Entrepreneurship as Innovation and Problem Solving
CBSE · Class 11 · Entrepreneurship
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What is the primary characteristic that defines an entrepreneur as a problem solver?
Answer
An entrepreneur is a problem solver because entrepreneurial actions are efforts to solve problems for others. When entrepreneurs solve problems, they create new value. In the business world, problem s…
Social Entrepreneurship
Answer
According to J. Gregory Dees, social entrepreneurship combines the passion of a social mission with business-like discipline, innovation, and determination. Social entrepreneurs aim for value in the f…
Explain how the KFC story demonstrates entrepreneurship as problem-solving with specific examples.
Answer
Colonel Sanders identified the problem of hungry travelers at his gas station in Kentucky who had no place to eat. He solved this by: 1) Using his cooking skills learned as a child, 2) Starting with n…
Business Risk
Answer
Business risk means the possibility of some unfavorable occurrence. According to B. O. Wheeler, 'Risk is the chance of loss. It is the possibility of some adverse occurrence.' There is always a possib…
Compare Internal Risks and External Risks in entrepreneurship.
Answer
Internal Risks arise from events within the business enterprise and can be controlled by entrepreneurs. They include human factors (strikes, negligence), technological factors (obsolescence), and phys…
Innovation in Entrepreneurship
Answer
Innovation is the distinguishing mark of entrepreneurs that allows them to create and build something of recognized value around perceived opportunities. Entrepreneurs combine creativity (seeing new w…
How did the accidental discovery of penicillin lead to an entrepreneurial venture?
Answer
Sir Alexander Fleming was searching for a 'wonder drug' to cure diseases. When he discarded contaminated Petri dishes, he noticed that mold was dissolving bacteria around it. Instead of ignoring this …
What are the key characteristics of social entrepreneurs? List and explain any four.
Answer
1) Social Catalysts: Visionaries who create fundamental social changes and sustainable improvements, 2) Socially Aware: Focus on social improvement rather than profit generation, measuring success by …
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
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