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Let
              Let us Recallus Recall
              • Entrepreneurship is the process of discovering an opportunity, mobilizing resources and launching an enterprise to use the
                opportunity.
              • All business activities may be classified into three broad categories: Manufacturing business, Service business and Hybrid business.
              • A sole proprietorship is a business that is owned by a single person.
              • A partnership is a business that is formed by two or more persons who agree to contribute money, labour or skill to a business.
              • A corporation is a business entity that is owned by its shareholder(s) who elect a board of directors to oversee the organization’s
                activities.
              • A cooperative is a society organised with the purpose of rendering service to its members and to the public in general.
              • An entrepreneur is a person who undertakes a new business venture as per the market requirements with some potential for
                profit.
              • Entrepreneurship is the act of setting up a business, process or service and taking on financial risks with the goal of earning some
                profit.



                                                  Self-Assessmentlf-Assessment
                                                  Se

            A.   Tick () the correct option.
                  1.  Business is related to:
                         Production                                        Distribution of goods and services

                         Both of these                                     None of these
                  2.  An entrepreneur is an:
                         Innovator                Introvert                Incompetent              None of these
                  3.  Sole proprietorship is owned by:

                         One person               Two persons              Three  persons           A group of people
                  4.  A corporation is a business entity owned by:
                         Shareholders             Relatives                Strangers                Visitors

                  5.  Make in India is an initiative launched by the Government of:
                         USA                      India                    France                   Pakistan

            B.   Write ‘T’ for True and ’F’ for False for the statements.

                  1.  Business is a social activity.
                  2.  A partnership is a business that is formed by two or more persons.

                  3.  An  entrepreneur is a business person who is self-employed.

                  4.  Entrepreneurship involves a continuous search for new ideas.
                  5.  Entrepreneurs can work from anywhere.


            C.   Write a short note on the following topics.
                  1.  Entrepreneurship                                2.  Manufacturing business
                  3.  Hybrid business                                 4.  Sole proprietorship

                  5.  Public Corporation


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