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CBSE Class-IX Information Technology-Solved Exercise Entrepreneurial Skills Basics of Entrepreneurship Entrepreneurial Skills Class 10 Important Question Answer Q1. Write four qualities of an entrepreneur. Ans-  1. They are confident 2. They work hard 3. They keep trying new ideas. 4. They take responsibility for their actions Q2. What are the two ways by which an individual earns a living? Mention key differences between the two. Ans –  The two ways by which an individual can earn money are –  Wage employment – People work for a person or organization and get salaries. Self employment – People start their own business and make profits. Q3. What do you mean by an Entrepreneur? Ans –   An Entrepreneur is a person who establishes a business or a venture that generates some value to the customer and proves to be profitable for him. Q4. Name the term used for a false belief or opinion about something. Ans – Myth or Misconception Q5. Write two misconceptions about entrepreneurship Ans –  1.

CBSE Class-IX Information Technology-Solved Exercise Entrepreneurial Skills of  Entrepreneurship  Which of these is not a type of entrepreneurship? Small business entrepreneurship Scalable entrepreneurship Large scale entrepreneurship Intrapreneurship Answer: d Which of these actions of an entrepreneur will most likely result in creative destruction? Developing a new product Taking over a competitor’s business Issuing shares to individuals and institutions Lowering prices of your product or service Answer: a According to Schumpeter, innovative entrepreneurs would: Thrive in the market Not survive and disappear from the market. Get absorbed within larger innovative businesses Get absorbed within non-innovative businesses Answer: c Which of these is not a challenge for the entrepreneur? Managing the cash flow of their business Recruiting new employees Choosing the product or service to sell in the market Formulating rules and regulations relating to conducting entrepreneurship in their c