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(c) Feasibility study: Entrepreneurs undertake feasibility studies to determine the commercial viability
of a new product or service. They anticipate problems and evaluate the number, quality, pricing, and
sources of inputs needed to run the business. A 'business plan' or 'project report' is a roadmap of all
actions.
(d) Resourcing: To establish a successful business, an entrepreneur requires a variety of resources such as
money, machinery, raw materials, and labour. An entrepreneur's primary responsibility is to secure the
timely availability of all of these resources.

2. Following are some methods for prospective entrepreneurs to identify new business opportunities and
assess their potentials and hazards:

(a) Community Concerns: Look for problems that are important to your community. Starting small might
have a big payoff in some cases. Identify inefficiencies, analyse how an innovation can assist, and
weigh the dangers.

(b) Personal experiences: Many significant world-changing ideas emerge from an entrepreneur's life
experiences and obstacles. 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.
(c) Discuss with others: Talk to like-minded people, get active in social groups, and join local startup
groups to conduct research with others. Many times, conversing with others opens up new avenues of
opportunities. It is also beneficial to master the subtleties of business.

3. (a) Entrepreneurs of the first generation: First generation entrepreneurs are people who have no prior
business experience. They can come from a variety of ages and backgrounds. A person who starts at the
age of 50 without any entrepreneurship history is also a first-generation entrepreneur, as is someone
who starts at the age of 17.
(b) Entrepreneurs from a family business: When a family or a person successfully operates a business and
passes it down to the next generation, such entrepreneur is referred to as a family business entrepreneur.
The individual to whom the business or the operation of an enterprise is passed over is not the
first-generation entrepreneur. The individual continues to carry out all inherited entrepreneurial
operations in the same manner or brings specific technology upgrades to the existing technique and
approach of the family business.

4. Following are the few qualities that motivate an entrepreneur:
(a) Excellence as a standard: An entrepreneur consistently sets high standards and seeks to achieve
excellence by working hard and being innovative.
(b) Uniqueness: One of the most significant characteristics of an entrepreneur is the ability to be unique in
everything he or she does and how it is done.
(c) Concentrate on long-term goals: Long-term goals are those that are out of reach in terms of time. An
entrepreneur is more concerned with what will be accomplished in the distant future than what will
be accomplished in the near future. The individual will plan and work carefully to achieve long-term
objectives.

(d) Need to exert influence: The entrepreneur feels that ideas can be revolutionary and expects them to
have a significant impact on the world. Most entrepreneurs' ideas have had an impact on the globe, and
others have radically changed the face of the planet.

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