Entrepreneurship
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.
Question : Case Study 10: Entrepreneurship and Economic Growth
A group of young graduates decided to start a tech startup. They developed an innovative mobile application that connects farmers directly to consumers, eliminating the need for middlemen. This resulted in better prices for farmers and affordable produce for consumers.
The startup's app contributes to economic growth by:
Option 1: Increasing the cost of agricultural products
Option 2: Creating more middlemen
Option 3: Promoting direct farmer-consumer interactions
Option 4: Limiting the reach of agricultural products
Correct Answer: Promoting direct farmer-consumer interactions
Solution : The correct answer is (c) Promoting direct farmer-consumer interactions
The mobile application, by connecting farmers directly to consumers and eliminating the need for middlemen, promotes direct interactions between farmers and consumers. This can lead to economic growth by creating more efficient and transparent markets, ensuring fair prices for farmers and providing consumers with affordable produce. The direct interaction facilitated by the app contributes to a more sustainable and inclusive agricultural ecosystem.
Question : Assertion: The Stand-Up India scheme focuses on promoting entrepreneurship among women and SC/ST entrepreneurs.
Reason: It provides financial assistance to micro and small enterprises in rural areas.
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.
The Stand-Up India scheme indeed focuses on promoting entrepreneurship among women and SC/ST entrepreneurs. Additionally, it provides financial assistance to set up greenfield enterprises by offering bank loans between Rs. 10 lakhs and Rs. 1 crore to at least one woman and one SC/ST entrepreneur per bank branch for setting up enterprises in the manufacturing, services, or the trading sector. Therefore, the reason correctly explains the assertion.
Question : Statement 1: The Skill India Mission aims to provide vocational training to Indian youth.
Statement 2: The mission focuses on enhancing employability and entrepreneurship skills.
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.
Solution : The correct option is (a) Both statements are true.
Statement 1 is true. The Skill India Mission is an initiative launched by the Government of India with the objective of providing skill training to Indian youth. The mission aims to bridge the gap between the demand and supply of skilled workforce in various sectors.
Statement 2 is true. The Skill India Mission focuses on enhancing the employability and entrepreneurship skills of the Indian youth. It aims to equip them with industry-relevant skills that can improve their chances of finding suitable employment or enable them to start their own businesses. The mission emphasizes the importance of skill development in promoting economic growth and reducing unemployment in the country.
Question : Statement 1: The Atal Innovation Mission supports women only in the technology sector through funding and mentorship.
Statement 2: It aims to promote innovation and entrepreneurship across all sectors of the economy.
Correct Answer: Both statements are false.
Solution : The correct answer is (d) Both statements are false.
The Atal Innovation Mission (AIM) does not support women exclusively in the technology sector; rather, it aims to promote innovation and entrepreneurship across all sectors of the economy. I appreciate your patience and understanding.
Question : Entrepreneurship development has identified a set of ____ competencies
Option 1: 13
Option 2: 14
Option 3: 15
Option 4: 16
Correct Answer: 15
Solution : Entrepreneurship development has identified a set of 15 competencies That contribute towards entrepreneurial performance and success. Hence Option C is correct.
Question : Which of the following is an example of a non-financial incentive for entrepreneurship development?
Option 1: Tax exemptions
Option 2: Access to capital
Option 3: Business incubation
Option 4: Public recognition and awards
Correct Answer: Public recognition and awards
Solution : Non-financial incentives refer to rewards or benefits that are not directly related to money or financial gain. Public recognition and awards are examples of non-financial incentives that can motivate and encourage entrepreneurs to develop their businesses. Tax exemptions, access to capital, and business incubation are examples of financial incentives. Hence Option D is correct.
Question : The objective of the Atal Innovation Mission is to:
Option 1: Promote entrepreneurship and innovation in India
Option 2: Develop infrastructure for rural areas
Option 3: Enhance digital literacy across the country
Option 4: Improve the ease of doing business in India
Correct Answer: Promote entrepreneurship and innovation in India
Solution : The correct answer is (a) Promote entrepreneurship and innovation in India.
The objective of the Atal Innovation Mission (AIM) is to promote entrepreneurship and innovation in India, particularly among students, researchers, and startups. AIM is a government initiative launched by the NITI Aayog (National Institution for Transforming India) to foster a culture of innovation and entrepreneurship in the country. AIM focuses on creating an ecosystem that encourages and supports innovation at various levels. It aims to provide a platform for innovative ideas to thrive, nurture startups, and promote the development of a robust innovation and entrepreneurial ecosystem in India.
Question : Attention to details and observance of established standard norms. 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 for work contract
Correct Answer: Concern for high quality of work
Solution : Concern for high quality of work is highlighted here. It involves attention to details and observance of established standard norms. Hence Option C is correct.
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