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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

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