Entrepreneurship as Innovation and Problem Solving — Entrepreneurship STD 11 Commerce — Question

What do you mean by entrepreneurship?

Match the following:

(a)	Garment Shop	(i)	Kilogram
(b)	Plumber	(ii)	Litre
(c)	Real Estate/ Apartment	(iii)	Piece/ Dozen
(d)	Consultant	(iv)	Meter (of fixed width)
(e)	Fruit Vendor	(v)	Time: Hour
(f)	Textile	(vi)	Square feet
(g)	Dairy	(vii)	Time: Hour

Modern management thinkers define market as, “An arrangement of establishing effective relationship between buyers and sellers of the commodities. It consists of all the potential customers sharing a particular need or want, who might be willing and able to engage in exchange to satisfy that need or want”. Keeping the above definition in mind, what can be concluded about market mechanisms?

The price at which one unit of sale is sold is referred to as what?

Do all business units need to prepare a business plan and will the plan vary depending on the size of the unit?

Divij is a highly innovative person working in a cement company. He devised a new form of grey cement which is made from plastic fillets and organic waste. His company immediately realised the potential of his idea and made him the head of the project to develop the above product commercially. He was also offered a share in profits of the above project. Is Divij an employee or an entrepreneur? Discuss. Also identify one value communicated by him by developing such a product.

"STABILITY” is what the entrepreneur is looking for in the beginning. Why?

In terms of tax benefits, which of the two - preference shares or debentures will be preferred by the organization? Give reasons.

Describe the beginning of world famous fast food chain KFC.
OR
How did KFC begin its operations?

Write some qualities an entrepreneur must have to become a successful entrepreneur.