Important Short questions for B.Tech Enterpreneurship unit-1 with answers

 Important short questions for B.tech Entrepreneurship unit-1: Here we provide you the important questions for B.Tech Entrepreneurship unit-1.Entrepreneurial Perspectives with answers which will help you in studying for your upcoming exams.

B.Tech Entrepreneurship unit-1 important questions with answers

Q1. Define the concept of entrepreneurship. 

Answer : 

“Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organize a profit oriented business unit by production or distribution of economic goods and services”. It also includes not only the independent businessman but also managers and company directors who carry out innovative functions in the organization or business.

Q2. State the entrepreneurial motivations.

Answer :

    Entrepreneurs can use many motivational practices to motivate the employees in achieving the set goals. Some of the important practices are, 

1. Rewards Employers are greatly motivated by rewards in the form of seniority and membership, job status, competency and performance. 

2. Goal Setting One of the powerful motivational practices is "Goal Setting". If performance goals are set in a correct manner, then it will motivate the employees to a great extent. 

3. Flexibility Employees feel motivated when they are provided with flexi time, flexible benefits, MBO and other such benefits. 

4. Empowerment When the employees are empowered, they believe that they own the jobs. Thus, it leads to improvement in performance of employees. 

Q3. Write about entrepreneurial stimulants

Answer :

 There are many factors that boosts/stimulates entrepreneurial activity which leads to development in economy. Some of the entrepreneurial stimulants are, 

1. Availability of capital and other necessary input. 

2. Supportive government programmes. 

3. Innovative environment. 

4. A collaborative relationship between research and business and their efforts in transferring the                 technology to the market place.

Q4. In which areas policies and practices are required for entrepreneurial management.

Answer :

Following are the four important areas in which policies and practices are required for entrepreneurial management, 

1. The organization should be innovative in nature and should accept the change as an opportunity. To         create an entrepreneurial climate, policies and practices are required. 

2. In entrepreneurial management, policies and practices are needed for staffing, managing,                        organizational structure, rewards, compensation, incentives etc. 

3. There should be a systematic measurement or appraisal of company's performance. To improve               performance, the entrepreneur should ensure built in learning. 

4. In entrepreneurial management, some 'don'ts' should be remembered, 

    (a) Entrepreneurial units and managerial units should not be mixed. 

    (b) Innovation should not be 'diversification', because if the innovative efforts takes the business out           of its own field, then there are chances that the business would fail.

Q5. What are the advantages of being an entrepreneur.

Answer :

The following are the advantages of entrepreneurs, 

1. Under entrepreneurship business, entrepreneurs are the owners of enterprises who can take their own decisions for success of the business. 

2. Under this, entrepreneurs can implement their own ideas in the business. For example, starting new venture, adopting latest technologies etc. 

3. Under this, entrepreneur has the complete authority to select the type of business in which he is interested. 

4. Entrepreneurship business provide high level of profits.

Q7. Write about motivation cycle?

Answer :

An entrepreneur is required to possess knowledge about the motivation process and utilize this knowledge for improving the organisational performance. Process of motivation can be used to make a person perform effectively, build a good relationship between managers and staff, fulfill the social, economic and human needs of an individual etc. The process of motivation or motivation cycle aims at achieving some goal. The three main elements in motivation cycle are, 

1. Motives 

2. Behaviour and 

3. Goals

Figure: Process of Motivation

Q8. List out the differences between Entrepreneur and Intrapreneur?

Answer : 

The differences between entrepreneur and intrapreneur are as follows,

Q9. What are the measures to overcome barriers to entrepreneurship?

Answer :

Various barriers to entrepreneurial growth and development can be overcomed by the following measures, 

(i) Changing mind set of individuals and society. 

(ii) Including entrepreneurship in academic curriculum. 

(iii) Starting and establishing entrepreneurial development cells in colleges. 

(iv) Providing proper guidance and assistance by government. 

(v) Providing hassle-free credit and special incentives.

Q10. What are the disadvantages of entrepreneurship?

Answer :

The disadvantages of entrepreneurship are as follows, 

1. Entrepreneurship involves high level of risk. 

2. Under entrepreneurship entrepreneur’s income is uncertain i.e., he may earn income in one month and loose in next month. 

3. If entrepreneurship is in partnership form then the authority of making decisions get divided between partners. 

4. Entrepreneur have to work hard (day and night) for the success of enterprise. Even he may not take a single leave during heavy work load. 

Q11. Explain the advantages and disadvantages of entrepreneurship?

Answer : 

The following are the advantages of entrepreneurship, 

1. Under entrepreneurship business, entrepreneurs are the owners of enterprises who can take their own decisions for success of the business. 

2. Under this, entrepreneurs can implement their own ideas in the business. For examples, starting new venture, adopting latest technologies etc. 

3. Under this, entrepreneur has the complete authority to select that type business in which he is interested. 

4. Entrepreneurship business provide high level of profits. 

5. Entrepreneurs are creative, they express their creativity by executing their new and creative ideas and creating a successful enterprise. 

6. Entrepreneurship is exciting, because entrepreneurs enjoy their work as each day comes up with new opportunities which challenge their determination, skills and abilities. 

7. Entrepreneurs can set their own income and invest targets in the business as they own the enterprise. 8. Entrepreneurs can actively involve in social family activities as entrepreneurship gives them flexibility. 

Disadvantages of Entrepreneurship

The disadvantages of entrepreneurship are as follows, 

1. Entrepreneurship involves high level of risk. 

2. Under entrepreneurship entrepreneur’s income is uncertain i.e., he may earn income in one month and loose in next month. 

3. If entrepreneurship is in partnership form then the authority of making decisions get divided between partners. 

4. Entrepreneur have to work hard (day and night) for the success of enterprise. Even he may not take a single leave during heavy work load.