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•  Open-mindedness means being open to trying new things and being open to take feedback from others.
                    •  An entrepreneur's attitude influences his choice of action when running a business.

                    •  Problem-solving is a thought process through which an entrepreneur can come up with multiple solutions
                     to improve his business.
                    •  Creativity means to come up with ideas that others have not thought of before.

                    •  Innovation means coming up with new ideas and finding ways to implement them.
                    •  Critical thinking means understanding the situation or problem by asking questions like why, what, when,
                     how, and investigating the situation or the reason for the problem.
                    •  The idea determines what business an entrepreneur pursues to make a profit. The idea can be a product,
                     service, or hybrid model.
                    •  Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products or
                     services offered to the company.
                    •  Business owners need to survey all possible businesses to find out what is available in the market and what
                     their competitors are doing.
                    •  A business plan is a detailed plan of what entrepreneurs want to achieve in a company and how to achieve it.
                    •  After starting a business, entrepreneurs need to think about how to continue to improve and grow by adding
                     value to their business for attracting customers.




                                                           Exercise





                                                       Solved Questions

                                                SECTION A (Objective Type Questions)
                     uiz
              A.   Tick ( ) the correct option.

                   1.   What  is  the  process  of  developing  a  business  plan,  starting  and  running  a  business  with  innovation,  meeting
                       customer needs and generating profits called?

                        a.  Entrepreneurship                           b.  Capitalism
                        c.  Democracy                                  d.  Entrepreneur

                   2.   A               is a detailed plan of what entrepreneurs want to achieve in a company and how to achieve it.
                        a.  plan                                       b.  Community plan
                        c.   business plan                             d.  Either a or b

                   3.                 is an exercise entrepreneurs do to understand if there is a market for what they have to offer.
                        a.  Competition survey                         b.  Population survey
                        c.  Both a and b                               d.  Surveying customers

                   4.   After starting a business, entrepreneurs need to think about how to continue to     and grow by
                       adding value to their business for attracting  customers.
                        a.  adjust                                     b.  improve
                        c.  grow                                       d.  plan


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