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b. Scale-up: Scaling-up means growing your business by attracting more customers. There are a variety of ways
companies can reach out to more customers. One such path is to go to different geographical locations where you
can find new customers. For example, sell tea in various markets, office locations where many people work, rather
than in any highly competitive market.
c. Offer Alternatives: Another way to grow your business is to provide some offers to your customers. Alternatives
mean products and services similar to the ones already in the market. For example, selling phone covers with mobile
phones.
At a Glance
• An entrepreneur is a person who tries to satisfy the needs of a customer through new ideas or business
methods and makes a profit in return.
• Entrepreneurship is the process of developing a business plan, starting and running a business with
innovation, meeting customer needs and generating profits.
• A manufacturing company is involved in developing the raw materials into finished products to meet the
needs of its customers.
• Trading companies do not manufacture goods or products. They only facilitate the process of the finished
product to be brought from the production unit to the purchaser or customer.
• A business activity that you can't see, but that benefits the buyer, is called a service business.
• Every entrepreneur has certain unique qualities that make him successful.
• 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.
• Independence 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 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.
80 Touchpad Artificial Intelligence (Ver. 2.0)-XI

