This page contains the entrepreneurship class 11 cbse book chapter/unit Resource Mobilization: Mobilisation of Resources notes where in the questions/answers/solutions for this chapter/unit 7.1 are covered.
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Q.1. Answer in not more than 15 words:
Question Q.1.(i)
Q.1.(i) Define the term ‘resources’.
Answer Q.1.(i)
Resources are anything required to support organisational activities and achieve pre-determined goals.
Question Q.1.(ii)
Q.1.(ii) Why do entrepreneurs need resources?
Answer Q.1.(ii)
Entrepreneurs need resources to start, support, organise, and run the enterprise successfully.
Question Q.1.(iii)
Q.1.(iii) What do you mean by ‘mobilisation of resources’?
Answer Q.1.(iii)
Mobilisation of resources means acquiring needed resources timely and cost-effectively to achieve organisational goals.
Question Q.1.(iv)
Q.1.(iv) Name two state level organisations, which provide information about the infrastructural facilities.
Answer Q.1.(iv)
Two such organisations are DIC (District Industries Centre) and EB (Electricity Board).
Question Q.1.(v)
Q.1.(v) How can an entrepreneur procure professional assistance.
Answer Q.1.(v)
An entrepreneur can procure professional assistance by outsourcing or availing professional services from outside.
Q.2. Answer in not more than 50 words:
Question Q.2.(i)
Q.2.(i) What are physical resources? Give two examples.
Answer Q.2.(i)
Physical resources are the tangible resources required for an enterprise. Two examples are land/building and machinery. These help the entrepreneur in carrying out business activities smoothly.
Question Q.2.(ii)
Q.2.(ii) What factors help in determining the resources required?
Answer Q.2.(ii)
The main factors are:
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evaluation of need
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type of resource required
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availability
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quality and quantity needed
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problems in mobilization
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funds for acquisition
These help the entrepreneur determine resources properly.
Question Q.2.(iii)
Q.2.(iii) What basic resources are required to commence any enterprise?
Answer Q.2.(iii)
The basic resources required are human, financial, material, physical, and intangible resources. These are necessary to start and support the activities of the enterprise.
Question Q.2.(iv)
Q.2.(iv) Enlist any four expert professional assistance required to start a school.
Answer Q.2.(iv)
Any four expert professional assistances are:
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Lawyers
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Architects
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Professional accountants
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Business consultants
Question Q.2.(v)
Q.2.(v) Name any four factors to be kept in mind while selecting physical resources.
Answer Q.2.(v)
Four factors are:
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Size of the unit and installed capacity
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Machinery and technical know-how required
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Maintenance cost
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Availability of spare parts and support services
Q.3. Answer in not more than 75 words:
Question Q.3.(i)
Q.3.(i) Why does an Entrepreneur need expert professional services?
Answer Q.3.(i)
An entrepreneur needs expert professional services because they may not have enough expertise, resources, time, or energy to meet all enterprise requirements. Professional assistance improves cost efficiency, reduces wastage, saves time and energy, lowers risks, and allows the entrepreneur to focus on core business activities.
Question Q.3.(ii)
Q.3.(ii) What is said to be an “efficient utilization of human resources”?
Answer Q.3.(ii)
Efficient utilization of human resources means putting the right person at the right job at the right time. This ensures specialization, minimizes wastage of resources, reduces inefficiencies, lowers labour turnover and absenteeism, and saves cost of production.
Question Q.3.(iii)
Q.3.(iii) Why should entrepreneurs ensure that there is a “right individual at the right job”?
Answer Q.3.(iii)
Entrepreneurs should ensure this because it brings the benefits of specialization, reduces wastage and inefficiency, lowers absenteeism and labour turnover, and saves production cost. It also helps the enterprise perform better because people with proper qualifications, skills, knowledge, and aptitude are selected for suitable work.
Q.4. Answer in not more than 150 words:
Question Q.4.(i)
Q.4.(i) Define ‘intangible resources’. What do they generally comprise of?
Answer Q.4.(i)
Intangible resources are those resources of an enterprise which cannot be physically seen or touched, but they are very important for business success. Intangible resources generally comprise patents, copyrights, trademarks, goodwill, reputation, brand image, and intellectual property. These resources help the entrepreneur create identity, trust, and long-term value in the market. Although they are non-physical in nature, they often become a strong advantage for the enterprise and support growth and competitiveness.
Question Q.4.(ii)
Q.4.(ii) With reference to utilization of resources, state any four moral responsibilities of the entrepreneur.
Answer Q.4.(ii)
With reference to utilization of resources, four moral responsibilities of the entrepreneur are:
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To ensure optimum utilization of resources and avoid wastage.
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To use resources carefully and economically in the best interest of society.
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To avoid misuse or exploitation of resources for selfish purpose.
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To maintain a balance between profit and social responsibility while using available resources.
These moral responsibilities make resource utilization more responsible and beneficial for both enterprise and society.
Q.5. Answer in not more than 250 words:
Question Q.5.(i)
Q.5.(i) What are material resources? While planning state the important decisions to be made by the entrepreneur.
Answer Q.5.(i)
Material resources are the resources required in the form of raw materials, finished goods, semi-finished goods, components, and supplies that are needed for production and business operations. These resources are essential because without them, the enterprise cannot produce or deliver goods and services properly.
While planning for material resources, the entrepreneur has to take some important decisions. The entrepreneur should decide:
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What material is required for the enterprise.
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How much quantity is required.
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What quality or standard is needed.
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From where the material will be procured.
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At what price it can be obtained.
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How it will be stored and used properly.
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Whether regular supply will be available or not.
So, planning material resources means ensuring that the right material of the right quality and quantity is available at the right time and at a reasonable cost. This helps the entrepreneur avoid delay, wastage, and unnecessary increase in production cost.
Question Q.5.(ii)
Q.5.(ii) “Procurement of physical resources is not easy”. Giving reasons, state what is required to be planned for this procurement.
Answer Q.5.(ii)
Yes, procurement of physical resources is not easy because these resources usually require large investment, technical suitability, proper location, maintenance, and long-term planning. Physical resources include land, building, machinery, equipment, furniture, and other tangible assets needed for the enterprise.
While procuring physical resources, the entrepreneur should plan the following:
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Size of the unit and installed capacity
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Machinery and technical know-how required
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Type of technology to be used
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Need for repair, maintenance, and service support
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Availability of spare parts
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Cost of procurement and installation
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Suitability of physical resources for the type of business
Therefore, physical resources cannot be acquired casually. They need careful planning because wrong decisions in this area can increase cost, reduce efficiency, and affect the success of the enterprise.