Question : The important indicator of economic development is increase in GDP. As income is generated in the production, entrepreneurship generate income through organisation of production.
Which need for entrepreneurship is highlighted here?
Option 1: Contribution to GDP
Option 2: Capital formation
Option 3: Generation of employees
Option 4: Generation of business opportunities for others.
Correct Answer: Contribution to GDP
Solution : Increase in GDP is considered as the most important indicator of economic development. As income is generated in the production, entrepreneurship generate income through organisation of production.
Hence Option A is correct.
Answer laterQuestion : Assertion: The MGNREGA programme supports entrepreneurs in the technology sector through funding and mentorship.
Reason: It aims to promote innovation and entrepreneurship across all sectors of the economy.
Option 1: Both assertion and reason are true, and the reason correctly explains the assertion.
Option 2: Both assertion and reason are true, but the reason does not correctly explain the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false and the reason is false.
Correct Answer: The assertion is false and the reason is false.
Solution : The correct answer is (d) The assertion is false, and the reason is also false.
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is a social welfare program in India that guarantees 100 days of wage employment per year to rural households. It is not specifically designed to support entrepreneurs in the technology sector through funding and mentorship.
Question : Statement 1: Entrepreneurship development programs provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2: The Stand Up India scheme aims to promote entrepreneurship among women and SC/ST entrepreneurs.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is accurate. Entrepreneurship development programs often provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2 is also true. The Stand Up India scheme aims to promote entrepreneurship among women and entrepreneurs from Scheduled Castes (SC) and Scheduled Tribes (ST) by providing financial support and other assistance.
Question : Assertion: The Pradhan Mantri Kaushal Vikas Yojana provides skill development training to youth for employability.
Reason: It supports startups and promotes entrepreneurship.
Option 1: Both assertion and reason are true, and the reason correctly explains the assertion.
Option 2: Both assertion and reason are true, but the reason does not correctly explain the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false, but the reason is true.
Correct Answer: The assertion is true, but the reason is false.
Solution : The correct answer is (c) The assertion is true, but the reason is false.
The Pradhan Mantri Kaushal Vikas Yojana primarily focuses on providing skill development training to enhance the employability of youth. While skill development is crucial for employability, the scheme is not specifically designed to support startups or promote entrepreneurship. Therefore, the reason does not correctly explain the assertion.
Question : Statement 1: Entrepreneurship development programs provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2: The Stand Up India scheme aims to promote entrepreneurship among SC/ST entrepreneurs only.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer: Statement 1 is true, but statement 2 is false.
Solution : The correct answer is (b) Statement 1 is true, but statement 2 is false.
Statement 1 is true. Entrepreneurship development programs often provide aspiring entrepreneurs with training, mentoring, and access to financial resources to help them start and grow their businesses.
Statement 2 is false. The Stand Up India scheme is not limited to promoting entrepreneurship among SC/ST entrepreneurs only. It aims to support entrepreneurship among women and SC/ST entrepreneurs, providing financial assistance and support to promote inclusivity and diversity in entrepreneurship.
Question : A never say die attitude, not giving up easily, striving continuously until success is achieved.
Which competencies of entrepreneurship is highlighted here?
Option 1: Persistence
Option 2: Information seeking
Option 3: Concern for high quality of work
Option 4: Commitment to work contract
Correct Answer: Persistence
Solution : Persistence is highlighted here. It involves never say die attitude, not giving up easily, striving continuously until success is achieved.
Hence Option A is correct.
Question : A never say die attitude, not giving up easily, striving continuously until success is achieved.
Which competencies of entrepreneurship is highlighted here?
Option 1: Persistence
Option 2: Information seeking
Option 3: Concern for high quality of work
Option 4: Commitment to work contract
Correct Answer: Persistence
Solution : Persistence is highlighted here. It involves never say die attitude, not giving up easily, striving continuously until success is achieved.
Hence Option A is correct.
Question : It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio.
Which need for entrepreneurship is highlighted here?
Option 1: Improvement in economic efficiency
Option 2: Increasing spectrum and scope of economic activities
Option 3: Impact on local communities
Option 4: Capital formation
Correct Answer: Improvement in economic efficiency
Solution : Efficiency means to have greater output from the same input. It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio.
Hence Option A is correct.
Question : Statement 1: Entrepreneurship is important for fostering innovation and introducing new products and services in the market.
Statement 2: The Pradhan Mantri Kaushal Vikas Yojana provides skill development training to young individuals for employability.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is accurate in stating that entrepreneurship is important for fostering innovation and introducing new products and services in the market.
Statement 2 is also true. The Pradhan Mantri Kaushal Vikas Yojana is a skill development initiative in India that provides training to young individuals to enhance their employability skills.
Question : Case Study 1: Meet the Entrepreneur
Mr. Ravi, a young and dynamic individual, decided to start his own business. He established a small manufacturing unit that produces eco-friendly and sustainable packaging materials. His business has grown steadily, and he now employs several local workers. Mr. Ravi's venture has not only created job opportunities but also contributed to reducing plastic waste in the environment.
Question:
Mr. Ravi's decision to start his own business is an example of:
Option 1: Government intervention
Option 2: Entrepreneurship development
Option 3: Economic growth
Option 4: Consumer protection
Correct Answer: Entrepreneurship development
Solution : The correct answer is (b) Entrepreneurship development
Entrepreneurship involves the process of starting and operating a new business venture, typically to offer a product or service in the market. In this scenario, Mr. Ravi's decision to start his own business and establish a manufacturing unit that produces eco-friendly and sustainable packaging materials aligns with entrepreneurship development. This decision showcases initiative, innovation, and a commitment to addressing environmental concerns through business activities.
