Assertion Reason Questions for CBSE Class 11 Entrepreneurship Chapter 1 Entrepreneurship – Concept and Functions
Here we are providing assertion reason questions for cbse class 11 entrepreneurship. All chapters are covered.
Entrepreneurship – Concept and Functions Assertion Reason Question
In the following questions a statement of assertion followed by a statement of reason is given. Choose the correct answer out of the following choices.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
(c) Assertion (A) is true but Reason (R) is false.
(d) Assertion (A) is false but Reason (R) is true.
Q1. Assertion (A): Entrepreneurship can lead to economic and social transformation.
Reason (R): Entrepreneurship is the actor while the enterprise is the act.
Ans. (c) Assertion (A) is true but Reason (R) is false.
The assertion implies that entrepreneurship may be defined as a systematic innovation which consists of the purposeful and organised search for changes, and a systematic analysis of the opportunities that such change might offer for economic and social transformation. However, reasoning does not support the assertion and it is completely false as entrepreneurship is the act or the process while the entrepreneur is the actor and the enterprise is the outcome of the actor and its act.
Q2. Assertion (A): An entrepreneur needs to take responsibility for the loss that occurs due to unforeseen circumstances.
Reason (R): An Entrepreneur needs to conduct detailed investigation of the market it plans to operate.
Ans. (b) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
The Assertion reflects upon the risk-taking function of the entrepreneur and the Reason implies the promotional function of an entrepreneur that involves studying the market before starting a business to make it successful and sustainable.
- Entrepreneurship : Concept and Functions
- An Entrepreneur
- Entrepreneurial Journey
- Entrepreneurship as Innovation and Problem Solving
- Understanding the Market
- Business Finance and Arithmetic
- Resource Mobilisation
Entrepreneurship CBSE Class 11
The syllabus is divided into seven units: (i) Entrepreneurship: Concept and Functions (ii) An Entrepreneur (iii) Entrepreneurial Journey (iv) Entrepreneurship as Innovation and Problem Solving (v) Understanding the Market (vi) Business Finance and Arithmetic (vii) Resource Mobilization.
Unit 1: Entrepreneurship: Concept and Functions
Competencies: Vision, Decision making, Logical, Critical and Analytical Thinking, Managing Skills
- Entrepreneurship – Concept, Functions and Need
- Why Entrepreneurship for You
- Myths about Entrepreneurship
- Advantage and Limitations of Entrepreneurship
- Process of Entrepreneurship
- Entrepreneurship – The Indian Scenario
Unit 2: An Entrepreneur
Competencies: Need Achievement, Motivation, Ethics, opportunity seeking, Passion, Independence
- Why be an Entrepreneur
- Types of Entrepreneurs
- Competencies and Characteristics
- Entrepreneurial Values, Attitudes and Motivation
- Intrapreneur: Meaning and Importance
Unit 3: Entrepreneurship Journey
Competencies: Scanning the environment; Information seeking; creativity; Innovativeness; divergent thinking; Perseverance
- Generation of Ideas
- Feasibility Study and opportunity assessment
- Business Plan: meaning, purpose and elements
- Execution of Business Plan
Unit 4: Entrepreneurship as Innovation and Problem Solving
Competencies: Risk taking; Determination; Initiative; problem solving ability; Adaptability to changing technologies
- Entrepreneurs as problem solvers
- Innovations and Entrepreneurial Ventures – Global and Indian
- Role of Technology – E-commerce and Social Media
- Social Entrepreneurship – Concept
Unit 5: Understanding the Market
Competencies: Task oriented, Opportunity seeking, resourcefulness, organizational skills, Analytical and logical reasoning
- Market: Concept, Types
- Micro and Macro Market Environment
- Market Research – Concept, Importance and Process
- Marketing Mix
Unit 6: Business Finance and Arithmetic
Competencies: Arithmetic skills, critical analysis, decision making, self-confidence, problem solving
- Unit of Sale, Unit Price and Unit Cost – for single product or service
- Types of Costs – Start up, Variable and Fixed
- Break Even Analysis – for single product or service
Unit 7: Resource Mobilization
Competencies: Resourcefulness; Collaboration; Managing Risk; Organizational Skills; Informed Decision Making
- Types of Resources – Physical, Human, Financial and Intangible.
- Selection and utilization of human resources and professionals like Accountants, Lawyers, Auditors, Board Members, etc.