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5. Planning and finalising a business Idea is a very important step. ……….……
6. Entrepreneurs bring economic development through efficient use of resources. ……….……
7. An entrepreneur should always be disciplined, dedicated and hard working from a very early stage. ……….……
8. There is a regular income for an entrepreneur. ……….……
9. Entrepreneur is not a master of his own time. ……….……
10. Entrepreneurs cannot gain much profits. ……….……
SECTION B (Subjective Type Questions)
A. Short answer type questions:
1. What is a Hybrid type of business?
Ans. Hybrid businesses are the mix of two or more different types of businesses. They can be in service or manufacturing or
merchandising or all of these.
2. Name the four types of business organisations based on their ownership.
Ans. Sole Proprietorship, Partnership, Corporation and Limited Liability Companies.
3. Define Liability.
Ans. Liability means legally responsible for something. Example: tax to be paid, bank loans, etc.
4. What are the four main objectives of a business?
Ans. The four main objectives of business are:
• Economic Objectives • Social Objectives • Employee Objectives • National Objectives
5. What is the meaning of finalising the business location?
Ans. It means finalising your business location based on the location of your target market, business partners and your
personal preferences. You plan to buy, rent or build the prime location. Factors like access to talents, network
opportunities, business and investor friendliness, low taxes, etc. play an important role in this.
6. Define an Entrepreneur? Give examples.
Ans. An Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea for a new venture. He
starts his own startup with a desire to establish and earn profits and is wholly responsible for the unpredictable failures
and risks. For example, flower selling business on a digital platform.
7. Name the four elements of entrepreneurship.
Ans. The four elements of entrepreneurship are:
• Innovation • Organisation • Risk bearing • Perception
8. What do you mean by risk in a business?
Ans. Risk in a business means the probability of losing company’s assets or profits due to high competition in the market,
dynamic nature of customers or government rules and regulations.
9. Why is “Generate a business idea” an important step?
Ans. An idea based on your interest, passion, hobby or market potential needs to be finalised. Once an idea is finalised, you
discuss it with your associates in the business area or with the people around you who can provide vital feedback by
playing prospective customers. Based on this feedback a business can be started.
10. What do you mean by ”gathering the resources”?
Ans. Gathering the resources means managing your funds, labour (skilled and unskilled), raw material and business
associates. Everything needs to be channelised properly for a good start in a business.
11. List any four characteristics of entrepreneurship. [NCERT]
Ans. The characteristics of entrepreneurs are as follows:-
• Self-Starter • Hard Working • Courageous • Foresight
114 Touchpad Artificial Intelligence (Ver. 2.0)-IX

