Study Simplify Special
All Questions
Showing 238 of 238 questions
Which one of the following is not a stage of the enterprise building process?
Read the following statements: Assertion (A) and Reason (R). Choose the correct option given below.
Assertion (A): Trend spotting involves immediate recognition of new fashion and designs.
Reason (R): Spotting trends helps convert ideas into opportunities.
Shivaram started an ice-cream parlour "Scream Cream Cone" after observing the growing demand among students studying in schools and colleges. He quickly captured the market share in Indian desserts. Identify the idea fields from the following:
When knowledge, skills, competencies, and creativity are strategically applied to meet market demand, it results in:
Which of the following examples is not a part of the social environmental factor?
Read the following statements: Assertion(A) and Reason (R). Choose the correct option given below.
Assertion (A): Business Opportunities involve an attractive and accessible economic idea.
Reason (R): All ideas automatically become business opportunities.
Any change in social, legal or technological aspects leads to a new _______
Read the passage and answer the following questions:
Monish Ltd., was the market leader in the Mobile Phone industry in 2000. The company was well known for its affordable phones. In 2007, a new company launched new Mobile models with latest technologies and captured the market. Monish Ltd., did not expect this and lost the entire market share and had to close their operations. Which of the following SWOT analysis framework does this case indicate that Monish Ltd., failed to do?
Read the passage and answer the following questions:
Sanjana begins her morning by going through various online business journals and blogs. She takes a deep interest in market updates and connects the information she reads with her previous experiences and observations. This habit helps her gain valuable insights that can enhance business growth. Identify the way of trend spotting at this level.
Any product or service will face market competition at some stage. So, market competition should be assessed through a study of the trends in:
Nelson started an AC repair shop in his area after doing a diploma course. What idea field is it?
What is meant by a 'business opportunity'?
What is meant by 'idea fields'?
Read the passage and answer the following questions:
'Welsa Moto Corp's' electric vehicles with zero tail pipe emission are emerging as a good alternative to two major problems; (i) climatic change due to auto exhaust and (ii) increasing pollution leading to ill health. This Act of 'Welsa Moto Corp's' has taken care of ______ and ______ elements of macro environment.
Amit, an Entrepreneur, is always in touch with the changes taking place in the environment. He identifies opportunities and finds strategies to capitalise on these opportunities at the earliest. Sensing the requirement of providing reasonably priced food at their own place within no time with multiple options, he started the first online food network in India. Because of ______ advantage, he was able to capture more than 85% of the market share in no time.
______ process of entrepreneurship involves the translation of a useful idea into an application which has commercial value.
SWOT Analysis means to consider (a) Strengths (b) Weaknesses (c) Opportunities and (d) Tenure of Business.
Growing flowers and selling to floral decorators is an example of the following source of idea field:
Given below are some of the elements of a business opportunity. Identify the correct combination of the elements:
(i) Assured market scope (ii) Overcome adversity (iii) Practicability of the idea (iv) Potential of future growth
Assertion (A): A problem is a road block in a situation that forces the entrepreneur to find its solution.
Reason (R): One of the objectives of problem identification is to identify the target group facing the problem.
Evaluate the statements given above and choose the most appropriate option from the following:
Identify the prominent idea field from the following sentence: 'Additionally, malls today are synchronizing with customer's needs by offering constant engagement, activities and niche campaigns to cater to each target audience that visits the mall.'
'A plethora of restaurants serving luscious delicacies has seen massive footfall in many malls.' The idea field reflected in the given statement is:
The idea field which is depicted in the sentence 'Deliveries will be carried out using drones and virtual reality will be used as a sales channel' is:
From the following, identify the element of macro environment that would play a dominant role in the transformation of shopping malls in future.
During the rainy season, Subir observed that a large quantity of natural and free water was being wasted. Being a mechanical engineer, Subir started to work on a device that was to be installed in underground water tanks, for collecting the rain water, freezing it and creating a surplus water resource. He prepared a prototype and started the trials on this device. He was happy that he succeeded in converting his idea into reality. Identify the idea field that provided him an insight for developing the product:
Selection of a product or service will depend upon many factors while assessing the market. The demand assessment is one of them. This assessment is based on:
Aditi successfully completed her studies at a famous institute of fashion designing. She is now eager to establish a manufacturing unit specialising in designer clothes for the youth in India. To achieve this, she started going to locations frequently visited by her target customers. Additionally, she has begun exploring local markets and actively participating in fashion shows. These efforts aimed at gaining a deeper understanding of the market and ensuring that the manufactured designer clothes are in sync with the prevailing fashion trends.
Identify the way in which Aditi is spotting trends:
Samarya owned an airline business with a fleet of 20 aircraft operating between Nairo and Piere. She wanted to expand the business to other parts of the country. She was concerned about the rising oil prices which would impact the costs as well as the sensitivity of the airline revenues to fluctuations in business traffic.
Identify the factor affecting the macro environment under PESTEL model:
Sarita got admission in Nadir Engineering College. After two to three months, she observed that the students of the college were facing problems in washing and ironing of clothes due to shortage of time. Sarita sensed the opportunity, analysed it and synthesised it to identify an opening. She suggested to her cousin, Hitesh to start a laundry service for hostel students. Soon, this service became popular, not only among the hostel students, but also among the nearby residents.
'Ability to perceive and preserve basic ideas which could be used commercially' was the factor involved in sensing this opportunity. The source which led to the emergence of this basic idea was:
Environmental analysis is required by every firm to determine the opportunities and threats in an organisation. What is required to process and analyse the so obtained data?
Assertion (A): The basic test of a successful entrepreneur is the identification of business opportunity in the environment.
Reason (R): In order to be successful an entrepreneur needs to initiate steps to produce and sell goods and services to make the best use of that opportunity.
The United Nations has declared 2023 as the International Year of Millets. Many startup firms were influenced with this news and have started to create their own version using millets. One such company was 'Young You'; they created a new variety of product using millets which was targeted at the young generation. Which of the following stage of enterprise process has the company followed in the above case?
Farheen, also known online as Fairu, has become a well-known figure on social media. This social media phenomenon has a staggering 28M Instagram follower, and they support her wholeheartedly. Millions of social media users enjoy her videos and photographs because she understands how to connect with the viewers. Fairu frequently uploads photos and videos to her Instagram account to keep her followers entertained. The fact that this social media celebrity will soon appear in India's most popular reality show marks a significant turning point in her career. Raja an entrepreneur has been following Farheen to spot the latest trend. Which of the following trend is it?
Read the passage and answer the following questions:
The finance minister of India announced in the 2023 budget that the Government has allocated Rs.16,459 crore to the IT ministry, 40% higher than last year to improve various facilities. Which of the following PESTEL factor does the above news article indicate?
Read the passage and answer the following questions:
Which among the following is an element of micro level of business environment?
Read the passage and answer the following questions:
The basic test for a successful entrepreneur is:
Manan thought of an idea to manufacture solar bins where the accumulated garbage would decompose automatically using solar power. He was very passionate about the idea and thought about its implementation in his subconscious mind. He went ahead, studying the pros and cons of making such bins before launching it. The next step in the creative process which Manan had to follow was:
From the following, which form of business organisation is best suited for owning and managing shopping malls?
Given below are the factors necessary for developing a successful idea. Identify the correct combinations from the given options.
Assertion(A): Customers are part of the micro environment.
Reason(R): Micro environment does not operate in isolation and is one of the levels of business environment.
'Cook-it-fast' - a growing ready to cook product manufacturing company was looking into various means of advertising their products. The marketing team suggested approaching an influential food blogger who can use their products in their recipes. Which way of trend spotting does this indicate?
"Play your way" a leading game developer company realised that they have to redevelop and enhance their app experience after reading the above article and listening to customer reviews as well observing the pattern of people downloading and using the "In Purchase Facilities" within the app. Which way of trend spotting does this indicate?
"According to a May study by Kantar, 9% of shoppers make more online purchases than before; 60% say they will continue to shop online after the outbreak; and 80% say they will shop online again for non-essential items." Which way of trend spotting does this indicate?
"Marketers have quickly realised that more consumers are exploring car ownership now that they want to reduce their use of public transport." Which way of trend spotting does this indicate?
"As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding as to how best to address them." Which way of trend spotting does this indicate?
Which of the following factors does the macro-environment not include?
An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?
Identify the third element in the innovation process from the given options.
Which is the first stage in the process of innovation?
What is the basic test of a successful entrepreneur?
Identify the third stage in Opportunity Project Interface.
What can serve as a basis for formulation of strategies and policies?
Arvind started his manufacturing unit in Jammu and Kashmir. scarf, both woollen and silk. His business was not picking up in the markets as desired. He found out the reason his scarves were not selling was due to their colour. What could be the best source of this information?
Ramesh starts his day by reading all newspapers and has a keen interest towards all business news and articles. He connects the articles with the observations he has made over the years which he knows will eventually lead to business-boosting insights. Identify the way of trend spotting at this level.
Assertion (A) : Needs and problems exists in the environment
Reason (R) : Opportunity is spotted by analysing the environment.
Can all ideas be converted into opportunities?
An economic idea which can be implemented to create a business enterprise and earn profits must be possessed with
A. Practicability of the idea B. Competence of the entrepreneur to encash it C. Potential of future growth
During the Pandemic, the worst hit were the families who were infected by the virus and had no source for home cooked nutritious food. 'Chilly Chillz' is a multi-cuisine chain of restaurants operating throughout Delhi by a well-established network of outlets. The owner of the chain understood the concern and started serving 3 course meal to such families on payment basis. The interested customers had to login the website, select their location and set their menu for the day. This service proved to be a great support for suffering families. What was the source of generation of basic idea?
Read the passage and answer the following questions:
Which of the following statements correctly explains the concept of creative efforts?
1. Develop and improve an existing or new product or service. 2. Compete with an existing product or service 3. Find a new process or resource for manufacturing a product.
WX ltd. is in the process of innovating a new pen drive especially for teachers which will have a built-in antivirus and which can be worn like a watch so it minimises the problem of losing the pen drive. Which of the given statements aptly describes the situation?
'Safe for Women'- SFW has been a known brand among working women as the company keeps introducing various new innovative products for the safety of women. Their latest product is a pen which can be used as a pocket knife. The product is in huge demand. Which point of importance of scanning the environment does this news indicate?
Which of the following factors are involved in sensing opportunities?
1. Ability to perceive and preserve basic ideas 2. Ability to read the environment 3. Ability to assess the environment 4. Ability to harness different sources of information
In a bid to send astronauts to Mars, US space agency Nasa has invited applications for four people to live in a simulated Martian exploration habitat in order to prepare them for the real-life challenges of future missions to the red planet. Nasa started taking applications for participants to live for a year in Mars Dune Alpha, a 1,700-square-foot Martian habitat created by a 3D-printer that is inside a building at Johnson Space Center in Houston. Identify the macro environment factor which has influenced Nasa to develop Mars Dune Alpha.
Lakshmi Menon was troubled to see the huge waste generated by the scrap material left behind after stitching Personal Protective Equipment (PPE) gowns. These scrap materials could not be recycled easily. When she saw this problem, she thought of a solution also. It was to make lightweight bedrolls made from the scraps of the material. The bedrolls were cheap and durable and within a short span of time, demand for these bed rolls increased tremendously. What concept is involved in the above case study?
Madhu Chandan started the first Organic Mandya store in 2015 on the Bengaluru – Mysuru highway. Today it has grown into a Rs 25 crore turnover organic retail chain with eight stores. By buying the agricultural products from the farmers and selling them at 'Organic Mandya' stores, Madhu has not only provided a direct market to the farmers, but also has built a Rs 25 crore turnover organic retail chain. Which idea field has Madhu Chandan taken up?
Read the passage and answer the following questions:
Hitesh, a fisherman, faced a lot of problems in selling the fish he caught. His entire community was facing this problem and most of the time they had to dump the fish they caught back into the sea. He read a newspaper article on how people have started ordering online for most of the essentials. He spoke to his fellow fishermen about selling their fish online and started their business with a small delivery truck and an app and slowly and steadily their business started to flourish. What trend has Hitesh spotted?
Suganya wanted the younger generation to understand the nutritional value of traditional food. Keeping this in mind, she started a 'Eat To Fit' - ETF restaurant and it was a successful venture. She opened many branches all over the state. Seeing her success, other restaurants followed the same model but 'ETF' always had the major market share. Which point of importance of the environment does this case imply?
Read the passage and answer the following questions:
Sudha started her small-scale business of making Pickles along with few of her neighbours using their free time at home. They named their venture 'Home Sweet Home'. They were able to supply the entire district. One of the members suggested that they should expand and start selling to other states. When she discussed the same to her husband, he suggested that they have to properly look into the environment analysing the competitors. He suggested Sudha to
Anant and Anandi together took over their family business of furniture. They understood that the present competitors were using online means to sell their products. They decided on a new idea of providing furniture on a rental basis to offices and households and to also start making furniture using the traditional method which caught the attention of the new generation. They opened stores in various cities and started selling through online mode also. They both are using the service-related idea field. Mention whether the idea field identified is true or false.
Read the passage and answer the following questions:
Mallika was selling vegetables in her cart along with her mother. They were able to earn a profit of around Rs.200 every day. Even though the amount was not substantial it was sufficient for a decent living. Mallika often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so an entrepreneur she started gathering information regularly and developed a new product line of selling cut vegetables in hygienic packaging. Mallika used _________ trend to spot this idea.
Arvind planned to start a small fast-food joint in his area after finishing his degree in hospitality management. His plan was to combine and use healthy ingredients like whole wheat flour to make the burger buns. He knew that he had to start collecting information from different sources which will help him to identify the right opportunity to start his business. From where will Arvind get the necessary information?
Read the passage and answer the following questions:
__________ can be described as an economic idea which can be implemented to create a business enterprise and earn profits.
State whether the following statements are true or false:
"Welsa Moto Corp's electric vehicles with zero tail pipe emission are emerging as a good alternative to two major problems; (i) climatic change due to auto exhaust and (ii) increasing pollution leading to ill health. This Act of 'Welsa Moto Corp's has taken care of __________ and __________ elements of macro environment.
__________ process of entrepreneurship involves the translation of a useful idea into an application which has commercial value.
A viable venture is born when knowledge, skills, _____ and _____ is strategically applied.
Ravi created a portable incinerator to be installed in the houses. The dry waste generated at homes can be converted by it into ash that can be used as manure for plants. He has installed five prototypes of this incinerator in his society to test its working and to prove its value. Ravi is in the verification stage of his product.
'Free home delivery of food' is a trading related idea.
North west Airlines started their operations from India to various parts of the country in the year 2015. The company had been successful in it's operations as more people preferred to travel by air due to change in the lifestyle and attitude towards work and leisure. It is __________ factor as per PESTEL model.
__________ is the first stage in the process of innovation.
Environment scanning is required to convert an idea into an opportunity.
Innovation is an indication that will help the entrepreneur to understand the market and produce goods or provide services in sync with the market needs, demand and taste.
Exploring opportunities in the environment is a process involving various steps. Arrange the steps in correct order.
i) Evaluating the ideas received from different sources to find a creative solution ii) Identifying a product or service through innovation iii) Opportunity spotting by analysing the needs and problems that exist in the environment iv) Setting up a project and nurturing it to success
Priya joined a Publication Company that publishes a monthly magazine "Lifestyle". It covers articles related to fitness, clothing, gadgets, cooking etc., Priya had joined the clothing division of the magazine. Her divisional head explained her nature of work of the division. She also informed Priya that in addition to visits to local mall she would have to attend 'Power lunches' on the first Monday of every month. Out of the following identify the way of spotting trend, the divisional head is talking about?
Read the passage and answer the following questions:
What is meant by sensing entrepreneurial opportunities?
What is meant by 'strategic positioning'?
What is idea germination?
Read the passage and answer the following questions:
Read the passage and answer the following questions:
What is meant by 'Environment Scanning'?
The first three steps in the process of creativity are: idea germination, preparation and incubation. List the remaining two steps in the order in which they are followed.
Read the passage and answer the following questions:
It is a process which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort to work out analytically the details of enterprise or service, to develop marketing strategies, to organize finances and strategize operations. Identify the process.
Vipin Taneja has completed his Masters degree in Computer Science from IIT, Delhi. He thought of an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth. The idea was to link the different restaurants with the Indian railway network so that while travelling, the railway passengers can order food as per their liking. List any two elements of the concept discussed above.
Air India is planning to expand its flights to Pakistan and Afghanistan over the next five years. Enumerate any two political factors that it should consider as per the 'PESTEL Model' for the same.
"It is a process which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort to work out analytically the details of the enterprise or service, to develop marketing strategies, to organise finances and strategize operations". Identify the process.
Read the passage and answer the following questions:
What is meant by a Business Opportunity?
What is meant by Environmental Scanning?
Read the passage and answer the following questions:
'For a viable venture to be born, an entrepreneur is required to apply his knowledge, skill, competencies and creativity strategically to market'. Identify the requirement to be complied with by these factors for successful processing of an idea into opportunity.
Balwant Singh of Bikaner thought of air-conditioned houses which do not require electricity. He wanted to explore the idea of construction of such eco-friendly houses which will remain cool in summers and warm in winters. He conceived the idea in 2010 but the final product could take shape in 2014. Name the stage in 'The Creative Process' described in the above lines.
Give the meaning of 'Ecological Environment'.
Give the meaning of 'Legal environment'.
'It is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value'. Identify the process.
State any four sources which lead to the emergence of basic ideas.
Enlist any two ways in which creative ideas can be generated.
Draw the enterprise process diagram.
Write the uses of Problem identification.
Praveen started the first Organic Mandya store in 2015 on the Bengaluru–Mysore highway. Today, it has grown into a ₹25 crore turnover organic retail chain with eight stores. By purchasing agricultural produce directly from farmers and selling them at 'Organic Mandya' stores, Praveen has not only provided a direct market for farmers but also leveraged technology by introducing an online ordering and traceability app. This digital platform allows customers to track the origin of their organic products and farmers to receive instant payments. Thus, Praveen has successfully built a transparent, technology-driven organic retail chain benefiting both farmers and consumers. Which are the idea fields has Madhu Chandan taken up? Explain briefly the identified idea fields.
Explain briefly the following Idea generation Idea fields
To provide a rational basis for developing goals and strategies for business growth an entrepreneur must do environmental scanning. State any two different sources to collect information for environmental scanning?
What is the purpose to scan the environment?
Read the passage and answer the following questions:
Prashant is an artisan. He loves to experiment on different types of potteries and clay items. He became very famous in the local area and was visited by the local block development officials to discuss the additional opportunities related to potteries. They formed a team in order to promote export quality potteries and other items. Prashant established himself as an artisan and started helping and giving advice to others small artisans. Identify and explain the 'idea field' that helped Prashant to engage himself in the artisan industry.
Analyse the statement "An entrepreneur who fails to scan the business environment is unlikely to survive in the long run."
Apart from verbal information from the customers, wholesalers, retailers, distributors and consultants, state any other four sources of collecting information for scanning the environment.
State the two basic qualities of a successful entrepreneur.
Read the passage and answer the following questions:
State any four ways in which creative ideas can be generated.
Read the passage and answer the following questions:
(a) State the elements in the innovation process.
(b) Give the meaning of 'Problem Identification'. With the help of any two points, state how problem identification helps the entrepreneur.
Read the passage and answer the following questions:
(b) Explain 'Ability to harness different sources of information' and 'Vision and Creativity' factors involved in sensing opportunities.
State any two objectives of problem identification.
Read the passage and answer the following questions:
An entrepreneur perceives opportunities, synthesizes the available information and analysis emerging patterns so that it can be shared and supported by all customers, partners, employees and suppliers. Comment on any two factors involved.
To be successful an entrepreneur needs to work on various areas. One such area is generation of ideas which is very crucial for the ultimate success of the firm. In order to streamline the generation of the ideas the entrepreneurs will have to use various convenient frames of reference. Comment on any two such frames.
State any two factors while assessing the market.
Enlist any two uses of problem identification.
List any four uses of 'problem identification.'
List any four sources of collection of information for environmental scanning.
What is meant by environment scanning? Why does an entrepreneur need to scan the environment?
Understanding lifestyle changes and attitude towards work and leisure, Flizon India Ltd. started an online shopping portal offering same day delivery to its customers without any extra charge, on orders above Rs.500. The company also installed an online payment security system where there is end-to-end encryption of the banking details of the customer. Identify and state the two environmental factors discussed above.
Read the passage and answer the following questions:
List the two things that an entrepreneur has to ensure before selecting an opportunity.
List any two elements of a business opportunity.
Explain 'Service-sector-ideas' as a source of 'idea field'.
Explain 'Market-driven ideas' as a source of 'idea field'.
Read the passage and answer the following questions:
State the elements in innovation process.
State the steps in the creative process after 'Idea Germination'.
Ecobrick is a company manufacturing bricks using recycled plastics. They have collection centres in various strategic locations all over the city and citizens are encouraged to sell their plastic products in these centres. This will save the environment in the long run. Also, it will promote ideology of 'swatch bharat'. It will generate good revenue for the company as it sources its raw materials from the general public from whom the used plastic products are a scrap. Identify and state any two macro environment factors affecting the environment in the above case.
Enlist the elements of Innovation process.
Read the passage and answer the following questions:
Read the passage and answer the following questions:
Read the passage and answer the following questions:
The first step in the creative process is 'Idea germination'. Explain the next step that follows.
One of the keys to business success is to anticipate what the market will want or need before the entrepreneurs are aware of it themselves. Name and give the meaning of the concept with the help of which they can see into the future.
Gunjan has just passed her senior secondary examination from a CBSE affiliated school. She wanted to start her own business but was unable to decide about the nature of the business. One day during the morning walk her grandfather fell down in the park and was injured. She observed that her grandfather often forgets to take his medicines. She thought that the same problem may be faced by other old people. She thought to develop an instrument for old people that could be fitted with an electronic device connected to the mobile phones of the members of their family which could indicate the location of the old people when they go outside their homes. This device could be kept in their pockets. She also thought to fit a timer in the instrument that could remind the old persons about the time of taking their medicines. Identify and state the meaning of the concept described in the above para that helped Gunjan in structuring her idea for solving the problem.
Nayan has just passed his Senior Secondary Examination from CBSE affiliated school. He wanted to start his own business but was undecided about the nature of the business to be started. One day, during the morning walk, his grandfather fell down in the park and was injured. He observed that his grandfather often forgot to take his medicines. He thought that the same problem may be faced by other old people. He thought to develop a walking stick for old people that could be fitted with some electric devices connected to the mobile phones of the members of their families which could indicate the location of the old people when they go outside their homes. He also thought to fit a timer in the stick that could remind them about the time of taking their medicines. Identify and state the meaning of the concept described in the above para that helped Nayan in structuring his idea of solving the problem.
Read the passage and answer the following questions:
Explain the first two elements in the innovation process?
Read the passage and answer the following questions:
Read the passage and answer the following questions:
Why does an entrepreneur need to scan environment? Explain.
What is Business Opportunity? List the two things that an entrepreneur has to ensure before selecting an opportunity.
Read the passage and answer the following questions:
Explain the elements of the innovation process.
What is meant by innovation? Explain the elements in the innovation process.
Explain the process of transformation of an idea into a viable opportunity with the help of a diagram.
Explain the first three steps in the process of idea and opportunity assessment.
What is meant by 'Analysis of Environment'? State any four sources of collection of information for environmental scanning.
Read the passage and answer the following questions:
With the help of any three points, explain why is it important for a business to understand the environment in which it operates.
Read the passage and answer the following questions:
There are various ways in which an entrepreneur can spot trends. Describe the four ways of identifying the trends with the help of examples.
'Ability to perceive and preserve basic ideas' is an important factor involved in the process of sensing opportunities.
Identify and state any three sources that lead to emergence of these basic ideas.
(b) One of the important methods for generating ideas is to carry out a 'Market Research'.
(i) What is meant by 'Market Research'? (ii) Explain how market research helps an entrepreneur for generating 'Market-driven or Demand-driven ideas' as a source of idea field.
'Mitsu Electronics Ltd.' was operating its business of electronic items in India. The Prime Minister announced relaxation in export duties on electronic items and the company started exporting its products to neighbouring countries. The company developed a better and cheaper video conferencing system to solve the problem, if any, and to replenish the stocks wherever and whenever needed. The demand for its electronic items started increasing day-by-day as there is an increase in the level of education and consumerism globally.
Quoting the lines from the above para, identify and explain any three dimensions of Business Environment.
Define creativity. Explain the steps in the process of creativity.
Describe the ways in which entrepreneurs spot trends.
There are various sources of idea fields like natural resources, existing products or services, creative efforts, etc. The entrepreneurs who look at ways to make an existing product or service better, have a number of reasons for this. Giving example, explain any two such reasons.
Explain 'product identification', 'application and use' and 'level of operation' as important steps in idea and opportunity assessment.
Explain the various factors involved in sensing opportunities?
Explain the various factors involved in assessing the market while selecting a product or service?
'By keeping in touch with the change in the external environment, an enterprise can identify opportunities and find strategies to capitalize on the opportunities at the earliest and sensitize the entrepreneur and help him to build image of his business.' Explain.
Read the passage and answer the following questions:
'Tastebuds Coffee' Company has grown to an international brand. As the world's biggest coffeehouse company, it continues to lead the industry in sustainable business and innovation. Now, the company wants to enter the Indian market. Quoting the lines from the following, evaluate favourable and unfavourable conditions in the country's political, economic, social, technological, legal and environmental setting that the company should consider to enter the Indian market. The Indian economy has been subjected to a series of positive economic reforms since 1991 which had created a better working environment for foreign companies and has made it possible for foreign investors to operate in the country more easily. Taking into consideration the polity in India as a whole, the bureaucracy complications and the regulatory FDI controls and regulations, it is safer for it to enter India only via a joint venture or a strategic alliance with an Indian company that can provide a buffer from possible political tension. Furthermore, it can face some opposition from the existing competitors like CCD, Barista, etc. It has opportunity to increase its revenues based on increasing demand for speciality coffee, which is due to a growing coffee culture and a growing middle class around the world. Also, the company has the opportunity to widen its array of more healthful products to attract health-conscious consumers to its cafés. The company also has the opportunity to improve its supply chain efficiency based on new technologies used by coffee farmers. However, the rising availability of home-use speciality coffee machines is a threat to the company because it increases the availability of substitutes to its products. The company also has planned to offer most of its products in recyclable packaging. However, increasing employment regulation, especially in developing countries, threatens its access to the labour market.
How can an entrepreneur use an existing product or service as an idea field? Explain with an example.
State any three ways by which basic ideas can be perceived and preserved for commercial use.
Read the passage and answer the following questions:
Read the passage and answer the following questions:
Read the passage and answer the following questions:
'All ideas need not necessarily become sound business opportunities'. In reference to this statement explain the first three steps in idea and opportunity assessment.
Read the passage and answer the following questions:
Harish, after finishing his degree wanted to start his own business. He was confused as to the kind of business he should start. He attended a start-up session. One of the speakers stated that 'Creativity can be used to spot and harness opportunities, as well as be applied to develop new products and services.' State any three ways in which creative ideas can be generated.
Entrepreneurship does not emerge and grow spontaneously. Rather, it is dependent upon several economic, social, political, legal and other factors. An entrepreneur has to carefully monitor the organization's internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans. Identifying the concept, justify its importance for an entrepreneur.
While assessing the market, an entrepreneur has to prepare details on four factors one of them being 'project innovation and change'. Explain briefly the other three.
Explain creative efforts as an idea field and also list the ways in which these ideas can be generated.
Some important factors are involved in the process of sensing entrepreneurial opportunity. State these factors.
Read the passage and answer the following questions:
Read the passage and answer the following questions:
Describe briefly the ways in which the entrepreneur spots trends.
Explain how the following factors affect idea and opportunity assessment.
a. Application and use b. Level of operation c. Competition
Sensitivity to environmental factors is crucial for an entrepreneur. With an appropriate example explain the relevance of the statement.
State the first three steps in the process of 'creativity'.
Abhiraj Chaudhary is into the business of manufacturing low — cost Diesel Cars in Germany. He is earning good profits and ambitiously considering overseas expansion. He scans the environment for finding out the opportunities and threats that may influence his current and future plans. He zeros down on India as a potential place for his business expansion as Indian Government has announced favourable trade regulations. On selling the first lot of cars in India, the Indian Government noticed that the emissions from these cars were above the permissible limit. The government asked him to make necessary modifications in his cars if he wanted to continue business in India. He readily agreed to meet the emission norms set by the Indian Government.
(a) Quoting the lines from the above para identify any two environmental factors.
(b) Also, state any two values which Abhiraj Chaudhary tried to communicate to the Indian Society.
State the factors that an entrepreneur has to take into consideration while assessing the market.
Ankit is into the business of manufacturing low — cost diesel cars in Germany. He is earning good profits and ambitiously considering overseas expansion. He scans the environment for finding out the opportunities and threats that may influence his current and future plans. He zeroes down on India as a potential place for his business expansion as Indian Government has announced favourable trade regulations. On selling the first lot of cars were above the permissible limit. The government asked him to make necessary modifications in his cars if he wanted to continue business in India. He readily agreed to meet the emission norms set by the Indian Government.
(a) Quoting the lines from the above para identify any two environmental factors. (b) Also State any two values which Ankit tried to communicate to the Indian society.
State any four benefits of understanding the business environment relevant to an enterprise.
Explain any three sources which lead to the emergence of basic ideas.
Read the passage and answer the following questions:
Explain the factors that help an entrepreneur to identify a product.
State the steps in the 'Creative Process' after the 'stage of preparation'?
What is meant by 'Problem Identification'? State any two objectives and also give an example of problem identification.
The first step in the creative process is 'Idea Germination'. State the other steps of this process.
What is meant by 'Problem Identification'? State it's any four uses and also give an example.
'Information for environmental scanning can be collected from several sources.' State any four such sources.
Read the passage and answer the following questions:
Read the passage and answer the following questions:
'Sensitivity to environmental factors is essential for an entrepreneur.' In the light of this statement, explain the importance of environment scanning.
Explain the steps for idea and opportunity assessment after the product identification has been done by the entrepreneur.
(a) What is meant by innovation? Explain the elements in the innovation process.
(b) Why is trendspotting important for the success of any business? Explain the four ways in which an entrepreneur spots trends.
(b) 'Sensitivity to environmental factors is crucial for an entrepreneur.' In the light of this statement, explain any five benefits of understanding the relevant environment of business.
Explain in detail the following sources of Idea Fields:
A. Natural resources B. Existing products or services C. Market driven ideas D. Trading related ideas E. Service-related ideas
Explain the first five steps involved in idea and opportunity assessment.
What is meant by Innovation? Explain the different elements in the innovation process.
Explain the steps of creative process.
Why is creativity important and explain the creative process?
Read the passage and answer the following questions:
One of the keys to business success is to anticipate what the market will want or need. Since it is not possible for an entrepreneur to see into the future, there is one best way. The best way will help the entrepreneur to understand the market and produce goods or services accordingly.
(a) Identify the concept stated in the above lines
(b) Explain any three ways in which an entrepreneur can perform the activities related to concept identified.
'The process of generation of ideas' can be streamlined by developing an awareness about it and these work as the convenient frames of references for this.
(a) Identify the concept stated in the above para
(b) Explain any three sources of the concept identified which are used by an entrepreneur.