Note:
(i) All questions are compulsory. The marks allotted for each question are given beside the questions.
(ii) Write your name, enrolment numbers, Al name and subject on the first page of the answer sheet.
1. Answer any one of
the following questions in about 40-60 words.
(i) Do you think
innovation has any role to play in entrepreneurship? If yes, explain types of
entrepreneurships based on innovation.
Answer: Yes,
innovation plays a crucial role in entrepreneurship. There are various types of
entrepreneurship based on innovation, such as:
Technological
Entrepreneurship: Involves introducing new technologies.
Social
Entrepreneurship: Focuses on addressing social issues innovatively.
Green
Entrepreneurship: Centers around eco-friendly innovations.
(ii) Can anyone
become a successful entrepreneur or there are certain traits which make an
entrepreneur successful? Explain any four traits of being a successful
entrepreneur.
Answer: While
anyone can aspire to be an entrepreneur, certain traits contribute to success.
Key traits include innovation, the ability to take calculated risks, strong
leadership, and resilience. These qualities empower entrepreneurs to navigate
challenges and create successful ventures.
2. Answer any one of
the following questions in about 40-60 words.
(a) What is
social entrepreneurship? Mention the steps involved in social
entrepreneurship.
Answer: Social
entrepreneurship is the use of entrepreneurship for addressing social issues.
It involves four steps: identifying a problem, planning a solution,
implementing the solution, and evaluating the outcomes. This leads to positive
changes in social reforms.
(b) “Social
entrepreneurship identifies various problems and selects one. It looks for
techniques and resources for finding alternate solutions and finds possible
ways for solving the problem.” If you agree with the given statement
Mention any two social enterprises working for some social cause and explain
how they are improving the lives of people ?
Answer:
1. TOMS Shoes:
· Social Cause: Providing shoes to children in need.
· Impact: Donates a pair of shoes for every pair sold, improving children’s health and access to education.
2. Grameen Bank:
· Social Cause: Microfinance for poverty alleviation.
· Impact: Provides small loans to empower entrepreneurs, lifting families out of poverty.
3. Answer any one of the following questions in
about 40-60 words.
(a)
“Entrepreneurship can begin at any time and at any age and can be carried
on irrespective of the gender of the entrepreneur.” In the light of this
statement name a first generation, a young and a woman entrepreneur elaborating
their entrepreneurial journey.
Answer: First Generation Entrepreneur – Dhirubhai Ambani:
· Start: Started as a small trader in Mumbai.
· Journey: Founded Reliance Industries, transforming it into a global conglomerate, showcasing the potential of a first-generation entrepreneur.
Young Entrepreneur – Mark Zuckerberg:
· Start: Founded Facebook at the age of 19.
· Journey: Turned a college project into a social media giant, illustrating the early start of entrepreneurship.
Woman Entrepreneur – Oprah Winfrey:
· Start: Began as a radio host.
· Journey: Established herself as a media mogul with the Oprah Winfrey Network, breaking barriers for women in entrepreneurship.
(b) Need, want
and demand are very similar concepts yet they are different. Explain these
concepts with the help of examples.
Answer: Need: A
basic requirement for survival or well-being, like food, water, or shelter. For
example, a person needs water to stay alive.
Want: Desires
that go beyond basic necessities, like wanting a specific brand of clothing.
For instance, someone may want a designer dress.
Demand: When a
want is backed by purchasing power, like actively seeking and buying that
specific designer dress. For example, a person demands the designer dress by
paying for it.
4. Answer any one of
the following questions in about 100 to 150 words.
(a) “Ideas
are the key to innovation. New ideas are necessary for making any kind of
change for improvement.” In the light of the given statement explain idea
generation & its importance. Also discuss any two techniques for generating
idea.
Answer: Idea
Generation and its Importance: Idea generation is the process of creating,
developing, and formulating new concepts or thoughts. It is a crucial step in
the innovation process, as new ideas are the foundation for positive change and
improvement. The importance lies in the fact that without innovative ideas,
progress and development in various fields would be stagnant. Ideas are the
driving force behind technological advancements, business growth, and societal
improvements.
Techniques for Generating Ideas:
1. Brainstorming: In a group setting, individuals freely contribute ideas without criticism. It encourages creative thinking and allows diverse perspectives to emerge.
2. Mind Mapping: Creating visual representations of ideas, connecting them in a structured way, helps explore relationships and uncover new possibilities.
These techniques foster a conducive environment for idea generation, promoting innovation and progress.
(b) Successful
enterprises provide support to an economy by creating jobs and providing goods
and services. These enterprises cannot work in isolation and many a times need
support from government also. You are required to enlist and discuss various
government schemes for entrepreneurs.
Answer: Government Schemes for Entrepreneurs:
1. Pradhan Mantri Mudra Yojana (PMMY): This scheme provides financial support to micro-enterprises and small businesses through loans.
2. Stand-Up India: Aimed at empowering women and SC/ST entrepreneurs, this initiative offers bank loans between ₹10 lakh and ₹1 crore for starting greenfield enterprises.
3. Startup India: Focused on fostering innovation, it provides financial incentives, tax benefits, and a supportive ecosystem for startups.
4. Atal Innovation Mission (AIM): Encourages innovation and entrepreneurship in schools, colleges, and industries by fostering a culture of creativity and problem-solving.
These schemes play a crucial role in nurturing
entrepreneurship, fostering economic growth, and creating employment
opportunities.
5. Answer any one of the following questions in
about 100 to 150 words.
(a) “The
21st century is the century of technology. Our ability to work with Information
and Communication Technologies (ICT) is making our life a lot easier.”
Considering this statement explain how KVIC – PMEGP e-Portal & My MSME are
making life of entrepreneurs easy.
Answer: KVIC – PMEGP
e-Portal & My MSME:
In the 21st century, technology is a driving force, and
initiatives like KVIC – PMEGP e-Portal and My MSME play a pivotal role in
easing the lives of entrepreneurs. The KVIC – PMEGP e-Portal streamlines the
application process for Prime Minister’s Employment Generation Programme
(PMEGP), allowing entrepreneurs to apply online, check the status, and access
resources conveniently. My MSME, as a digital platform, provides entrepreneurs
with a single-window system for various MSME-related services, fostering
efficiency and reducing bureaucratic hurdles.
These technological interventions empower entrepreneurs by
leveraging the advantages of Information and Communication Technologies (ICT)
for a smoother entrepreneurial journey.
(b) Explain the
following e-resources available to an entrepreneur:
1) Skill India Portal
2) Startup India
3) SIDBI Udyamimitra
Answer: E-Resources for Entrepreneurs:
1. Skill India Portal: The Skill India Portal is a resource for entrepreneurs to enhance skills in various sectors. It provides information on different training programs, entrepreneurial support, and government schemes, aiding entrepreneurs in skill development.
2. Startup India: Startup India supports entrepreneurs in initiating ventures in a positive environment. It offers various services, schemes, and conferences, enabling entrepreneurs to benefit from partnerships, funding, and government support.
3. SIDBI Udyamimitra: SIDBI Udyamimitra serves as a supply chain companion for entrepreneurs. It provides entrepreneurs with positive assistance, offering guidance on entrepreneurial training, financial advice, and government schemes. This helps entrepreneurs align towards entrepreneurship effectively.
6. Answer any one of
the following questions in about 100 to 150 words )
(a) After completing her course in entrepreneurship your
friend is planning to start an entrepreneurial venture of her own but since
entrepreneurship is new for her, she first wants to observe other entrepreneurs.
She needs your help in the process. Help her by suggesting name of five
entrepreneurs around you and what do they do for a living. Also identify what
resources they use and what risks they face in the business.
Answer: Here are five entrepreneurs you can suggest to your friend, along with their respective ventures, resources, and potential risks:
1. Entrepreneur: Mr. Rajesh Kumar
· Venture: Organic Farming
· Resources: Agricultural land, organic fertilizers, and modern farming equipment.
· Risks: Crop failure due to weather conditions, market price fluctuations.
2. Entrepreneur: Ms. Ananya Singh
· Venture: E-commerce Clothing Store
· Resources: Online platform, tie-ups with clothing manufacturers, efficient logistics.
· Risks: Competition, changing fashion trends.
3. Entrepreneur: Mr. Alok Sharma
· Venture: Software Development Firm
· Resources: Skilled IT professionals, advanced technology, client networks.
· Risks: Rapid technological changes, cybersecurity threats.
4. Entrepreneur: Mrs. Meenal Joshi
· Venture: Catering and Event Management
· Resources: Professional chefs, event venues, diverse culinary resources.
· Risks: Event cancellations, food safety issues.
5. Entrepreneur: Mr. Sanjay Patel
· Venture: Renewable Energy Solutions
· Resources: Solar panels, wind turbines, engineering expertise.
· Risks: Regulatory changes, dependence on weather conditions.
Observing these entrepreneurs will provide valuable insights into different industries, resource management, and the challenges associated with entrepreneurship.
(b) “Saurabh
is a working professional who is willing to start his own business. He wants to
start at a big level and is currently considering five business options which
are online cab services, online grocery delivery, an e-commerce website, a food
delivery service & last digital payment service.” Prepare a detailed
list comparing these five types of services on various parameters to help
Saurabh in his endeavor to start his own business.
Answer: Here’s a detailed comparison of the five business options that Saurabh is considering:
1. Online Cab Services:
Pros:
High demand for transportation services.
Utilizes existing vehicles for a ride-sharing model.
Potential for scalability in urban areas.
Cons:
Intense competition among existing players.
Regulatory challenges in some regions.
Dependency on the economic status of users.
2. Online Grocery Delivery:
Pros:
Growing market with increasing online grocery shopping.
Daily essential items ensure regular orders.
Partnerships with local stores for quick deliveries.
Cons:
Need for a robust supply chain and inventory management.
Low-profit margins due to competitive pricing.
Dependency on timely deliveries for customer satisfaction.
3. E-commerce Website:
Pros:
Wide range of products attract diverse customers.
Global market reach with an online presence.
Opportunities for partnerships with sellers.
Cons:
High competition with established e-commerce giants.
Initial investment in website development and maintenance.
Logistic challenges for timely deliveries.
4. Food Delivery Service:
Pros:
High demand for convenient food delivery.
Collaborations with local restaurants for variety.
Options for partnerships with delivery drivers.
Cons:
Commission-based model may affect restaurant profitability.
Competition from existing players.
Reliance on partnerships for diverse cuisine offerings.
5. Digital Payment Service:
Pros:
Growing trend towards cashless transactions.
Opportunities for tie-ups with businesses.
Potential for innovation in fintech solutions.
Cons:
Strict regulatory compliance and security concerns.
Need for trust-building in a competitive market.
Dependency on the adoption of digital payments.
Conclusion:
Saurabh should consider his expertise, budget, and risk tolerance while
choosing the business option. Each option has its unique challenges and
opportunities, and thorough market research is essential before making a
decision. Additionally, he should evaluate factors like scalability, regulatory
requirements, and the potential for long-term sustainability in the chosen
industry.