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4. "Surveying customers is an exercise entrepreneurs do to understand if there is a market for what they have to offer."
Elaborate.
Ans. Through surveying, entrepreneurs try to find out if they meet the needs of their customers and also understand what
their preferences are. Surveying customers is one of the most effective ways to find out what customers want. Surveying
can be done by talking directly to customers and asking them questions. Entrepreneurs are directly responsible for
ensuring that the needs of customers are met by the products or services offered by them. In business, it is very
important to understand exactly what most customers want.
5. Explain how perseverance and confidence make an entrepreneur successful?
Ans. Perseverance means not giving up and continuing even when difficult situations arise. There are many challenges
involved while running a business. A responsible entrepreneur overcomes these challenges, learns from them, and
moves on, no matter what. Entrepreneurs need to stay optimistic and motivated when things get tough. While working
hard, an entrepreneur also needs to think about improvement and growth. Perseverance doesn't mean doing the same
process over and over again. It means finding different and creative ways to overcome difficulties and always thinking
about achieving the goal no matter what happens along the way. Confidence means believing in yourself and your
approach. Confidence helps business owners take the first step to start a new business, and then try new things to grow
their business. It encourages entrepreneurs to continue even if they fail. Confidence also encourages business owners
to visit customers and seek feedback on their products or services. Feedback helps entrepreneurs further improve and
grow their businesses
C. Competency-based/Application-based question. #Ethical & Moral Reasoning
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.
Entrepreneurial Skills-III 89

