Page 115 - AI Ver 3.0 class 10_Flipbook
P. 115
2. Explain the importance of an 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.
● Efficiency Improvements: An entrepreneur boosts up the country’s economy by providing new ventures with
improved infrastructure, jobs to the people, and good quality products with the implementation of new updated
technologies. All this helps in improving the standard of living of the people in the society.
● New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for his
products that helps in creating a new market. UBER company owners provided taxi services in a new way of hiring
people with cars and then serving to the people in need through a common platform. All this created a new market
of taxi booking through online platforms.
● New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help in
the welfare of a society. They bring awareness like products are not tested on animals, they are chemical free that do
not contribute to the pollution of the environment, pesticide free and ecofriendly and do not support child labour.
3. Explain in detail any two functions performed by an entrepreneur.
Ans. Following are some of the functions performed by an entrepreneur:
● Divide Income: Dividing income wisely is essential for the financial health and sustainability of the business. Entrepreneurs
need to figure out what to do with the money their business makes. Dividing income involves making decisions
about how to use the profits. They might reinvest some of it back into the business for things like improvements or
expansion. They also need to decide how much to save for the future and how much to pay themselves.
● Creating a new method, idea or a product: They use their creativity and vision to think differently and bring
something new to the table. Whether it's inventing a groundbreaking product, introducing an innovative service, or
finding a better way to do things.
C. Competency-based/Application-based questions. 21 st Century #Communication
Skills
#Information Literacy
1. In your opinion, what is more important when starting a new business: creativity or market research?
Ans. In starting a new business, both creativity and market research are vital, but market research holds a slight edge.
Understanding customers' needs and market trends through research provides a solid foundation for developing
products or services that meet specific demands. Creativity then comes into play to innovate and differentiate within
that market, ensuring the business offers unique value and stands out from competitors. Therefore, while creativity is
essential for innovation, starting with comprehensive market research increases the likelihood of meeting customer
expectations and achieving business success.
2. An aunt in your neighbourhood opened her own boutique. List down some challenges which she might face as being
an entrepreneur.
Ans. Challenges that she might face being an entrepreneur are:
● Financial management
● Customer acquisition and retention
● Adaptability to trends
● Inventory management
Unsolved Questions
SECTION A (Objective Type Questions)
uiz
A. Tick ( ) the correct option.
1. Which of the following is an example of self-employment?
a. Cooking in a hotel b. Selling an item in your own shop
c. Teaching in a school d. Working in a factory
Entrepreneurial Skills-II 113

