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9. Which among the following businesses is involved in developing the raw materials into finished
products to meet the needs of its customers?
a. entrepreneurship b. trading
c. manufacturing d. service
10. Independence means the ability to and the self-confidence to make decisions.
a. work alone b. work in a team
c. not work at all d. work with a partner
B. Fill in the blanks.
1. helps business owners take the first step to start a new business, and then try new things to grow
their business.
2. Another way to grow your business is to provide some to your customers.
3. In surveys, you go directly to your customers and talk to them
4. needs are needs that people have but are not aware of or expect to be addressed by a
business.
5. A business activity that you can't see, but that benefits the buyer, is called a .
C. State whether the following statement is True or False.
1. Another important reason for having a plan is to set ambitious, yet realistic goals.
These goals demotivate the entrepreneur.
2. Every entrepreneur has certain unique qualities that make him successful.
3. Perseverance is a thought process through which an entrepreneur can come up with multiple
solutions to improve his business.
4. Open-mindedness means coming up with ideas that others have not thought of before.
5. Knowing your interests and aptitude is certainly important for entrepreneurs.
D. Match the following.
1. Scale-up a. Trading Business
2. Business idea b. not giving up
3. Local chemist c. attracting more customers
4. Competitive surveys d. solution
5. Perseverance e. observe & ask others
SECTION B (Subjective Type Questions)
A. Short answer type questions.
1. What is the importance of business planning?
Ans. Business planning is important to entrepreneurs. The reasons for making a business plan are as follows:
a. Estimate of required funds: Once you know the products and sales destinations, the next steps are to estimate
the amount it will take to start a business. Without an estimate of the amount of money, an entrepreneur
could make a large investment or start a business without enough money to run the business.
b. Goal Setting: Another important reason for the plan is to set ambitious yet realistic goals. These goals
motivate entrepreneurs to work hard.
82 Touchpad Artificial Intelligence (Ver. 2.0)-XI

