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.
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Question Number
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Value points
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Total
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1.
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A
group of persons sit together and generate a number of business ideas by
innovating alternative ways of meeting the needs and solving problems.
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1
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2.
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Trailblazers are very competitive, ambitious and
goal-oriented—so much so that they tend to be aggressive and sometimes take a
steamroller approach.
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1
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3.
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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.
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2
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4.
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Social
entrepreneurship is which combines the passion of a social mission with an
image of business-like discipline, innovation, and determination.
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1
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5.
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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.
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3
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6.
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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)
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3
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7.
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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.
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4
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8
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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.
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4
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9
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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.
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5
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10
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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
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5
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11
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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.
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6
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