Question

Assignment-15
List the ways in which an entrepreneur affects a society.
2.What do you think is the most important function of
an entrepreneur? Write your answer giving suitable examples.
3.What is the difference between a misconception and reality?
Give an example.
4.Write some qualities of an entrepreneur.
5. Write the difference between entrepreneur and wage employer.
6.Write some Myths about entrepreneurship.

In the following exercise, mention if the following statement are ‘True’ or ‘False’ for myths of entrepreneurship
1. Entrepreneurs who do not have an innovative idea cannot succeed ____________
2. Entrepreneurs exhibit high risk-taking ability, but they take calculative risks ____________
3. Success in entrepreneurship is mainly about keeping a business sustainable andafloat ____________
4. Nothing matters more than the business idea ____________
5. One can acquire and develop entrepreneurial skills ____________
6. Entrepreneurship is a process of constant learning ____________​

Answer 1

Answer:

Entrepreneurs help in growing the area and society they live in, they help the society in the following ways:

1. Fulfil Customer Needs- Entrepreneurs find out what people want. Then, they use their creativity to come up with a business idea that will meet that demand.

2. Use Local Materials – They use the material and people available around them, to make products at low cost.

3. Create Jobs- With the growth of a business, entrepreneurs look for more people to help them.

4. Improved Standard of Living— When entrepreneurs sell products like a tractor, a mobile phone or a mobile service, it helps people live a more comfortable life.

Explanation:

Answer 2

Answer:

Ans 1. An Entrepreneur affects a society in numerous ways which are proved to be beneficial. Some of them are:

• Economically Beneficial - Entrepreneurs proved to bring economic growth and rise in the market. They help in lifting up the economic condition of the society.
• Innovation at it's best - If a product is already in the market and that too with a high demand, then entrepreneurs won't go after producing the same. They instead would switch to something extra that would make their product unique and hence, they are filled with innovation.
• Reducing Unemployment - Entrepreneurs helps in reducing unemployment as they appoint employs for different works.

Ans 2. The most important function of an entrepreneur should be he/she shouldn't be afraid of challenges and adversities. They must be ready for the risks and must not look back if the road is not paved for them. For Example, if an entrepreneur who manufactures toothpaste, founds any defect regarding the proper cleaning in his products, he must not get depressed or low. Instead he/she should try sorting out the problem.

Ans 3. An misconception is, basically, a mistaken reality. Reality. on the other hand, is the truth, is the one which is just not our imagination. Hence, misconception is a state where someone excepts a lie as a truth. He thinks that the lie is the reality, when it is actually not. For Example, suppose someone went to buy groceries. The total amount calculated was ₹500. He paid the amount in changes, giving the cashier two notes of ₹200 and one note of ₹100. But, by mistook he only gave two notes of ₹200 and forgot about ₹100. Hence, it is a misconception.

Ans 4. Some qualities of an entrepreneur are:

• Passionate - He/She should be passionate about his/her work and goal.
• Creative - He/She must possess creative mind in order to achieve success.
• Flexible - He/She should be flexible and adaptive to any type of surroundings.
• Self-Confident - He/She must have belief in themselves and confidence among themselves.

Ans 5. An entrepreneur makes money according to his will, to his extent. He uses his creativity to build up his name     Whereas       A wage employer works under a boss, can't use his creativity, has to work for definite hours and gets a fixed wage.

Ans 6. Some common myths about entrepreneurs are:

• They don't have access to any personal life.
• They are extremely rich.
• They always take risks because risks makes business.
• They think about how to increase business 24/7.
• They don't have a boss because they themselves are boss.

All the myths are true to some extent, but not totally.

True and False -

1. Entrepreneurs who don't have an innovative idea cannot succeed. False
2. Entrepreneurs exhibit high risk-taking ability, but they take calculative risks. True
3. Success in entrepreneurship is mainly about keeping a business sustainable and float. True
4. Nothing matters more than the business idea. False
5. One can acquire and develop entrepreneurial skills. True
6. Entrepreneurship is a process of constant learning. True