Session 1: Introduction to Entrepreneurship
Unit 4: Entrepreneurship Skills
Textual Question-Answers
Check Your Progress
A. State whether the following statements are True or False
(a) An entrepreneur runs a business to only make profits.
Ans: False
(b) Entrepreneurship and business are exactly the same thing.
Ans: False
(c) In service business activity, the services are intangible and cannotbe felt or seen.
Ans: True
(d) In manufacturing business activity, an entrepreneur makes the product.
Ans: True
B. Subjective Question
(a) Who is an entrepreneur? Give an example.
Ans: An entrepreneur is a person who starts and manages a business, takingfinancial and personal risks to earn profit and provide goods or services.
Example: Sundar Pichai, CEO of Google.
(b) What are the three types of business activities?
Ans: The three types of business activities are:
1. Manufacturing business activity
2. Trading business activity
3. Service business activity
(c) What is the difference between manufacturing and tradingbusiness activities?
Ans: In manufacturing business activity, the entrepreneur makes orproduces goods. In trading business activity, the entrepreneur buys finishedgoods from manufacturers and sells them to consumers without changing theirform.
