TN 12th Commerce Solutions Chapter 24 Types of Entrepreneurs

Tamilnadu 12th Commerce Solutions Chapter 24 Types of Entrepreneurs. 12th standard students who want to get full marks in public examinations conducted by the Tamilnadu government must go through this guide. This is a book back answers all in one page. This guide is separated by chapter wise. One mark two mark and all brief questions are answered on this page

TN 12th Commerce Solutions Chapter 24 Types of EntrepreneursTextbook Exercise Questions and Answers

I. Choose the Correct Answer

Question 1.
Choose the type of entrepreneur that isn’t based on function:
(a) Innovative
(b) Classical
(c) Fabian
(d) Drone
Answer:
(c) Fabian

Question 2.
Choose the type of Entrepreneur that is not based on Motivation:
(a) Pure
(b) Corporate
(c) Spontaneous
(d) Induced
Answer:
(c) Spontaneous

Question 3.
Which of the following is the Activity of a Business Entrepreneur?
(a) Production
(b) Marketing
(c) Operation
(d) All of the above
Answer:
(d) All of the above

Question 4.
Find the odd one out in the context of Trading Entrepreneur.
(a) Selling
(b) Commission
(c) Buying
(d) Manufacturing
Answer:
(d) Manufacturing

Question 5.
Corporate Entrepreneur is also called as  _________
(a) Intrapreneur
(b) Promoter
(c) Manager
(d) Shareholder
Answer:
(b) Promoter

Question 6.
Poultry, Flowers, Fruits, etc., are called allied products of _________ entrepreneur.
(a) Corporate
(b) Retail
(c) Trading
(d) Agricultural
Answer:
(d) Agricultural

Question 7.
_________ Entrepreneur Supply Services Unlike.
(a) Hoteliers
(b) Banking
(c) Airlines
(d) Livestock
Answer:
(d) Livestock

Question 8.
Motive of a Pure Entrepreneur is _________
(a) Rendering service
(b) Earning profit
(c) Attaining status
(d) Both b and c
Answer:
(d) Both b and c

Question 9.
Which of these is based on Technology?
(a) Modem
(b) Professional
(c) Corporate
(d) Industrial
Answer:
(c) Corporate

Question 10.
Which of the below is not a characteristic of a Fabian Entrepreneur?
(a) Conservative
(b) Risk-averse
(c) Sceptical
(d) Adaptive
Answer:
(d) Adaptive

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II. Very Short Answer Questions

Question 1.
What is the other name of a business entrepreneur?
Answer:
Business Entrepreneur is also called “SOLO” Entrepreneur.

Question 2.
Mention the other name for the corporate entrepreneur.
Answer:
A corporate entrepreneur is called a promoter. He/she takes initiative necessary to start an entity under corporate format.

Question 3.
Who are agricultural entrepreneurs?
Answer:
Agricultural Entrepreneurs are those Entrepreneurs who raise farm products and market them.

Question 4.
State the name of the following ventures:

1. Started by individuals for-profit motive
2. Started by Government
3. Started by individuals and Government together
4. Started as a family business

Answer:

1. Private entrepreneur
2. State entrepreneurship
3. Induced entrepreneur
4. Classical entrepreneur

Question 5.
Give some examples of pure entrepreneurs.
Answer:

• Mr. Dhirubai Ambani – Reliance Industries
• Mr. JRD. TATA – Tata Groups
• Mr. N.R. Narayana Moorthy – Infosys.
• Mr. J.V. Sundaram Iyengar – TVS Groups.

III. Short Answer Questions

Question 1.
Who is a private entrepreneur?
Answer:
Ventures started by individuals either singly or collectively at their own risk after mobilising – various, resources in order to earn a profit are called private entrepreneurship.

Question 2.
What is the political environment?
Answer:
To commence business, various factors are needed. Apart from all other factors, the political environment is also essential. It means that the concessions, incentives provided by the government drive them to enter into venture. The government also provides support in the form of loans, subsidies and other taxes.

Question 3.
List down few examples of pure entrepreneurship.
Answer:
Pure entrepreneurs are individuals who are propelled to enter into venture by psychological and economic motives. They nurture desire of starting a particular venture and earning high profit there from and thus attaining a social status. They apply their knowledge, skill and insight in making the venture a great’ success in order to earn maximum profit out of the venture. Dhirubai Ambani, Jamshedji Tata, T.V. Sundaram Iyengar, Seshadriji, Birla, Narayanamurthi, and Azim Premji are few examples of pure entrepreneurship.

Question 4.
How does a professional entrepreneur operate?
Answer:
Professional entrepreneur is one who is having a rich expertise in starting a venture but lack interest in continuing the venture as a manager or as a owner. He/she simply sells out the venture started by him to someone else after its successful take-off.

Question 5.
Explain, about the agricultural entrepreneur.
Answer:
Agricultural entrepreneurs are those entrepreneurs who raise farm products and market them. They use various inputs like labour, fertilizer, insecticide, water technology, etc., to raise the products and market their products either directly or through co-operative entities or through brokers, or through a tie-up with large retailers.

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IV. Long Answer Questions

Question 1.
Explain in detail the classification according to the type of business.
Answer:
Business Entrepreneur: [Mr. Dhirubai Ambani – Reliance Industries]

• He is also called a “SOLO” Entrepreneur.
• He conceives an idea for a new product/service and establishes his idea into reality.
• He takes up productions, operations, and pursues marketing activities.

Trading Entrepreneur: [Mr. G. Rajendran – GRT Jewellers]

• Trading Entrepreneurs are those who restrict themselves to buying and selling finished products.
• They may be engaged in Domestic and Foreign Trade.
• Their core strength lies in Distribution and Marketing.

Industrial Entrepreneur: [Mr. JRD. Tata – Tata Groups]

• These are the Entrepreneurs who manufacture products to cater to the needs of the consuming public after identifying the need left unfulfilled by the manufacturer hitherto.
• They add utility to products rolled out by them which is termed as “Value Addition”

Corporate Entrepreneurs: [Mr. Nandan Nilekani – INFOSYS]

• He is also called as “PROMOTER”.
• He takes initiative necessary to start an entity under the corporate [Joint Stock Company] Format.
• He arranges to fulfil the formalities and registered under the Companies Act.
• The entity is managed by a team of experts [Board of Directors]

Agricultural Entrepreneurs: [Mr. R. Govindaraj – Sri Krishna Integrated Farm]
Agricultural Entrepreneurs are those who raise farm products and market them.

Retail Entrepreneur: [Mr. S. Arumugam – Nilgris]

• Retail Entrepreneurs are those who enter into the venture of distributing the end product to the final consumer.
• They buy the goods in small quantities from numerous wholesalers.
• They sell different products of different Brands to Consumers.

Service Entrepreneur: [Mr. Ramesh Babu – The Billionaire Barber]

• Service Entrepreneurs enter into the venture of supplying service products to end consumer.
• (e.g) Banking – Insurance – Transport – Advisory organisation – Manpower suppliers – Tailor – Barber Repairer, etc.

Question 2.
Discuss the nature of functional entrepreneurs.
Answer:
Nature of functional entrepreneurs:

(i) Innovative Entrepreneur: He is a person who introduces new projects. They observe the environment regarding information to the new venture.

(ii) Imitative Entrepreneur: He refers to the person who simply imitates existing knowledge or technology already in advanced countries. Redesigning of products suited to the local conditions.

(iii) Fabian Entrepreneur: These are said to be conservatives and skeptical about any changes in their organisation. They are risk-averse.

(iv) Drone Entrepreneur: Drone entrepreneurs are those who are totally opposed to changes in the environment. They used to operate in the niche market.

Question 3.
Distinguish between the rural and urban entrepreneur.
Answer:

S. No.	Rural Entrepreneur	Urban Entrepreneur
1.	It refers to the person who starts a business in rural areas.	It refers to the person who commences business in urban areas.
2.	These entrepreneurs start doing business in the villages and small towns.	They will do their business in the state capital, towns, district headquarters, municipalities, etc.
3.	They may be agricultural and trading entrepreneurs.	They may be an industrial or corporate entrepreneur.
4.	The availability of material and labour is easy. So the cost of operation tends to below.	The availability of material and labour may be difficult. So the cost of operation may be high.

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TN 12th Commerce Solutions Chapter 24 Types of Entrepreneurs Additional Questions and Answers

I. Choose the Correct Answer

Question 1.
Potter, Photographer, Weaver, Sculptor, Fitter, Turner, Painter etc. are examples for ………………… Entrepreneur.
a) Technical
b) Non-Technical
c) Professional
d) Modern
Answer:
a) Technical

B. Fill in the blanks

Question 1.
Entrepreneur who commences his entrepreneurial activity in urban areas is called as __________
Answer:
urban entrepreneur

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II. Very Short Answer Questions

Question 1.
Give the names of Successful Entrepreneurs in the Tamilnadu Business Scenario.
Answer:

• Mr. T.V. Sundaram Iyengar: TVS Groups. Manufacturing Two Wheelers and its accessories. Now producing a variety of Automobile Products.
• Mr. K.R. Nagarajan: Textile Industry at Tirupur was hailed as the “Dollar city” an undisputed Business centre.
• Mr. N. Natarajan: “Kovai Pazhamudir Nilayam” at Coimbatore.
• Mr. R.G. Chandra Mohan: “Arun Ice Creams”
• Mr. Murugappa Chettiar: Corporate enterprise.
• Mr. P. Raja Gopal: “Hotel Saravana Bhavan” Chain of Restaurants.

Question 2.
Write a short note on retail entrepreneurs.
Answer
Retail entrepreneurs are those who enter into the venture of distributing the end product to final consumer. They used to buy the goods from numerous wholesalers.

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III. Short Answer Questions

Question 1.
Who are industrial entrepreneurs?
Answer:
Industrial entrepreneurs are those persons who manufacture products to cater to the needs of the consumers. They may be small, medium, and large entrepreneurs. Industrial entrepreneurs mobilise the resources of various types.

Question 2.
What is the political environment?
Answer:

• Government actions [ Irade restriction – Tariffs – Employment Law etc. will alive is the operations of a company or business is known as the “political environment”.
• It may on a local, regional, national, or international level.

TN 12th Commerce Guide Book Back Answers
TN 12th Commerce Book Back Answers

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Unit 1 Management Process

• Chapter 1 Principles of Management
• Chapter 2 Functions of Management
• Chapter 3 Management By Objectives (MBO) and Management By Exception (MBE)

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Unit 2 Financial Markets – I

• Chapter 4 Introduction to Financial Markets
• Chapter 5 Capital Market
• Chapter 6 Money Market

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Unit 3 Financial Markets – II

• Chapter 7 Stock Exchange
• Chapter 8 Securities Exchange Board of India (SEBI)

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Unit 4 Human Resource Management

• Chapter 9 Fundamentals of Human Resource Management
• Chapter 10 Recruitment Methods
• Chapter 11. Employee Selection Process
• Chapter 12 Employee Training Method

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Unit 5 Elements of Marketing

• Chapter 13 Concept of Market and Marketer
• Chapter 14 Marketing and Marketing Mix
• Chapter 15 Recent Trends in Marketing

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Unit 6 Consumer Protection

• Chapter 16 Consumerism
• Chapter 17 Consumer Protection
• Chapter 18 Grievance Redressal Mechanism

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Unit 7 Business Environment

• Chapter 19 Environmental Factors
• Chapter 20 Liberalization, Privatization, and Globalization

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Unit 8 The Sale of Goods Act, 1930 and The Negotiable Instruments Act, 1881

• Chapter 21 The Sale of Goods Act, 1930
• Chapter 22 The Negotiable Instruments Act, 1881

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Unit 9 Entrepreneurship Development

• Chapter 23 Elements of Entrepreneurship
• Chapter 24 Types of Entrepreneurs
• Chapter 25 Government Schemes for Entrepreneurial Development

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Unit 10 Company Law and Secretarial Practice

• Chapter 26 Companies Act, 2013
• Chapter 27 Company Management
• Chapter 28 Company Secretary