Very Short Type Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download

Q.1. What is an ‘opportunity’? (CBSE 2012, Comptt.)

Or

What is a business oppurtunity? (CBSE 2012 (Comptt.), Textbook) (1 mark)

Ans. Business opportunity can be described as an economic idea which can be implemented to create a business enterprise and earn profits.

Q.2. “Entrepreneurs are dreamers with a vision.” How? (CBSE 2011, A.I.) (1 mark)

Ans. Entrepreneurs are dreamers with a vision because they evolve a strategy to find a creative solution to the problem or need.

Q.3. Name the process of perceiving the needs and problems of people and society and arriving at creative solutions. (CBSE 2010, A.I.) (2 mark)

Ans. Sensing Entrepreneurial Opportunities is the process of perceiving the needs and problems of people and society and arriving at creative solutions.

Q.4. ‘Tata’ manufactured a motor car ‘Nano’ for common man which is very low in price. Name and explain the behavioural characteristic that develops the idea of ‘Tata’ into available and successful project. (CBSE 2010, Delhi) (2 mark)

Ans. Vision and Creativity: Creativity is the most striking behavioural characteristic for an entrepreneur. He should be able to develop an idea through a process of creativity and build something of value.

Q.5. Name the factors that are involved in sensing opportunities. (CBSE 2008 Delhi)

Or

What factors are involved in the process of sensing an entrepreneurial opportunity? (CBSE Textbook) (1 mark)

Ans. There are three factors that are involved in sensing opportunities :
1. Ability to perceive and preserve basic ideas.
2. Ability to harness different sources of knowledge and information.
3. Vision and creativity.

Q.6. What is the result of applying knowledge, skills, competency and creativity strategically for market orientation? (1 mark)

Ans. Sensing opportunity.

Q.7. What is meant by innovation? (CBSE 2008, Delhi)

Ans. Innovation is creating new things of value as well as new and creative processes that add value to the existing products or services.

Q.8. Harsh plans production of a motor car for the common man at a very low prize. Name the characteristic that develops his ideas into available and successful project. (CBSE 2008 A.I.) (1 mark)

Ans. Vision and creativity.

Q.9. Who is an Entrepreneur? (TBQ & 2003) (2 mark)

Ans. Entrepreneur is a person who perceive opportunities, synthesizes the available information and analyzes emerging patterns that escape the attention of other people. They are people with vision, capable of persuading others such as customers, partners, employees and supplies to see the opportunity, share and support it.

Q.10. How are entrepreneurs different from others in perceiving opportunities? (2 mark)

Ans. Entrepreneurs perceive opportunities quickly by synthesizing available information and analyze emerging patterns that escape the attention others.

Q.11. Which are the two things which an entrepreneur should ensure before selecting an opportunity? (2 mark)

Ans. Before selecting an opportunity, the entrepreneur should ensure two things :
(i) There is a good market for the product he is going to produce.
(ii) The rate of return on the investment is attractive to be accepted by him.

Q.12. Give examples of occupations where people earn their income by selling goods. (1 mark)

Ans. Selling fruits, electrical goods, etc.

Q.13. What are the two basic roles of an entrepreneur? (2 mark)

Ans. The two basic roles of an entrepreneur are as follows :
(i) Entrepreneur as an opportunity spotter.
(ii) Entrepreneur as a project champion.

Q.14. List the stages of growth and development of entrepreneurship. (2 mark)

Ans. Embryo stage – Nurture stage – Fledging stage – Take off stage – Viable growing enterprise.

Q.15. How do entrepreneurs differ from employees? (1 mark)

Ans. Entrepreneur is an innovator and he takes decisions but employee is not an innovator.

Q.16. Give examples of occupation where people earn their income by selling services. (1 mark)

Ans. Teaching, providing medical treatment, etc.

Q.17. Give examples of created opportunities. (1 mark)

Ans. Innovation of radio, telephone, etc.

Q.18. When does a problem become an opportunity? (2 mark)

Ans. Problem is not a type of opportunity in itself that exists in our environment. Problem forces a challenge in solving them and becomes an opportunity. Hence, when there is a need to solve a problem, the problem becomes an opportunity.

Q.19. What are the five sources to obtain ideas? (2 mark)

Ans. The five sources to obtain ideas are :
(i) Problems.
(ii) Change.
(iii) Inventions.
(iv) Competition to encash it.
(v) Innovation.

Q.20. From what do entrepreneurs spot opportunities? (1 mark)

Ans. Entrepreneurs spot opportunities by analyzing the needs and problems that exist in the environment.

Q.21. What are the social motives in entrepreneurial motivation? (2 mark)

Ans. Social motives behind entrepreneurial motivation are :
(i) Generating employment.
(ii) Optimal use of local resources.
(iii) Making society enterprising.
(iv) Making market more competitive.
(v) Develop a social vision.

Q.22. What are the two ways in which entrepreneurs receive opportunities? (2 mark)

Ans. The two ways are :
(i) Problems and needs.
(ii) Creative solutions to the problem.

Q.23. When is a viable opportunity born? (2 mark)

Ans. When knowledge, skill, competency and creativity are strategically applied for market orientation a viable opportunity as born.

Q.24. Central level financing institutions for supporting entrepreneurs are :
(a) SIDBI
(b) IFCI
(c) NABARD
(d) All of the above
(1 mark)

Ans. (d) All the above.

Q.25. Entrepreneur is a person who :
(a) earns income for himself
(b) conceives the idea to start a business
(c) both (a) and (b)
(d) None of the above
(1 mark)

Ans. (c) both (a) and (b)

Q.26. State whether the following are true or false :
(a) Business opportunities are related with feasible possible projects.
(b) To sense opportunities, an entrepreneur employs his skill, knowledge and
creativity
(c) More demanding products are less profitable
(d) A problem becomes an opportunity only when it is profitable and possible
from business point of view.
(2 mark)
Ans.
(a) True
(b) True
(c) False
(d) True

Q.27. There is a............... relationship between opportunities and problem-solving.
(a) direct
(b) inverse
(c) indirect
(d) close
(1 mark)

Ans. (d) close

Q.28. An idea which can be converted into opportunity is based on the ......... of customers.
(a) preferences
(b) dislikes
(c) both (a) and (b)
(d) Neither (a) or (b)
(1 mark)

Ans. (a) preferences

Q.29. Entrepreneurship leads to .............. in GDP.
(a) increase
(b) decrease
(c) both (a) and (b)
(d) neither (a) or (b)
(1 mark)

Ans. (a) increase

Q.30. Fill in the blanks :
(a) ................... and creativity of an entrepreneur help in sensing the
opportunity.
(b) .................... gives rise to opportunities. (2 mark)

Ans. (a) Vision.

(b) Problems.