Unit IV Entrepreneurial Skills
Session 1
Entrepreneurship and Its Impact
Q1 How entrepreneurship contributed to the society?
Ans:-
Entrepreneurship and Society
Creates Job:- They are job creator not the job seekers and help the
government and society by providing lots of
opportunities.
Helps to raise the standard of living:-
They works on two sides, on one side they provides job and another
side they aimed at creating to sort out some societal issues also.
Successful Entrepreneurs as Role Models Generates more
Entrepreneurship:- A successful entrepreneurs will become the role model for many
youth for their upcoming future as an entrepreneur.
Community/Society Development:- They invest in community projects as well as
provide financial supports also for the society regarding education, health sectors,
developments sectors etc.
Q2 How entrepreneurship contributed to econuomy?
Ans:-
1. They creates jobs
2. They contribute in the growth of overall economy by stimulating the growth of
related business.
3. By regional development
4. GDP as per capita income
5. By exporting their products and services.
Q3 How does entrepreneurship influence the individuals associated with it?
Ans:- 1. They give independence and freedom to set your own schedule.
2. They get work on what they believe.
3. It earn an individual much respect.
4. If they succeed, they are able to create wealth.
5. They gives flexibility to work from anywhere.
Q4 “A successful entrepreneurship generates more entrepreneurs”, Comment on this
statement.
Ans:- An entrepreneur is an individual who created a new business, bearing most of the
risks and enjoying most of the rewards. The entrepreneur is commonly an innovator, a
source of new idea, goods, services and business or procedures.
Q5 How does Entrepreneurship creates jobs ?
Ans:-Entrepreneurship creates jobs by:
* Directly hiring people in new businesses
* Indirectly supporting jobs in other businesses
* Expanding existing ventures
* Stimulating local economic activity
* Creating social impact ventures with employment missions
Session 2
Entrepreneurial Qualities and Role
Q1 Discuss the qualities of a successful entrepreneurs.
Ans:-
Qualities that make an Entrepreneur Succeed
1. Passion:- They are passionate towards their dream and goals.
2. People Skills:- Their communication skills towards the public either their clients,
suppliers or employees are very polite.
3. Persistence They always get ready with some alternatives in case of any
disappointments or failures.
4. Decisive and Action oriented:- They show their skills in making quick decisions, taking
actions and making all possible corrections.
Q2 What are the myths or misconceptions about Entrepreneurs?
Ans:-
Myths/Misconceptions About Entrepreneurs
1) Entrepreneurial mind is Born Talent
2) If you have a good idea you can be an Entrepreneur
3) Its all about Unlimited Freedom
4) It is a one person show
5) Means Quick wealth
6) Requires a business school degree
7) Need lots of money
Q3 What are the roles of any entrepreneurs in his/her ventures?
Ans:-
Role of an Entrepreneur
1. Innovator or creator:- an entrepreneur either develop or creates a product as a
solution to some problems or innovates the use of available resources to sort out any
problems.
2. Team Building:- Selection of right candidates.
3. Cash flow management:- Proper use of cash to enhance the business.
4 Time Management:- They have to manage the balance between various tasks and
challenges
5. Decision Making They are able to take lots of right decisions at a right time.
6 Understand the Risks involved:- They always understand the risks involved in any of
his/her decision taken and always ready to sort out the problem with proper solution.
Q4 Discuss how Entrepreneurship is not about having unlimited freedom?
Ans:- because they have fulfill their responsibility and role of sacrifices like sometimes
they work for extra time because of that they are not able to spend time with their
family members.
Session 3
Q1 How one can choose an entrepreneurship as a career option?
Ans:-
Entrepreneurship as a career option
Entrepreneurship as a Career
* What’s my attitude towards work effort
- How much physical an mental effort I can put in the workplace?
* How much risk can I bear regarding investment and income
* What’s my attitude towards independence/freedom
- if you like to take commands and then work accordingly or you do not
want to work as per someone else’s orders.
* Am I ready to take crucial decisions
- Am I ready to own up my decisions and trust my decisions?
Q2 What are the various possible ways to finance startups in India?
Ans:-1) Loan from Bank and NBFC’s
2) Startup schemes of the government like Mudra loan scheme, stand up Indian Scheme
etc.
3) Equity financing like Angel Investors.
4) From external Commercial borrowings.