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Section B
(Subjective Type Questions)
A. Answer the following questions:
1. Who is said to be a self-employed person?
Ans. Self-employed people are those who establish their own unit or firm to earn money by implementing their own
innovative ideas, applying their creativity and management skills, and generating their own resources.
2. What is Entrepreneurship?
Ans. An individual who is determined to be self-employed and starts his/her own venture with a sense of ownership
is known as an entrepreneur. These people run their own businesses, taste the fruit of success and are also
responsible for failure. They dream for their enterprise to grow and are willing to do whatever it takes to turn
their idea into reality. The aim of an entrepreneur is to create an enterprise. The process of transforming a
business concept into a bigger business enterprise, through planning and management skills is said to be
entrepreneurship.
3. Explain the types of business found in our community.
Ans. The types of businesses found in our community are as follows:-
i. Sole Proprietorship: Sole proprietorship is a type of enterprise that is owned, managed, and controlled by
a single individual whom we call a proprietor.
ii. Partnership: A partnership firm is formed by two or more people. The owners of the enterprise are called
partners.
iii. Limited Liability Partnership (LLP): In a imited iability Partnership or P, the partners of the firm enjoy
its perpetual existence as well as the advantage of limited liability. Each partner’s liability is limited to their
agreed contribution to the P.
4. List the examples of Service Businesses.
Ans. Businesses like restaurants, hardware/software repairing services, banking, salon, and interior designing services
are some examples of service-sector businesses.
5. List any four characteristics of entrepreneurship. [CBSE Handbook]
Ans. The characteristics of entrepreneurs are as follows:-
Self-Starter Hard Working
Courageous Foresight
6. What are the rewards of entrepreneurship?
Ans. Be Your Own Boss
Entrepreneurs are independent to take decisions for their business without being answerable to anyone.
They build their team and decide the path where they want their business to head.
Do What You Enjoy
If one enjoys what they do then no other thing can stop you to succeed. It is often seen that most of the
profitable decisions are made by entrepreneurs when they took the decision wholeheartedly or only when
they are enjoying their work.
Be Creative
It requires implementing new and unique ideas. In this way, one can shape any situation the way they want.
Creativity in business has always worked for benefit.
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