Page 103 - Ai Book - 10

3. What does an entrepreneur do to fulfill customer needs?
Ans. He/she discover and meets existing demand.
4. Why is flexibility important for entrepreneurs?

Ans. It allows them to adapt to new opportunities and challenges.
5. What is a common myth about entrepreneurship?

Ans. A good idea alone guarantees success.
6. What do entrepreneurs contribute to regional development?
Ans. Locating businesses in less developed areas, improving infrastructure.

7. Why is risk-taking a part of entrepreneurship?
Ans. Entrepreneurs must be ready to face unexpected challenges.

8. What is a disadvantage of entrepreneurship?
Ans. Uncertain income, especially in the initial stages.

D. Short answer types question.

1. How does entrepreneurship contribute to societal welfare?
Ans. Entrepreneurs create jobs, promote economic growth, and engage in activities that benefit society, such
as environmental protection and community development.
2. What are some qualities of a successful entrepreneur?

Ans. Successful entrepreneurs possess qualities like discipline, confidence, flexibility, determination, and
passion for their work.
3. In what ways do entrepreneurs contribute to regional development?

Ans. Entrepreneurs locating businesses in less developed areas lead to improved infrastructure, job creation,
and overall economic growth in those regions.
4. What is the primary function of innovation in entrepreneurship?
Ans. Entrepreneurs need to be innovative to bring about changes in products, services, or production methods,
recognizing the commercial value in their innovations.

5. How does entrepreneurship promote autonomy?
Ans. Entrepreneurship allows individuals the freedom to think differently, fostering creativity and providing
personal satisfaction and independence.

6. What role does decision-making play in entrepreneurship?
Ans. Entrepreneurs make crucial decisions about equipments, product quality, pricing, project feasibility, and
organizational structure, guiding the success of their ventures.
7. Why is technology transfer and adaptation important in entrepreneurship?

Ans. Entrepreneurs bring in technology from around the world, adapt it to local conditions, and contribute to
the global homogenization of technology, reducing costs and resource wastage.
8. How does entrepreneurship contribute to social responsibility?
Ans. Entrepreneurs restart closed industries, motivate new entrepreneurs, and provide products or ideas that
benefit society, promoting welfare, economic gain, and community standards.

97
97