Question : It involves diversification of economic activities across the geography, sector and technological scope which leads to development of any economy.
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: Increasing spectrum and scope of economic activities
Solution : Diversification of economic activities across the geography, sectorial and technological scope leads to development of an economy. It mobilises local and even overseas resources to augment the production capacity of a country.
Hence Option B is correct.
Answer laterQuestion : Assertion: Dairying provides opportunities for entrepreneurship in the rural sector.
Reason: It allows individuals to establish their dairy farms and value-added dairy product units.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Dairying does provide opportunities for entrepreneurship in the rural sector, and the reason for this is that it allows individuals to establish their dairy farms and value-added dairy product units.Dairying involves various activities related to the rearing of dairy animals, milk production, and the processing of milk into various dairy products. It provides an avenue for individuals to enter the dairy business and establish their own dairy farms.
By setting up dairy farms, individuals can become entrepreneurs and take control of their own dairy production. They can acquire and manage a herd of dairy animals, such as cows or goats, and produce milk on their farms. This allows them to have direct ownership and control over the entire dairy production process.
By engaging in dairying and establishing their own dairy farms and value-added dairy product units, individuals can create employment opportunities for themselves and others in the rural sector. They contribute to the rural economy by generating income, supporting local markets, and fostering entrepreneurship in the dairy sector.
Therefore, the assertion that dairying provides opportunities for entrepreneurship in the rural sector is true, and the reason that it allows individuals to establish their dairy farms and value-added dairy product units is the correct explanation for this assertion.
Question : Case Study 5: Benefits of Entrepreneurship Development
ABC Textiles is a textile manufacturing company that has been operating for over two decades. Due to technological advancements, the company faced stiff competition from newer, more efficient manufacturers. The management decided to invest in training their employees in the latest technologies and innovative techniques, resulting in increased productivity and better product quality.
Question:
How did entrepreneurship development contribute to ABC Textiles' success?
Option 1: By reducing the number of employees
Option 2: By ignoring technological advancements
Option 3: By investing in employee training and innovation
Option 4: By shifting production to another country
Correct Answer: By investing in employee training and innovation
Solution : The correct answer is (c) By investing in employee training and innovation
ABC Textiles invested in training its employees in the latest technologies and innovative techniques, demonstrating a commitment to adapting and staying competitive in the market. This investment in employee training and innovation aligns with the principles of entrepreneurship development, fostering adaptability, and enhancing the company's overall success.
Question : Assertion: Entrepreneurship development plays a crucial role in economic growth.
Reason: Entrepreneurs create new ventures with the sole aim of profit motive.
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: Both assertion and reason are true, and the reason correctly explains the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason correctly explains the assertion.
Entrepreneurship development indeed plays a crucial role in economic growth. Entrepreneurs create new ventures not only with the aim of profit motive but also contribute to job creation, innovation, and overall economic development. The reason correctly explains the assertion in this context.
Question : Women Transforming India (WTI) Awards have been hosted since 2018 under the aegis of ______ with a focus on entrepreneurship.
Option 1: Department of Science & Technology's Women Entrepreneurship Platform
Option 2: Finance Commission's Women Entrepreneurship Platform
Option 3: Department for Promotion of Industry and Internal Trade's Women Entrepreneurship Platform
Option 4: NITI Aayog's Women Entrepreneurship Platform
Correct Answer: NITI Aayog's Women Entrepreneurship Platform
Solution : The correct answer is NITI Aayog's Women Entrepreneurship Platform.
The Women Transforming India Awards is an annual initiative by NITI Aayog that aims to spotlight the remarkable contributions and pioneering efforts of women leaders and change-makers in India. The awards celebrate role models who have shattered barriers, making a positive impact on society. Since 2018, the Awards have been organized under NITI Aayog's Women Entrepreneurship Platform (WEP), with a particular emphasis on recognizing achievements in the field of entrepreneurship.
Question : Which policy aims to promote entrepreneurship and self-employment in India?
Option 1: Make in India
Option 2: Start-up India
Option 3: Skill India
Option 4: Stand-up India
Correct Answer: Stand-up India
Solution : The correct answer is (d) Stand-up India
Stand-up India is a government initiative launched in 2016 with the objective of promoting entrepreneurship among women and individuals from marginalized communities. The policy aims to facilitate bank loans between 10 lakh and 1 crore rupees to Scheduled Caste (SC), Scheduled Tribe (ST), and women entrepreneurs for starting new ventures or expanding existing ones.
Under the Stand-up India scheme, banks are encouraged to provide loans for setting up greenfield enterprises, which are new ventures in the manufacturing, services, or trading sectors. The policy also provides support in terms of skill development, mentorship, and handholding to empower entrepreneurs from disadvantaged sections of society.
The goal of Stand-up India is to create a conducive environment for entrepreneurship, encourage self-employment, and promote economic empowerment among SC, ST, and women entrepreneurs. It is part of the government's broader efforts to foster inclusive economic growth and reduce socio-economic disparities in the country.
Question : Assertion: Entrepreneurship development contributes to technological advancement and innovation.
Reason: Entrepreneurs invest in sales maximisation activities for growth.
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: Both assertion and reason are true, but the reason does not correctly explain the assertion.
Solution : The correct answer is (b) Both assertion and reason are true, but the reason does not correctly explain the assertion.
While both the assertion and reason are true, the reason provided doesn't accurately explain the assertion. Entrepreneurship development does contribute to technological advancement and innovation, but the reason incorrectly suggests that entrepreneurs invest in sales maximization activities for growth. Entrepreneurs may invest in various activities, including research and development, to foster innovation and technological advancement, and not necessarily just in sales maximization activities.
Question : Stand Up India scheme aims to support entrepreneurship in the community of India.
Option 1: Below Poverty Line
Option 2: Construction workers
Option 3: Scheduled caste
Option 4: Business person
Correct Answer: Scheduled caste
Solution : The correct answer is Scheduled Caste.
The Government of India introduced the Stand Up India Loan Scheme in 2016 to foster entrepreneurship and make bank loans more accessible to women entrepreneurs and members of the Scheduled Caste (SC). The programme aims to provide borrowers with access to bank branch loans to assist them in starting their businesses.
Question : It involves introduction of new products, discovery of new market and sources of supply of inputs, technological break thoughts as well as introduction of new organisation forms for doing things in a better way.
Which characteristics of entrepreneurship is highlighted here?
Option 1: Systematic activity
Option 2: Lawful and purposeful activity
Option 3: Related to innovation
Option 4: Organisation of production
Correct Answer: Related to innovation
Solution : Entrepreneurship involves a continuous search for new ideas. It involves introduction of new products, discovery of new market and sources of supply of inputs, technological break thoughts as well as introduction of new organisation forms for doing things in a better way.
Hence Option C is correct.
Question : Statement 1: The National Policy for Skill Development and Entrepreneurship aims to create a skilled workforce in India.
Statement 2: The policy focuses on promoting entrepreneurship as a means of reducing unemployment.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, statement 2 is false.
Option 4: Statement 1 is false, statement 2 is true.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is true. The National Policy for Skill Development and Entrepreneurship in India aims to create a skilled workforce by providing training, education, and skill development programs. The policy recognizes the importance of enhancing the employability of individuals and addressing the skill gaps in various sectors of the economy.
Statement 2 is also true. The policy emphasizes promoting entrepreneurship as a means of reducing unemployment. It aims to foster an entrepreneurial ecosystem by supporting aspiring entrepreneurs, facilitating access to finance, providing business development services, and promoting innovation and job creation through entrepreneurship. By encouraging entrepreneurship, the policy aims to generate employment opportunities and contribute to economic growth.
