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5. Business idea can be a product, service, or .
a. Dynamic model b. Eco model
c. Hybrid model d. All of these
6. means understanding a situation or problem by asking questions like why, what,
when, how, and investigating the situation or the reason for the problem.
a. Critical Thinking b. Creative Thinking
c. Analytical Thinking d. Logical Thinking
7. Which needs are met through different products or services, but customers are not completely
satisfied and still have problems using them?
a. Fulfilled needs b. Unfulfilled & known needs
c. Unknown needs d. Partially fulfilled needs
8. If an idea is innovative and the way it is implemented is also innovative, the growth opportunities
of the business will .
a. decrease b. increase
c. Neither a or b d. Both a and b
9. Which among the following businesses is involved in developing the raw materials into finished
products to meet the needs of its customers?
a. entrepreneurship b. trading
c. manufacturing d. service
10. Independence means the ability to and the self-confidence to make decisions.
a. work alone b. work in a team
c. not work at all d. work with a partner
B. Fill in the blanks.
1. helps business owners take the first step to start a new business, and then try new things to grow
their business.
2. Another way to grow your business is to provide some to your customers.
3. In surveys, you go directly to your customers and talk to them
4. needs are needs that people have but are not aware of or expect to be addressed by a
business.
5. A business activity that you can't see, but that benefits the buyer, is called a .
C. State whether the following statement is true or false.
1. Another important reason for having a plan is to set ambitious, yet realistic goals.
These goals demotivate the entrepreneur.
2. Every entrepreneur has certain unique qualities that make him successful.
3. Perseverance is a thought process through which an entrepreneur can come up with multiple
solutions to improve his business.
4. Open-mindedness means coming up with ideas that others have not thought of before.
5. Knowing your interests and aptitude is certainly important for entrepreneurs.
Entrepreneurial Skills-III 89

