Page 88 - IT 402 v2.0 class 10
P. 88
. Innovation can best be defined as ................................ .
i. the generation of new ideas ii. the evolution of new ideas
iii. the opposite of creativity iv. the successful exploitation of new ideas
ns. . iii . iv . iv . ii 5. ii . iv . iv . iv . i . iv
B. Fill in the blanks.
. he aim of an entrepreneur is to establish an ........................... and the process of doing it is .......................... .
. Most of the successful entrepreneurs are ........................... .
. ........................... institutions often provide the startup capital.
. ........................... is an agreement between a small business owner and the parent company.
5. ardware making furniture making etc. are a few examples of ........................... business.
ns. . enterprise entrepreneurship . philanthropists . Micro-financial
. franchise 5. Manufacturing
C. State whether the following statements are true or false: N
. ntrepreneurs can create obs in the market.
. hen many entrepreneurs sell mobile phones in a market the prices of phones increase.
. ntrepreneurs identify a need in the market and build a product or service for it.
ns. . rue . False . rue
Section B
(Subjective Type Questions)
A. Answer the following questions:
. hen is entrepreneurship successful
ns. ntrepreneurship is successful when the entrepreneur is creative innovative and he she uses the resources that
are available locally in the society or the country. n entrepreneur combines various factors in a creative way in
order to generate products as per the needs of customers. It creates wealth for the self and growth for the society
as the society develops with better facilities and citi ens are able to accomplish more.
. ow does entrepreneurship play an important role in the life cycle of society
ns. ntrepreneurship and entrepreneurs play a prominent role in life cycle of society as they don t only think about
self-employability but also provide ob opportunities for others.
They accelerate the economic growth of the society by enabling wealth creation for themselves as well as the
people who are employed in the enterprise. ntrepreneurship contributes to finance on national scale in the form
of taxation. ntrepreneurs identify the needs of the people and society and come up with products and services
to cater to them.
. ist the ualities of an entrepreneur.
ns. he following are the ualities of an entrepreneur:
hey are very clear with their targets.
hey work hard from the beginning and work extra hours to achieve targets.
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