Page 84 - AI Ver 3.0 Class 11
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Problem-Solving
Problem-solving is a thought process through which an entrepreneur can come up with multiple solutions to improve
his business. The process begins by first recognising the problems. After understanding the problems, there are many
ways that an entrepreneur can solve them. An entrepreneur faces many problems or challenges. The problems may
be like finding the right idea, validating its market potential, buying equipment at the right cost, setting competitive
prices, etc. It's the ability to tackle them that makes an entrepreneur special. Let us discuss some of the ways most
entrepreneurs use to solve problems.
Creativity
Creativity means to come up with ideas that others have not thought of before. Creativity does not mean being artistic
or being good at drawing. An entrepreneur has to believe that he can think of new ideas to solve a problem.
Innovation
Innovation means coming up with new ideas and finding ways to implement them. The difference between creativity
and innovation is that creativity involves only thinking about new ideas, but innovation is also about finding ways to turn
those ideas into reality.
Critical Thinking
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. Entrepreneurs must always think critically when faced with a
challenge. Just worrying about the problems does not make them go away.
Generating a Business Idea
A business idea is a solution that entrepreneurs think about to serve their customers. The idea determines what business
an entrepreneur pursues to make a profit. The idea can be a product, service, or hybrid model. There are a few important
points to consider while thinking of an idea.
Business Idea
Understanding
the market
Planning the
business
Task #Interdisciplinary
Growing
Business 1. What is the purpose of a business idea?
2. What do you understand by critical thinking?
Principles of Idea Creation
Keep the following principles in mind while coming up with an idea:
Customer’s Need
An idea must satisfy the customer’s demand or need. A business idea can arise from an existing need in the market or
from a desire to improve what is already in the market. The product or service may not satisfy the customer’s needs.
Hence, there is a need to fill the gap.
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