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CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation:- we will provide complete details CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation in this article.

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation:-ENTREPRENEURIAL VALUES, ATTITUDES AND MOTIVATION

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  1. Entrepreneurial Values
  2. Entrepreneurial Attributes
  3. Entrepreneurial Motivation
  4. Entrepreneurial Competencies
  5. Barriers of Entrepreneurship
  6. Help and Support to Entrepreneurship

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation:-Entrepreneurial Values

1. How do we define values?

In a civilized society, qualities like honesty, truthfulness, cooperation, integrity etc are important for happy and healthy living.
They are a set of beliefs or ideas that provide standards which guide behaviour.
Such guiding principles established in a cultured society are called values.

2. What are the prominent entrepreneurial values?

The following are the prominent entrepreneurial values.

  1. Innovativeness and Creativity
  2. Independence or ownership
  3. Quest for Outstanding Performance or Achievement
  4. Respect for Work

3. What is the difference between creativity and innovativeness?.

Creativity: Creativity is the ability to see new ways of doing things and discovering new opportunities.
Innovativeness: Innovativeness is the ability to make the opportunities work in practice by working out new combinations and seeing the new idea through to the end.

4. ‘Entrepreneurs are not satisfied with the status quo and they are bent upon disturbing it’. Discuss the statement with an example.

Entrepreneurs, by the root characteristic of their innovative spirit and creativity, are capable of spotting and opportunity and initiating a change. They’re never satisfied with the existing products or services and always strive to introduce better products or services by making the existing ones obsolete.
The emergence of the cellular phone is a best example of the nature of the entrepreneurs not satisfied with the status quo of the land line phone and bent upon disturbing it by innovating a cordless and then ultimately the cell phone.

5. Select any three actions of the entrepreneurs that emerge from their innovative spirit and explain with an example each.

The following are the actions that emerge from the innovative spirit of the entrepreneur.(You can write any three of the following).

  1. Experimenting with new ideas
  2. Enjoying the change
  3. Facing uncertainty in order to try out new ideas
  4. Not giving up or becoming upset when errors are made in doing the new work.
  5. Valuing unconventional behaviour
  6. Find problems to solve
  7. Finding new use of existing methods or equipments.
  8. Demonstrating originality
  9. Working on a problem which causes great difficulty for others.
  10. Looking for unstructured work assignments
  11. Providing critical inputs for new ideas
  12. Providing evaluation of proposed ideas

6. How do independence and a sense of ownership act as a driving force for entrepreneurs?

Entrepreneurs derive great satisfaction in their sense of ‘Ownership’. The following constitute the ingredients of the ‘Ownership’ factor.

  1. Commitment
  2. Sense of complete identification
  3. and sincere hard work too achieve their ‘mission’

Entrepreneurs need to be independent to savour the sense of achievement.
The sense of Independence or ownership creates a very strong and positive ego which involved in the action plan of all significant entrepreneurial ventures. This enables entrepreneurs to develop a mission concept which drives them to achieve their goal with a clear vision. Such an orientation stems from the entrepreneur’s propensity to act in an atmosphere of freedom, it implies that the entrepreneurs likes to be the master of their destiny. Thus we often here budding entrepreneurs proclaiming that they could not work under anyone and they would be their own masters. This trait of self-reliance is an important asset because it provides confidence and courage to innovate.

7. Why is an entrepreneur described as an ‘overcomer’? What value does it indicate?

An entrepreneur is often described as an ‘Overcomer’ due to the following characteristics.

  1. They’re always ready to face and resolve the challenges.
  2. The set for themselves certain standards of excellence and can deal with unexpected obstacles with confidence.
  3. Most companies experience three or four life-threatening crises in their early years; to survive this period, the true entrepreneur deals with these crises and wins through.
  4. Sometimes they turn problems into opportunities
  5. They are persistent and work harder when things go wrong.
  6. They try not to be beaten and find another way to solve the problem.

Thus an entrepreneur, due to his quest for excellence is an overcomer who can resolve problems even under pressure.
All this indicates the value of performance of high order.

8. How does ‘respect for work’ become a value for entrepreneurs?

The entrepreneurial culture respects and values the work. Hardwork constitutes an important value for all entrepreneurs. Successful entrepreneurs believe that they achieve anything through hard work. This value provides goal direction which encourages entrepreneurs to pursue a path and career in which the rewards and incentives are linked to the degree and quality of efforts made. This fact is evident from the surveys conducted in USA where in the persons who became entrepreneurs substantially increased their working hours. In India too, we see that even small merchants put in more than 12 hours in work each day.

All this proves that the ‘respect for work’ becomes a value for entrepreneurs.

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation:-Entrepreneurial Motivation

1. State a few social motives the human beings possess

Definition: Motivation is regarded “as the inner state that energizes activities and directs or channels behavior towards the goal”. It can also be seen as a process that arouses action, sustains the activity in progress and that regulates the pattern of activity.

The motives can be categorizes as social and psychological motives.

Few of the social motives are

  1. Self esteem
  2. Social acceptability
  3. Competence building
  4. Wealth generation
  5. Self actualization

Motives are not necessarily the gifts of heredity but are the outcome of the individual’s interactions with others or the society.

2. Illustrate with an example how the environment can act as a motivator for action.

Environment acts as a primary motivating factor for the individuals, as every person is in constant interaction with other persons or with the society. So, they are reminded of their goals continuously. This motivates individuals to take appropriate action to pursue their careers and emerge as leaders or entrepreneurs or choose any other careers.
For instance, the denial of entry into a luxury hotel in Mumbai motivated the found of TATA group, Jamsetji Nusserwanji Tata, to swear and build a bigger and better hotel in India and with that motivation he built the Taj Mahal Palace & Tower, the first luxury hotel in India.

3. Why do we say that motivation is an inner state that energizes action?

Motivation is regarded as the inner state that energizes activities or action and directs or channels behavior towards the goal. I can also be seen as a process that arouses action, sustains the activity in progress and that regulates the pattern of activity.

We can see the motivation not only in humans but also in animals and plants, for the sake of survival. We see that animals fighting each other for food, shelter etc. This kind of behavior is observed in plants too.

In humans, the kind of motivation energizes them to take appropriate action to emerge themselves as leader or managers or executives or entrepreneurs.

Thus we can say that motivation is an inner state that energizes action.

4. Give an example to show that motivation is the source for initiation of action.

Motivation is always the source of initiation of the action towards the achievement of the goals. There’re numerous examples of achievers who took action towards their goal, through the motivation.
Example 1: The denial of entry into a luxury hotel in Mumbai motivated the found of TATA group, Jamsetji Nusserwanji Tata, to swear and build a bigger and better hotel in India and with that motivation he built the Taj Mahal Palace & Tower, the first luxury hotel in India
Example 1: Govind Jaiswal was son of a common Rickshaw puller. The insults and taunts that he received from the rich, in his surroundings, motivated him to take a decision to achieve IAS, the most prestigious position India. Failure to achieve IAS rank in his first position didn’t discourage him. The high cost of living in Delhi didn’t stop him. He spent around 18 hours a day to achieve his dream of becoming an IAS officer and made it.

5. What are the important features of a motivational process?

Motivation is essentially a process. It can be well expressed in the form of a model. The important features of the model are

  1. Needs or expectations.
  2. Behaviour
  3. Goal
  4. Feedback

6. Why do we say that motivation is a process that reduces the disequilibria in the mind?

Motivation is essentially a process. It can be well expressed in the form of a model. The important features of the model are

  1. Needs or expectations.
  2. Behaviour
  3. Goal
  4. Feedback

Thus we can say that every individual possesses an urge or a need, or multitude of needs, desires or expectations which act as activators for the motivation. These activators are characterized by the following two factors:

  1. Emergence of need, desire or expectation
  2. The anticipation of action.

In the first instant, the emergence of a need or a desire creates disequilibria in the individual. Then it develops a strung urge for the reduction of the equilibrium and return to normalcy.
Thus we can can say that motivation is a process that reduces disequilibria in the mind.

7. What is the link between motivation and action?

There are many individuals who have a dream, a vision and an idea. But they are not able to translate them into action, because they lack the necessary motivation for taking the first step towards realizing their goals or dreams.

However, people who have acquired the necessary motivation will be able to take the necessary steps towards the action and pave the path to achieve their goal or dream. The occurrence of certain incidents like getting inspired, the insulting words but some one or the encouragement from someone will motivate a person to take an action. Certain motivating events will bring in sudden action, even in persons, who have not taken any action towards their goals until that moment.

Thus we can say that both motivation and action have a strong link where in motivation acts as a process that arouses action.

9. What are the characteristics of the persons with a High Need Achievement?

The following are the characteristics of a person with a High Need Achievement.

  1. Accepting to shoulder the responsibility of the task and ready to take ownership of end result, whether it is success or failure.
  2. Bears moderate risk, which can be overcome by his efforts, of the challenging task.
  3. Clarity of the goal to assess various alternatives available and take the path of moderate risk.
  4. Delve for improvement of his efforts, by seeking continuous feedback of how he is doing.
  5. Ensures that they persist on a given task until it is completed, despite failures or obstacles.
  6. Failures will motivate them to innovate alternative approaches to achieve their goals
  7. Gives greater importance to interpersonal-relations, especially with acknowledged persons in their fields, to achieve their goals.
  8. High importance is given to the accomplishment of even a small task and believes that it is going to help them in achieving their long-term goal.
  9. Individuals with high-end achievement live more “In process” and shows tolerance to ambiguity.
  10. Jumps readily into action, are restless and like to take initiative. They’re pioneers and adventurers.
  11. Keen to set the standards high and are adventurous. Ventures into new goals as soon as one goal is achieved.
  12. Looks at the life as adventurous and are restless and energetic and are always striving persons who seek and enjoy challenges.

CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

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CBSE class 11 commerce entrepreneurship Acquiring Entrepreneurial Values and Motivation

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Important Note – Preparing for XI & XII Commerce?
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