Q1. Write four qualities of an entrepreneur.
Ans- 1. They are confident
2. They work hard
3. They keep trying new ideas.
4. They take responsibility for their actions
Q2. What are the two ways by which an individual earns a living? Mention key differences between the two.
Ans – The two ways by which an individual can earn money are –
Wage employment – People work for a person or organization and get salaries.
Self employment – People start their own business and make profits.
Q3. What do you mean by an Entrepreneur?
Ans – An Entrepreneur is a person who establishes a business or a venture that generates some value to the customer and proves to be profitable for him.
Q4. Name the term used for a false belief or opinion about something.
Ans – Myth or Misconception
Q5. Write two misconceptions about entrepreneurship
Ans – 1. Every Business idea need to be unique
2. A person needs a lot of money to start a business
Q6. Mention four functions of an Entrepreneur.
Ans – 1. Making Decisions
2. Managing the business
3. Divide Income
4. Take risks
Q7. What positive impact do entrepreneurs create?
Ans- They Create Jobs and Employment Opportunities
They solve the problems of society
Some entrepreneurs work towards welfare of society by building schools and hospitals
Q8. What is the career process that an entrepreneur goes through?
Ans – The three step process that an entrepreneur goes through is –
- Enter 2. Survive 3. Expand
Q9. There are many coaching centers in kota and anurag owns one of them, he is starting morning batches to attract more students. In which phase he is in.
Q10. State true or false
- Entrepreneurs create jobs
- When there are too many entrepreneurs selling the same item, its prices go up.
Ans – Comment karo