Page 100 - Design Thinking C11

Here are some details you learn from Pooja’s story:
a. She was a wage employee when she worked in her neighbourhood restaurant because she was working
for someone.
b. She started her own food business. She became an entrepreneur as she risked testing new ideas.

Identifying Possibilities and Taking Risks
Finding the correct business opportunity for a new entrepreneur is a vital question. Should the new venture
concentrate on developing a new product or service? Should the venture choose an established product or
service from one market and sell it in another, where it may be unavailable?
The following are some methods for prospective entrepreneurs to identify new business opportunities and
assess their potentials and hazards.
• Community Concerns: Look for problems that are important to your community. Starting small might have
a big payoff in some cases. Determine areas of inefficiency, evaluate how an innovation can provide
solutions, and weigh the potential dangers.
• Personal experiences: The experiences and challenges encountered by entrepreneurs often give rise to
powerful, transformative ideas. If you want to be an entrepreneur, you should listen to and be inspired
by the personal experiences of great entrepreneurs. Their experiences may teach you valuable lessons
in entrepreneurship and provide insights into certain company tactics that you can use to achieve
success.

• Discuss with others: Engage with like-minded individuals, participate in social groups, and join local
startup communities. Often, conversations with others can unveil new opportunities and provide valuable
insights. Such interactions also help you understand the finer details of running a business.
It is all about finding the appropriate opportunity and taking the leap of faith for an entrepreneur. Elon Musk
had the basic concept of creating a sustainable future through electric vehicles. His simple idea launched a
‘clean energy revolution,’ and today, practically all of us associate Tesla with innovation in transportation
and renewable energy, transforming the global automotive industry.

Startups

Scan the QR code or visit the following link to watch the video: What is a Startup? | Startup
Meaning and Types | The Money Gig

https://www.youtube.com/watch?v=9vpnrNcAi9s
So, you can understand from the video that a startup is a business that is in its early stages of
development. A startup and a regular company venture are not the same, especially when it comes to
growth. A startup is frequently financed by the founders until the business gains traction and attracts outside
money or investment.

These days, we hear a lot about startups being launched. It could be in the field of technology, health care,
food, virtual reality, or something else.

Let us learn more about startups:
• Startups can be launched with a small amount of capital. Many startups succeed by focusing on ideas
that incorporate technology or deliver technology-driven solutions. Many businesses like Swiggy and
Zomato, for example, have begun to offer online food delivery.
They collaborate with food service providers or restaurants to aid with home delivery of food using a
comprehensive app.

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