Entrepreneurship Skills — Class 9 CBSE Employability Skills: 26 flashcards
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1. What is entrepreneurship?
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A learnable set of behaviours — spotting opportunities, planning, taking calculated risks, and organising resources to create value.
2. Who is an entrepreneur?
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A person who converts an idea into a venture that creates value, usually by offering a product or service people will pay for.
3. Name the four functions of an entrepreneur.
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Idea generation, planning and organising, risk-taking, and managing and growing.
4. What does 'idea generation' mean as an entrepreneurial function?
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Noticing a problem or an unmet need that could be solved with a product or service.
5. What does 'planning and organising' involve?
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Deciding what resources — money, people, and materials — are needed for the venture.
6. What kind of risk do successful entrepreneurs take?
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Calculated risks — they weigh potential gain against possible loss and try to reduce the downside.
7. Why is 'starting small' recommended for new entrepreneurs?
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It reduces risk, lets you test the idea, learn from real customers, and grow only when demand is proven.
8. What does 'validating an idea' mean?
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Checking whether enough people would actually pay for the product or service.
9. Why is feedback from early customers important?
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It guides improvement of the product or service so the venture can adapt to real demand.
10. How does an entrepreneur's income differ from an employee's?
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An entrepreneur earns profit, which is uncertain; an employee earns a fixed salary.
11. Who bears business risk — the entrepreneur or the employee?
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The entrepreneur bears the business risk; an employee has limited personal risk.
12. Name three ways entrepreneurs contribute to the economy.
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Creating jobs, introducing innovation, and solving local problems (also contributing through production, taxes, and trade).
13. List four attitudes that make up the entrepreneurial mindset.
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Curiosity, perseverance, adaptability, and initiative.
14. What does 'initiative' mean in the entrepreneurial mindset?
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Acting without waiting for instructions.
15. What does 'adaptability' mean in the entrepreneurial mindset?
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Changing plans when the market responds differently than expected.
16. Give two examples of entrepreneurship that are not shops.
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A tuition teacher organising a small learning centre, or a student selling handmade crafts online.
17. What is the defining feature of entrepreneurship?
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Value creation through a venture — not the physical form of the business.
18. Why does the CBSE Employability Skills curriculum include entrepreneurship?
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It prepares learners to be job creators, not only job seekers.
19. How does entrepreneurship connect to other employability skills?
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An entrepreneur must communicate a vision, manage time and money, and use digital tools — the same competencies that make anyone more employable.
20. Name three school activities where you already practise entrepreneurial skills.
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Organising a class event with a budget, selling old books or crafts, or tutoring juniors for a small fee.
21. What is the first step in turning an idea into a venture?
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Identify a need by observing a gap — for example, students needing affordable stationery near a school.
22. What is the correct order of the venture steps?
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Identify a need → validate → plan → arrange resources → launch small → review and improve.
23. Why do the four functions of entrepreneurship loop?
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A new problem during growth often sends the entrepreneur back to idea generation, so the functions repeat rather than occur once.
24. What is the difference between gambling and entrepreneurship?
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Gambling accepts blind uncertainty; entrepreneurship takes calculated risk and tries to reduce the downside.
25. What does a simple budget for a new venture include?
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Estimated costs and the price to be charged.
26. Why is large capital NOT a prerequisite to start a venture?
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Planning and resourcefulness matter more; a low-cost start lets you test the idea and grow only when demand is proven.
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