Page 119 - TP_IT_V1.0_C10_flipbpookl
P. 119

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.
                    5.  List three important roles played by the society to boost up entrepreneurship.
                  Ans.  Following are the important roles played by the society to boost up entrepreneurship:
                       ●  Helps in providing the raw material for the business.
                       ●  Provides financial support through loans, shares, debentures etc.
                       ●  Provides policies and laws in favour of promoting entrepreneurship.

                 B.  Long answer type questions.

                    1.  Explain some of the roles of an entrepreneur.
                  Ans.  Following are some of the roles of an entrepreneur:
                       ●   Innovator’s Role: An entrepreneurship is about new and creative ideas converted into a real world of business which is
                          beneficial both for the entrepreneur in making profits and for the customer in getting a new product in the market. All
                          those once was just an idea but only entrepreneurs brought those ideas to life.
                       ●   Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by setting
                          up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.
                       ●   Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal savings, loans,
                          shares etc. The money is utilized in the capital formation like developing infrastructure in the nearby area, developing
                          the network and transport facilities. All these efforts help in the company trade and capital formation of the country.

                    2.  Explain the importance of an entrepreneurs.
                  Ans.  The importance of an entrepreneur for the development of the country are listed below:
                       ●   Free Market Evolution: Free market is a place where the production of a product is controlled by the demand and
                          supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing products in
                          an innovative way matching with the consumer preferences.
                       ●   Efficiency Improvements: An entrepreneur boosts up the country’s economy by providing new ventures with improved
                          infrastructure, jobs to the people, and good quality products with the implementation of new updated technologies.
                          All this helps in improving the standard of living of the people in the society.
                       ●   New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for his products
                          that helps in creating a new market. UBER company owners provided taxi services in a new way of hiring people with
                          cars and then serving to the people in need through a common platform. All this created a new market of taxi booking
                          through online platforms.
                       ●   New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help in the
                          welfare of a society. They bring awareness like products are not tested on animals, they are chemical free that do not
                          contribute to the pollution of the environment, pesticide free and ecofriendly and do not support child labour.
                    3.   Explain in detail any two functions performed by an entrepreneur.
                  Ans.  Following are some of the functions performed by an entrepreneur:
                       ●   Divide Income: Dividing income wisely is essential for the financial health and sustainability of the business. Entrepreneurs
                          need to figure out what to do with the money their business makes. Dividing income involves making decisions about
                          how to use the profits. They might reinvest some of it back into the business for things like improvements or expansion.
                          They also need to decide how much to save for the future and how much to pay themselves.
                       ●   Creating a new method, idea or a product: They use their creativity and vision to think differently and bring something
                          new to the table. Whether it's inventing a groundbreaking product, introducing an innovative service, or finding a
                          better way to do things.



                                                                                                Entrepreneurial Skills-II  117
   114   115   116   117   118   119   120   121   122   123   124