Commerce · Class 12 Commerce
Ch 23Elements of Entrepreneurship — Class 12 Commerce, concept-first.
Every business enterprise begins with a person who is willing to spot an opportunity, take a risk on it, and put together the resources needed to convert that opportunity into a working business. That person is called an entrepreneur, and the whole activity of doing this is called entrepreneurship.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Meaning of Entrepreneur and Entrepreneurship
An entrepreneur is the individual who conceives a business idea, bears its risk and uncertainty, organises the resources needed to run it, and innovates to convert the idea into a functioning enterprise, in pursuit of pr…
Most relevant Q&A
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning of Entrepreneur and Entrepreneurship
Every business enterprise begins with a person who is willing to spot an opportunity, take a risk on it, and put together the resources needed to convert that opportunity into a working business.
Characteristics of an Entrepreneur
Not every person who starts a business succeeds as an entrepreneur; success depends on a fairly consistent set of personal qualities that researchers and practitioners have observed across successful…
Functions of an Entrepreneur
While the characteristics discussed above describe what kind of person an entrepreneur tends to be, the functions of an entrepreneur describe what an entrepreneur actually DOES in the course of buildi…
The Entrepreneurial Process
Entrepreneurship rarely happens as a single sudden act; it unfolds through a series of stages, from the first spark of an idea to the ongoing management of a growing enterprise.
Factors Affecting Entrepreneurship
Whether entrepreneurship flourishes in a particular place and time depends not only on the qualities of individuals but also on the wider environment they operate in.
Entrepreneur vs Manager, and Entrepreneur vs Entrepreneurship
Two distinctions frequently confused by students, but frequently tested, are entrepreneur versus manager, and entrepreneur versus entrepreneurship. Both are examined here.
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 8 questionsHide questions8 questions
- Q1Why should an Entrepreneur possess Analytical Ability?Preview
- Q2(a) Distinguish between an Entrepreneur and an Intrapreneur. OR (b) Apart from goods and services, explain any five items that can be market…Preview
- Q3Entrepreneur is not classified as : (a) Employee (b) Risk Bearer (c) Organizer (d) InnovatorPreview
- Q4The characteristics of an entrepreneur is/are: (a) Flexibility (b) Self-confidence (c) Spirit of enterprise (d) All of the abovePreview
- Q5Why should an Entrepreneur possess Decision Making Skill?Preview
- Q6Distinguish between entrepreneur and manager. (any 3)Preview
- Q7(a) What are the characteristics of an entrepreneur ? (any 5) OR (b) Discuss the role of macro-environment factors of business. (any 5)Preview
- Q8If you are an Entrepreneur, how can you mobilise the capital ?Preview
More questions
12 Q+−Show 6 questionsHide questions6 questions
- Q1Who is an entrepreneur? Give a brief definition.Free
- Q2What is entrepreneurship? How is it different from the term 'entrepreneur'?Free
- Q3What is meant by the 'need for achievement' (n-Ach) as a characteristic of an entrepreneur?Preview
- Q4Distinguish between risk and uncertainty as explained by Frank Knight in the context of entrepreneurship.Preview
- Q9What did Joseph Schumpeter mean by 'creative destruction'?Preview
- Q11'Entrepreneur is a person, entrepreneurship is a process.' Explain this statement briefly.Preview