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Building an Enterprise
It has been seen that the entrepreneurs who have worked in a related business usually end up having their
own enterprise. Building an enterprise will not only be self-development but will also contribute to the
economic growth of the country.
Constant Growth and Development
Starting a company forces you to constantly improve your skills from marketing to closing deals. There is
always more to learn and apply to your business.
A Flexible Schedule
As an entrepreneur, you have the opportunity to break out of the 9 to 5 cycle and create your own schedule.
Work can be scheduled in the morning, afternoon and evening depending on the convenience.
7. Why is entrepreneurship important?
Ans. Entrepreneurship is very important for the following reasons:
It results in the creation of new organisations.
It brings creativity into the marketplace.
It leads to improved standards of products.
It helps develop the economy of a country.
It increases employment.
8. Explain the role of an entrepreneur?
Ans. i. Economic Development: Entrepreneurs create value and circulate money by making available better and
cheaper products and services for customers. This helps in economic growth. When entrepreneurs grow and
expand their businesses, investors invest their money in their businesses and expect good returns.
ii. Social Development: Business starts from a very low scale but expands and grows. It requires more people
to work. Growing business lets people earn accordingly, consequently, the creation of jobs leads to a good
living and social development ultimately.
iii. Optimal Use of Resources: Entrepreneurs apply ways to find the most optimal ways of utilizing both
renewable and non-renewable resources to reduce costs of raw materials and services and increase their
profits
B. Application based questions: L if e Sk il l s & V a l ues
1. Amit has opened his own stationery shop and in the initial one year, he managed to earn profit. What type of
ownership of the business does he possess? Write its name.
Ans. Sole Proprietorship C ritica l T hink ing
2. Read the following statement and write “Yes” or “No” as to whether the person is an entrepreneur or not.
[CBSE Handbook]
Statement Yes/No
i. Ravi made tea for his friends in the office. Everyone liked the tea very much and told
him that he is very good at making tea.
ii. Savita, a housewife, needs extra money for her kids’ tuition. She notices that in the
afternoon, the children coming out of a nearby college look tired and hungry. She
makes refreshing Neembu Pani and samosas and sells them to the students.
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