Entrepreneurship: Concept and Functions — Flashcards
CBSE · Class 11 · Entrepreneurship
20 flashcards for Entrepreneurship: Concept and Functions (CBSE Class 11 Entrepreneurship) to test yourself on key terms and facts.
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What is Entrepreneurship?
Answer
Entrepreneurship is a systematic innovation that consists of the purposeful and organized search for changes, and a systematic analysis of the opportunities that such change might offer for economic a…
Define an Entrepreneur according to Peter F. Drucker
Answer
According to Peter F. Drucker, an entrepreneur is one who always searches for changes, responds to it and exploits it as an opportunity. He believes in increasing the value and consumer satisfaction.
List any 5 characteristics of an Entrepreneur
Answer
1. Develops and owns his own enterprise 2. Is a moderate risk taker and works under uncertainty 3. Is innovative 4. Reflects a strong urge to be independent 5. Persistently tries to do something bette…
What is an Enterprise?
Answer
An enterprise is the business organization that is formed by an entrepreneur through the process of entrepreneurship. It provides goods and services, creates jobs, contributes to national income, expo…
Compare Entrepreneur and Entrepreneurship
Answer
ENTREPRENEUR: A person who bears risks, unites various factors of production, carries out creative innovations. It refers to an individual or group of individuals. ENTREPRENEURSHIP: The set of activi…
What are the three main Entrepreneurial Functions?
Answer
1. INNOVATION: Introducing new combinations of means of production, new products, new markets, and new sources of raw materials 2. RISK-TAKING: Taking responsibility for losses due to unforeseen conti…
Explain Innovation as an entrepreneurial function with an example
Answer
Innovation is the basic function of an entrepreneur involving introduction of new combinations of means of production, new products, new markets, and new sources of raw materials. Entrepreneurs introd…
What are the four Promotional Functions of an Entrepreneur?
Answer
1. DISCOVERY OF AN IDEA: Visualizing opportunities for profitable business ventures 2. DETAILED INVESTIGATION: Estimating total demand, arranging finances, and analyzing various factors 3. ASSEMBLING …
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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