SEBA Class 9 Artificial Intelligence: Entrepreneurial Skills Solution
Assam SEBA Board class 9 Artificial Intelligence (AI) 1st Part Unit 4 Solution available here. There are total 2 Session in Unit 4. We have given all session question and answer.
Session 1 Exercise (Page 40) –
Ans:- 1
Corporation |
Cooperative |
A corporation is business organisation that has a separate legal personality from its owners. |
A cooperative is a business organization owned by a group of individuals and operated for their mutual benefit. |
The owners own stocks in the corporation and are called stockholders. |
The owners are called members. |
Ex – Microsoft Corp. |
Ex – Housing cooperatives |
Ans:- (2) Four essential business activities are –
(a) Human resources
(b) Accounting
(c) Budgets and finance
(d) Sales and marketing
Ans:- (3) There are various activities that are involved in running a business. Such activities ensure that the business functions smoothly and its goals are met in time. Some of the business activities that are necessary to run the business are –
(a) Human Resources – Since a business involves a number of people working together in different departments, conflicts, disagreements, etc are bound to rise. It is important to efficiently mediate between those who have any kind of problem with each other or are facing any issues in work. Moreover, employing new people and offering salary and benefit packages is an essential part of business. All of this is done by a person who looks after human resources. Thus, this activity forms the basis of a smooth operating business.
(b) Accounting –Keeping track of how much money is earned and how much is spent is an important part of running a business. High numbers of transactions cannot be tracked through mere data entry. Thus, accounting becomes an important part for running a business.
(c) Research and Development – A business has to keep introducing or upgrading their services to remain in market. For that, they have to research and develop new ideas regularly. It is more so for businesses that are involved in the field of science and technology.
Session 2 Exercise (Page 42) –
Ans:- (1) Entrepreneurs positively contribute to the society in the following ways –
(a) They create jobs.
(b) They create change by introducing new perspectives in solving or dealing with problems.
(c) They give to society by contributing in generous causes through donations, etc.
Ans:- 2
Businessman | Entrepreneur |
A businessman sets up work based on an already existing idea. | An entrepreneur sets up work based on a new idea. |
They run an undertaking or business. | They create a startup based on their new ideas. |
The work is generally related to industrial or commercial purpose. | The work can be related to any kind of purpose that the entrepreneur decides to work on. |
The products or services that the businessman offers already exist in the market and are in high demand. | The products or services may not exist in the market and it may take some time for the consumer market to demand such product. |
The probability of making a profit is much higher and faster. | It may take some time to make profit and, in the beginning, there may be many losses. |
The amount of competition is higher as similar businesses exist in the same field of work. | Competition is comparatively less as the ideas and approach of work will differ according to the entrepreneur. |
Ex – Owners of electrical appliance shops, book shops, etc. | Ex – Mukesh Bansal, owner of Myntra, etc. |
Ans:- (3) The steps of entrepreneurship development program are –
(a) Setting up concrete objectives of the development program
(b) Identifying and nominating valid and genuine candidates
(c) Program designs focus on local talents and markets
(d) Choosing the right location
(e) Development program should meet the requirements
(f) Program impact analysis for future programs.
Ans:- (4) The main characteristics of entrepreneurship are –
(a) Economic and dynamic activity
(b) Continuous innovations
(c) Opportunities and potential for growth and profits
(d) Taking and tolerating risks.
Ans:- (5) Entrepreneurship involves creating a business and leading it to generate profit gradually. It is time-consuming work that requires a good amount of dedication and patience. Entrepreneurship leads to creating jobs and provides change in the society too. Although it demands a lot off attention and effort, entrepreneurship has its own sets of rewards –
(a) Growth opportunities – Taking new risks provides new and beneficial opportunities such as mutually beneficial business collaborations or relations, etc.
(b) Independence and greater control – Since flexible decision-making system and independent and coordinated work are features of entrepreneurship, the amount of responsibility can be easily managed.
(c) Engaging work ethics – Democratic teams, like-minded teammates, satisfying results of hard work promote better work ethics.
Assessment
Ans:- (1) The various forms of business ownership are –
(a) Sole Proprietership
(b) Partnership
(c) Corporation
(d) Limited Liability Company
(e) Cooperative
Ans:- 2 Sole proprietorship (SP) is different from Corporation in the following ways –
(a) SP is owned by a single owner completely. In a Corporation a number of people own stocks of the business and are stockholders in the business.
(b) All liabilities are completely the responsibility of the owner in a SP. There stockholders have limited liability in a Corporation.
(c) The owner of the SP is involved in all its functions and his/her personal assets can be claimed by creditors if the business suffers losses. The functions and decisions are taken by a board of directors, chosen from the stockholders, and their personal assets are not claimable by creditors if the business suffers losses.
Ans:- (3) An LLC stands for Limited Liability Company and has the characteristics of both a corporation and partnership. It enjoys the limited liability like in a corporation. An LLC is able to decide according to what form of business ownership it will be taxed.
Ans:- (4) The difference between a corporation and a cooperative are as mentioned below –
Corporation |
Cooperative |
A corporation is business organisation that has a separate legal personality from its owners. |
A cooperative is a business organization owned by a group of individuals and operated for their mutual benefit. |
The owners own stocks in the corporation and are called stockholders. |
The owners are called members. |
Ex – Microsoft Corp. |
Ex – Housing cooperatives |
Ans:- (5)
Merchandising |
Manufacturing |
It involves buying products at wholesale price and sell those same products at retail price. |
It involves buying products, using these products as raw materials to produce new goods and selling the new goods. |
The selling price is higher than the purchasing price. |
The selling price is based on manufacturing costs. |
Ex – A business selling garments |
Ex – A business producing textiles from different materials like cotton, rayon, etc. |
Ans:- (6) Companies that are involved in activities that can be classified into more than one business type are called hybrid businesses. They can however be qualified on the basis of their major business interest. For example – A restaurant that sells Indian and Chinese food is a hybrid business. It is producing food from raw materials (manufacturing), offering drinks from different brands like Pepsi, Maaza, etc (merchandising) and is also providing the customers with their orders (service).
Ans:- (7) For a business to run successfully, a number of activities are involved. Such activities vary from managing the persons working for the business, managing capital, promoting and managing the sale of goods and services, bettering the already existing services and introducing new ones and ensuring that the demand and supply is met efficiently. Some important business activities are –
Human Resources – Since a business involves a number of people working together in different departments, conflicts, disagreements, etc are bound to rise. It is important to efficiently mediate between those who have any kind of problem with each other or are facing any issues in work. Moreover, employing new people and offering salary and benefit packages is an essential part of business. All of this is done by a person who looks after human resources. Thus, this activity forms the basis of a smooth operating business.
Research and Development – A business has to keep introducing or upgrading their services to remain in market. For that, they have to research and develop new ideas regularly. It is more so for businesses that are involved in the field of science and technology.
Ans:- (8) Human resource in a business refers to the people working in the business and managing these people. In a business, people need to be interviewed, hired and after that their benefit and payment packages need to be determined. Whether the employees are completing their work on time or not, how many people are assigned to what work and all other things that need to be looked after to ensure that the people working in the business are efficient or not are all managed by the Human Resources manager. Thus, in simple terms human resources means the management of the people working in the business.
Ans:- (9) For any business to be successful, it needs to establish a good relationship with its customers. That is why customer service is important for business. Customer service is important in the following ways –
(a) It enables the business to understand what the customers want.
(b) Customers are able to convey their demands and complaints to the authorities.
(c) It allows a dependable customer-provider relationship to be formed.
(d) The business is able to make a good name for itself in the market with reliable and efficient customer service.
Ans:- (10) Sales is the most essential part in a business. Different types of industry engage in sales in different ways. The business engages in continuing the sale of its goods or services to the existing clients as well as bringing in new clients. Through marketing the business aims at increasing its reach and exposure to the target market. Having an efficient sales and marketing team will enable the business to create profits.
Ans:- (11) Service – A service is a product that has no physical form. It is intangible in nature. For ex – Services such as customer support where the product is intangible, as a customer or provider cannot actually touch what is being provided. However, the service, such as helping the customer get a refund for a returned product, is providing the customer with something that they want.
Product – A product is something that the customer receives from the seller or provider on demand. Such a thing can be tangible or intangible. Example – A book being sold to a student is a tangible product, whereas an internet provider company providing Wi-Fi services to a person is giving an intangible product as it cannot be touched.
Ans:- (12) Entrepreneurship can be a difficult field of profession. It requires a lot of skills and the capability to take risks. One cannot create profit easily by being an entrepreneur if they are not trained or have sufficient knowledge. That is why an entrepreneurship development program is required. It aids the entrepreneurs to develop their skills by applying what they learn in the training for improved business activities.
Ans:- (13) Entrepreneurs use their new ideas and approaches to create startups. Such startups will obviously need new people to carry out the different functions of the startup. In this way entrepreneurs provide employment which in turn aids in promoting the nation’s economy. They also actively pay their taxes and do not shy away from their responsibilities towards their country. In this way, they aid the promotion of the nation’s economy.
Ans:- (14) The features of entrepreneurship development program are –
(a) Setting up concrete objectives of the development program
(b) Identifying and nominating valid and genuine candidates
(c) Program designs focus on local talents and markets
(d) Choosing the right location
(e) Development program should meet the requirements
(f) Program impact analysis for future programs.
Ans:- (15) Characteristics of entrepreneurship are –
(a) Economic and dynamic activity – All activities of an entrepreneurship are focused on the creation of wealth and value for organisation majorly through economic activities. It is dynamic as it works on the foundation of uncertainty and adapting to constant challenges.
(b) Continuous innovations – Entrepreneurship is based on the concept of creating and working on new ideas. Constant evaluations of processes and their outcomes lead to the birth of innovative ideas and improvements in the existing modes of business operations.
(c) Opportunities for growth and profit– Entrepreneurial entity has more potential for further and growth and return on investments due to the continuous process of improvements in the process of production, accepting more challenges and delivering in better ways.
(d) Taking and tolerating risks – The will to take risks in order to improve the quality of work and tolerating any losses in case of failure of plan is an essential element of entrepreneurship.
Ans:- (16) By taking risks in business, entrepreneurs are able to expand the scope of their business. They gain new experiences which they can in turn apply while managing the functioning of their business. Through taking risks, they can also enter into beneficial partnerships with creditors. Thus, entrepreneurs are able to benefit by taking risks in business.
Ans:- (17) Entrepreneurship plays a number of roles that are beneficial personally as well as socially –
(a) Mobilisation of public wealth – Entrepreneurship involves investments from various creditors and stakeholders. This leads to profits for those involved and also mobilisation of public wealth.
(b) Creation of employment opportunities – An entrepreneurship will need people to carry out its various functions. Thus, various people are employed due to this.
(c) Contribution to industrial development – It helps with regional development by locating in less developed and backward areas. The growth of industries and business in these areas leads to infrastructure improvements.
(d) Contribution in economic growth – India’s MSME sector accounts for over 35% of the country’s GDP by making use of resources like land, labour, etc.
(e) Enhancing living standard of people – Through employment living standard automatically increases. Moreover, new services and products also enhance the standard of living.
Ans:- (18) The rewards of entrepreneurship are as follows –
(a) Growth opportunities
(b) Independence and greater control
(c) Engaging work ethics
(d) Being the captain of your business with full independence
(e) Stay creative and productive
(f) Flexible schedules and processes.
Ans:- (19) Entrepreneurs contribute to industrial development in the following ways –
Contribution to industrial development – It helps with regional development by locating in less developed and backward areas. The growth of industries and business in these areas leads to infrastructure improvements.
They help in social development in the following ways –
(a) Creation of employment opportunities – An entrepreneurship will need people to carry out its various functions. Thus, various people are employed due to this.
(b) Enhancing living standard of people – Through employment living standard automatically increases. Moreover, new services and products also enhance the standard of living.
Ans:- (20) Entrepreneurship itself is based on the concept of new ideas and approaches as well as taking risks to improve their business. This would require the entrepreneurs to be creative and innovative in order to introduce ideas that will make profits as well as meet the demands of customers. Moreover, no support or guidance is there for entrepreneurs when they first start their startup. Since their idea will be new and they will want to create something different, they have to work hard and ensure that all things are looked after. This would require them to be independent. Thus, entrepreneurs are innovative and independent.