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The money you are planning to invest in business will be:
                    • Taken from your savings and personal assets.
                    • Borrowed from banks or any other financial company.
                    • Utilised from the profit of some other business.
                  9.   What do you mean by "Promote the business"?
                Ans.  This helps you to bring your business straight to potential customers. It can be done through advertisements on TVs,
                    radios, newspapers, social media, etc. If it is a small scale business, then promotion is done through pamphlets in
                    newspaper.
                10.  List any four characteristics of entrepreneurship.                                         [NCERT]
                Ans.  The characteristics of entrepreneurs are as follows:
                    •  Ability to take up risks.                 •  Believe in hard work and discipline
                    •  Financial literacy and money management skill.   •  Effective planing and execution

              B.  Long answer type questions:
                  1.   Explain in detail the hybrid type of a business.
                Ans.  Hybrid business is a mix of two or more different types of businesses. It can be in service or manufacturing or merchandising
                    or all of these. It does business in the form of goods and services. For example, a restaurant is in manufacturing by
                    preparing a ready to eat food in the form of fine dining. At the same time, it works as a merchandiser by selling beverages
                    with the fine meals. It also provides services by serving home deliveries through online or offline orders.
                  2.   What do you understand by the term "Open to Trial and Error"?
                Ans.  Entrepreneurs need to be open to new ideas and try them without fear of failure. Being open to trial and error allows
                    entrepreneurs to adapt their strategies, refine their approach, and discover what works best for their business.
                  3.  Give three differences between Wage Employment and Entrepreneurship.
                Ans.
                                     Wage Employment                                  Entrepreneurship
                     Individuals work for  an  employer  or  a  company  and  Initiate and operate their own businesses. Responsible for
                     receive a fixed wage or salary in exchange for their labour.  their own profits and losses.
                     The level of risk is comparatively lower with stable   Entrepreneurship involves a higher level of risk-taking. It
                     income and job security.                         has uncertainties, financial risks, and market fluctuations.
                     Employees receive a regular and predictable income in  Entrepreneurs' income is often variable and depends on
                     the form of wages or salaries.                   the success of their business.

                  4.   What is the definition of perception in the context of entrepreneurship?
                Ans.  Perception in entrepreneurship refers to the strong understanding and insight into running a business in an innovative
                    manner to achieve long-term goals and greater profits.
                  5.   Explain any three important elements of entrepreneurship.
                Ans.  •  Innovation: It means doing something in a creative and different way. This is the key element of entrepreneurship.
                      Opening a roadside restaurant is just like opening a business but bringing the element of “Home cooked food for
                      the people in a Food Truck" is called an innovation in business.
                    •  Organisation: This plays an important role if a startup is launched at a large scale with a big investment. Though
                      an entrepreneur is  a person leading the whole business  with his ideas but the other  employees working in an
                      organisation are equally important for the success of the startup.
                    •  Risk bearing: Doing a business with a new idea is always associated with risk. But taking a calculated risk is an
                      important element of entrepreneurship. This will bring change in the society by bringing new products and services.
                  6.   What is the role of entrepreneurship in economic development?
                Ans.  An entrepreneur provides better and cheaper products and services for customers that brings economic growth. As
                    entrepreneurs grow their business, investors put money into their businesses and expect good returns. As more and
                    more entrepreneurs create business opportunities, the economy grows.
                  7.   Explain the term Trading.
                Ans.  This deals with buying and selling a product. In this, the finished products are purchased at wholesale price and sold
                    to consumers at retail price. The form of the products is not changed but the products are sold at a little higher price
                    than the purchase price that helps them to earn profits.

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