Page 111 - Design Thinking C11

Answers

I. 1. (c) 2. (a) 3. (c) 4. (d) 5. (a)
6. (b) 7. (c)

II. 1. startup 2. feasibility study 3. wage employee 4. entrepreneur 5. first-generation
III. 1. False 2. True 3. True 4. False 5. True
IV. 1. The following are the most common environmental barriers:
• Inadequate resources or raw materials

• Inadequate skilled labour
• Inadequate machinery and other infrastructure
• Inadequate monetary resources on time

2. Among the numerous advantages are the following:
• Engage in activities that stimulate your interest: Entrepreneurship allows you to start and do what
you enjoy by combining your interests and talents.
• Work for yourself, not for others: As an entrepreneur, you have the option of working for yourself
rather than for someone else. You have the freedom to choose the type of work you want to undertake
and how you want to accomplish it.
• Make profits for yourself: As an entrepreneur, you have the freedom to choose how much money you
want to make and how you want to make it.
3. It is critical to be persistent, patient, and willing to continue even if the first battle is lost. Entrepreneurs
must remain focused, patient, and confident in their mission. Only by attempting different things and
methodologies can a solution be found.
4. An entrepreneur is someone who seeks to address the demands of a consumer through new ideas or ways
of doing business while still making a profit. New ideas for adding value to a firm can take many forms,
including new products such as adding variation and new services such as home delivery or credit services.

5. A business idea is a thought that can be used to make money and is usually focused on a product or
service that can be sold for money. The first step in the process of establishing a successful business is the
generation of an idea.
6. Initiative, willingness to take risks, ability to learn from experience, motivation, self-confidence, hard work,
decision making ability.

7. An entrepreneur has the potential and willingness to overcome every hurdle that comes in his/her way.
Qualities can be uniqueness, need to influence, identifying opportunities and risk taking.

V. 1. The following are some of the essential functions that an entrepreneur must accomplish:
(a) Identifying business opportunities: There are numerous opportunities in the corporate sector. These
are based on ever-changing human requirements such as food, fashion, and education. The general
population is unaware of these opportunities. However, an entrepreneur detects opportunities faster
than others. As a result, the entrepreneur must have his or her eyes and ears open at all times. To
become an entrepreneur, one must have vision, creativity, and innovativeness.
(b) Putting ideas into action: Entrepreneurs must be able to put their ideas into action. They should be
able to gather information on ideas, products, and processes in order to meet market demand.

Entrepreneurial Skills-IV
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