Justify the following statement

1) Entrepreneurship is the best source for self- employment.
Solution: 
(1) Intellectual capabilities: 
An entrepreneur is a creative thinker. He always thinks more creatively and better than others. He always gives innovative ideas which are the sign of his intellectual capabilities. He has the ability to analyze any situation and take the proper decisions.

(2) Future vision: 
The entrepreneurs have the ability to foresee the future market conditions. He can take appropriate decisions by considering the recent market situation and changes in market conditions. He must have knowledge of the external business environment. This enables them to take timely actions.

3) Technical knowledge: 
The entrepreneur should have advanced technical knowledge about the products and services, plans of production, etc. An entrepreneur should also update his technical knowledge from time to time to understand the latest changes that take place in technology.

(4) Risk-bearing capacity: 
This is one of the main characteristics of an entrepreneur. He should be calculative in taking a risk. He should be prepared to face challenges and look for opportunities in every adverse situation of the business. Thus Entrepreneurship is the best source of self-employment.

2) A successful businessman takes a calculated risk.
Solution: 
A successful businessman should be calculative in taking a risk. He should be prepared to face challenges and look for opportunities in every adverse situation of the business. He should be self-confident to achieve his organizational goals. He should always keep himself confident and motivated to face various obstacles and come out victorious every time in every challenge he faces. A businessman has to undertake many risks including fall in prices, changes in fashion, earthquake, etc. All these risks cannot be insured with insurance companies. A risk that cannot be insured against and measured is called uncertainty. A businessman buys factors of production at certain prices to combine their contributions into the products and then sell those products at uncertain prices in the future. Thus, a Successful businessman takes a calculated risk.

3) Entrepreneur must be a good communicator.
Solution: 
An entrepreneur needs to communicate effectively with different people like customers, suppliers, creditors, employees, etc. from time to time. He should have good communication skill and command over the language he speaks, to be able to express his ideas and strategies effectively. Good communication skills mean proper understanding between sender and the receiver of the message.

4) An entrepreneur must be an innovator.
Solution: 
Innovation is a dynamic change brought by an entrepreneur by bringing new combinations of factors of production. Innovation by the entrepreneur is a must for the development of an organization. An entrepreneur can be an innovator in many ways. They are:
(1) Introduction of a new product: 
Entrepreneur through his dynamic skill and intelligence create new products by fulfilling innovation to commercialization by embedding it in an environment where it did not exist previously.

(2) Introduction of a new method of production: 
By introducing new and latest technology an entrepreneur brings new life and energy in methods of production. The introduction of new technology, new machinery, scientific methods of production will save money and time for the organization.

(3) Opening of a new market:
An innovative entrepreneur creates and opens new avenues, new ideas with new products. It opens a new market which is not existing previously.

(4) Carrying out new forms of organization for industry: 
An innovative entrepreneur is the one who discovers new methods and new materials. He utilizes inventions and discoveries in order to make new combinations. Thus, the entrepreneur must be an innovator.

5) With creativity, farmers can expand their Agro-tourism Business.
Solution: 
With creativity, farmers can expand their Agro tourism business through recreation, fun, entertaining activities. The valuable activities which farmers can do creatively are :

(1) Outdoor recreation: 
The farmer can add value and can expand their agro-tourism business by outdoor recreation like trekking, fishing, hunting, wildlife study, horseback riding, etc. All such activities are the point of attraction for a tourist and this can be enjoyed with family and friends too.

(2) Educational experiences : 
Farmers can also be more creative in farming tours, rice plantation, cooking classes on chulha. All such activities help customers to get the hands-on experience which they enjoy adding educational values.

(3) Entertainment:
Entertainment through harvest festivals like ‘Hurda Party in Maharashtra, local dances, folk songs is recreation also the main attraction for a customer for agro-tourism. Entertaining activities such as a contest, adult and children classes, games, etc. can be arranged. This innovative touch helps the farmer to expand their business.

(4) Hospitality services: 
Hospitality services like farm stays, guided forms make a customer happier. The farmer can add value to guest experience by offering them refreshments, fresh fruits, juice, fresh food, etc.

A happy customer will definitely return and also spread good word of mouth to their family and friends. Thus, with creativity, farmers can expand their agro-tourism business.