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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.
              •  He should be innovative at all stages to meet the dynamic needs of the customers and to increase market potential of
                his business.
              •  He should be very calculative while taking risks to avoid any negative impact on his enterprise.
            8.   Explain the important rewards of entrepreneurship.
          Ans.  •   Master of his own time: An entrepreneur decides for himself his hours of work. It is totally his own decision to give
                either maximum hours or only a few hours to his business. He is not stuck trying to manage 9 hours of office schedule.
                He can work for long hours and then can go on a vacation.
              •  Lives his passion: An entrepreneur lives his own dreams. He can pursue what he is passionate about in his life.
              •  His own boss: An entrepreneur creates his own empire, so he is his own boss. He is the leader of his troop and master
                of others who work under him.
              •  Makes profits for himself: An entrepreneur works for himself and his own business, so if he is gaining more profits, then
                he is earning for himself.
                It will be totally his decision where to put the money earned through profit . He can invest more and expand his business
              or save it for his rainy days.

        C.   Competency-based/Application-based questions:

            1.   Mayank is planning to start his own business of selling readymade garments. Guide him what proper steps he should
              follow to start his own business.
               HINT: Write all points of "Steps of Starting a Business"
            2.  Vedika is interested in having her own start-up but she has no funds. She is totally confused between taking up a fixed salary
              job or live her dreams of starting her own company. She is your good friend how will you help her in taking a fair decision?
              HINT: Rewards of entrepreneurship.




                                                         Unsolved

                                          SECTION A (Objective Type Questions)


        A.  Choose the correct option.
            1.  What is the minimum number of members required to make a Public company?
              a. Eight                                           b. Seven
              c. Ten                                             d. Five
            2.  What type of a business is a restaurant that offers services in the form of a dining experience and food served as the
              product?
              a. Hybrid                                          b. Manufacturing
              c. Service                                         d. Both b. and c.





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