Entrepreneurs undertake
(a) Calculated risks
(b) High risks
(c) Low risks
(d) Moderate and calculated risks
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In Economics, which of the following is not a function of the entrepreneur?
(a) Risk-taking
(b) Provision of capital and organization of production
(c) Innovation
(d) Day-to-day conduct of business
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Which of the following statements does not clearly distinguish between entrepreneurship and management?
(a) Entrepreneurs found the business; managers operate it
(b) Entrepreneurs are the owners of their business; managers are employees
(c) Entrepreneurs earn profits; managers earn salaries
(d) Entrepreneurship is once for all activity; management is a continuous activity
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In the roles and functions of the entrepreneur identified by Kilby, which of the following is not an aspect of 'political administration'?
(a) Dealing with public bureaucracy
(b) Managing human relations within the firm
(c) Introducing new production techniques and products
(d) Managing customer and supplier relations
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Which of the following attitudes is not generally associated with successful entrepreneurship?
(a) Investing in R & D
(b) Live your business day-by-day
(c) Innovate and improvise continually
(d) Produce as per customers' requirements
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Clarify the meaning of the terms 'entrepreneur', 'entrepreneurship' and 'enterprise'.
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Why is entrepreneurship regarded as a creative activity?
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"Entrepreneurs undertake moderate risk". Elaborate this statement.
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How entrepreneurship result in increasing the spectrum and scope of economic activities?
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Describe briefly the role of achievement motivation in entrepreneurship.
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Describe briefly the steps involved in starting a new business.
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Examine the nature of relationship between entrepreneurship and economic development.
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Clarify how motivation and abilities impact on individuals decision to choose entrepreneurship as a career.
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Anshuman was very industrious sales executive with a small herbal cosmetic manufacturer. He earned a good salary and commission on the business; he brought for the firm and had very good command over the Delhi market for which he had virtually become indispensable. He was aware of the enviable position he held in the firm and thought aloud
"The key to success in any business is the sale of its products. The beginning and end of the business cycle is nothing but sale and 'other' people working in the factory to manufacture products are mere cogs in the business machine set in motion by sales people. So, why carry this burden and get only a tiny share of the prosperity of the firm? Instead others enjoying the fruits of my labour, why should I not start my own business?"
Should Anshuman take a leap? Give reasons for your answer.
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Inspiring Feat: Daily wage Laborer Turns Entrepreneur
A landless woman from Bihar has been nominated among the top 25 farmers in Asia by a Mexican website.
Forty five years old Lalmuni Devi was a daily wage laborer when she decided to take destiny into her own hands and transformed herself into a successful mushroom farmer. Today she manages to make 12,000 every year for an investment of only Rs. 600.
Her feat finds mention on a Mexican website that has grouped her as the top 25 inspirational farmers in its photo gallery.
"I am a poor woman. I thought that mushroom farming would profit henceforth I started it. Now, I can earn a living for my family", said Lalmuni Devi.
Successful Enterprise
The success story has caught on with many women in the Azadpur village on the outskirts of Patna.
"It is effortless farming, which we can even do in our village. Working in the scorching heat is very tiring. Mushroom farming generates more profit", said Urmila Devi.
Lalmuni and other landless women have been encouraged by the Indian Council for Agriculture Research to take up mushroom farming.
"It is to help the poorest of the poor through alternative livelihood support system. For that we have chosen a village where people have no land and they have to share croppers", said Dr AR Khan, Principal Scientist, ICAR, Patna.
Lalmuni's efforts have paved the way for many other landless women to take up mushroom farming and earn a livelihood for their family with little effort.
What inspiring feat did Lalmuni Devi perform?
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Do you feel that you can also become an entrepreneur?
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What qualities of entrepreneur did Lalmuni Devi exhibit?
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What are the benefits and risks of becoming an entrepreneur? How can you guard against the risks?
(Teachers should highlight the qualities of entrepreneurs and motivate students to do so. Help that is available from the government of India is listed on the website www.india.gov.in.)
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