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C. Competency-based/Application-based questions. 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
SECTION A (Objective Type Questions)
A. Choose 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.
4. means implementing the idea by starting a business and entering a new market.
5. is a driving force of our modern global economy.
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