Entrepreneurship Sample Question (Plus One) - PDF

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SAMPLE QUESTIONS ON ENTREPRENEURSHIP

SAMPLE QUESTIONS ON ENTREPRENEURSHIP

ENTREPRENEURSHIP

Class : XI.                                                                                                                                                                Marks : 35

Time : 1.30

Answer All The Questions

1.         What is Brainstorming ?                                                                                                        (1)

2.       Who is a Trailblazer ?                                                                                                            (1)

3.       What is opportunity assessment ?                                                                                       (2)

4.        Who is a social entrepreneur?                                                                                                              (1)

5.        Explain in brief any six entrepreneurial types.                                                                     (3)

6.       List out names of six institutions involved in Entrepreneurship Development Programme               (3)

7.        Explain the Different types of Feasibility Study                                                                   (4)

8.       What are the different ways to generate business ideas ?                                                (4)

9.        Explain the concept of risk taking in Entrepreneurship                                                      (5)

10.      Explain in detail problems faced by women entrepreneurs                                                 (5)

11.        Explain the different types of barriers faced by entrepreneurs                                                         (6)          

MARKING SCHEME

MONTHLY – 3                                          ENTREPRENEURSHIP                             Class : XI.

Question Number	Value points	Total
1.	A group of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems.	1
2.	Trailblazers are very competitive, ambitious and goal-oriented—so much so that they tend to be aggressive and sometimes take a steamroller approach.	1
3.	It is a more in-depth review of business opportunity including market research and due diligence that includes intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing etc.	2
4.	Social entrepreneurship is which combines the passion of a social mission with an image of business-like discipline, innovation, and determination.	1
5.	Trailblazers: Trailblazers are very competitive, ambitious and goal-oriented—so much so that they tend to be aggressive and sometimes take a steamroller approach. Go-getters: They have a higher-than-average level of both dominance and sociability and are very driven and independent. Managers: They are dominant and independent. Motivators: They have a high level of sociability, an above-average level of dominance, and are both driven and independent. Authoritarians : Authoritarians are the loyal workers who make the world function—they make their products, service their systems, and always do it right. Collaborators: The primary difference between collaborator and authoritarian is that they have a personality gift called sociability.	3
6.	1. National Institute for Entrepreneurship and Small Business Development (NIESBUD) 2. Indian Institute for Entrepreneurship 3. National Institute for Micro, Small and Medium Enterprises (NIMSME) 4. National Small Industries Corporation (NSIC) 5. Rural Entrepreneurship Development Institute (REDI) 6. Training and Development Centre (TDC)	3
7.	A feasibility study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefitsassociated with several alternatives for solving a problem.” 1. Market Feasibility: Includes a description of the industry, current market, anticipated future market potential, competition, sales projections, potential buyers, etc. 2. Technical Feasibility: Details on how to deliver a product or service (i.e., materials, labour, transportation, where the business will be located, technology needed, etc.). 3. Financial Feasibility: Projects how much start-up capital is needed, sources of capital, returns on investment, etc. 4. Organisational Feasibility: Defines the legal and corporate structure of the business (may also include professional background information about the founders and what skills they can contribute to the business) terms of shaping entrepreneurship in the society.	4
8	1. Environment Scanning : One of the important techniques that can be used to generate ideas is environment scanning, the screening of large amounts of information to detect emerging trends. A humongous amount of information from popular news magazines, reviews, government and consumer publications, trade publications, commercials, etc. will have to be scanned. 2. Creativity and Creative Problem Solving : Creativity is the ability to combine ideas in a unique way or to make unusual associations between the ideas. It means cross thinking by seeing new angles, connections and approaches. The role of creativity and creative problem solving as a structured technique for generating ideas is that a number of specific creative approaches can be used. 3. Brainstorming : A group of persons sit together and generate a number of business ideas by                      innovating alternative ways of meeting the needs and solving problems. It is usually an unstructured discussion in which one idea leads to another. This is a very productive method for generating as many ideas as possible. 4. Focus Groups : These groups of individuals provide information about proposed products or services in a structured setting. In a typical focus group a moderator focuses the group discussion or whatever issues are being examined. For instance, a focus group might look at a proposed product and answer specific answer asked by the moderators. 5. Market Research : This is a method of gathering information about products/services that already exist in the market. A systematic and in-depth study is undertaken to obtain useful data to determine demand supply position for a particular product or service that is already available in the market. Such a research will help in getting new ideas for products and services.	4
9	Business risk means the possibility of some unfavorable occurrence. It is the possibility of some adverse occurrence”. There is always a possibility of loss in business even though the businessman exposed to it may not be aware of it. Types of Risk Taking: Internal Risks : Internal Risks are those risks which arise from the events taking place within the business enterprise. They can be controlled by the entrepreneur to an appreciable extent. The various internal factors giving rise to such risks are:- a)       Human factors are an important cause. They may result from strikes and lock-outs by trade unions; negligence and dishonesty of an employee; accidents or deaths in the industry; incompetence of the manager or other important people in the organisation, etc. b)       Technological factors are the unforeseen changes in the techniques of production or distribution. They may result in technological obsolescence and other business risks c)       Physical factors are the factors which result in loss or damage to the property of the firm. They include the failure of machinery and equipment used in business; fire or theft in the industry; damages in transit of goods, etc. External Risks The various external factors which may give rise to such risks: a)    Economic factors are the most important causes of external risks. They result from the changes in the prevailing market conditions. They may be in the form of changes in demand for the product, price fluctuations, changes in tastes and preferences of the consumers and changes in income, output or trade cycles. b)   Natural factors are the unforeseen natural calamities over which an entrepreneur has very little or no control. They result from events like earthquake, flood, famine, cyclone, lightening, tornado, etc. c)    Political factors have an important influence on the functioning of a business, both in the long and short term. They result from political changes in a country like fall or change in the Government, communal violence or riots in the country, civil war as well as hostilities with the neighboring countries.	5
10	Women entrepreneurs face a series of problems right from the beginning till the enterprise functions. Being a woman itself poses various problems to a female entrepreneur. The problem of Indian women pertains to her responsibility towards family, society and huge workload. Women in rural areas have to suffer still further. They face tough resistance from men. They are considered as helpers. The attitude of society towards them and constraints in which they have to live and work are not very conducive. 1. Patriarchal society: The gender bias that exists in society is predominantly due to the patriarchal attitude that has existed over a long period of time. 2. Lack of opportunities: As in some area education still has not reached to every female, the lack of education does stand as a barrier, they are no doubt skilled which enables them to work, but more focused programes for their education would enable them to overcome this challenge. 3. Enabling technologies for women: There is a need to create more opportunities regarding new methods of production, marketing and other modern technologies. 4. Social barriers: The traditions and customs prevailing in Indian society sometimes stand as an obstacle to women is to grow and prosperity. In rural areas, they face more social barriers. The can be overcome through education and positive legislation. The government policies are and should continue in a greater measure to support women entrepreneurs. 5. Attitude of creditors towards women: Women entrepreneurs suffer while raising and meeting the financial needs of their business. The society was slightly biased in their attitude towards women entrepreneurs, but the records reflect that the rate of bad debts is the least in the case of women entrepreneurs, and the self-help groups in micro finance is most successful because of them. 6. Organised sector: The skilled women work more in the unorganized sector and hence does not get her due, if she can overcome the challenge of education and be aware of all the schemes she would not only be able to join the organized sector but be a leader in it	5
11	Environmental Barriers and  Personal Barriers Environmental: The Development of entrepreneurship is often influenced by environmental factors like economic, social, cultural and political. These conditions or factors may have both positive and negative influences on the emergence and growth of entrepreneurship. Economic: The factors which are responsible for economic development such as land, labour, capital, material, market etc., are equally responsible for the development of entrepreneurship. Thus, an environment, where all these factors are available to the entrepreneurs, will naturally support and promote entrepreneurship. On the other hand, if any of these factors are not available or of inadequate quality and quantity, they can become barriers to entrepreneurship. Social: Sociological factors such as caste structure, mobility of labour, customer needs, cultural heritage, respect for senior citizens, values etc. might have a far reaching impact on business. Cultural: Every society has its own cultural values, beliefs and norms. If the culture of a society is conducive to creativity, risk-taking and adventurous spirit, in such a cultural milieu entrepreneurship will get encouragement. Political: It provides the legal framework within which business is to function. The viability of business depends upon the ability with which it can meet the challenges arising out of the political environment. Personal: In a given society, a few people may take up the career of entrepreneurship. Even among the societies which are considered entrepreneurially progressive, only a selected few ventures to set-up their own enterprises. Perceptual: There are certain perceptual barriers that can hamper the progress of an entrepreneur. Lack of a clear vision and misunderstanding of a situation, can result in a faulty perception. Motivational: Sustained motivation is an essential input in any entrepreneurial venture. Lack of motivation is a strong barrier to entrepreneurship. Many entrepreneurs start with enthusiasm, but when they face some difficulties in the execution of their plans, they lose motivation. Business Incubation: These are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts.	6