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Step 2: Getting Money and Material: Once you have your business idea, the next step is to gather the
money and materials needed to get started. You don’t need a big investment right away—starting
on a small scale can help you manage costs and grow gradually. Use the money you have to purchase
the basic materials essential for your business.
Step 3: Understanding Customer Needs: Once you start selling, you’ll begin to learn what your customers
truly like and want. Pay close attention to their feedback and buying habits, as this will help you
improve your products or services. You’ll also discover what they don’t like, giving you a chance
to make necessary changes and better meet their expectations. This stage is all about listening,
adapting, and building a loyal customer base.
Step 4: Improving Product/Service: Use the feedback from your customers about what they like and
don’t like to refine and improve your product or service. Constantly improving based on customer
input helps you stay relevant and competitive in the market.
Recap Zone
Entrepreneurship involves identifying opportunities in the market or society and taking calculated
risks to turn innovative ideas into reality.
An enterprise is an organised effort to create or provide something valuable, whether it’s a small
neighbourhood bakery or a large multinational company.
Competition driven by entrepreneurs helps reduce the cost of goods and services, making them more
affordable and accessible to a broader population.
Wage employment involves working for a company with a fixed salary and set duties, while
entrepreneurship involves running your own business, making decisions, and managing financial risks.
Entrepreneurs can change their plans and strategies when needed.
Entrepreneurship lets you start a business based on what you love doing.
There are two main types of product businesses: Manufacturing Business and Trading Business.
A service business is all about offering help or expertise instead of selling physical items.
A hybrid business combines selling physical products with offering services.
A sole proprietorship is a type of enterprise that is owned, managed and controlled by a single
individual.
A cooperative business is a member-owned business structure and usually allows a limited distribution
of profits to members.
Entrepreneurship development is about learning how to start and run a business.
Entrepreneurship development process can be done through two methods: formal and informal.
Exercise
Section A (Objective Type Questions)
A. Multiple choice questions.
1. What is the main focus of enterprises when it comes to planning and using resources?
i. To create new products only ii. To achieve goals and serve customers well
iii. To spend as much as possible on resources iv. To avoid competition
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