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6. Entrepreneurship should have a strong ……….……................ of running a business in an innovative manner.
7. Doing a business with a new idea is always associated with ……….……................ .
8. Entrepreneurs need to believe in their abilities and ……….……................ trust in others.
9. An entrepreneur should be ……….……................ to all circumstances.
10. Competition for businessman is ……….……................ and entrepreneur is ……….……................ .
C. State whether these statements are true or false:
1. Business is a money-making activity by thinking good thoughts. ……………
2. A businessman should work for his own personal incentives. ……………
3. Planning and finalising a business Idea is a very important step. ……………
4. Entrepreneurs bring economic development through optimal use of resources. ……………
5. An entrepreneur should always be disciplined, dedicated and hard working from a very early stage. ……………
6. There is a regular income for an entrepreneur. ……………
7. Entrepreneur is not a master of his own time. ……………
8. Entrepreneurs cannot gain much profits. ……………
SECTION B (Subjective Type Questions)
A. Short answer type questions:
1. Who is not an entrepreneur?
Ans. A person who does not take risks, is not open to new ideas and is running the business only to earn a steady source of
income is not an entrepreneur.
2. Define profit.
Ans. The term "profit" refers to the financial gain that an entrepreneur gets or a positive difference between total income earned
and total costs invested in running a business. Profit is the main indicator of a business's financial success or failure.
3. Mention any three different types of business.
Ans. There are different types of businesses:
• Manufacturing
• Service
• Hybrid
4. What is the meaning of finalising the business location?
Ans. It means finalising your business location based on the location of your target market, business partners and your
personal preferences. You plan to buy, rent, or build the prime location. Factors like access to talents, network
opportunities, business, and investor friendliness, low taxes, etc. play an important role in this.
5. Define an Entrepreneur? Give examples.
Ans. An Entrepreneur is a person who invests his time, energy, and money to initiate an exclusive idea for a new venture. He
starts his own startup with a desire to establish and earn profits and is wholly responsible for the unpredictable failures
and risks. For example, flower selling business on a digital platform.
6. Name the four elements of entrepreneurship.
Ans. The four elements of entrepreneurship are:
• Innovation • Organisation
• Risk bearing • Perception
7. What do you mean by risk in a business?
Ans. Risk in a business means the probability of losing company’s assets or profits due to high competition in the market,
dynamic nature of customers or government rules and regulations.
8. Why is "Plan and finalise your finances" an important step in starting a business?
Ans. Before you implement your business idea, you need to have a clear picture of your financial status. You need to figure
out how much money you’ll need to start your business and let it survive for at least a year without profits.
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