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● 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.
B. 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
2. Which of the following is a myth related to entrepreneurship?
a. Need a lot of money b. Have a great idea
c. Should know everything about business d. All of these
3. Which of the following is the process of identifying opportunities in the marketplace?
a. Decision maker b. Management
c. Entrepreneurship d. None of these
4. What is the importance of an entrepreneur?
a. Creates jobs b. Brings economic growth
c. Brings welfare of the society d. All of these
5. Which of the following is an example of wage employment?
a. Factory Employees b. Retail staff
c. Office worker d. All of these
B. Fill in the blanks.
1. Entrepreneur career process includes ……….……................, ……….……................, and ……….……................ .
2. Entrepreneurs are considered as ‘Agents of ……….…….................
3. A ……….……................ is a line of work that a person takes for life.
Entrepreneurial Skills-II 79

