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. plain hy the follo ing qualities are necessary for an entrepreneur
i. illingness to take risks.
ii. Ability to make decisions.
Ans. i. Willingness to take risks: here is an element of risk in any business. It means that it is not required for every firm
to make a profit. his discourages people from taking risks and starting their o n businesses. An entrepreneur, on
the other hand, al ays offers to take risks in order to manage a successful firm.
ii. Ability to make decisions: hile running a business, an entrepreneur must make a variety of decisions. As a
result, the individual must be capable of making appropriate and timely decisions. hings move at a breakneck
pace in the modern orld. If an entrepreneur lacks the ability to make appropriate and timely udgments, he or she
may miss out on an opportunity and incur damages.
Compet
C Competency based Application based uestions:
uestions:
ased Application b
ased
ency b
hruti runs an online business of selling ladies purses and bags. Initially, she faced a lot of challenges. he had fe
resources only one machine to stitch the bags. er packaging ould also get damaged during transportation due to
hich she suffered losses. o ever, hruti did not give up. he paid e tra attention to packaging so that it ould not get
damaged during delivery. he also started selling various types of bags handbags, potli bags, sling bags etc. lo ly she
turned her company to a big successful venture. ist ho hruti built her perseverance.
Ans. erseverance can be built in the follo ing ays
• ever giving up hen faced ith a difficult situation
• Working hard to achieve your goal
• earning from failures
Unsolved Questions
SECTION A (Objective Type Questions)
uiz
A. Tick ( ) the correct option.
. entrepreneurs are those ho focus on generating solutions that benefit the society.
a. ocial b. omen
c. I d. rofessional
. tartups rely on provided by angel investors or venture capital firms.
a. furniture b. funding
c. support d. capital
. o become an entrepreneur, one must have vision, , and innovativeness.
a. originality b. resourcefulness
c. ingenuity d. creativity
. rashant orks for urabhi, ho is a business oman. rashant is an .
a. entrepreneur b. age employed person
c. skilled orker d. businessman
. he ability to act in a situation before others do is .
a. interpersonal skills b. initiative
c. perseverance d. none of these
B. Fill in the blanks.
. o establish a successful business, an entrepreneur requires a variety of .
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