Page 90 - Design Thinking C11

Answers
I. 1. (a) Entrepreneurship

2. (c) business plan
3. (d) Surveying customers
4. (b) improve
5. (c) Hybrid model
6. (a) Critical Thinking

7. (d) Partially fulfilled needs
8. (b) increase
9. (c) manufacturing
10. (a) not work at all
15. (c) (i)-Bold, (ii)-Italics, (iii)-Underline
II. 1. Confidence 2. offers 3. customer 4. Unknown 5. service

III. 1. False 2. True 3. False 4. False 5. True
III. 1. c 2. d 3. a 4. e 5. b

V. 1. 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.
2. • 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. 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, focus on customer and
responsibility.
VI. 1. 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?

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