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SECTION B (Subjective Type Questions)
                 A.   Short answer type questions.
                    1.   Who is not an entrepreneur?
                   Ans.  A person who does not take risks, is not open to new ideas and is running the business only to earn a steady source of
                       income is not an entrepreneur.
                    2.   Define profit.
                   Ans.  The term "profit" refers to the financial gain that an entrepreneur gets or a positive difference between total income
                       earned and total costs invested in running a business. Profit is the main indicator of a business's financial success or failure.
                    3.   Mention any three different types of business.
                   Ans.  There are different types of businesses:
                       •  Manufacturing                             • Service
                       •  Hybrid
                    4.   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.
                    5.   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.
                    6.   Name four qualities of an Entrepreneur.
                   Ans.  • Patience                                 • Positivity
                       •  Hardworking                               • Confidence
                    7.   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.
                    8.   Why is "Plan and finalise your finances" an important step in starting a business?
                   Ans.  Before you implement your business idea, you need to have a clear picture of your financial status. You need to figure out
                       how much money you’ll need to start your business and let it survive for at least a year without profits. The money you are
                       planning to invest in business will be:
                       •  taken from your savings and personal assets
                       •  borrowed from banks or any other financial company
                       •  utilised from the profit of some other business
                    9.   What do you mean by "Promote the business"?
                   Ans.  This helps you to bring your business straight to potential customers. It can be done through advertisements on TVs, radios,
                       newspapers, social media, etc. If it is a small scale business, then promotion is done through pamphlets in newspaper.
                   10.  List any four characteristics of entrepreneurship.                                        [NCERT]
                   Ans.  The characteristics of entrepreneurs are as follows:
                       •  ability to take up risks                 • believe in hard work and discipline
                       •  financial literacy and money management skill    • effective planing and execution

                 B.   Long answer type questions.

                    1.   Explain in detail the hybrid type of a business.
                   Ans.  Hybrid business is a mix of two or more different types of businesses. It can be in service or manufacturing or merchandising
                       or all of these. It does business in the form of goods and services. For example, a restaurant is in manufacturing by preparing
                       a ready to eat food in the form of fine dining. At the same time, it works as a merchandiser by selling beverages with the
                       fine meals. It also provides services by serving home deliveries through online or offline orders.



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