Entrepreneurship Skill -II (Part-II)

Which specific function of an entrepreneur involves determining "what to produce or sell, how much to produce or sell, and where to sell it"?

• Managing Business.

• Taking Risk.

• Making Decisions.

• Dividing Income.

If an entrepreneur "arranges financial, material, and human resources" and ensures the "business plan is being followed," which function are they performing?

• Creating Method/Idea/Product.

• Managing Business.

• Dividing Income.

• Making Decisions.

Bharti's jute business created jobs for women and bought jute from local farmers. How does this primarily help her village?

• By decreasing local competition.

• By providing jobs to local women and buying from local farmers.

• By solely increasing Bharti's personal wealth.

• By reducing the need for raw materials.

The misconception that "A person needs a lot of money (capital) to start a business" overlooks the possibility that:

• Only large businesses are considered entrepreneurial.

• All businesses require external funding.

• Businesses can start small and grow using their profits.

• Capital is entirely irrelevant for starting a business.

If an entrepreneur uses their creativity to develop a business idea, they are essentially trying to fulfil what?

• Government regulations.

• A product or service that people want (Demand).

• Supplier demands.

• Competitors' needs.

How does the growth of a business, led by an entrepreneur, primarily contribute to society?

• By reducing the number of jobs available.

• By creating more jobs and making the area around them better.

• By increasing personal wealth only.

• By discouraging competition.

The statement "Entrepreneurs are born, not made" is identified in the sources as what?

• A fact.

• A truth.

• A confirmed theory.

• A misconception about entrepreneurship.

What is the relationship between entrepreneurs selling the same product and its price?

• The price goes up.

• The price remains stable.

• The price of the product goes down due to competition.

• The price is dictated by a single seller.

How does Bharti's jute business specifically help her village beyond just providing her with income?

• It only benefits Bharti financially.

• It provides jobs to local women and buys jute from local farmers.

• It makes jute more expensive for the villagers.

• It increases unemployment locally.

According to the sources, why is it important for entrepreneurs to constantly try new ideas and make their business better?

• To avoid any form of risk.

• To increase income and stay competitive.

• To decrease their customer base.

• To maintain the status quo.