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Idea                                             Description
               Ideas based on self-interest            Entrepreneurs can find inspiration close to home in their own interests.
                                                       Someone who loves and excels at dance, for example, could open a
                                                       dance studio catering to both serious dancers and those seeking a fun
                                                       fitness option
               Study based                             Your studies can be a gold mine for business ideas. Is there a lack of
                                                       good study resources? Create a website or app with helpful materials.
                                                       Solve student problems based on your own challenges and turn learning
                                                       into profit.


                                                Lab Assignment ‘n Activity                   #Problem Solving &
                                                                                             Logical Reasoning


                 Asha, the chai-seller
                 Asha started working in a multinational company after completing her MBA. She found that the cafeteria in the
                 company did not serve good quality tea. She also did not find any tea vendor near her company offices. After
                 working in the company for three years, she decided to start a venture of her own. For this, she chose to sell
                 good quality ‘chai’. She chose the area outside her previous company to start her ‘chai’ business. Every morning,
                 she would serve hot tea to her customers with a smile. She also included several varieties of ‘chai’ like ‘Tulsi chai’,
                 ‘Masala chai’, ‘Ginger chai’. Soon, her business started growing. People would willingly stop to buy a cup of ‘chai’
                 from her and even chat with her. She started only one tea stall but now runs five tea cafes in three different cities!
                 1.  Which ideology of idea creation did Asha follow?


                 2.  Why did Asha come up with this idea?


                 3.  Can you think of any idea to start a business?




                 4.9 UNDERSTANDING THE MARKET

              Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products or services
              offered by them. Therefore, in this phase of the business, it is very important to understand exactly what most customers
              want. Customer needs can be grouped into four types:

                                                Partially Fulfilled       Unfulfilled and
                        Fulfilled Needs                                                           Unknown Needs
                                                    Needs                 Known Needs


              Fulfilled Needs

              These are the needs that customers understand. The needs are met by various companies or governments. For example,
              the need for travelling modes is covered by both private bus services and state bus or metro services.

              Partially Fulfilled Needs

              These are needs that are met through different products or services, but customers are not completely satisfied and
              still have problems using them. For example, people always use taxi services like ola, uber and auto-rickshaws to get to
              different places, but they struggle to find one on time and end up paying an extra amount for it.
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