Chapter 8 - Entrepreneurship Development
Organisation Of Commerce Management Solutions for Class 12 Commerce Business studies
Select the proper options given from the options given below and rewrite the completed sentences :
The word 'entrepreneur' is derived from the ________ word 'entreprende'
(a) Japanese
(b) English
(c) French
ANSWER: Correct option- c
The word ‘entrepreneur’ is derived from the Frenchword ‘entreprende’.
Explanation:
The word “entrepreneur” is derived from the French word “entreprende”, which means to undertake. Thus, it can be said that an entrepreneur is a person who undertakes the risk of running a business.
'Entreprende' means to ________.
(a) undertake
(b) enterprise
(c) businessman
ANSWER: Correct option- a
‘Entreprende’ means to undertake.
Explanation:
The French word “entreprende”, means to undertake. The word “entrepreneur” is derived from this word. Accordingly, an entrepreneur is a person who undertakes the risk of operating a business; who coordinates with production resources and who undertakes innovation.
The oxford English dictionary defines an entrepreneur as the ________ of a business.
(a) secretary
(b) employee
(c) director
ANSWER: Correct option- c
The oxford English dictionary defines an entrepreneur as the directorof a business.
Explanation:
According to the Oxford English Dictionary, an entrepreneur is defined as the director or manager of a business, as he/she is the person who sets up and manages the business.
The term entrepreneur was first used by ________.
(a) J. Schumpeter
(b) R. Cantilon
(c) A.H. Cole
ANSWER: Correct option- b
The term entrepreneur was first used by R. Cantilon.
Explanation:
Richard Cantillon, an Irish economist, first used the term “entrepreneur” in the 18th century. According to him, ‘‘an entrepreneur is the person who buys factors services at certain prices with a view to selling its product at uncertain prices.’’
13 functions of an entrepreneur were enumerated by ________.
(a) J. Scumpeter
(b) R. Cantilon
(c) Kilby Peter
ANSWER: Correct option- c
13 functions of an entrepreneur were enumerated by Kilby Peter.
Explanation:
Kilby Peter identified certain roles and functions of an entrepreneur in relation to an enterprise. According to him, these functions such as purchasing inputs, industrial engineering and financial management, if followed, can lead to a successful organisation.
The inner urge of a person to do something is ________.
(a) initiative
(b) hard work
(c) creativity
ANSWER: Correct option- a
The inner urge of a person to do something is initiative.
Explanation:
Initiative implies taking the first step towards something, i.e., starting up activities like production, providing services or working for the welfare of the society. It is one of the core competencies of an entrepreneur. An entrepreneur is a person/individual who takes the initiative of setting up a business.
Entrepreneurial ________ is measured in terms of the individual's attitude toward opportunity recognition.
a) value
b) attitude
c) motivation
ANSWER: Correct option- b
Entrepreneurial attitude is measured in terms of the individual’s attitude toward opportunity recognition.
Explanation:
An individual is said to have entrepreneurial attitude when he/she has the characteristic ability of recognising opportunities.
The basic element of the process of ________ is motive, behaviour and goal.
(a) value
(b) motivation
(c) attitude
ANSWER: Correct option- b
The basic element of the process of motivation is motive, behaviour and goal.
Explanation:
The three main elements of motivation are motive, behaviour and goal. Herein, the motives of an individual influence his or her behaviour in achieving the desired goal. Motivation refers to an ongoing process and the motive is the inner state of mind that directs the activities of an individual towards a desired goal.
