Page 105 - AI Ver 1.0 Class 10
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2.  Explain the importance of 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 testing 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 promotional functions performed by an entrepreneur.
                   Ans.  Following are some of the promotional  functions performed by an entrepreneur:
                       •   Detailed Investigation: This helps in converting an idea into a potential venture. A particular idea needs to be explored in
                         terms of sources of supply, extent of demand, present and potential competition, the amount of capital necessary and its
                         worth in a realistic market where it is expected to generate sufficient revenues and profits along with customer satisfaction.
                       •   Assembling the Requirements: Assembling the basic business requirements like land to make an office, infrastructure,
                         human resources, initial investment with financiers to support, raw materials available and market for selling the
                         product. These are some common business requirements for all kinds of startups which may have add-ons if a
                         factory set up is required. It is a very time and money consuming process. Once this function is performed, the
                         project is set to start smoothly.

                 C.  Competency-based/Application-based questions:

                    1.  What do you think is more important when starting a new business?
                   Ans.  Idea, money, perseverance, manpower, creativity, skill or training
                    2.  An aunt in your neighborhood opened her own boutique. List down some challenges which she faces as being a
                       woman entrepreneur.
                   Ans.  Challenges that she faces being a woman entrepreneur are:
                       •  Responsibility of family.
                       •  Problem related to finance.
                       •  Shortage of Raw material and other resources.


                                                       Unsolved Questions


                                                  SECTION A (Objective Type Questions)
                       uiz

                 A.  Tick ( ) 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

                                                                                     Entrepreneurial Skills-II  103
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