An entrepreneur is doing an industry analysis. While he/ she is a… - Vidyadip

Question

An entrepreneur is doing an industry analysis. While he/ she is analysing his/ her competitors in his/ her line of business that the competitors are far better in their business plans and their execution. Should the entrepreneur add unique selling point in the existing plan to get a creative niche above others or should he/ she go for a completely different line of business, where the competition is less and he/ she is easily able to place his/her feet in the market? Give reasons. (creativity and problem solving)

✓

Answer

I think that instead of venturing out towards a different line of business where the competition is less, the entrepreneur should add Unique Selling Point (USP) in the existing plan to get a creative niche above others.The reasons for this decision could be:

The competitors are better only in terms of their business plans and its execution and not in terms of product quality. So, by adding a USP in their existing plan, they might be able to fight competition.
He is familiar with the current industry and thus, better equipped to succeed.
Running is no solution. What will he do when competition in the other business also increase?

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "4 Marks Question" from Entrepreneurial Planning→Entrepreneurial Planning — all question types→Entrepreneurship STD 12 Commerce question papers→CBSE Board STD 12 Commerce question papers→CBSE Board question paper generator→

Similar questions

Describe the form of assistance provided by SIDBI to the industrial concern.

Ayaan, Aarav and Ananta are all engineers. They belong to middle class families. Being very good at technical skills, they invented an engine whose fuel consumption is just 60% of the traditional engine. Enthusiastic about their discovery, they got it patented and decided to start their own manufacturing plant. However, only after one year of operations, problems started cropping up s and a promising venture was stalled. What according to you, are the causes of their business failure? Which values are exhibited by them in doing business together?

'To find the critical components of the project idea' is one of the objectives of preparing the Project Report. State the other objectives.

Lalita Devi did her post-graduation from Manipur University, Imphal. She had offers to join reputed firms in metropolitan cities like Delhi and Mumbai. Instead of joining any of these firms she decided to do some creative work in Imphal. She observed that a special type of chilli is grown by the farmers of most of the villages around Imphal. This chilli has a distinct flavour and the pickle made from it has a taste that may be liked by many people in other parts of the country. But the farmers were neither trained in the farming of this kind of chilli on a large scale nor was there a secured market for their produce. Lalita Devi met eighteen like-minded women of the area and formed an organisation for doing the business of pickle manufacturing. Each of them contributed Rs.2,00,000 towards its capital and were equally responsible for its management. On the one hand, they assured the farmers to purchase the chilli produced by them and on the other hand, the organisation with the help of the local agriculture department arranged for the training of the farmers. They also employed 10 local unemployed graduate girls for doing the various operations of pickle manufacturing.

Name the process that helped Lalita Devi in 'converting an idea into an opportunity.'
Identify the kind of organisation that Lalita Devi had decided to set up.
State any two values which Lalita Devi wants to communicate to the society.

'Good Wash Ltd.' are the manufacturers of different sizes of fully automatic washing machines marked as 'small', 'medium', 'large' and 'industrial'. From the information given below, calculate the 'Break-Even Quantity' of the machines manufactured per month.
Information:

Machine	Unit Selling	Unit Variable	Fixed Expenditure
Small	10,000	3,000	35,000
Medium	15,000	8,000	35,000
Large	20,000	13,000	70,000
Industrial	35,000	20,000	1,50,000

State any two advantages and any two limitations of owner’s funds.

Describe briefly the ways in which an entrepreneur spots trends.

Distinguish between Private Company and Public Company.
OR

Give the points for deciding the selection of Private or Public Company.

How the uses of problem identification helps an entrepreneur?

Explain the stages of enterprises model with the help of a diagram.
OR
Explain Enterprise Process diagram.