Students get through the TN Board 12th Commerce Important Questions Chapter 24 Types of Entrepreneurs which is useful for their exam preparation.
TN State Board 12th Commerce Important Questions Chapter 24 Types of Entrepreneurs
Very short answer questions
Question 1.
What are the dealings are governed by Fabian entrepreneur?
Answer:
Their dealings are governed by customs, religion, tradition, and past practices handed down to them by their ancestors. They would like to follow in the footsteps of their predecessors.
Question 2.
What is innovating entrepreneur?
Answer:
These entrepreneurs do not have any family background or prior exposure to the venture initiated by them. They are self-made entrepreneurs.
Question 3.
What is the strength of technical entrepreneurs?
Answer:
This type of entrepreneur demonstrates their creative talents by producing innovative products. Their strength lies in skill or knowledge of producing specialized products.
Question 4.
Explain state entrepreneurship.
Answer:
Trading/industrial ventures started by Government under various formats like company, corporation, departments, board denotes start entrepreneurship.
Short answer questions
Question 1.
What is the provision given by the Government to start the venture?
Answer:
The Government provides a great deal of support in the form of loan subsidies, the nominal rate of interest, tax breaks, tax holidays training, import of technology from abroad concessions for the export oriented item, allotment of sheds lands at a subsidized price, etc., impel the potential entrepreneur to start the venture.
Question 2.
What is the difference between Fabian and drone entrepreneurs?
Answer:
The main difference between Fabian and drone entrepreneurs lies in the fact that while Fabian entrepreneur adopts to changes eventually as a last resort, drone entrepreneur never adopts himself or herself to change.
Question 3.
Mention a few service entrepreneurs.
Answer:
Hoteliers, airlines, banking insurance, and financial service providers rapid service organization, bus operators, train service, manpower suppliers, advertising firms, etc., came under the service entrepreneurs category.
Question 4.
Who is a pure entrepreneur?
Answer:
Pure entrepreneurs are individuals who are propelled to enter into a venture by psychological and economic motives. They apply their knowledge skill and insight in making the venture a great success in order to earn maximum profit out of the venture. Eg: Dhirubhai Ambani.
Question 5.
Explain about retail entrepreneurs.
Answer:
Retail entrepreneurs are those who enter into the venture of distributing the end product to the final consumer. They used to buy the goods in small quantities from numerous wholesalers and make it available different products of different brands under one roof to end consumers.
Long answer questions
Question 1.
Discuss induced entrepreneurs.
Answer:
- An induced entrepreneur is one who is inspired to take up entrepreneurial activity thanks to entrepreneurship-friendly policies put in place by the Government.
- In other words, concessions, incentives, and soaps provided by the Government drive them to enter into a venture.
- The government provides a great deal of support in the form of loans, subsidies, the nominal rate of interests, tax breaks, tax holidays, training allotment of sheds and lands at a subsidized price, etc., impel the potential entrepreneurs to start the venture.
Question 2.
Explain motivated entrepreneurship.
Answer:
- Motivated entrepreneurs are those motivated to take up a venture by a desire for self.
- An innovative entrepreneur is one who is always focused on introducing a new project or introducing something new in the venture already started.
- They constantly observe the environment around them in order to contribute something new to the venture.
- Their innovation may take in the form of a brand new product, a new method of production, upgraded products, simplification of complex process adoption of a distinct process and soon.
Question 3.
Give a short note on the trading entrepreneur.
Answer:
- Trading entrepreneurs are those who restrict themselves to buying and selling finished goods.
- They may be engaged in domestic and international trade.
- Their core strength lies in distribution and marketing.
- They get their income by way of commission and marketing.
Question 4.
Explain first-generation entrepreneurs.
Answer:
A first-generation entrepreneur is one who starts a venture by virtue of his knowledge, skill, talent, and competence fulfillment. They are motivated to produce and market products or services by sheer prospects of making huge profits. They are further motivated to develop the venture to a saleable stage. So that he/she can sell the venture at a super profit to certain entrepreneurs (buyers) who do not like to take risks in setting up a new venture but desire to buy a well-developed venture promising great profit prospects.
Multiple-choice questions
1. Entrepreneurs in business are different according to the type of undertaking by him/her.
(a) Factor
(b) Activity
(c) Project
(d) Product
Answer:
(b) Activity
2. Innovation may take the form of:
(a) Brand new product
(b) Upgraded product
(c) New methods of production
(d) All the above
Answer:
(d) All the above
3. An entrepreneur who would like to follow in the footsteps of predecessors are known as:
(a) Fabian entrepreneur
(b) Drone entrepreneur
(c) Business entrepreneur
(d) None
Answer:
(a) Fabian entrepreneur
4. Those who are totally opposed to change unfolding in the environment:
(a) Initiative entrepreneur
(b) Drone entrepreneur
(c) Trading entrepreneur
(d) Business entrepreneur
Answer:
(b) Drone entrepreneur
5. ……… is also called a solo entrepreneur.
(a) Business entrepreneur
(b) Trading entrepreneur
(c) Initiative entrepreneur
(d) None
Answer:
(a) Business entrepreneur
6. An entrepreneur gets their income by way of commission and marketing:
(a) Innovating entrepreneur
(b) Trading entrepreneur
(c) Corporate entrepreneur
(d) Business entrepreneur
Answer:
(b) Trading entrepreneur
7. Give an example for service entrepreneur:
(a) Banking
(b) Insurance
(c) Airlines
(d) All the above
Answer:
(d) All the above
8. An entrepreneur that pursues their venture in agriculture and allied sector is called as:
(a) Agricultural entrepreneur
(b) Service entrepreneur
(c) Industrial entrepreneur
(d) None
Answer:
(a) Agricultural entrepreneur
9. An entrepreneur who commences his entrepreneurial activity in urban areas is known as:
(a) Rural entrepreneur
(b) Modem entrepreneur
(c) Retail entrepreneur
(d) Urban entrepreneur
Answer:
(d) Urban entrepreneur
10. Venture started by an individual is known as:
(a) Private entrepreneur
(b) Public entrepreneur
(c) Joint entrepreneur
(d) All the above
Answer:
(a) Private entrepreneur
11. One who starts his own ventures as a family business:
(a) Modem entrepreneur
(b) Rural entrepreneur
(c) Classical entrepreneur
(d) Motivated entrepreneur
Answer:
(c) Classical entrepreneur
12. Ventures started and owned by both Government and private individuals denote:
(a) Joint entrepreneur
(b) Urban entrepreneur
(c) First generation entrepreneur
(d) All the above.
Answer:
(a) Joint entrepreneur
13. Agriculture and trading entrepreneurs prefer to set up their ventures in ………… areas.
(a) Rural
(b) Urban
(c) Both (a) and (b)
(d) None
Answer:
(a) Rural
14. Who are self-made entrepreneurs?
(a) First generation entrepreneur
(b) Modem entrepreneur
(c) Classical entrepreneur
(d) Trading entrepreneur
Answer:
(a) First generation entrepreneur
15. Entrepreneur who has natural inclination to start a venture is known as:
(a) Motivated entrepreneur
(b) Pure entrepreneur
(c) Induced entrepreneur
(d) Spontaneous entrepreneur
Answer:
(d) Spontaneous entrepreneur