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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
88 Touchpad Artificial Intelligence (Ver. 3.0)-XI

