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Ans. c) An entrepreneur is ready to take that calculated., order to implement his/her idea in settin, up a busin, They dont work under anyone and are, , PART1, Objective Questions, , 6. The role and benefits of entrepreneurship are, , Multiple Choice Questions, , (a) social development, (b) improved standard of living, , 1. Business is the organised effort of individuals to, produce and sell goods and services that satisfy, , (c), , b)individual's, , cfriend's, , (d) None of these, Ans. ) A business must provide a service or product, that, , catering the society s needs., an, , development,, , 7. Which of the following, , always the need of the, , area, , b)society, , c)market, , dvillage, , NCERT, , 4., , are, , business, , 8. Creation of more, , (c), , Ans., , c), b), , The informal, , (a), , living standard development, , job is one of the social develg, entrepreneur. An entrepreneur provides, employment tor multiple job seekers. As the, busines, grows, it creates more jobs., by, , a, , learning system, , is, , 9., , an, , Entrepreneurs uses optimal ways ot using, , resources to, , spontaneous, process of leaming through conversation, exploration and, , (a) reduce cost, , enlargement of the experience. This, , (e) Both (a) and (b), , a, , is one, , of the ways, , through which the entrepreneural process can takes, , Ans. c), , place., 5., , An entrepreneur, , is, , a, , willing to take a, , a) product and service, (c) calculated risk, , job by entrepreneur is, , Ans. b) Creation of more, , b) Informal, (d) None of these, , and (b), , anc, , d) service development, , learning system, spontaneous process, through conversation., , Both, , the company, , (a) economic development, , of learning, a Formal, , plan, resourcing. managing, , b) social development, , living nearby., is, , i, , b Harvesting, , harvesting., , Ans. b) Business cater always the need of the, society., For example, a grocery store satisfies the needs of the, , residents that, , steps, , c) Resourcing, d Collection, Ans. d) Collection is not one of the steps, in entrepreneur, process. The steps include discovery. developing, a, , satisfving human needs., a), , not one ot the, , is, , (a) Discovery, , Ans. d Business is an economic activity that is related to, continuous growth and production of goods and senices, , 3. Businesses cater, , standard, , entrepreneurial process?, b) owner, d) human needs, , aentrepreneur, , of resources, , of the above, , social, ot, improved, living and, optimal use ot resources. Some other benefits are, economic development and community development., , activity for satisfying, , cnewidea, , use, , Ans. (d) The role and benefits of entrepreneurship, include, , meets the needs of the society. It is an organised effort of, individuals to produce and sell goods and services, , 2. Business is, , optimal, , (dAll, , . . . needs., , asociets, , self-emple, mpiryed, , They also create jobs., , self-employed, , b) satisfying human need, , d regular production, , b increase proit, d None of these, , Entrepreneurs uses optimal ways ot using te, , resources to reduce cost and, increase, work hard to use, resources in, , person and is, , more, , ways, which reduces the cost and, , 10., , NCERT, , Qualities entrepreneurs are, (a) hardworking, of, , b, , c)perseverance, , profit too. Te, , efhicient and ecv, , prevent was, , never giving up, , d All of these

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Ans, (d) Entrepreneurs are hardworking people with, perseverance and a never giving up attitude. The other, of, are; having patience and, , 16. Wage employment always, , qualities, an entrepreneur, positive attitude., , 11, Experiment with ditferent ideas is the quality, related to, (a) perseverance, , b) confidence, , (c) trial and, , are open to the, concept of, experimenting with different ideas. This is a quality, related to trial and error. They are also very observant, with the outcomes of each trial., , 12. The quality of creativity and, , innovation, , 18. Entrepreneurship allows, , to, , (c) hardworking, (d) The quality of creativity and innovation of, , a, , 14. The employees are, , for the, , services, , certain, , They are paid, they provide to their, , a wage-earner., , is decided, company. The wage, , as, , a, , b more work, , (c) more profit, , d more job, , (c) Entrepreneurship primarily focuses, , on, , making, , more, , b) service business, , (c) hybrid business, d) general business, , Ans. (c) A business in which both product and sernices are, sold is referred as hybrid business. For example., Restaurants where the food itself is the product sold and, , Based MCQs, , 15. Arisk may lead to a, , manager and went on to become Google's head of, , a) excess of earning, , (b) loss in future, c) human needs, it may lead to a loss, take a risk in business, calculated risk, still it, , takes, entrepreneur, , questions., , 21. Sundar Pichai is a computer engineer and CEO of, Google Inc. Earlier he has worked in engineering, and product management at McKinsey and, Company. He joined Google in 2004 as product, , role and, per the, , abilities of an employee., , this, , their venture. Like during, may incur losses in, as they, to shut down, start-ups has, many, pandemic, losses., able to bear the, no, , longer, , Ans., , a) more risk, , Direction Read the case and answer the follouwing, , d) self-job decider, , future. An, , enterprise, , is, 19. The principle focus of entrepreneurship, , Case, , b) wage-earner, c) take risk, , n, , an, , the catering is the service provided., , (a) self-employed, , you, , their choices. It is creating and owning up, , (a) product business, , of entrepreneurship., , d)growth, , sonething, , 20. Product and services both are sold in, , d) None of the above, is the, Ans. (c) One of the characteristics of entrepreneurship, themselves and, ability to take up risks. Believing in, characteristics, other, the, ready to hard work are some of, , (6) When, , to start, , profit. This help them to grow and the entrepreneur, decides how much profit to make how it can be achieved, , (a) role of entrepreneur, b) quality of entrepreneur, (c) characteristics of entrepreneurship, , 8., , d risk, , of your choice that works to solve a problem., , entrepreneurs is related to solution. For example,, Muruganantham after many attempts he made the, low-cost sanitary napkin machine that is changing the, lives of thousands of women across the world., , remuneration, , of two, , not involve too mauch, Ans. (d) The wage employment does, for performing, risk. The employee is only responsible, hence there, then,, to, their task on time that are assigned, is not much risk involved in it., , (d) solution, , 13. Ability to take up risks is, , One, , consists, parties, b) Wage emplrynent always, is the enplayer, is the employee and the other party, involve too much, 17. The wage employment does not, b, opportunaty, a) salary, , d innovation, c need, (a) market (bj choice, start something 2ccording, Ans. b) Entrepreneurship allows to, , b)positivity, , a) patience, , (b) An employee is, , d, Srar parties, , according to, , of, , entrepreneurs is related to, , An8., , c) three parties, , c) innovation, , Ans. c) Entrepreneur, , Ans., , a) one party, , Ans., , error, , d) creativity, , consist of, , by two parties, , were, , Products and Engineering and in 2015 he was, named as the CEO of Google., ) The case of Sundar Pichai is a classic example of a, (a) successful entrepreneur, b) successful employee, (c) successful leader, d) successful boss

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(ii), , Which of the following, , shown, , characteristics is, , by, , Sundar Pichai as an employee, , (a) Managing his assigned, (b) Working 24 x 7, , work, , of his, (c) Taking ownership, (d) None of the above, , properly, , (b) Athletic trainer, , (c) Housekceping, , work, , (d) All of the above, , an, (i) The contribution of employee, , is, , as, , (iv), , Service, , business activity belongs, , to, , products., , compared to entrepreneur., (b) vast, (a) more, , (c) limited, , (iii) Which of the following is a type of service, business, (a) Business consultation, , (d) All of these, , (iv) Growth of Sundar Pichai suggests that the growth, , (a) intangible, , b) tangible, , (c) Both (a) and (b), , d) None of these, , (v) Which of the following is not a type of business, , of an employee within the organisation depends, , activity, , upon his/her, , (a) Product, , b) Service, , (e) Hybrid, , (d) Broadcasting, , (a) performance, c) behaviour, , (b) attitude, (d) None of these, , roles., , () An employee has, , (a) multiple, (c) fixed, , (b) main, (d) None of these, , Ans.)b) The case of Sundar Pichai is a classic example ofa, successful employee. Even though he is the CEO of, , Google, but he is not the owner of the company., (i) (a) Sundar Pichai has shown his expertise in, managing his assigned work properly and efficiently, , which led to his professional and personal growth., ii) (c) The contribution of an employee is limited as, compared to an entrepreneur. An employee, , contributes by doing his/her assigned role only., (iv) (a) Performance is the key ingredient in Sundar, Pichai's growth as an employee. This also suggests, that if your performance is outstanding then you can, reach to the top most position in an organisation., (v) (c) As an employee one has certain fixed or, , predefined roles and you are expected to fulfil your, duties as per the defined roles., , 22. Urban Pro is India's largest and most trusted, Learning Network. It is a one-stop learning partner, for every Indian. It has over 6.5 lakh verified, Tutors, Trainers & Institutes. It is a trusted partner, of choice for more than 25 lakh students, parents, and professionals visiting us every month to fulfil, learning requirements across more than 1000, categories., 6) Urban Pro falls under which of the following type, of business?, (a) Service, , (b) Manufacturing, , (c) Merchandising, , (d) None of the above, , (ii) Urban Pro provides certain, its clients., (a) technical, , (b) professional, , (c) cmotional, , (d) All of these, , Support to, , Ans. (i) (a) Urban Pro is a type of service business. A service, business is one where the seller helps the buyer to, complete some tasks., , (ii) (b) Urban Pro provides certain professional support, its clients. It provides the platform to sell their, services to the buyerTs., ii) (d) Business consultation, athletic trainer and, housekeeping all of them comes under the categor, of service business. Some other examples are hotels, , coaching institutes, salons etc., (iv) (a) Service business activity belongs to intangible, products. It provides products which do not have a, physical form or cannot be touched., , (v) (d) Broadeasting is not a type of business activity, There are four types of business, i.e. service,, merchandising, manufacturing and hybrid., , PART2, Subjective Questions, Short Answer Type Questions, 1. What is, , an, , enterprise? Give one example., , Ans. An enterprise is a project that fulfils the needs of the, , society and contributes towards the overall economic, development of a country: One example of enterprise is, , Google, , 2. What are the key differences between patience and, , hardworking?, Ans. Main differences between patience and hardworking is, that it is important for an entrepreneur to have patienc*, , while running the business. Every, , new business goes, through failures and therefore, an entrepreneur needs to, work hard till it becomes successful. It is necessary, for a, entrepreneur to continuously work hard to achieve his, , company's goal.

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14., , Write, , about any three qualities of an entrepreneur., , () Resources This is the most iinportant requires, , equirement, inves, , because one cannot start a business without i, , NCERT], , On r e s o u r c e s ., , Ans. Three, , (i), , qualities, , ofan entrepreneur, , are as, , follows, , (ii) Analysing Customer's Needs To start a suce, , Patience lt is inportant that an entrepreneur be, be, patient in running a business as success may not, , achieved immediately., ii) Confidence An entrepreneur needs to be very, confident when taking a decision regarding his/her, business., (ii Positivity Entrepreneurship may cause stress and, , anxiety, hence an entrepreneur must have a positive, , attitude., , 15. Differentiate between resourcing and harvesting., Ans. Resourcing is third step in the entrepreneurial process,, wherein the entrepreneur identifies the sources from, where the finance and the human resource can be, , business, one has to research and recognise the, , ofthe society around you. Also, you have to are, the market conditions., , (iv) Improving the Existing Product Services, provide services that are not available theTe r, , (oe, , can improve the quality of services being provid, , 18. Are the characteristics of entrepreneurship, , inherent or can be acquired?, Ans. The characteristics of entrepreneurship are not inherer, , in fact they can be acquired orlearnt over period of t, , Entrepreneurial qualities like leadership. knowledae, risk management and confidence can be learned, overtime with learning. practice and application in the, , arranged. Here, the entrepreneur finds the investors for, its new venture and the personnel to carry out the, , real-world situations. There are entrepreneurship, development progranms which help in enhancing the, , business activities., Harvesting is the final step in the entrepreneurial, process, wherein an entrepreneur decides on the future, prospects of the business, i.e. its growth and, development. The actual growth is compared against the, planned growth and then the decision regarding the, stability or the expansion of business operations is, undertaken accordingly, by an entrepreneur., , knowledge and skills of entrepreneurs., It is the process of improving and enhancing the, knowledge and skills of entrepreneurs through training, and classroom programs specifically designed to enhanc, entrepreneurial expertise. The most practical example oi, this could be that no one is born leader. They become so, overtime. Most of the skills develop with experiencean, practical knowledge in real life situations., , Long Answer Type Questions, 16. What do you understand by, , a, , cooperative society?, , Mention about one of the successful cooperative, societies., , Ans. Cooperative society is the one which is organized with, the purpose of rendering service to its members and to, , 19. What is the role of entrepreneurship in economic, and social development?, Ans. The role of entrepreneurship in economic and social, , development are as follows, ), , Economic development When a business is, established by an entrepreneur, he/she invests more, and attract lenders and the public to put their mone, into this business and get goods/services in retum., , the public in general. It is organized on the principle of, mutual self-help. As an incorporated association of, , This, , persons, it enjoys perpetual life. It has a distinct identity, , people, , and the liability of its members is linmited., , One such successful cooperative society is AMUL. It is, an Indian dairy cooperative society, based at Anand in, the Indian state of Gujarat. Formed in 1946, it is a, cooperative brand managed by a cooperative body., Gujarat Co-operative Milk Marketing Federation, the, Ltd. GCMMF), which today is jointly owned by, 3.6 million milk producers in Gujarat, and the apex body, of 13 District Milk Unions, spread across 13.000 villages, , ofCujarat. Amul spurred India's White Revolution,, which made the country the world's largest producer of, milk and milk products., , 17. Explain the different steps involved in starting a, business., Ans. The various steps involved in starting a business are, , ), , ldea It is the key to start a business. An idea comes, from analysis or from your choice., , helps in creation of public wealth and allews, to, , benefit from the success of, entrepreneu, business. This leads to the wealth, distribution and hence leads towans, , and growing, creation and, , economic development., , (i) Social, Entrepreneurs are job, As the new, business grows, it creates more Jo, kind of job creation, by new and existing busi, also, \W, one of the basic, of, , development, , aton, h, s. 1, , goals development. heu, people get job their standard of living inproves aand, their social status too, this leads to the overall s, , development., , 20. Malti, , is, , school, , ced to workwi, dropout and is forced, mother domestic help. She used to he, mother in cooking and cleaning, at various, well as, a, , her, , p, , as, , her, , ouses, , as, , so, , their, , she, , own, , home. She, , isfond, , of cook, , developed good cooking skills. \Wh, home every dav, she, returning, found that, Scope ot, a, , food stall, , near a, , very, , busy co aching, , s

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there are many students who comes, there, coaching and they may like to have some snacks, with their friends after classes. She continued to, work as domestie help and was able to set up a small, food stall with her savings and later as her food stall, , centre, , as, , for, , i, , became a hit, she bired two girls from her, community to help her and she paid them salary, Will you consider Malti as an entrepreneur?, , Justify, , Vour answer., , l, , too., , a, , business, , opportunity?, , ii Give any two qualities of an entrepreneur that Malti, possess., Ans.i Yes, I would consider Malti as an entrepreneur as she, , had an idea and sees the opportunity to start her, venture. Also, she had generated jobs as she has, emploved two girls later on., i) Malti has observed that many students used to hang out, with their friends outside the coaching centre after, their classes. She identifies this as an opportunity to, start a food business. When students will see there is a, food stall. they will automatically come there to have, some snacks., confidence are the two, qualities of an entrepreneur that Malti possesses., , (11) Seizing an opportunity and, are, , the, , key roles of an entrepreneur?, , Ans. The key roles of an entrepreneur are as follows, , i), , Organising Every enterprise needs, , to have, , a, , structure, , of responsibility relationships. Organising is the process, , establishing. Such relationships, ways-hierarchial and parallel., , of, , means, , synchronising, , a team to make it successful., , (ii) Financing the Plan The entrepreneur, , estimates, , the funds required to selects the sources or raising, funds and decides the capital structure of, , enterprise., , How Malti identitied, , 21. What, , the, and, individuals, activities and efforts of varions, of, achievement, the, grouping in the organisation for, e n s u r e that, to, has, c o m m o n goals. The entrepreneur, different parts of the organisation work together as, , ii) Coordination It, , in both, , (iv) Coming up with an Idea An entrepreneur, generates, , a, , business idea. While, , discovering, , a, , business idea, he/she may take the help of experts., , 22. Explain the various types of corporate business, , enterprises., Ans. The different types of corporate business enterprise are, , as follows, i) Joint-Stock Company It is an incorporated, association of two or more persons. It has a distinct, , legal entity that is separate from the identity of its, members. Its continuity is independent of the hires, of its members. Its management and control lie in, hands of the board of directors consisting of the, elected representatives of the members., , the, , (i) Cooperative Society It is a society organised with, the purpose of rendering service to its menmbers, and to, the public in general. It is based on the, principle of mutual self-help. In this persons unite, voluntarity to meet their common economic. social, and cultural needs and aspirations through a jointly, , owned enterprise