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2.  Explain any 2 values possessed by successful entrepreneurs.
                     Ans.  •     Independence:  It means the ability to work alone and the self-confidence to make decisions. It is  the
                               entrepreneur's responsibility to decide what kind of work to do and how to do it.
                          •      Open-mindedness: It means being open to trying new things and being open to take feedback from others.
                               In the process of starting and growing a business, an entrepreneur will try many different things. During this
                               process, it is important to keep an open mind and to allow new thoughts and ideas to come to you.
                       3.  What do you mean by the attitude of an entrepreneur?

                     Ans.  Attitude is the tendency to react in a certain way to a certain idea, object, person, or situation. An entrepreneur's
                          attitude influences his choice of action when running a business. An entrepreneur should possess the following
                          attitudes to be successful—belief in self, decision-making and responsibility.

                 B.   Long answer type questions.
                       1.  While starting a new business, what questions should the entrepreneur think of?
                     Ans.  When planning a business, an entrepreneur has to think about several factors. This includes answering the following
                          questions:
                          •     Who is the customer and which need is being met?
                          •     What product/service to sell?
                          •     What are the various business activities involved?
                          •     Which material(s) is/are required to build the product?
                          •     What is the number of customers being targeted?
                          •     What is the role of each team member?
                       2.  What are the differences between the attitude of Entrepreneurs and Employees?

                     Ans.                   Entrepreneur                                     Employee
                           An entrepreneur believes in himself or herself so that  When an employee starts a new  job,  he or  she
                           he/she  may  confront  any  problem  with  confidence  is usually managed by someone who assists and
                           and succeed.                                     encourages him/her.

                           An entrepreneur  is accountable  for  ensuring  that  An employee meets the  company's objectives.
                           the  work  they do  offers value to the  customer.  Not all employees of a company work directly to
                           Entrepreneurs determine what type of job to do and  meet the  demands of clients. They  may or  may
                           how to execute it. They make their own decisions and  not have any direct obligation to the customer.
                           work to complete the task.
                           Entrepreneurs typically  work  in an  uncertain  An employee's employment is  usually internal
                           environment,  where they  have no idea  what  will  and  is unaffected by  the  outside world.  As a
                           happen once, they begin anything new. As a result, it  result, believing in change is not required for an
                           is critical for an entrepreneur to remain optimistic and  employee to do their duties.
                           think that the market situation can change.

                       3.  List any 2 ways of developing a business idea.

                     Ans.  Most ideas come from either the customer's needs or inspiration from what others are doing. There are many ways
                          to develop practical ideas while being innovative.

                          •  Location-based Ideas: Entrepreneurs can develop ideas to meet the needs of customers in a particular location.
                          •  Seasonal Ideas: In the summer, people in big cities want to drink cold and healthy drinks, but in the winter they
                             like hot drinks. Depending on the season, entrepreneurs can develop ideas.






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