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8. Entrepreneurs have the ability to visualise what will be needed in the future and make wise decisions. This is
known as ...................................
i. Foresightedness ii. Innovative
iii. Adaptability iv. Creativity
B. Fill in the blanks.
1. An .................................. is a person who is self-employed, is willing to take a calculated risk and brings in a new
idea to start a business.
2. An .................................. is a project or undertaking that involves risks and fulfills a need of the society which no
one has ever taken care of.
3. . ................................. is a business where a seller helps the buyer finish some work that cannot be seen or stored
for example plumbing, teaching, hair dressing, etc.
4. .................................. is a business where a seller helps the buyer finish some work or service, for example, a tutor
in a tuition centre.
5. In .................................. category of business, doing both selling products and selling services is done.
Section B
(Subjective Type Questions)
A . Answer the following questions:
1. What are the qualities of a successful entrepreneur?
2. Write a short note on hybrid business.
3. Define product-based business. ive examples.
4. Explain the types of business found in our community.
5. Explain the following characteristics of an entrepreneur:
(a) Communication Skills (b) Discipline and Commitment
(c) Adaptability (d) Networking
6. What are the key differences between product and service-based businesses? [CBSE Handbook]
7. What is the meaning of manufacturing and trading-based business? [CBSE Handbook]
8. What do you mean by risk in a business?
9. Give three differences between service and manufacturing business.
1 . What is the role of entrepreneurship in economic development
B. Application based questions: L if e Sk il l s & V a l ues
1. State whether the person engaged in the activity mentioned below is an entrepreneur or an employee.
[CBSE Handbook]
i. Rahul starts a shop to sell Chaat and special Paani Puri. He is an .................................. .
ii. Shahid becomes the manager of a dealership selling food products. He is an ......................... .
iii. Ritu leaves the company she worked for and starts catering food for marriage programmes. She is an
.................................. .
2. State the type of business–product, service or hybrid. [CBSE Handbook]
i. Arun bakery, which makes and sells bread to people
ii. Ram’s repair shop, which repairs motorcycles
iii. Hari’s hair salon, where he cuts hair for women and men
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