Answer – 1(i)

Flexibility is a necessary entrepreneurial trait. While flexibility is very

necessary when your business is taking unexpected twists and turns, flexibility,
in general, is a wise trait for entrepreneurs to cultivate, even in times where
things are feeling certain and going well. When an entrepreneur faces cash
crunch, he should look for alternative sources for receiving funds.
A business entrepreneur Ratan Tata is a person who had undertaken some effort
with risk for the benefit of others. He was aware that, the venture he started was
established on a new area and he has taken certain calculated risks, he was also
aware of, that many problems are bound to come in the path of progress, during
that time only taken a firm decision and when any problems like unforeseen
complexities had come in the path of progress, then only he had taken a firm
decision and shifted the manufacturing plant for Nano Cars from Singur to
Sanand due to unforeseen complexities.
It clearly shows that most of the entrepreneurs identify and understand the
problem, find more than one way for solving problems and, look for alternative
strategies or resources that would help to solve the problem, generate new ideas,
products, services, etc. Successful entrepreneurs understand that the world and
the environment in which they operate are constantly changing. They must
focus on the end game; they must adapt their strategies and offerings to meet
changing market conditions.