone else.
(10) Self Confidence : Entrepreneurs believe in themselves. They have confidence that they can outdo anyone in their field. They have winning habits. On the basis of self-confidence, they become overachievers.
(11) Different Way : Entrepreneur is different from all others. They judge the world in terms of their own beliefs, values and expectations. A good entrepreneur behaves like human being rather than rational machine. They work differently. Every individual is differ in their psycho-personalities, needs, time periods, social surroundings and perception.
5. What are the objectives of Make in India?
Make in India initiative was launched by Prime Minister Narendra Modi on September 25, 2014, at Vigyan Bhawan, New Delhi. The main aim of this initiative is to make India a global manufacturing hub by encouraging both multinational as well as domestic companies to manufacture their products within the country.
Objectives of Make in India Campaign
- To transform India into a global design and manufacturing hub.
- To introduce new initiatives for the promotion of foreign direct investment
- To implement intellectual property rights.
- To develop the nation’s manufacturing sector.
- To boost the confidence of investors and manufacturers to build and invest in India.
- To improve India’s rank on the Ease of Doing Business index.
- To eliminate the hassles of laws and regulations in the bureaucratic process of business.
- To promote job creation and innovation in the limits of the country.
- To make government transparent and accountable in its working.
- To encourage the avenues of skill development.
- To improve the global competitiveness of the Indian manufacturing sector.
- To promote the sustainability of growth.
6. Why women empowerment is needed?
Empowering women is essential to the health and social development of families, communities and countries.
Women Empowerment refers to the creation of an environment for women where they can make decisions of their own for their personal benefits as well as for the society.
Importance of women Empowerment:
1. Under-employment and unemployed: women population constitutes around 50% of the world population. A large number of women around the world are unemployed. The world economy suffers a lot because of the unequal opportunity for women at workplace.
2. Equally competent and intelligent: women are equally competent. Nowadays, women are even ahead of men in many socio-economic activities.
3. Talented: women are as talented as men. Previously, women were not allowed higher education like men and hence their talents were wasted. Today, many women are occupying the top position of multinational companies as they are going for higher studies.
4. Overall development of society: The main advantage of women Empowerment is that there will be an overall development of the society. The money that women earn does not only help them and or their family, but it also help develop the society.
5. Economic Benefits: women Empowerment also leads to more economic benefits not to the individuals but to the society as well. It will help women to become independent and also to earn for their family which grows country’s economy.
6. Reduction in domestic violence: Women Empowerment leads to decrease in domestic violence as educated women, knows how to avoid domestic violence.
7. Reduction in corruption: Women Empowerment helps women to get educated and know their rights and duties and hence can stop corruption.
8. Reduce poverty: Women Empowerment also reduces poverty. Women’s income will be an added advantage to the family and thus, reduce poverty.
9. National Development: women is showing their outstanding performances at every sphere including medical science, social service, engineering etc. which in turn lead to national development.
10. Irreplaceable in some sectors: Women are Irreplaceable in certain Jobs. The world doesn’t exist without them.
English Study Material 