Entrepreneurial Skills Class 9 Questions and Answers has been designed by the teachers and examiners team. The team have collected all Important Subjective Questions and Answers from Entrepreneurial Skills textbook. All the important Information are taken from the CBSE Textbook Employability Skills Class IX Based on CBSE Pattern.
Entrepreneurial Skills Class 9 Questions and Answers
Session 1: Entrepreneurship
1. What is Entrepreneurship?
Answer – An entrepreneur is a person who creates a new business, takes risks, brings new ideas to start a business and is self employed.
2. What are the different ideas entrepreneurs add?
Answer – New ideas with which an entrepreneur adds varieties of product, new services, cost reduction ideas, or new marketing techniques.
Session 2: Role of Entrepreneur
3. What are the roles and benefits of entrepreneurs?
Answer – The role and benefits of entrepreneurship
- Economic Development – As entrepreneurs provide quality products and services for the customer, entrepreneurs grow their business, invest the money in the business and expect good returns.
- Social Development – In the beginning the business is usually very small, to become successful in the business entrepreneur have to expand their business, to expand the business entrepreneur have to work hard and they have to create more jobs. when the jobs are created by the entrepreneur then more people will earn money and have a good life.
- Improved Standard of Living – When entrepreneurs sell quality products to the customer, quality products help people live a more comfortable life.
- Optimal Use of Resources – Around us a lot of renewable and no-renewable resources are available. entrepreneurs have to find the most optimal ways of using the resources to reduce costs and increase their profits.
Session 3: Qualities of a Successful Entrepreneur
4. What are the qualities of successful entrepreneurs?
Answer – An entrepreneur needs to have the following qualities –
- Patience – Success may not be achieved in one-day , it can take time. It is important for an entrepreneur to be patient.
- Positivity – Always be positive when you are finding difficulty in the business. An entrepreneur has to think positively even when he/she takes a big rist.
- Hard working – An entrepreneur has to work hard till it becomes successful in the business.
- Confidence – An entrepreneur has to make decisions and be very confident about their business. An entrepreneur needs to communicate with the customers confidently.
- Open to Trial and Error – Entrepreneurs have to implement new ideas, implement trial and error and new experiments without fear of failure to tell the business becomes successful.
- Creativity and Innovation – An entrepreneur should be able to see and identify the problem from different perspectives and come up with creative solutions.
Session 4: Distinguishing Characteristics of entrepreneurs and wage employment
5. Characteristics of Entrepreneurs?
Answer – Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction
- Believe in hard work
- Ability to take up risks
- Money Management
- Knowledge of the product and services and their need or demand in the market
- Effective planning and execution
- Financial literacy
6. What is wage employment?
Answer – Wage management is based on work grades and performance parameters. Wage management’s goal is to take reward and give high performance standards in the business. The wage management does not take too much risk but entrepreneurs have to take risks.
7. Benefits of entrepreneurship?
Answer – The various benefits of entrepreneurship are –
- Work for yourself, and not for others
- More risk, more profit
- Do what you are interested in
- Make profits for yourself
Session 5: Type of Business Activities
8. What are the different types of business activities in entrepreneurship?
Answer – There are three types of business activities in entrepreneurship
- Product business – If entrepreneurs sell any physical product to the customer which can be seen and touched is called a product business. example grocery item, sport item or electronic item.
- Service business – If an entrepreneur provides some services to the customers it is called service business. example – caching institute, electronic services shops, call centers etc.
- Hybrid business – Combination of product and service business is called hybrid business. example – Mobile shop, they provide sell and service both.
Session 6: Product, Service and Hybrid Businesses
9. Difference between product business and service business?
Answer –
- Product Business -If entrepreneurs sell any physical product to the customer which can be seen and touched is called a product business. example grocery item, sport item or electronic item.
- Service Business – If an entrepreneur provides some services to the customers it is called service business. example – caching institute, electronic services shops, call centers etc.
10. Types of product – based business?
Answer – There are two types of product – based businesses
- Manufacturing Businesses – There are a lot of different types of factories which manufacture different types of products.
- Trade Business – That type of business which buys and sells products to customers. In the trade business transport the product from the factory to warehouses and then to the shops. example – retail shops, distributors and wholesalers.
Session 7: Entrepreneurship Development Process
11. What is the entrepreneurship development process?
Answer – To enhance the knowledge and skills through several training programs whether it is formal or informal, the entrepreneur development process helps to achieve the goals.
There are different types of steps for starting a business
- Idea
- Getting money and material
- Understanding customer needs
- Improving Product/ service
Employability Skills Class 9 Questions and Answer
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