Page 117 - AI Ver 1.0 Class 9
P. 117

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.
               2.  Give four important features of a business.
              Ans.  •  It requires initial investment in terms of time and money.
                  •  It is an economic activity related to trading with no emotional objectives.
                  •   It involves manufacturing, purchasing and selling of goods (raw material or finished) or services to meet the needs
                    of the customers in the market.
                  •  It is an important source of income for a businessman.
               3.  Give three differences between Service and manufacturing business.
              Ans.
                                      Service                                       Manufacturing
                   Provides services of different types         Production of goods using raw material
                   Service cannot be stored in warehouses or boxes  Raw material, intermediate, finished products are stored.
                   Service is intangible i.e it cannot be touched.  Raw material, intermediate, finished product are intangible.
               4.  Explain the Employee objectives of a business.
              Ans.  •   Providing economic well-being of the employees by giving them fair remuneration, incentives and benefits like
                    provident fund, pension, medical facilities, etc.
                  •  Providing social and  psychological satisfaction of employees by providing opportunities for  promotion and
                    advancement in career.
                  •  Providing facilities to improve their skills and developing their abilities and competencies in course of time.
                  •  Providing help to backward classes, physically and mentally challenged people to improve their earning capacity.
               5.  Explain any three important characteristics of an entrepreneur.
              Ans.  •   Risk taking capability: An entrepreneur should have enough courage to evaluate and take risks to establish his
                    newly setup business. It involves proper planning and calculative decisions to capture the potential market and have
                    competitive advantage.
                  •  Innovative: Setting a new business in an innovative manner is a unique characteristic of an entrepreneur. It can be
                    a launch of a product or selling a service. Customers are always attracted towards the products or services which are
                    sold in an innovative way.
                  •  Visionary and Leadership qualities: An entrepreneur should have strong leadership qualities and a strong vision of
                    earning maximum profits through his innovative new venture. The employees working in his business will strongly
                    believe him and respect him. They will follow his commands even when the business is in a state of turmoil.
               6.  What is the role of entrepreneurship in economic development?
              Ans.  •  Mobilise revenue of the country.
                  •   Increase national wealth.
                  •   Help increase foreign exchange reserves of the country.
                  •   Efficiently utilise of local human resources.
                  •   Establish industries in backward and rural areas to bring balanced regional development.
                  •   Increases production activity and utilise idle land and other natural resources.
               7.  Explain any four important core skills of an entrepreneur.
              Ans.  •  An entrepreneur should always be disciplined, dedicated and hard working from a very early stage.
                  •  He should always be highly optimistic and have a positive approach to deal with the obstacles in his business venture.


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