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4. "Surveying customers is an exercise entrepreneurs do to understand if there is a market for what they have to offer."
Elaborate.
Ans. Through surveying, entrepreneurs try to find out if they meet the needs of their customers and also understand
what their preferences are. Surveying customers is one of the most effective ways to find out what customers want.
Surveying can be done by talking directly to customers and asking them questions. Entrepreneurs are directly
responsible for ensuring that the needs of customers are met by the products or services offered by them. In
business, it is very important to understand exactly what most customers want.
5. Explain how perseverance and confidence make an entrepreneur successful?
Ans. Perseverance means not giving up and continuing even when difficult situations arise. There are many challenges
involved while running a business. A responsible entrepreneur overcomes these challenges, learns from them,
and moves on, no matter what. Entrepreneurs need to stay optimistic and motivated when things get tough.
While working hard, an entrepreneur also needs to think about improvement and growth. Perseverance doesn't
mean doing the same process over and over again. It means finding different and creative ways to overcome
difficulties and always thinking about achieving the goal no matter what happens along the way. Confidence
means believing in yourself and your approach. Confidence helps business owners take the first step to start a
new business, and then try new things to grow their business. It encourages entrepreneurs to continue even if
they fail. Confidence also encourages business owners to visit customers and seek feedback on their products
or services. Feedback helps entrepreneurs further improve and grow their businesses
C. Competency-based/Application-based questions:
Mamta has started a small business selling ready made lady garments online. However, she is just managing to make
ends meet – profit margin is very less. Which values would you suggest to Mamta to turn her business into a successful
venture?
Ans. Perseverance, Positive, open mindedness and stay motivated.
Unsolved Questions
SECTION A (Objective Type Questions)
uiz
A. Tick ( ) the correct option.
1. Business owners need to all possible businesses to find out what is available in the market.
a. check b. examine
c. survey d. review
2. is a thought process through which an entrepreneur can come up with multiple solutions to
improve his business.
a. Problem-solving b. Challenge facing
c. Creativity d. Attitude
3. Business owners can improve their business by improving the ____ of the products or services offered to their
customers.
a. quantity b. quality
c. service d. All of these
4. _______ is fundamental to business growth. It helps to create a vision for a well-established business.
a. Quality b. Quantity
c. Service d. Planning
84 Touchpad Artificial Intelligence (Ver. 2.0)-XI

