Entrepreneurship, Employment and Education

Important Note :The latest notes is available at class 11 Entrepreneurship

1. ‘Family environment builds up an attitude for entrepreneurship’ How far do you agree with the statement? Give reasons for your answer.

A study to correlate the effect of family environment on building up of entrepreneurial attitude in a person has revealed a strong relationship between the childhood family environment and the parents who were entrepreneurs themselves and were self-employed. The impact of the family environment is significant on the learner.
When a person is grown up in such an environment, the person happens to be in constant interaction with the matters related to the management of the enterprises or where decisions are taken to promote the enterprise. The in turn builds positive attitude which would promote the continuance and enrichment of this environment. It also creates an acceptability of such an environment and the process of entrepreneurship becomes more credible and valid in their mind.

Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

2. Analyse the case history of two prominent entrepreneurs who have inherited their family business and have shown remarkable results through their sense of enterprise.

I’m still working on this.

Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

3. What are the inputs that a family does not provide to develop the quality of entrepreneurship?

Though the family environment helps in building the entrepreneurial attitude in a person, it will not be able to provide the following.

  1. The basic knowledge of how to handle men and material and to maintain the success for a life long.
  2. The ability to think analytically and critically and the knowledge to be more organized and subsequently to be self-confident.
  3. Certain basic technical skills which are critical in establishing, developing and managing an enterprise.
  4. Ability to maintain interpersonal relationship with various stakeholders
  5. The intelligent, emotional and skill quotients of an individual to develop a strong work culture.
  6. The self-actualization required to maintain a high level of motivation, perseverance and commitment.
  7. The ability to create a vision and understand the direction and magnitude of growth.
Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

4. ‘Education is an important tool for building entrepreneurial attitudes’. How far do you agree with the statement?

Education is an important tool for building entrepreneurial attitudes. It helps a person to be a successful entrepreneur by helping one with the following abilities.

  1. Education teaches a person to learn the basic knowledge of how to handle men and material and to maintain the success for a life long.
  2. It gives the person the ability to think analytically and critically and imparts the knowledge to be more organized and subsequently to be self-confident.
  3. Education gives basic technical skills which are critical in establishing, developing and managing an enterprise.
  4. Education gives the ability to maintain interpersonal relationship with various stakeholders.
  5. Education gives the intelligence, emotional and skill quotients to an individual to develop a strong work culture.
  6. Education gives the self-actualization required to maintain a high level of motivation, perseverance and commitment.
  7. Education gives the ability to create a vision and understand the direction and magnitude of growth.
Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

5. Identify any three inputs of education that facilitate the growth of entrepreneurial attitudes.

Education provides many inputs that facilitate the growth of entrepreneurial attitudes. The following are few:

  1. Education provided the knowledge: Through education, an entrepreneur learns the basic knowledge of how to handle men and materials. Education also provides him with the knowledge required to expand his success and maintain it for a longer term. Through the knowledge acquired, an entrepreneur will be able to assimilate any knowledge required in the future and will become a life long learners.
  2. Education begets confidence: Information will be handy for an educated entrepreneur. Education teaches him to think analytically and critically. It teaches him the importance of organizing things and make him more organized. He’ll be able to analyze the pros and cons of any situation and make decisions. This will make an entrepreneur more confident and helps for his success.
  3. Education helps in developing technical skills: Through education, an entrepreneur learns the basic technical skills required to establish, develop and manage an enterprise. Few of these skills which will help him are the communication skills, writing skills, organizing skills, decision-making skills, risk-taking skills, negotiating skills or networking skills. If any other additional skills are required, education will help them to acquire those skills easily in a phased manner.
Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

6. ‘Technical skills are important for starting an enterprise’ Analyse the type of technical skill you think are important for an enterprise.

Technical skills are very essential for establishing, developing and managing an enterprise. The basic technical skills like communication skills, writing skills, organizing skills, decision-making skills, risk taking skills, negotiating skills or networking skills will help an entrepreneur though various phases of establishing, developing and managing an enterprise. The required skill set is not just limited to only these, but during the course of time and depending on the requirement, an entrepreneur will require other specialized skills.
For instance, the entrepreneur may require to communicate with various government officials, technical resources and other stake holders. Possessing good communication skills will help him not only to achieve his goal but also to build a strong relation with the stake holders for any future requirements.

The decision-making skills will help him to make the right decision at the right time. The extent to which an enterprise is an expert in decision-making skills will determine the success of the enterprise.

For running a successful enterprise, an entrepreneur is required to acquire these skills in a phased manner or to develop them in one’s own self through a process of skill transfer.

Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

7. Does education help in building an individual and social vision for entrepreneurship?

Yes. Education plays a vital role to help an entrepreneur in building an individual and social vision for entrepreneurship in the following ways.

  1. By helping an individual in developing the mental faculties, which will help in building the necessary vision for the enterprise.
  2. This will in turn help the entrepreneur to better understand the direction and the magnitude of growth of the enterprise and increase the clarity of the vision.
  3. All this will lead to the development of a well-defined path and course of direction, ultimately leading to the success of the enterprise.
Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

8. Why is self-actualization important for a successful entrepreneur?

Self-actualization is important for a successful entrepreneur for the following reasons.

  1. It helps him to maintain a high level of motivation, perseverance and commitment, which will help in the long term success of the enterprise.
  2. It gives him the ability to analyze the situation carefully and critically, take decisions and sustain the entrepreneurial motivation among several odds.
  3. It gives the required qualities and skills so that the entrepreneur does not have to look out for support for everything.
  4. It helps one to act as one’s own resource for development.
  5. It helps them to possess, develop and sustain the required competencies for the success of the enterprise.
Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

9. Why do you think entrepreneurship education is important at the school level?

General education helps a person to accumulate enough knowledge but general education itself is not enough to make people productive. The skills and competencies acquired through general education can be put to best use only if when they know how to put their skills or competencies to use to help the society. This can only be achieved through entrepreneurship education right from the school level. Acquiring entrepreneurship education right from the school level makes a person capable of identifying the opportunities and generate new products and services as per the needs of the society. It not only helps them but also motivates them to find the new opportunities.

Due to the above reasons, I think that entrepreneurship education is important at the school level.

Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

10. ‘Entrepreneurship education is basically an exercise in human resources development’ Critically examine the validity of the statement

Resources are usually acquired or developed by individuals in the form of knowledge, skills and competence.

These resources must be used to generate ideas, objects, processes and services which society can use to meet its needs and to attain progress.

In return, the society pays back to the individuals in the form of money and materials or recognition and status; or psychological satisfaction which it offers to individuals for their means of living.
Entrepreneurship education helps an individuals to achieve this effectively. Thus we can can that entrepreneurship education is basically an exercise in human resources development.

Do you’ve any suggestion to improve this answer. Please Click Here to send in your suggestions.

Other useful resource for your reference
Books & Other Material

  1. Entrepreneurship: Concept and Functions
  2. An Entrepreneur
  3. Entrepreneurial Journey
  4. Entrepreneurship as Innovation and Problem Solving
  5. Concept of Market
  6. Business Finance and Arithmetic
  7. Resource Mobilization

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: