entrepreneurship skills 3

Question 1

Some ways by which aspiring entrepreneurs can
identify new business opportunities and evaluate their
potential and risks are as follows.

Answer 1

• Community concerns: Look for issues that
  concern your community.
• Personal experiences: Many powerful world
  changing ideas come from the experiences and
  challenges an entrepreneur faces in life.
• Research with others: Speak to like-minded
  people, get involved through social groups and
  join local startup groups.
  -

Question 2

Startups

Answer 2

A startup is a company that is in the first stage of
its operations. A startup and a traditional business venture are different, most notably for the way they think about growth

Question 3

some imp points abt startups

Answer 3

• Startups can be started with
  minimum investment. Most
  startups thrive on an idea that
  involve technology or offer
  technology-driven solutions.
• Startups seek financial investment differently
  than most small businesses. They rely on
  capital that comes via angel investors or
  venture capital firms, while small business
  operations rely on loans and grants.
• Startups come up with an innovative idea. At
  the same time, they like to get guidance and
  mentoring from an expert.

Question 4

barriers

Answer 4

The things
can stop the person from achieving success.
These are called ‘barriers’.

Question 5

But the most common Environmental barriers include the following.

Answer 5

• Lack of adequate resources or raw material
• Non-availability of skilled labour
• Lack of requisite machinery and other
  infrastructure
• Unavailability of monetary resources on time

Question 6

No or faulty business plan

Answer 6

Every entrepreneur wants a successful business. But
if a person does not make an action plan, it may lead to a chaotic situation. Having a plan to reach the goal
helps the person in knowing one’s role in running a
successful business and pushes everyone associated
with it to work harder.

Question 7

Personal barriers

Answer 7

Establishing any new venture is a risk because
there is always a fear of what may go wrong. Secondly,
f
inding a suitable team is also a tedious job. A team of
careless and non-suitable workers may cause damage
to a business.

Question 8

Self-doubt

Answer 8

It is easy to get discouraged when something goes
wrong in a business. One starts doubting oneself and
may even feel like giving up. Self-doubt comes when we
do not have confidence in ourselves and our abilities.

Question 9

Forming a team and teamwork

Answer 9

Finding suitable people and training them to put in
their best for the business is a tedious and dificult
exercise.