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SECTION B (Subjective Type Questions)
                 A.   Answer the following questions:
                     1.   What is the importance of business planning?

                     Ans.  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.   Explain any 2 values possessed by successful entrepreneurs.
                     Ans.  •     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.   What do you mean by the attitude of an entrepreneur?

                     Ans.  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 and responsibility.

                     4.   While starting a new business, what questions should the entrepreneur think of?
                     Ans.  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?
                          •     Which material(s) is/are required to build the product?
                          •     What is the number of customers being targeted?
                          •     What is the role of each team member?
                     5.   List any 2 ways of developing a business idea.

                     Ans.  Most ideas come from either the customer's needs or inspiration from what others are doing. There are many ways
                          to develop practical ideas while being innovative.
                          •  Location-based Ideas: Entrepreneurs can develop ideas to meet the needs of customers in a particular location.
                          •  Seasonal Ideas: In the summer, people in big cities want to drink cold and healthy drinks, but in the winter they
                             like hot drinks. Depending on the season, entrepreneurs can develop ideas.

                 B.   Competency-based/Application-based questions:
                     Mamta has started a small business selling ready made lady garments online. However, she is just managing to make
                     ends meet—profit margin is very less. Which values would you suggest to Mamta to turn her business into a successful
                     venture?

                 Ans.  Perseverance, Positive, open mindedness and stay motivated.








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