entrepreneurship skills 2

Question 1

Technical entrepreneurs

Answer 1

The Industrial Revolution gave birth to technical
entrepreneurs, who use their technical expertise to
create and offer machines, tools and methods.

Question 2

Non-technical entrepreneurs

Answer 2

These entrepreneurs use their expertise in providing
services to create a market for technical entrepreneurs.

Question 3

Professional entrepreneurs

Answer 3

Such an entrepreneur starts a business, nurtures it
and makes it reach a point of self-sustenance

Question 4

IT entrepreneurs

Answer 4

People who take up entrepreneurship in the field of
Information Technology (IT) are called IT entrepreneurs.

Question 5

Women entrepreneurs

Answer 5

As the name suggests, when women take up
entrepreneurship, they are called women entrepreneurs.

Question 6

Social entrepreneurs

Answer 6

Individuals, who focus on developing solutions that
benefit the society, are called social entrepreneurs.

Question 7

Family business entrepreneurs

Answer 7

When a family or an individual runs a business
successfully and passes it on to the next generation,
then such an entrepreneur is, generally, termed as
family business entrepreneur.

Question 8

First generation entrepreneurs

Answer 8

First generation entrepreneurs are
those who do not have any
entrepreneurship background.

Question 9

Some of the major functions performed by an
entrepreneur are as follows.

Answer 9

• Identifying entrepreneurial opportunity: There
  are many opportunities in the world of business.
• Turning ideas into action: Entrepreneurs must
  be capable of turning ideas into reality
• Feasibility study: Entrepreneurs conduct studies
  to assess the market feasibility of a proposed
  product or service.
• Resourcing: An entrepreneur needs various
  resources in terms of money, machine, raw
  material and workforce to run an enterprise
  successfully.
• Setting up an enterprise: For setting up an
  enterprise, the entrepreneur may need to fulfil
  some legal formalities.
• Managing the enterprise: One of the important
  functions of an entrepreneur is to run the
  enterprise
• Growth and development: Once the enterprise
  achieves the desired results, the entrepreneur
  has to explore another higher goal for its growth
  and development.

Question 10

Following are some of the qualities that motivate
an entrepreneur.

Answer 10

• Standard of excellence
  An entrepreneur constantly sets
  high standards and strives to
  attain the standard of excellence
  by working hard and showing
  innovativeness.
• Uniqueness
  For an entrepreneur, one of the
  most important qualities is to
  remain unique in everything the
  person does and the way it is done.
• Focus on long-term goals
  Long-term goals are those that are distant in terms of
  time period. An entrepreneur focusses more on what
  is to be achieved in distant future rather than in near
  future.
• Need to influence
  The entrepreneur perceives one’s ideas as revolutionary
  and expects them to influence the world in a substantial
  way.