Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs

→ The word entrepreneur is a general term they are called by different names depending upon the function they perform business they engaged in technology they adopt, the area, they start, the venture, type of ownership held and motivation given to them.

→ Innovating entrepreneur is one who always focused on introducing a new product or introducing something new in the venture already started.

→ Initiative entrepreneur is one who simply initiates existing skill, knowledge or technology already in place in advanced countries. A simply reengineer or redesign the products developed in advanced countries and produce a version suited to their local conditions.

→ Entrepreneurs are said to be conservatives and sceptical about plasticizing any change in their organization. They are of risk averse type.

→ Drone entrepreneur are those who are totally opposed to changes unfolding in the environment. They used to operate in the niche market.

→ Classification according to type of business is, business entrepreneur, trading, industrial, corporate, agricultural retail and service entrepreneurs.

→ Classification based on technology based is technical, non-technical and professional entrepreneur. Classification in terms of motivation is pure induced, motivated and spontaneous entrepreneur.

→ Classification based on development stage is first generation. Modem and classical entrepreneur classification according to area is urban and rural entrepreneur classification according ownership is private, state and joint entrepreneurship.

Students are instructed to visit and interview a successful entrepreneur in your locality. Present a report about the factors that leads to the success of the entrepreneur based on the interview

The success of the entrepreneur.

  1. Willingness to take action.
  2. Entrepreneurial knowledge.
  3. Entrepreneurial skill.
  4. Intelligence, patience
  5. Persistence and the ability for team work.
  6. Great Talent and Honesty.
  7. Self-confidence

Scan the products that are available in your market. Imagine an innovative product with multiple uses. Make a survey about the innovative products success among the locality

Finding innovation new uses for successful product or services can clearly increase your market size and as results “sales” product innovation either new or new version of a previous goods. It includes invention of new product size shape colour usage and benefits of consumers, sales, price of be product and profitability product development through research and testing whether the product functions properly and all the necessary arrangement are made to enhance the product as much as possible.

Observe the small shops and outlets in and around your locality. Think about new ideas for the future outlets in your area

New ideas – In store innovation.
(i) To improve customer experience with technology. .
(ii) Integrate a customer experience with augmented reality and virtual reality. Data on your customer. Interactive on item connected to your social media in the store and you can send picture directly to you instagram. Innovative ideas that will shape the future of Retail.

Sri Krishna Integrated Farm

Founder: Mr. R. Govindaraj, Sri Krishna Integrated Farm,
Neppathur Village, SirkazhiT.K. Nagapattinam.
Products: Supply of produced items like Cattle Farm, Fish Farm, Rabbit Breeder, Country chicken, Organic Paddy, Organic Fertiliser, Organic
Vegetables, Eggs, Milk, Livestock Feed and organic grass seeds, Vellimasa!, Hedgelucem and Concentrating maggots for fish and poultry.

Achievements:

  1. Giving training to SHG
  2. Supply of Farm Products to Star Hotels and many traders for Breeding Purpose.
  3. Supply to other states like Andhrapradesh, Karnataka and Kerala.
  4. Above 15 lakhs Turnover
  5. Size of Employment
  6. Training to unemployed Youth
  7. To reduce migration

Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs 1

The main purpose of integrated farming is that farming components support one another hence reducing external inputs. Mixed farming system recycles all wastes. So that one’s waste is indeed another’s food. Self help group people have to get training through this company and to start his / her own business (own farm). The company turnover 15 lakhs and provide employment opportunities particularly in rural areas to avoid migration people moving from rural to urban to be reduced. The company will provide more employment opportunity to young people in the field of integrated farm.

Samacheer Kalvi 12th Commerce Notes

TN Board 12th Commerce Important Questions Chapter 24 Types of Entrepreneurs

TN State Board 12th Commerce Important Questions Chapter 24 Types of Entrepreneurs

Question 1.
What is the other name of business entrepreneur?
Answer:
Business entrepreneur is called solo entrepreneur. He / she is the one who conceives an idea for a new product or service and establishes a business enterprise.

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

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Question 3.
Who are agricultural entrepreneur?
Answer:
Agricultural entrepreneurs are those entrepreneurs who raise farm products and market them. Those who raise allied products like poultry, meat, fish, honey, skin, flower, silk, fruits, agricultural implements, prawn, etc., are called agricultural entrepreneur.

Question 4.
State the name of the following ventures:

(a) Started by individuals for profit motive
Answer:
Private entrepreneur.

(b Started by Government
Answer:
State entrepreneur.

(c) Started by individuals and Government together
Answer:
Joint entrepreneur.

(d) Started as a family business
Answer:
Classical entrepreneur.

Question 5.
Give some examples of pure entrepreneurs.
Answer:
Dhirubaai Ambani, Jamshadji Tata, T.V. Sundaramn Iyengar, Birla, Seshadriji, Narayana Murthi, Aziz Premji and so on.

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Question 6.
Who is a private entrepreneur?
Answer:

  1. Ventures started by individual either singly or collectively at their own risk after mobilizing various resources in order to earn profit are called private ownership.
  2. Profit is only motive of private ownership.
  3. Production decisions involving high risks are taken by individual only for profit motive.

Question 7.
What is political environment?
Answer:

  1. The success of a business lies in its ability to adapt and sustain to political changes.
  2. The legislative, executives and judiciary are the three institutions which directs and influences a business.
  3. Political organizations refers to the ideology and philosophy of the political parties, the Government, the role and degree of authority of bureaucracy the level of political consciousness among citizens.

Question 8.
List down few examples of pure entrepreneurship.
Answer:

  1. Dhirubai Ambani
  2. Jamshadji Tata
  3. T.V. Sundaram Iyengar,
  4. Seshadriji
  5. Birla
  6. Narayana murthi
  7. Aziz premji.

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Question 9.
How does a professional entrepreneur operate?
Answer:

  1. He is having a rich expertise in starting a venture.
  2. They keep on conceiving new ideas to develop alternative projects.
  3. He/she simply sells out the venture started by him to some one else after its successful take off.
  4. These entrepreneurs, have got professional expertise in starting the venture and exciting it after the establishment.

Question 10.
Explain about the agricultural entrepreneur.
Answer:

  1. Agricultural entrepreneurs are those entrepreneurs who raise farm products and market them.
  2. They use various inputs like labour, fertilizer, insecticide, water technology etc., to raise the products.
  3. Market their products either directly or through co-bperative entities or through brokers or through tie up with large retailers. Those who raise allied products like poultry, meat, fish, honey, skin, agricultural implements, flower, silk, fruits, prawn etc., are called as agricultural entrepreneur.

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Question 11.
Explain in detail on classification according to the type of business.
Answer:
(i) Business entrepreneur:
Business entrepreneur is called solo entrepreneur. He / she is the one who receives an idea for a new product or service and establishes a business enterprise. He /she takes, up production, operations and pursues marketing activities.

(ii) Trading entrepreneurs:
Trading entrepreneur are those who restrict themselves to buying and selling finished goods. They may be engaged in domestic and international trade. They get their income by way of commission and marketing. .

(iii) Industrial entrepreneur:
These are entrepreneurs who manufacture products to cater the needs of consuming public after identifying the need left unfulfilled by the manufacture. They may be small, medium and large entrepreneurs. They add utility to products rolled out by them which is termed as value addition.

(iv) Corporate entrepreneur:
Corporate entrepreneur is called promoter. He/she takes initiate necessary to start an entity under corporate format. Corporate entrepreneurs install a team of experts to manage the entity on a day to day basis.

(v) Agricultural entrepreneurs:
Agricultural entrepreneurs are those entrepreneurs who raise farm products and market them. These entrepreneurs pursue their venture in agriculture and allied sector.

(vi) Retail entrepreneurs:
Retail entrepreneurs are those who enter into venture of distributing the end product to final consumer while wholesale entrepreneurs take up the venture of distributing the products to retailer. They used to buy the goods in small quantities from numerous wholesalers and make it available different products of different brands under one roof to end consumer.

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Question 12.
Discuss the nature of functional entrepreneurs.
Answer:

  1. Innovative entrepreneur for used an introducing a new product a new project or something new is the venture already started.
  2. Innovation may be the form of brand new product, upgraded product, discovering untapped market. New method of production, simplification of complex process, adoption of a distinct process and so on. Initiative entrepreneur is one who simply initiates existing skill, knowledge or technology already in place in advanced countries.
  3. Initiative entrepreneur is one who simply initiates existing skill, knowledge or technology already in place in advanced countries.
  4. Fabian entrepreneurs are said to be conservatives and sceptical about plasticizing any change in their organization. They are of risk averse type.
  5. Drone entrepreneurs are those who are totally who are totally opposed to changes unfolding in the environment. They used to operate in the niche market.

Question 13.
Distinguish between the rural and urban entrepreneur.
Answer:

Rural entrepreneur

 Urban entrepreneurs

These are people to start venture in rural locations.  Entrepreneur who commences his entrepreneurial activity in urban areas.
They are doing business in village and towns.  They are doing business in state, capital district, district Headquarter town, municipalities.
They may be agricultural and trading entrepreneur.  They may be industrial corporate entrepreneurs (or) retail entrepreneurs
The cost of operation of rural ventures tends to be low.  The cost of operation of urban ventures tends to be high.

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

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

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

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 abov

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

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

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

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

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

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)

Samacheer Kalvi TN State Board 12th Commerce Notes Chapter 24 Types of Entrepreneurs

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

TN Board 12th Commerce Important Questions