UNIT-4-ENTREPRENEURSHIP SKILLS

SESSION-1-TANISHQ
Ques:- What is an ENTREPRENEUR & ENTREPRENEURSHIP?

Ans- An entrepreneur is a person who tries to meet the needs of a

customer through new ideas or ways of doing business and makes a profit
in return.Entrepreneurship is a process of developing a business plan,
launching and running a business using innovation to meet customer needs
and to make a profit.

Ques:- What are the 3 types of business activities?

Ans-The 3 types of business activities are:-
1. Manufacturing
2. Trading
3. Services

Ques:-Explain MANUFACTURING BUSINESS.

Ans-A manufacturing business converts raw materials into finished
products to meet the demands of the customer. In this form of business,
the finished product can be directly sold to the customer. Kartik has a
factory that produces purified packaged drinking water.

Ques:-Elaborate TRADING BUSINESS.

Ans-A trading business does not manufacture
a good or product but only facilitates the
act of bringing the finished goods from
the manufacturing unit to the buyer or
customer (who is ready to pay for the
produced good).

Ques:-State what is SERVICES BUSINESS.

Ans- Any intangible business activity, which cannot be seen and felt, but is
for the benefit of a buyer is called a service. Services do not have a fixed
time and it is flexible as per the demands of the customers. Services do not
even need a shop to sell their products.

SESSION-2&3-TANYA

Ques 1- What are the values of an entrepreneur?

Ans- values of entrepreneur are:-
1. Confidence
2. Independence
3. Perseverance
4. Open-mindedness

Ques 2- What are the doubts in the mind of an entrepreneur?

Ans- doubts in the mind of an entrepreneur are:-
1. Am I good enough to start a business?
2. Can I run the business on my own?
3. What if I make a loss or no one buys from me?
4. What if my customer doesn't like my product?
5. What if my customers go to my competitors?

Ques 3- list the actions that make an entrepreneur successful .

Ans- 1. Know Your Business, Inside And Out.
2. Develop Your Passion.
3. Have a leadership quality
4. Should have a great internal motivation

Ques 4- What is the difference between the Attitude of Entrepreneurs

& Employees?
Ans-

Attitude Entrepreneurs Employees

Belief in Self When an entrepreneur An employee usually is
starts a new business, managed by someone,
there are a few people who helps him or her,
who might support and supports him or
them. No manager or her when he or she
boss would encourage starts the job. He or
or support when things she is also given
get difficult. Therefore, training and support to
an entrepreneur understand how to do
believes in themselves the work, and what to
so that they can do when things get
confidently face any difficult.
challenge and become
successful.
Customer An entrepreneur is An employee delivers
Focus responsible for on the
ensuring that the goals set by the
business they are company. Not all
doing adds value to the employees of a
customer. The company work towards
responsibility of serving the needs of
delivering good quality the customers directly.
products or services to They may not have any
the customer is the direct responsibility
most important part of towards the customer.
entrepreneurship. An
entrep reneur is also
responsible for running
his or her business
ethically, following
rules and
regulations set by the
government.
Ques 5- what are the qualities of a successful entrepreneur?
Ans- 1. Motivation.
2. Risk-taking.
3. Curiosity.
4. Creativity.
5. Confidence.

SESSION-4&5-TUSHTI

Ques 1- What ideas will an entrepreneur take to solve problems facing

a start-up?
Ans-
1-Creativity- Creativity means to come up with ideas that others have not
thought of before. Creativity does not mean being artistic or being good at
drawing. An entrepreneur has to believe that they can come up with new
ideas to solve a problem

2-Innovation- Innovation means thinking of new ideas and coming up with

ways to make them work in real life. The difference between creativity and
innovation is that while creativity is about just coming up with an idea,
innovation is about also coming up with ways to make ideas into reality.

3-Critical Thinking -Critical thinking means understanding a situation or

problem by asking oneself questions (why, what, when, how) and
researching reasons for the situation or a
problem. An entrepreneur has to always think critically when faced with a
problem. They just cannot get worried about the problem and not do
anything about it.
Ques 2- List the various problems faced by entrepreneurs.
Ans-The various problems faced by the entrepreneur are:-

1. Idea: What should my business idea be? How do I know that this idea
will work?
2. Money: How much money should be raised to start a business?
3. Acquiring material: From where to get the material and at what cost?
4. Manufacturing: How to manufacture (if it is a product business)?
5. Pricing: At what price should I sell the product so that I make enough
profits?

Ques 3 What is a business idea and what are the principles of idea
creation?
Ans-A business idea is a solution that an entrepreneur thinks of, to serve
the customer. An idea determines what business activity an entrepreneur
would take up to make financial gains. An idea can be product-service-
based or a hybrid model.

1-Customer Need An idea should serve the customer’s need or demand. A

business idea can come from an existing demand in the market or through
a desire to make what is available in the market better.

2-Entrepreneur’s Own Interest or Talent An entrepreneur often works with

an idea that she or he is passionate about… Knowing one’s interest or
talent is important for an entrepreneur as it leads to self-confidence and
even others believing and trusting in their capabilities.

3-Innovative Innovative means new methods or original ideas. A business

can be innovative in its idea or the way it is done. The chances of a
business growing increases if the idea is innovative and the way it is
implemented is also innovative.

Ques 4-State the form of business ideas.

Ans- forms of business are:-
1-Location-based Ideas An entrepreneur can come up with ideas to serve
the needs of customers at a specific location. For example, in a small
village in Rajasthan, where there is a limited supply of pure drinking water,
an entrepreneur can set up a business selling water.

2-seasonal Ideas During summer, people want to drink cold, healthy drinks
in big cities, while in winter, they like warm beverages. An entrepreneur can
come up with ideas based on the season.

3- Events-based Ideas Another way to come up with a business idea is to

think of ways to serve the people at events. For example, different
businesses come up during the wedding season, like mehendi (henna)
designers, event managers, decorators, etc.

4-Interest-driven Ideas An entrepreneur can come up with business ideas

based on self-interest. For example, someone who is good at dance and
likes dancing, can start a dance-training institute for serious dancers

Ques 5- what is the business cycle?

Ans- 1. Business idea
2. Understand the market
3. Business planning
4. Improving the growth in the business

SESSION–6-VANSH MALHOTRA
SESSION-7-VANSH YADAV
Question 1) What is the importance of Business planing?
Answer 1 ) A business plan is important for an entrepreneur.
Someof the reasons why a business plan should be prepared
are as follows:

(a) Estimating quantity of material required:

Knowing how much material is required helps
an entrepreneur decide the cost of making each
product or cost of delivering the service.

(b) Standing out: A business plan also makes an

entrepreneur plan how they can make the customer
see the business as standing out uniquely when
compared with competitors.

Question 2) How to Improve and Grow the Business ?

Answer 2 ) After starting the business, an entrepreneur has to
think about how they can continue to improve and grow by
creating value for the customer.

Question 3) What can be the quality to run the business ?

Answer 3 ) Quality: An entrepreneur can improve the
business by improving the quality of the product or
service which is offered to the customer. This will
help the business to stand out in the market and
as a result, will justify the entrepreneur charging
a higher price. More inflow of money will help the
business to grow. For example, for a business
of candles, an entrepreneur can improve on the
quality by making scented candles or candles in
different colours or sizes.

Question 4) What can be the template to grow the business ?

Answer 4 ) A business plan is a detailed plan of what an
entrepreneur wants to achieve through the business and
how it will be achieved.
While planning for a business, an entrepreneur has
to think about different factors. Below is the sample
template which can be used to plan for a small business.

Question 5) What substitutes can be add to grow the

business ?
Answer 5 ) Another way of growing
a business is by giving offers to customers.
Substitutes mean products and services which
are similar to what is already being sold. For
example, selling candle stands along with candles.