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B.  Long answer type questions:

               1.  Explain some of the roles of an entrepreneur.
             Ans.  Following are some of the roles of an entrepreneur:
                  ●   Innovator’s Role: An entrepreneurship is about new and creative ideas converted into a real world of business which is
                     beneficial both for the entrepreneur in making profits and for the customer in getting a new product in the market. All
                     those once was just an idea but only entrepreneurs brought those ideas to life.
                  ●   Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by setting
                     up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.
                  ●   Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal savings, loans,
                     shares etc. The money is utilized in the capital formation like developing infrastructure in the nearby area, developing
                     the network and transport facilities. All these efforts help in the company trade and capital formation of the country.

               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.
                                                                                       21 st   #Communication
            C.  Competency-based/Application-based questions:                        Century   #Leadership & Responsibility
                                                                                       Skills
               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.





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