Page 87 - Design Thinking C11

¾ 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.
¾ Entrepreneurship is the process of developing a business plan, starting and running a business with
innovation, meeting customer needs and generating profits.
¾ A manufacturing company is involved in developing the raw materials into finished products to meet
the needs of its customers.
¾ 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.
¾ A business activity that you can't see, but that benefits the buyer, is called a service business.
¾ Every entrepreneur has certain unique qualities that make him successful.
¾ 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.
¾ 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.

¾ Open-mindedness means being open to trying new things and being open to take feedback from others.
¾ An entrepreneur's attitude influences his choice of action when running a business.
¾ Problem-solving is a thought process through which an entrepreneur can come up with multiple
solutions to improve his business.
¾ Creativity means to come up with ideas that others have not thought of before.
¾ Innovation means coming up with new ideas and finding ways to implement them.
¾ 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.
¾ The idea determines what business an entrepreneur pursues to make a profit. The idea can be a product,
service, or hybrid model.

¾ Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products
or services offered to the company.
¾ Business owners need to survey all possible businesses to find out what is available in the market and
what their competitors are doing.
¾ A business plan is a detailed plan of what entrepreneurs want to achieve in a company and how to
achieve it.
¾ 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.

Entrepreneurial Skills-III
85