Session 4: Thinking Like an Entrepreneur
Unit 4: Entrepreneurship Skills
Textual Question-Answers
Check Your Progress
A. Subjective Questions
1. What are the key problems an entrepreneur may face whilerunning a business?
Ans: An entrepreneur may face several problems while running a business, including:
Financial problems: Lack of funds for starting or expanding the business.
Market competition: Facing strong competitors and changing customerpreferences.
Staffing issues: Finding skilled and reliable employees.
Operational problems: Managing production, supply chain, and dayto-day operations.
Legal and regulatory issues: Complying with laws, taxes, and licenses.
2. What are different ways in which an entrepreneur can think tosolve problems?
Ans: An entrepreneur can use several approaches to solve problems, suchas:
Analytical thinking: Studying the problem carefully and considering all factors.
Creative thinking: Finding innovative solutions or new ways to overcomechallenges.
Decision-making: Choosing the best course of action after evaluatingoptions.
Seeking advice: Consulting experts, mentors, or experienced business people.
Risk assessment: Considering possible outcomes and preparing foruncertainties
