Page 104 - Ai Book - 10

E. Long answer type question.

1. How does entrepreneurship contribute to job creation, and what role do entrepreneurs play in improving
the standard of living in a community?
Ans. Entrepreneurs create jobs by expanding their businesses, leading to increased employment opportunities.
Additionally, they contribute to the improvement of the standard of living by developing and adopting
innovations that enhance the quality of life for employees and the community.
2. Explain the significance of social responsibility in entrepreneurship. How do entrepreneurs fulfill their
social responsibilities?
Ans. Social responsibility in entrepreneurship involves promoting human efforts, restarting industries with
innovative strategies, and contributing to the welfare and economic gain of society. Entrepreneurs
achieve this by providing jobs, supporting local amenities, and engaging in activities that benefit the
community.
3. What functions do entrepreneurs perform in technology transfer and adaptation? How does this
contribute to global unity in terms of technology?

Ans. Entrepreneurs identify and adopt technology from different parts of the world, making necessary
adjustments for local conditions. This function contributes to global unity by creating a homogeneous
technology landscape and sometimes using indigenous materials, reducing costs and resource wastage.

4. Explain the various roles and qualities of a successful entrepreneur. How do these qualities contribute to
overall success of entrepreneurial ventures?
Ans. Successful entrepreneurs exhibit qualities such as discipline, determination, creativity, and passion.
These qualities contribute to their ability to fulfill customer needs, create jobs, and innovate, ultimately
leading to the success and growth of their ventures.
5. Discuss the myths associated with entrepreneurship. How do these myths sometimes mislead aspiring
entrepreneurs, and what realities should they be aware of?
Ans. Myths such as easy business startups and instant wealth can mislead aspiring entrepreneurs. The reality
is that entrepreneurship requires hard work, dedication, and a high rate of failure for new startups. It’s
important for entrepreneurs to be aware of the challenges and uncertainties involved.

6. Explain the role of public relations in entrepreneurship. How does building social acceptance through
public relations benefit entrepreneurs in executing their ventures?
Ans. Public relations play a significant role in gaining social acceptance for entrepreneurs. Convincing
regulatory bodies and the public through effective communication allows entrepreneurs to execute their
ventures smoothly. Building a positive image and credibility through public relations is crucial for long-
term success.

F. Application based questions.
1. Shilpi owns a store selling various bags and employs three individuals. Analyze how Shilpi’s entrepreneurial
venture contributes to the local economy.
Ans. Shilpi’s entrepreneurial venture has a direct impact on the local economy. By running her store and
employing three individuals, she creates job opportunities in her neighbourhood. The purchase of bags
in bulk from a woman also supports local suppliers. Furthermore, Shilpi’s business contributes to the
economy through taxation, providing funds for government services and community development.
Overall, her entrepreneurial activities stimulate economic growth at the local level.

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