CBSE Class 11 Entrepreneurship — Flashcards for Quick Revision

A: Entrepreneurship is a systematic innovation that consists of the purposeful and organized search for changes, and a systematic analysis of the opportunities that such change might offer for economic a

A: According to Peter F. Drucker, an entrepreneur is one who always searches for changes, responds to it and exploits it as an opportunity. He believes in increasing the value and consumer satisfaction.

A: 1. Develops and owns his own enterprise 2. Is a moderate risk taker and works under uncertainty 3. Is innovative 4. Reflects a strong urge to be independent 5. Persistently tries to do something bette

A: Innovative entrepreneurs are those who introduce new products, new production methods, discover new markets or reorganize enterprises. They are aggressive risk-takers who exhibit cleverness in putting

A: Imitative Entrepreneurs: Copy or adopt innovations made by others, are adaptive and flexible, organize factors of production. Example: Local mobile companies using same technology as big companies. Fa

A: Competency is a set of defined behaviors that provide a structured guide for identifying, evaluating and developing behaviors in an individual. Entrepreneurial competencies are classified into three c

A: Trailblazers are very competitive, ambitious and goal-oriented with a steamroller approach. They are restless, energetic with strong drive and sense of urgency. They work at two speeds: fast and faste

A: A written summary of various elements involved in starting a new enterprise, describing how the business will organize its resources to meet its goals and how it will measure progress. It serves as a

A: Feasibility Study: Conducted BEFORE business plan to determine if idea is viable. Focuses on calculations, analysis, and estimated projections to assess if business is worth time, effort and resources