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D.  State whether these statements are true or false.
                 1.  Entrepreneurs import high quality materials to produce quality goods.               ……….……................

                 2.  Entrepreneur is a skill and nobody is born with this as a trait.                    ……….……................

                 3.  An entrepreneur is always learning from his experiences.                            ……….……................
                 4.  An entrepreneur takes calculated risks.                                             ……….……................
                 5.  An entrepreneur needs a lot of investment in terms of money.                        ……….……................

                                                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 misconceptions about entrepreneurship:
                    ●  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 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.

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