Read the following case study and answer questions.

What do you need to be a business person? Was the opening question the anchor of a television interview asked to an eminent business personality. "Cash" she heard and thought that her interview is going to be a spoil. For it was an answer so obvious and exhaustive that there was not anything else to talk and or this is what she thought.

The entrepreneur saved her day "young lady" he continued "you seem to have got it wrong. What I meant was not c_a_s_h = cash but K_A_S_H= KASH!"

Interview was off to a flying start. And the interviewer went onto elaborate what he meant K= Knowledge, A=Attitude, S= Skill and H= Habits.

Thus Entrepreneur should be confident enough having attitudes related to innovation, persuasion, research etc. He/She is the person who takes risk about future which is uncertain so he must have the required competencies to contribute to the development of the nation.

In relation to economic development, entrepreneurs contribute to:

Creating business opportunities for others

Entrepreneurs are people who start new businesses. When they start a new business, they create jobs for themselves and others. They also create new products and services that can improve the lives of consumers. Entrepreneurs can also help to boost economic growth by increasing competition and innovation. Entrepreneurs create jobs, not less jobs. Entrepreneurs help to grow the economy, not decline it. Entrepreneurs need capital to start and grow their businesses, so they contribute to capital formation, not decrease it.

Generation of Business Opportunities for Others: Every new business creates opportunities for the suppliers of inputs (this is referred to as backward linkages) and the marketers of the output (what is referred to as forward linkages). As a pen manufacturer you would create opportunities for refill manufacturers as well as wholesalers and retailers of stationery products. These immediate linkages induce further linkages. For example greater opportunities for refill manufacturers would mean expansion of business for ink manufacturers. In general, there are greater opportunities for transporters, advertisers, and, so on. So, via a chain-reaction, entrepreneurship provides a spur to the level of economic activity.