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ii. 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, focus on customer and responsibility.
B. Long answer type questions.
1. 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:
i. Who is the customer and which need is being met?
ii. What product/service to sell?
iii. What are the various business activities involved?
iv. Which material(s) is/are required to build the product?
v. What is the number of customers being targeted?
vi. What is the role of each team member?
2. 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.
3. What are the differences between the attitude of Entrepreneurs and Employees?
Ans.
Entrepreneur Employee
An entrepreneur believes in himself or herself so that When an employee starts a new job, he or she
he/she may confront any problem with confidence is usually managed by someone who assists and
and succeed. encourages him/her.
An entrepreneur is accountable for ensuring that An employee meets the company's objectives.
the work they do offers value to the customer. Not all employees of a company work directly to
Entrepreneurs determine what type of job to do and meet the demands of clients. They may or may
how to execute it. They make their own decisions and not have any direct obligation to the customer.
work to complete the task.
Entrepreneurs typically work in an uncertain An employee's employment is usually internal
environment, where they have no idea what will and is unaffected by the outside world. As a
happen once, they begin anything new. As a result, it result, believing in change is not required for an
is critical for an entrepreneur to remain optimistic and employee to do their duties.
think that the market situation can change.
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