Page 96 - Data Science class 10
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SECTION B (Subjective Type Questions)
A. Short answer type questions:
1. What is the difference between wage-employed and self-employed people?
Ans. Wage-employed people are people who work for a person or an organisation and get paid for that work. Self-employed
people are those who start their businesses and sell their product or services to the customers.
2. Write four qualities of a successful entrepreneur.
Ans. Following are the qualities of a successful entrepreneur:
• They are confident.
• They keep trying new ideas in their business.
• They take responsibility for their actions.
• They do not give up when they face difficulty.
3. Write four misconceptions about entrepreneurship.
Ans. Following are the qualities of a successful entrepreneur:
• Every business idea needs to be unique or special.
• A person needs a lot of money to start a business.
• A person having a big business is an entrepreneur.
• Entrepreneurs are born, not made.
4. Give a few disadvantages of entrepreneurship as a career.
Ans. Some of the disadvantages of entrepreneurship are:
• Risk factors are high.
• Uncertainty of income.
• Long hours of working.
• No guarantee for success.
5. List three important roles played by the society to boost up entrepreneurship.
Ans. Following are the important roles played by the society to boost up entrepreneurship:
• Helps in providing the raw material for the business.
• Provides financial support through loans, shares, debentures, etc.
• Provides policies and laws in favour of promoting entrepreneurship.
B. Long answer type questions:
1. Explain some of the roles of an entrepreneur.
Ans. Following are some of the roles of an entrepreneur:
• Innovator’s Role: An entrepreneurship is about new and creative ideas converted into a real world of business which
is beneficial both for the entrepreneur in making profits and for the customer in getting a new product in the market.
All those once was just an idea but only entrepreneurs brought those ideas to life.
• Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by
setting up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.
• Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal savings,
loans, shares, etc. The money is utilised in the capital formation like developing infrastructure in the nearby area,
developing the network and transport facilities. All these efforts help in the company trade and capital formation of
the country.
2. Explain the importance of entrepreneurs.
Ans. The importance of an entrepreneur for the development of the country are listed below:
• Free Market Evolution: Free market is a place where the production of a product is controlled by the demand and
supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing products
in an innovative way matching with the consumer preferences.
94 Touchpad Data Science-X

