{"id":18448,"date":"2022-05-08T14:20:27","date_gmt":"2022-05-08T08:50:27","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=18448"},"modified":"2025-12-26T15:05:33","modified_gmt":"2025-12-26T09:35:33","slug":"12th-ocm-chapter-3-exercise-solutions","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/","title":{"rendered":"12th OCM Chapter 3 Exercise Solutions (Entrepreneurship\u00a0Development) Maharashtra Board &#8211; Free Resource"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f1d9a609681\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f1d9a609681\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#12th_OCM_Chapter_3_Exercise_Solutions\" >12th OCM Chapter 3 Exercise Solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Chapter_3_%E2%80%93_Entrepreneurship_Development\" >Chapter 3 &#8211; Entrepreneurship&nbsp;Development<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_A_Select_the_correct_option_and_rewrite_the_sentences\" >Q.1 A) Select the correct option and rewrite the sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_B_Match_the_correct_pairs\" >Q.1 B) Match the correct pairs.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_C_Give_one_wordphraseterm_for_the_following_statements\" >Q.1 C) Give one word\/phrase\/term for the following statements.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_D_State_whether_the_following_statements_are_true_or_false\" >Q.1 D) State whether the following statements are true or false.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_E_Find_the_odd_one_out\" >Q.1 E) Find the odd one out.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_F_Complete_the_sentences\" >Q.1 F) Complete the sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_G_Select_the_correct_option\" >Q.1 G) Select the correct option.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_H_Answer_in_one_sentence\" >Q.1 H) Answer in one sentence.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q1_I_Correct_the_underlined_word_and_rewrite_the_following_sentences\" >Q.1 I) Correct the underlined word and rewrite the following sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q2_Explain_the_following_termsconcepts\" >Q.2 Explain the following terms\/concepts.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q3_Study_the_following_casesituation_and_express_your_opinion\" >Q.3 Study the following case\/situation and express your opinion.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q4_Answer_in_brief\" >Q.4 Answer in brief.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q5_Justify_the_following_statements\" >Q.5 Justify the following statements.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q6_Attempt_the_following\" >Q.6 Attempt the following.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Q7_Answer_the_following\" >Q.7 Answer the following.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#12th_Commerce_OCM_Textbook_Solutions\" >12th Commerce OCM Textbook Solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Check_out_other_posts_related_to_the_12th_Commerce\" >Check out other posts related to the 12th Commerce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/#Online_lectures_of_Class_12_Commerce\" >Online lectures of Class 12 Commerce<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"12th_OCM_Chapter_3_Exercise_Solutions\"><\/span>12th OCM Chapter 3 Exercise Solutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions-1024x576.webp\" alt=\"12th OCM Chapter 3 Exercise Solutions\nChapter 3 - Entrepreneurship\u00a0Development\" class=\"wp-image-18530 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:720px;height:auto\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions-1024x576.webp 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions-300x169.webp 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions-768x432.webp 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions-1536x864.webp 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/05\/12th-OCM-Chapter-3-Exercise-Solutions.webp 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">12th OCM Chapter 3 Exercise Solutions<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-black-color has-vivid-green-cyan-background-color has-text-color has-background has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Chapter_3_%E2%80%93_Entrepreneurship_Development\"><\/span><strong>Chapter 3 &#8211; Entrepreneurship&nbsp;Development<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_A_Select_the_correct_option_and_rewrite_the_sentences\"><\/span>Q.1 A) Select the correct option and rewrite the sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1)&nbsp;The word &#8216;entrepreneur&#8217; is derived from the _____ word &#8216;entreprendre&#8217;.<br><\/strong>a) Japanese <br>b) English <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">c) French<\/mark><\/strong><\/p>\n\n\n\n<p><strong>2)&nbsp;&#8216;Entreprendre&#8217; means to _____.<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">a) Undertake <br><\/mark><\/strong>b) Enterprise <br>c) Businessman<\/p>\n\n\n\n<p><strong>3)&nbsp;Start Up India is an initiative of the _____.<br><\/strong>a) RBI <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">b) Government of India <br><\/mark><\/strong>c) World Bank<\/p>\n\n\n\n<p><strong>4)&nbsp;_____ is the idea of bringing urban residents to rural areas, by empowering to local&nbsp;communities, both socially and economically.<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">a) Agro tourism <br><\/mark><\/strong>b) Medical tourism <br>c) Entertainment<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_B_Match_the_correct_pairs\"><\/span>Q.1 B) Match the correct pairs.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">a) Gap filling function&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">1) 2016<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">b) Entrepreneur<\/td><td class=\"has-text-align-center\" data-align=\"center\">2) Employment<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">c) Agro tourism<\/td><td class=\"has-text-align-center\" data-align=\"center\">3) Old methods of production<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">d) Technology<\/td><td class=\"has-text-align-center\" data-align=\"center\">4) 2019<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">e) Startup India<\/td><td class=\"has-text-align-center\" data-align=\"center\">5) Self motivated<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">6) Rural tourism<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">7) Entrepreneurship<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">8) Latest knowledge<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">9) Necessity Based<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">10) Medical tourism<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Answers.   <br>a. 7) Entrepreneurship<br>b. 5) Self-motivated<br>c. 6) Rural tourism<br>d. 8) Latest knowledge<br>e. 1) 2016<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_C_Give_one_wordphraseterm_for_the_following_statements\"><\/span>Q.1 C) Give one word\/phrase\/term for the following statements.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) An undertaking or adventure involving uncertainty and risk and requiring innovation.<br>Answer:<\/strong> Entrepreneurship<\/p>\n\n\n\n<p><strong>2) A function of creating something new for economic activity.<br>Answer:<\/strong> Innovation<\/p>\n\n\n\n<p><strong>3) A person who is an innovator who introduces new combinations of means of production.<br>Answer:<\/strong> Entrepreneur<\/p>\n\n\n\n<p><strong>4) The process of enhancing entrepreneurial skills and knowledge through structured training and&nbsp;institution-building programmes.<br>Answer:<\/strong> Entrepreneurship Development programme<\/p>\n\n\n\n<p><strong>5) The process that motivates a person into action and induces him to continue the course of&nbsp;action for the achievement of goals.<br>Answer:<\/strong> Entrepreneurship<\/p>\n\n\n\n<p><strong>6) An employee who has the authority and support of the organization to implement his creative\u00a0ideas.<br>Answer:<\/strong> Intrapreneur<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_D_State_whether_the_following_statements_are_true_or_false\"><\/span>Q.1 D) State whether the following statements are true or false.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) An entrepreneur should not be ready to work hard. <strong>(False)<\/strong><br>2) Agrotourism can support agricultural economy. <strong><strong>(True)<\/strong><\/strong><br>3) Successful businessman takes calculated risks. <strong>(True)<\/strong><br>4) Entrepreneurship is a full-time job that requires dedication and hard work. <strong>(True)<\/strong><br>5) Startup India is an initiative of the Government of France. <strong>(False)<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_E_Find_the_odd_one_out\"><\/span>Q.1 E) Find the odd one out.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) Communicator, Innovator, Self-starter, <strong>Inactive<\/strong>.<br>2) Trekking, Wildlife study, Horseback riding, <strong>Indoor games<\/strong>.<br>3) Innovation, <strong>Lack of communication<\/strong>, Development of market, Determining the objectives.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_F_Complete_the_sentences\"><\/span>Q.1 F) Complete the sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) An entrepreneur is a person who starts a <strong><span style=\"text-decoration: underline;\">Business\/ Enterprise<\/span><\/strong>.<br>2) &#8216;Start-up&#8217; India initiative was launched in <strong><span style=\"text-decoration: underline;\">2016<\/span><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_G_Select_the_correct_option\"><\/span>Q.1 G) Select the correct option.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group A&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1) The idea of bringing Urban residents&nbsp;to agricultural farm<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><span style=\"text-decoration: underline;\">Agrotourism<\/span><\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2) Agro-tourism is a form of<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><span style=\"text-decoration: underline;\">Niche tourism<\/span><\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3) <strong><span style=\"text-decoration: underline;\">Innovation<\/span><\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">To introduce new combination of products &amp; features<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4) <strong><span style=\"text-decoration: underline;\">Entrepreneurship<\/span><\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">A full-time job that requires,&nbsp;dedication &amp; Hard-work.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_H_Answer_in_one_sentence\"><\/span>Q.1 H) Answer in one sentence.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) What is Agro tourism?<\/mark><br>Answer:<\/strong> Agro tourism is the idea of bringing urban residents to rural areas for leisure travel and&nbsp;spending.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2) Who is &#8216;Entrepreneur&#8217;?<\/mark><br>Answer:<\/strong> An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">3) Who described &#8216;Entrepreneurship&#8217; as the founding of a private enterprise?<\/mark><br>Answer:<\/strong> The famous economist John Stuart Mill described &#8216;Entrepreneurship&#8217; as the founding of&nbsp;a Private enterprise.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_I_Correct_the_underlined_word_and_rewrite_the_following_sentences\"><\/span>Q.1 I) Correct the underlined word and rewrite the following sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1. The word &#8216;Entrepreneur&#8217; comes from the <strong><span style=\"text-decoration: underline;\">German<\/span><\/strong> verb entreprendre, it means to undertake.<br><strong><strong>Answer: French<\/strong><\/strong><\/p>\n\n\n\n<p>2. Entrepreneurs try to make <strong><span style=\"text-decoration: underline;\">homes<\/span><\/strong> a better place where the needs of consumers can be satisfied.<br><strong>Answer: Market<\/strong><\/p>\n\n\n\n<p>3. The loan taken under stand-up India scheme is repayable in <strong><span style=\"text-decoration: underline;\">ten<\/span><\/strong> years.<br><strong>Answer: Seven<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q2_Explain_the_following_termsconcepts\"><\/span>Q.2 Explain the following terms\/concepts.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) Entrepreneur<br><\/mark>Answer: <\/strong>An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;. Entrepreneurs are the people who have the courage to offer and to share an idea or a product&nbsp;or a service with the world. They try to make market a better place where the needs of consumers can&nbsp;be satisfied.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Agro-tourism<br><\/strong><\/mark><strong>Answer:<\/strong> Agro tourism offers tourists a chance to reconnect with the&nbsp;land and provides a &#8220;hands-on experience&#8221; with local foods. Agritourism activities include picking&nbsp;fruits, tending bees, milking cows, and other educational pursuits.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">3) Start-ups<br><\/mark>Answer:<\/strong> A start-up is defined as an entity having its headquarters in India, which was opened less&nbsp;than 10 years ago and has an annual turnover of less than Rs.100 crores.<br>Start-up India is an initiative of the Government of India. It was launched in 2016. It aims&nbsp;at building an ecosystem which will nurture start-ups in the country.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>4) Stand-ups<\/strong><br><\/mark><strong>Answer:<\/strong> The objective of the Stand-Up India scheme is to facilitate bank loans between Rs.10 lakh&nbsp;and Rs.1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least&nbsp;one woman borrower per bank branch for setting up a greenfield enterprise. This enterprise may be&nbsp;in the manufacturing, services or trading sector. In case of nonindividual enterprises, at least 51 % of&nbsp;the shareholding and controlling stake should be held by either an SC\/ST or Woman entrepreneur.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>5) Intrapreneur<\/strong><br><\/mark><strong>Answer:<\/strong> An intrapreneur is an employee who has the authority and support of his company\/employer&nbsp;to implement his own innovative and creative ideas. His idea or product may or may not earn&nbsp;immediate revenue for the company. Still, the employee keeps receiving his salary.<br>Intrapreneurs are the dreamers who take hands-on responsibility for&nbsp;creating innovation of any kind, within a business.&#8221;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">8<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q3_Study_the_following_casesituation_and_express_your_opinion\"><\/span>Q.3 Study the following case\/situation and express your opinion.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Mr. Soham is a young MBA degree holder, Mr. Navin is a B.Com graduate. Mr. Soham is willing<br>to start a dairy farm at his village. Mr. Navin is willing to work as a cashier in a Private Company.<br>i) Find out the dream of Soham and Navin.<br>ii) State anyone feature of Entrepreneur.<br>iii) To become a successful entrepreneur, which qualities Mr. Soham should have?<\/mark><\/p>\n\n\n\n<p><strong>Answer: <\/strong><br>1) Dream of Soham is to become an entrepreneur and Navin&#8217;s dream is to do a job in a private company.<br>2) An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make money&#8221;.<br>3) To become a successful entrepreneur, Mr. Soham should have qualities like an innovator, creator, reactive, and risk bearer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q4_Answer_in_brief\"><\/span>Q.4 Answer in brief.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Define entrepreneur. Explain functions of entrepreneur.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><br><\/mark><\/strong><\/strong>An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;. Entrepreneurs are the people who have the courage to offer and to share an idea or a product&nbsp;or a service with the world. They try to make market a better place where the needs of consumers can&nbsp;be satisfied.<\/p>\n\n\n\n<p><strong>Functions of Entrepreneur<\/strong><\/p>\n\n\n\n<p><strong>1) Innovation<\/strong><\/p>\n\n\n\n<p>An entrepreneur is basically an innovator. He introduces new combinations of means&nbsp;of production. He must introduce new products or bring changes in the existing products.&nbsp;Customers are satisfied with new products or new features in the existing products. Innovation&nbsp;is also necessary to solve problems that arise in the business.<\/p>\n\n\n\n<p><strong>2) Determination of Objectives<\/strong><\/p>\n\n\n\n<p>An entrepreneur has to determine the aims and objectives of the business. There may be&nbsp;difference between primary and secondary objectives of the enterprise. He can change these&nbsp;objectives as per the market situation.<\/p>\n\n\n\n<p><strong>3) Development of Market<\/strong><\/p>\n\n\n\n<p>The entrepreneur has to find out different ways for marketing the products and services of his&nbsp;enterprise. He can conduct surveys or research to understand the customer&#8217;s demand. When the&nbsp;markets are developed constantly, the demands of the consumers will increase.<\/p>\n\n\n\n<p><strong>4) New Technology<\/strong><\/p>\n\n\n\n<p>In a global world, everyday there is an invention of new technology. Introduction of new&nbsp;technology will always result in growth of business e.g. new machinery, advanced technology,&nbsp;new and scientific methods of production, etc.<\/p>\n\n\n\n<p><strong>5) Good Relations<\/strong><\/p>\n\n\n\n<p>It is necessary to maintain healthy working atmosphere in an organization. It depends upon the&nbsp;efficient relations between subordinates and superiors. Coordination among the employees is&nbsp;the key of success.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Define entrepreneur. Explain the qualities of a successful entrepreneur.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;. Entrepreneurs are the people who have the courage to offer and to share an idea or a product&nbsp;or a service with the world. They try to make market a better place where the needs of consumers can&nbsp;be satisfied.<\/p>\n\n\n\n<p><strong>1) Disciplined<\/strong><\/p>\n\n\n\n<p>These individuals are focused on making their businesses work, and eliminating any hindrances&nbsp;or distractions to their goals. An entrepreneur has comprehensive strategies and outline the&nbsp;tactics to accomplish them. Successful entrepreneur is disciplined enough to take steps every&nbsp;day towards the achievement of his objectives.<\/p>\n\n\n\n<p><strong>2) Confidence<\/strong><\/p>\n\n\n\n<p>The entrepreneur does not ask questions about whether he can succeed or whether he is worthy&nbsp;of success. He is confident with the knowledge that he will make his businesses succeed. He&nbsp;shows confidence in everything he does.<\/p>\n\n\n\n<p><strong>3) Open Minded<\/strong><\/p>\n\n\n\n<p>Entrepreneur realizes that every event and situation is a &#8216;business opportunity. Ideas are&nbsp;constantly being generated about workflows and efficiency, people skills, and potential new&nbsp;businesses. He has the ability to look at everything around him and focuses it towards his&nbsp;goals.<\/p>\n\n\n\n<p><strong>4) Self Starter<\/strong><\/p>\n\n\n\n<p>An entrepreneur knows that if something needs to be done he should start it himself. He sets the&nbsp;parameters and makes sure that projects follow that path. He is proactive, not waiting for&nbsp;someone to give him permission.<\/p>\n\n\n\n<p><strong>5) Competitive<\/strong><\/p>\n\n\n\n<p>Many companies are formed because an entrepreneur knows that he can do a job better than&nbsp;others. He needs to win the game of business. An entrepreneur will highlight his own company&#8217;s&nbsp;track record of success.&nbsp;<\/p>\n\n\n\n<p><strong>6) Creativity<\/strong><\/p>\n\n\n\n<p>One aspect of creativity is being able to make connections between seemingly unrelated events\u00a0or situations. Entrepreneur often comes up with solutions which are the synthesis of other\u00a0items. He will repurpose products to market them to new industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q5_Justify_the_following_statements\"><\/span>Q.5 Justify the following statements.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Entrepreneurship is the best source for self-employment.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong>1) Intellectual Capabilities<\/strong><br>An entrepreneur is a creative thinker. He has reasonably good intelligence. He has ability to&nbsp;analyze business situations. This ability will help him to take proper decisions.<\/p>\n\n\n\n<p><strong>2) Future Vision<\/strong><br>The entrepreneur has a good foresight about future market situation. He should also have&nbsp;knowledge about external business environment. This will help him to take proper decisions&nbsp;according to the situations and changes in the market. So, he can take timely action for the&nbsp;same.<\/p>\n\n\n\n<p><strong>3) Technical Knowledge<\/strong><br>An entrepreneur has good technical knowledge about his business. The entrepreneur has the&nbsp;ability to update himself with the latest knowledge about the product, process and technology.<\/p>\n\n\n\n<p><strong>4) Risk bearing capacity<\/strong><br>A successful entrepreneur takes calculated risks. He is ready to face challenges and always&nbsp;seeks new and more opportunities.<br>Thus, Entrepreneurship is the best source of<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"> self-employment.<\/mark><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2) Successful businessman takes calculated risk.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer: <\/strong><br>a) He is ready to face challenges and always&nbsp;seeks new and more opportunities.<br>b) An entrepreneur has self-confidence. He has positive desires to achieve his goals. <br>c) Passion is the most important trait of a successful entrepreneur. He genuinely loves his work.&nbsp;<br>d) He is willing to put in those extra hours to make the business succeed because there is a joy&nbsp;his business gives which goes beyond the money. <br>e) The successful entrepreneur will always be&nbsp;reading and researching ways to make the business better.<br>Thus, a successful businessman takes a <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">calculated risk.<\/mark><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">3) Entrepreneurs must be good communicators.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>a) An entrepreneur needs to communicate with different people like customers, suppliers,&nbsp;creditors, employees, etc. <br>b) He must be able to express his ideas and strategies effectively. <br>c) It&nbsp;is necessary that there is a proper understanding between the sender and the receiver of the&nbsp;message.<br>d) It is one of the qualities of a good entrepreneur.<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">Thus, Entrepreneur must be a good communicator.<\/mark><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">4) An entrepreneur must be an innovator.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>a) An entrepreneur is basically an innovator. He introduces new combinations of means&nbsp;of production. <br>b) He must introduce new products or bring changes to the existing products.&nbsp;<br>c) Customers are satisfied with new products or new features in the existing products. <br>d) Innovation&nbsp;is also necessary to solve problems that arise in the business.<br>Thus, an entrepreneur must be an innovator.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">5) With creativity, farmers can expand their Agro-tourism Business.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>Agro tourism is the new concept in the industry of the Indian tourism, it provides the opportunity to the tourists to experience authentic contact with life in rural areas.<\/p>\n\n\n\n<p>The valuable activities, which the farmers could do creatively are:<\/p>\n\n\n\n<p>i) Outdoor recreation (Trekking, fishing, hunting, wildlife study, horseback riding).&nbsp;<br>ii) Educational experiences (farming experiences like Rice plantation, cooking experience on&nbsp;chulha).<br>iii) Entertainment (harvest festivals like &#8216;Hurda Party&#8217; in Maharashtra).<br>iv) Hospitality services (farm stays, guided tours or outfitter services).<br>v) On-farm direct sales (u-pick operations or roadside stands).<\/p>\n\n\n\n<p>With time and creativity, farmers can expand their recreation enterprise, through fun,&nbsp;entertaining activities such as contests, adult and children&#8217;s classes, or games.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q6_Attempt_the_following\"><\/span>Q.6 Attempt the following.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Explain the characteristics of Enterpreneurship Development.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br><strong>Characteristics of Entrepreneurship <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">Development<\/mark><\/strong>:<\/strong><\/p>\n\n\n\n<p><strong>1) Innovation<\/strong><\/p>\n\n\n\n<p>Entrepreneurship is an innovation. The introduction of new combination of various&nbsp;factors of productions is innovation. In view of changing taste of consumers from time to time,&nbsp;entrepreneurship&nbsp;focuses on the research and development to produce goods to satisfy the customers.<\/p>\n\n\n\n<p><strong>2) Economic activity<\/strong><\/p>\n\n\n\n<p>An entrepreneur produces a new product for the customers as per their&nbsp;needs. He feels the need of this to satisfy human wants and as well in exchange earn a&nbsp;better livelihood. Hence entrepreneurship is an economic activity.<\/p>\n\n\n\n<p><strong>3) Organization Building<\/strong><\/p>\n\n\n\n<p>It is an activity where various factors of production have to be&nbsp;organized. Place utility, time utility, form utility etc. has to be considered to collect them under&nbsp;one roof for new production.<\/p>\n\n\n\n<p><strong>4) Creative activity<\/strong><\/p>\n\n\n\n<p>Innovation should have strong support of creativity. Introducing creativity&nbsp;in producing something new is a big challenge for the entrepreneur. Thus creativity is an&nbsp;essential part of entrepreneurship.<\/p>\n\n\n\n<p><strong>5) Skillful management<\/strong><\/p>\n\n\n\n<p>The success of any entrepreneurship depends on the management&nbsp;of the organization. With professional management and skilled managers, entrepreneurship&nbsp;becomes successful activity.<\/p>\n\n\n\n<p><strong>6) Gap filling function<\/strong><\/p>\n\n\n\n<p>The most significant feature of entrepreneurship is gap filling. It is&nbsp;the entrepreneur&#8217;s job to fill the gap or make up the deficiencies that always exist in the&nbsp;knowledge about the production function.<\/p>\n\n\n\n<p><mark style=\"background-color: rgba(0, 0, 0, 0);\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) What is Entrepreneurship Development Program?<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><mark style=\"background-color: rgba(0, 0, 0, 0);\" class=\"has-inline-color has-black-color\"><span style=\"font-weight: 600;\">Entrepreneurship<\/span><b> Development Program<\/b><\/mark><\/p>\n\n\n\n<p>An entrepreneurship development programme has been defined as &#8216;a programme designed&nbsp;to help a person in strengthening his entrepreneurial motive and in acquiring skills and capabilities&nbsp;necessary for playing his entrepreneurial role efficiently&#8217;.&nbsp;<\/p>\n\n\n\n<p>EDP is a device through which people with latent entrepreneurial traits are identified, motivated&nbsp;to take up new industrial venture, trained in managing the unit and guided in all aspects of starting&nbsp;a venture\/an enterprise.<\/p>\n\n\n\n<p>EDP was first introduced in Gujarat in 1970 and was sponsored by the Gujarat Industrial&nbsp;Investment Corporation. The EDP&#8217;s are based on McClellands experiments in Kakinanda District of&nbsp;Andhra Pradesh where businessmen were provided with motivation and training.<\/p>\n\n\n\n<p><strong>The EDP includes following steps:<\/strong><br>1<strong>)&nbsp;<\/strong>Arrangement of Infrastructure.<br>2<strong>)&nbsp;<\/strong>Selection of potential entrepreneur.<br>3<strong>)&nbsp;<\/strong>Identification of enterprise.<br>4<strong>)&nbsp;<\/strong>Actual training program<br>5<strong>)&nbsp;<\/strong>Selection of training personnel.<br>6<strong>)&nbsp;<\/strong>Selection of a method of training.<br>7<strong>)&nbsp;<\/strong>Actual training.<br>8<strong>)&nbsp;<\/strong>Monitoring and follow-up.<\/p>\n\n\n\n<p><strong>Objectives of EDP:<\/strong><br>The following objectives of EDP are identified.<br>1<strong>)&nbsp;<\/strong>To foster entrepreneurial growth in the country.<br>2<strong>)&nbsp;<\/strong>Optimum use of available resources.<br>3<strong>)&nbsp;<\/strong>Development of backward regions and improving economic status of socially disadvantaged&nbsp;groups.<br>4<strong>)&nbsp;<\/strong>Generation of employment opportunities.<br>5<strong>)&nbsp;<\/strong>Widening base for small and medium scale industries.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">8<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q7_Answer_the_following\"><\/span>Q.7 Answer the following.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) Define entrepreneur. Explain the characteristics of entrepreneurs<\/mark>.<\/strong><\/p>\n\n\n\n<p><strong>Answer:<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><br><\/mark><\/strong><\/strong>An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;. Entrepreneurs are the people who have the courage to offer and to share an idea or a product&nbsp;or a service with the world. They try to make market a better place where the needs of consumers can&nbsp;be satisfied.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"><strong><strong>Characteristics of Entrepreneur<\/strong><\/strong>:<\/mark><\/strong><\/p>\n\n\n\n<p><strong>1) Intellectual Capabilities<\/strong><\/p>\n\n\n\n<p>An entrepreneur is a creative thinker. He has reasonably good intelligence. He has the ability to&nbsp;analyze business situations. This ability will help him to take proper decisions.<\/p>\n\n\n\n<p><strong>2) Future Vision<\/strong><\/p>\n\n\n\n<p>The entrepreneur has good foresight about future market situations. He should also have&nbsp;knowledge about the external business environment. This will help him to take proper decisions&nbsp;according to the situations and changes in the market. So, he can take timely actions for the&nbsp;same.<\/p>\n\n\n\n<p><strong>3) Hard Work<\/strong><\/p>\n\n\n\n<p>An entrepreneur is ready to work hard. It is more necessary when a new venture is started.&nbsp;He has to work for long hours. Many a times he has to handle the main areas of business&nbsp;independently. This will make him successful.<\/p>\n\n\n\n<p><strong>4) Technical Knowledge<\/strong><\/p>\n\n\n\n<p>An entrepreneur has good technical knowledge about his business. The entrepreneur has the&nbsp;ability to update himself with the latest knowledge about the product, process and technology.<\/p>\n\n\n\n<p><strong>5) Communication Skills<\/strong><\/p>\n\n\n\n<p>An entrepreneur needs to communicate with different people like customers, suppliers,&nbsp;creditors, employees, etc. He must be able to express his ideas and strategies effectively. It&nbsp;is necessary that there is a proper understanding between the sender and the receiver of the&nbsp;message.<\/p>\n\n\n\n<p><strong>6) Highly Optimistic<\/strong><\/p>\n\n\n\n<p>An entrepreneur has to always think positively. He is always hopeful and confident about the&nbsp;market situation even in failure times. Such positive attitude helps him to run his business&nbsp;successfully.<\/p>\n\n\n\n<p><strong>7) Risk-bearing capacity<\/strong><\/p>\n\n\n\n<p>A successful entrepreneur takes calculated risks. He is ready to face challenges and always&nbsp;seeks new and more opportunities.<\/p>\n\n\n\n<p><strong>8) Self Confidence<\/strong><\/p>\n\n\n\n<p>An entrepreneur has self-confidence. He has a positive desire to achieve his goals. Such self-motivation keeps him strong and confident to face various obstacles.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Define entrepreneur. Explain its functions.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><br><\/mark><\/strong><\/strong>An entrepreneur is &#8220;a person who starts a business and is willing to risk loss in order to make&nbsp;money&#8221;. Entrepreneurs are the people who have the courage to offer and to share an idea or a product&nbsp;or a service with the world. They try to make market a better place where the needs of consumers can&nbsp;be satisfied.<\/p>\n\n\n\n<p><strong>Functions of Entrepreneur<\/strong><\/p>\n\n\n\n<p><strong>1) Innovation<\/strong><\/p>\n\n\n\n<p>An entrepreneur is basically an innovator. He introduces new combinations of means&nbsp;of production. He must introduce new products or bring changes to the existing products.&nbsp;Customers are satisfied with new products or new features in the existing products. Innovation&nbsp;is also necessary to solve problems that arise in the business.<\/p>\n\n\n\n<p><strong>2) Determination of Objectives<\/strong><\/p>\n\n\n\n<p>An entrepreneur has to determine the aims and objectives of the business. There may be&nbsp;differences between the primary and secondary objectives of the enterprise. He can change these&nbsp;objectives as per the market situations.<\/p>\n\n\n\n<p><strong>3) Development of Market<\/strong><\/p>\n\n\n\n<p>The entrepreneur has to find out different ways for marketing the products and services of his&nbsp;enterprise. He can conduct surveys or research to understand the customer&#8217;s demands. When the&nbsp;markets are developed constantly, the demands of the consumers will increase.<\/p>\n\n\n\n<p><strong>4) New Technology<\/strong><\/p>\n\n\n\n<p>In global world, everyday there is an invention of new technology. Introduction of new&nbsp;technology will always result in growth of business e.g. new machinery, advanced technology,&nbsp;new and scientific methods of production, etc.<\/p>\n\n\n\n<p><strong>5) Good Relations<\/strong><\/p>\n\n\n\n<p>It is necessary to maintain healthy working atmosphere in an organization. It depends upon the&nbsp;efficient relations between subordinates and superiors. Coordination among the employees is&nbsp;the key to success.<\/p>\n\n\n\n<p><strong>6) Organizing Funds<\/strong><\/p>\n\n\n\n<p>An entrepreneur needs to find out different financial resources because adequate and continuous&nbsp;finance is always necessary for business. Good and honest relations with the investors is&nbsp;necessary for every business.<\/p>\n\n\n\n<p><strong>7) Taking Decisions<\/strong><\/p>\n\n\n\n<p>An entrepreneur has to take wise decisions for his enterprise. Timely and correct decisions are&nbsp;also important and necessary for a proper business plan. He should always consider the pros&nbsp;and cons before taking any business decision.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"12th_Commerce_OCM_Textbook_Solutions\"><\/span>12th Commerce OCM Textbook Solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Chapter Name<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1) Principles of Management<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2) Functions of Management<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\">4) Business Services<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5) Emerging Modes of Business<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6) Social Responsibilities of Business<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\">7) Consumer Protection<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/\">8) Marketing<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Check_out_other_posts_related_to_the_12th_Commerce\"><\/span>Check out other posts related to the 12th Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.youtube.com\/@Scholarszilla\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/@Scholarszilla\" target=\"_blank\" rel=\"noopener\">12th Commerce Video Lectures<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/ebalbharti-12th-books-pdf\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ebalbharti-12th-books-pdf\/\"> Free PDF of 12th Commerce Textbooks <\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-it-online-exam\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-it-online-exam\/\">12th Commerce IT MCQ Preparation (Online Test)<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/new-paper-pattern-of-12th-commerce\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/new-paper-pattern-of-12th-commerce\/\"> Free PDF of 12th Commerce Textbooks <\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/sample-question-paper-for-12th-commerce\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/sample-question-paper-for-12th-commerce\/\">Sample Paper of 12th Commerce for Practice PDF<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-navneet-practice-papers-pdf\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-navneet-practice-papers-pdf\/\">PDF of Solved Sample papers of 12th Commerce to improve Paper Presentation<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-previous-year-question-paper\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-previous-year-question-paper\/\">Old Question Papers of 12th Commerce with solution (All Subjects)<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-contrast-color has-text-color\"><span class=\"ez-toc-section\" id=\"Online_lectures_of_Class_12_Commerce\"><\/span>Online lectures of Class 12 Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\ud83d\udd17 Share our videos and channel with your friends, and help us grow this channel.<br>Learn the Chapters of Accounts from our playlist.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rb.gy\/c9pmbq\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/c9pmbq\" target=\"_blank\" rel=\"noopener\">Issue of Shares<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/3f7zhl\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/3f7zhl\" target=\"_blank\" rel=\"noopener\">Bills of Exchange<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/v5flhj\" target=\"_blank\" rel=\"noopener\">Dissolution of Partnership Firm<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/jpjgd8\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/jpjgd8\" target=\"_blank\" rel=\"noopener\">NPO<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Analysis of Financial Statement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Admission of Partner<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" target=\"_blank\" rel=\"noopener\">Information Technology Lectures.<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2021\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2021\/\">12th Commerce March 2021 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2022\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2022\/\">12th Commerce July 2022 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2022\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2022\/\">12th Commerce March 2022 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2023\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2023\/\">12th Commerce March 2023 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2023\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2023\/\">12th Commerce July 2023 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2024\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2024\/\">12th Commerce Feb 2024 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2025\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2025\/\">12th Commerce Feb 2025 Question Papers<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":18530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[4855],"class_list":["post-18448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hsc-maharashtra-board","tag-12th-ocm-chapter-3-exercise-solutions"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/18448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=18448"}],"version-history":[{"count":17,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/18448\/revisions"}],"predecessor-version":[{"id":41645,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/18448\/revisions\/41645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/18530"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=18448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=18448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=18448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}