These Class 9 AI Important Questions Chapter 4 Entrepreneurial Skills Class 9 Important Questions and Answers NCERT Solutions Pdf help in building a strong foundation in artificial intelligence.
Entrepreneurial Skills Class 9 Important Questions
Class 9 Entrepreneurial Skills Important Questions
Important Questions of Entrepreneurial Skills Class 9 – Class 9 Entrepreneurial Skills Important Questions
Entrepreneurial Skills Class 9 Very Short Answer Type Questions
Question 1.
Define entrepreneur.
Answer:
The word “Entrepreneur” is derived from the French verb ‘entreprendre’ which means “to undertake”.
Question 2.
It is generally assumed that an entrepreneur and a businessman are the same people but both of them have a different approach for their business. Justify.
Answer:
A businessman follows traditional ways of doing business but an entrepreneur chooses for innovative ways of doing a business.
Question 3.
What are the core skills required for a successful entrepreneur?
Answer:
Discipline, dedication, hardworking, positive approach, full of innovative ideas, calculative mind, confidence, good communication skill, strong leadership quality.
Question 4.
Define entrepreneurship.
Answer:
Entrepreneurship is the act of converting an innovative idea into a business.
Question 5.
Write the name of some famous entrepreneur.
Answer:
Mark Zuckerberg, William Bill Gates, Shiv Nadar, Azim Premji, Adi Godrej, N R Narayana Rao, L N Mittal, J R D Tata, Kumar Mangalam Birla.
Question 6.
List down the qualities required for a successful entrepreneur.
Answer:
- Ambition
- Courage
- Creativity
- Adaptability to learn
- Risk taking capability
Question 7.
What are the Business Enterprises in our Community.
Answer:
Joint stock company, Cooperative society, Sole proprietorship and Partnership
Question 8.
What are the factors affecting the Growth of Entrepreneurship?
Answer:
Economic factors, Social factors, Psychological factors
Question 9.
What is entrepreneurship?
Answer:
Entrepreneurship is the process of starting and running a new business.
Question 10.
Who is an entrepreneur?
Answer:
An entrepreneur is a person who creates and manages a business, taking on financial risks.
Question 11.
Name one characteristic of a successful entrepreneur.
Answer:
Innovation.
Question 12.
What is a business plan?
Answer:
A business plan is a document that outlines the goals, strategies, and financial projections of a business.
Question 13.
Why is risk-taking important in entrepreneurship?
Answer:
Risk-taking is important because it can lead to new opportunities and growth.
Question 14.
What is a startup?
Answer:
A startup is a new business in its early stages of development.
Question 15.
Define ‘market research.’
Answer:
Market research is the process of gathering information about consumers’ needs and preferences.
Question 16.
What is the purpose of a SWOT analysis?
Answer:
A SWOT analysis identifies a business’s strengths, weaknesses, opportunities, and threats.
Question 17.
What does ‘innovation’ mean in entrepreneurship?
Answer:
Innovation involves creating new ideas, products, or methods to improve a business.
Question 18.
Name one source of funding for startups.
Answer:
Venture capital.
Question 19.
What is a business pitch?
Answer:
A business pitch is a presentation where an entrepreneur shares their business idea to attract investors.
Question 20.
What is the role of an entrepreneur in society?
Answer:
Entrepreneurs create jobs and contribute to economic growth.
Question 21.
What does ‘scalability’ mean in a business context?
Answer:
Scalability refers to a business’s ability to grow and manage increased demand.
Question 22.
What is a profit?
Answer:
Profit is the financial gain after subtracting expenses from revenue.
Question 23.
What is a mentor?
Answer:
A mentor is an experienced advisor who guides and supports an entrepreneur.
Question 24.
What is ‘networking’ in entrepreneurship?
Answer:
Networking involves building relationships with other professionals to support business growth.
Question 25
Name a key skill for entrepreneurs.
Answer:
Problem-solving.
Question 26.
What is a target market?
Answer:
A target market is a specific group of consumers a business aims to reach.
Question 27.
Define ‘customer feedback.’
Answer:
Customer feedback is information provided by customers about their experience with a product or service.
Question 28.
What is ‘brand identity’?
Answer:
Brand identity is the visible elements of a brand, such as logo and color, that distinguish it from others.
Entrepreneurial Skills Class 9 Short Answer Type Questions
Question 1.
What do you understand by the term Joint stock Company?
Answer:
In order to conduct business, it creates a business organisation as a voluntary group of individuals. It typically confers legal status and is bound by specific legal rules or an association of people who are making financial contributions for a shared goal. Reliance Industries Limited is only one illustration.
Question 2.
What is Cooperative society?
Answer:
The goal of this organisation is to provide services to both its members and the general public. It operates under the tenet of mutual aid and places very little responsibility on it’s members. Instance: Amul
Question 3.
Explain Sole proprietorship.
Answer:
In this, the business is owned by a single person who provides the entire capital, bears all the risks and independently manages it. Example: Grocery store, and sweets shop.
Question 4.
Partnership: It’s an another form of non-cooperative form of enterprise. In this more than one person carry a lawful business and share its profits.
Question 5.
What do you understand Economic factors?
Answer:
It includes the absence of opportunities and unavailability of jobs people choose entrepreneurship.
Question 6.
Define characteristics of an entrepreneur.
Answer:
Systematic activity, Purposeful and lawful activity, Creative activity, Organizing of production, Risk bearing activity and Initiative taking.
Question 7.
What are the role of Entrepreneurship?
Answer:
Below are the details:
In economic development- By using capital information and successive generations of employment, the entrepreneur or entrepreneurship start and maintain the process of economic development.
In social development- An entrepreneur’s business typically starts off as a relatively tiny operation. If the little business succeeds and expands, there is business expansion. When it expands, more work becomes necessary, which leads to the creation of more jobs. More people who have well-paying occupations have happy lives and earn more money.
In psychological development- It includes development of confidence, increases motivation and instils a drive for achievement.
Question 8.
What is the difference between private and public company?
Answer:
A private corporation is one that does not issue shares to the general public and whose shares are not transferable. A corporation that is not private is referred to as a public company. Shares in these corporations are transferrable and may be distributed by invitation to the general public.
Question 9.
What are the advantages of joint stock company.
Answer: Advantages of a joint stock company are-
- Pool of Resources
- Limited Liability
- Transferability of shares
- Stability
Entrepreneurial Skills Class 9 Long Answer Type Questions
Question 1.
What is the difference between business men and an entrepreneur?
Answer:
Service, Manufacturing, Merchandising/Trading/Buy and sell business and Hybrid.
| Businessman | Entrepreneur | |
| Idea | Starts a business from an existing | Starts a business from his own |
| idea | unique idea or concept | |
| Focuses | Focuses on cooperation | Focuses on cooperation |
| Traditional | Innovative and revolutionary | |
| Stays safe | Risk taker and accountable | |
| Profit oriented | People (i.e., employ customer, public) oriented | |
| Productivity | Hire people to increase business productivity | Hire people to give them productivity |
| Market | A market player | A market leader |
Question 2.
Briefly explain all business types.
Answer:
Business is broadly classified as:
Service: It’s a company that sells things that have no physical shape. It entails performing specialised services based on training. Attorneys and chartered accountants, for instance.
Manufacturing: To produce items, it entails the conversion and transformation of labour, raw materials, and other manufacturing processes. For instance, thread is utilised as a raw material by textile and cotton businesses to create cotton cloth.
Merchandising/Trading/Buy and sell business: In this, companies engaged in the merchandise sector purchase goods at wholesale costs and subsequently sell them to other clients or retailers for retail prices.
Hybrid: It is a business that falls under multiple business categories or a mixed sort of business. Example: In a restaurant, the preparation of the meals and the sale of the cold drinks are both examples of manufacturing (services)
Case-Based Questions:
Question 1.
Simran observed street light’s not working properly in her region and thought it can be problem of many regions. To solve the problems she made an APP and collaborated with the government and made it as a successful enterprise. In her journey of entrepreneurship list down the characteristics. She developed in her own self.
Answer:
As Simran converted her an idea into a business. She must have the following characteristics.
- Risk taking capability
- Innovative
- Visionary and leadership qualities
- Open-mindedness
- Flexible approach
- Product knowledge
Question 2.
Study the journey of Mohan.
Mohan’s father works as a linguistic expert. He usually faces challenges while converting a text from a very local text to English or vice versa. Mohan found it is a white space so to solve his father’s problem as well as problem of many linguistics. He made an application programme (LINGO APP) and slowly on continuous development and marketing of the application, it became a popular application of every individual. Mohan also involved around two hundred pupil to expand his LINGO APP PVT. LTD.
Answer the following questions:
A-In the above case study figure out the entrepreneurs name.
B-Briefly describe.entrepreneurship on the basis of above case study.
C-Write t he enterprise name.
Answer:
A-In the given case study Mohan is the entrepreneur.
B-Mohan spotted a problem in converting one language into another and vice versa. He made LINGO APP and worked continuously and promoted it as a successful business.
C-The enterprise name is LINGO APP PVT. LTD.
Question 3.
Madhu started a grossery store with capital of 2 lakhs. Gradually her brother gave her an idea to convert the grossery store into a Mall. But as they did not have much money they seek funds from two outsiders by sharing profit of the Mall. As the business grews they decided to establish many Malls in different cities. For this expansions they took money from the public and made it is a A B C L groceries Ltd.
Answer the following question on the basis of above case study.
A-In the above scenario Madhu was playing -role in her grocery store.
(a) Sole proprietorship
(b) Partnership
(c) Co-operative society
(d) Joint stock company
Answer:
A- Sole proprietorship
B-Madhu and her brother made ______ with outsiders.
(a) Sole proprietorship
(b) Partnership
(c) Co-operative society
(d) Joint stock company
Answer:
B- Partnership
C-Madhu established Mall in different cities by taking fund from the public i.e. they made or -company.
(a) Sole proprietorship
(b) Partnership
(c) Co-operative society
(d) Joint stock company
Answer:
C- Joint stock company
Question 4.
Rajiv is a class 9 student who notices that many of his classmates struggle to find affordable and trendy stationery items. He thinks this could be a good business opportunity.
Question:
What steps should Rajiv take to validate this business idea before starting the, venture?
Answer:
Rajiv should conduct market research to understand the demand for trendy stationery items, survey classmates to gather feedback, analyze the competition, evaluate the costs involved, and determine potential profit margins. He can also start with a small batch to test the market.
Question:
How can Rajiv ensure that his business idea meets the needs of his target market?
Answer:
Rajiv can ensure his business idea meets the needs of his target market by continuously engaging with his customers, seeking feedback, and being willing to adapt his product offerings based on their preferences and trends.
Case 2: Business Planning
Scenario: Priya wants to start a small online bakery business. She is good at baking but has no experience in running a business.
Question:
What elements should Priya include in her business plan to ensure its success?
Answer:
Priya’s business plan should include an executive summary, business description, market analysis, organization and management structure, product line, marketing and sales strategy, funding requirements, and financial projections.
Question:
Why is a business plan important for Priya’s bakery business?
Answer:
A business plan is important because it provides a roadmap for the business, helps in securing funding, guides decision-making, allows for tracking progress, and ensures that Priya remains focused on her goals.
Case 3: Financial Management
Scenario: Ankit has started a small business selling handmade crafts. He often finds himself running out of money and is unsure how to manage his finances effectively.
Question:
What financial management strategies should Ankit implement to ensure his business remains profitable?
Ainswer:
Ankit should keep detailed records of all transactions, create a budget, track expenses and income, manage inventory efficiently, set aside savings for emergencies, and regularly review financial statements to make informed decisions.
Question:
How can Ankit use his financial records to make better business decisions?
Answer:
Ankit can use his financial records to identify spending patterns, assess profitability, determine which products are most successful, plan for future expenses, and adjust pricing or cost strategies accordingly.
Case 4: Marketing and Sales
Scenario: Neha has developed a new eco-friendly water bottle. However, she is struggling to attract customers and generate sales.
Question:
What marketing strategies can Neha use to promote her eco-friendly water bottle?
Answer:
Neha can use social media marketing, influencer partnerships, create engaging content, offer promotions or discounts, participate in commiunity events, use word-of-mouth marketing, and highlight the unique selling points of her product.
Question:
How can Neha measure the effectiveness of her marketing strategies?
Answer:
Neha can measure the effectiveness of her marketing strategies by tracking metrics such as website traffic, social media engagement, conversion rates, sales figures, customer feedback, and return on investment (ROI) for marketing campaigns.
Case 5: Problem-Solving and Innovation
Scenario: Ravi’s small business of providing bicycle repair services is facing stiff competition from new repair shops in the area. He needs to innovate to stay competitive.
Question:
What innovative strategies can Ravi implement to differentiate his bicycle repair services from the competition?
Answer:
Ravi can offer mobile repair services, introduce a loyalty program, provide free pickup and delivery, offer maintenance workshops, use high-quality parts, implement an online booking system, and ensure exceptional customer service.
Question:
Why is innovation important for the sustainability of Ravi’s business?
Answer:
Innovation is important because it helps Ravi stay competitive, meet changing customer needs, improve efficiency, create new revenue streams, enhance customer satisfaction, and ensure long-term business growth and sustainability.
Entrepreneurial Skills Class 9 Notes
Definition of Business- Business is an economic activity which is related with continuous and regular production and distribution of goods and services for satisfying human wants. Businesses can be for-profit entities or non-profit organisations.
Definition of an Entrepreneurship- The process of developing a business plan, launching and running a business using innovation to meet customer needs and to make a profit is entrepreneurship.
Characteristics of an Entrepreneur:
- Ability to take up risks
- Believe in hard work and discipline
- Adpatable and flexible to achieve the goals of enhancing quality and customer satisfaction
- Knowledge of the product and services and their need or demand in the market
- Financial literacy and money management skills
- Effective planning and execution
Types of Business activities: There are three types of Business activities namely
- Product business
- Service business
- Hybrid business