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2. State whether the following statement is a myth or reality: [2023]
Entrepreneurs are born a certain way.
3. Which one of the following is not true for entrepreneurs? [2023]

(a) They create needs and demands. (b) They provide raw materials.
(c) They do not create jobs. (d) They help society by supporting infrastructure development.

Ans. 1. (d) 2. Myth 3. (c)

Section B (Subjective Type Questions)
1. Explain any two misconceptions about entrepreneurship. [2024]

Ans. Misconception 1: The misconception is that every business idea needs to be unique or special.
Misconception 2: The misconception we have is that a person needs a lot of money to start a business.
2. Given any two qualities of a successful entrepreneur. [2023]
Ans. Hard Work: Without working hard, no entrepreneur can be successful. On an average, successful entrepreneurs
are found to be working anywhere between 60 to 90 hours per week, which is much higher than 40 hours per
week. Entrepreneurs use a lot of trial and error and keep putting in work till they succeed.
Optimism: Positivity and belief in what they do is what takes entrepreneurs far in their journey. Entrepreneurs
should get think negatively or be afraid of adverse situations. For an entrepreneur, part of being optimistic is
about learning from mistakes and failures and finding alternative ways to do things.
3. Give any two promotional functions of an entrepreneur. [2023]
Ans. Idea Discovery: The first step towards entrepreneurship is discovery of a business idea. An entrepreneur comes
up with a business idea and thinks about ways to implement it. It is about seeking opportunities for a specific
type of business and finding ways to commercialize on it. Usually, entrepreneurs work around the process of idea
discovery by exploiting natural resources, finding a market need or calculating the profit potential.

Detailed Investigation: While coming up with ideas can seem like an easy process, the challenge is to
understand if the idea has the potential to turn into a viable business venture. For this, an entrepreneur
conducts research, investigates and evaluates an idea considering various factors and estimates the total demand
for a new product or service.
4. Name the person who combines factors in a creative manner to generate value for customers and create wealth. [2022]
Ans. Entrepreneur
5. Name the skill that help anyone to lead, guide and supervise people who work for the business. [2022]
Ans. Leadership
6. Entrepreneurs are not job seekers but they create opportunities of employment for people. (True/False) [2020]
Ans. True

7. List any four characteristics of entrepreneurship. [2020]
Ans. Four characteristics of entrepreneurship are:
 They are very clear with their targets.  They are courageous and are always ready to take risks.
 They are creative and innovative.  They have good communication skills.

UNIT 5

Section A (Objective Type Questions)
1. In total, how many SDG’s were adopted by the United Nations in 2015 as a universal call to action to end
poverty,protect the planet, abd ensure that by 2030 all people enjoy peace and prosperity? [2024]
(a) 13 (b) 11 (c) 17 (d) 19

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