Download App

Entrepreneurship Journey — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship Journey5 Marks
Question
Explain any four main sources of ideas.
✓

Answer

The different structured approaches that might be adopted to generate ideas are:
  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. The challenge in this method is not having too little information to scan, its having too much. It seems like a lot of effort to work but if you are serious about being a successful entrepreneur in action, it is energy well spent.
  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. For instance
  1. Attribute listing- In which entrepreneur develops a new idea by looking at the positive or negative attributes of a product or a service and so on.
  2. Free association- whereby, an entrepreneur develops a new idea through a chain of word associations etc.
  1. 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.
  2. 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. A focus group can provide an excellent way to generate new ideas and to screen proposed ideas and concepts.

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 "5 Marks Question" from Entrepreneurship Journey→Entrepreneurship Journey — all question types→Entrepreneurship STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Why are feasibility studies more important?
→
Explain in detail the various types of cost.
→
Ms. Neerja, who runs a computer stationery store, has the following transactions. Please help her with the cashbook for her operations.On 1st of January, 2014, she has ₹ 22,500/- in cash and ₹ 40,000 in bank account.
(ii) On 5th January, 2014, she makes a cash sale of ₹ 19,500.
(iii) On 7th January, 2014, she receives a cheque for ₹ 16,000 from Excel Company for sales made in December
(iv) On 9th January, 2014, she buys CDs and pendrives and makes a cheque payment of ₹ 5,000.
(v) On 12th January, 2014, she makes cash payment of ₹ 25,000 for various stationery purchased.
(vi) On 17th January, 2014, she withdraws cash of 15,000 from her checking account.
(vii) On 18th January, 2014, she pays salary of ₹ 25,000 to her sales staff.
(viii) On 24th January, 2014, she pays the monthly rent of ₹ 12,500 by cheque.
(xi) On 29th January, 2014, she deposits ₹ 25,000 in her bank account.
→
"Competencies is a set of defined behaviors." State the types of competencies required by an entrepreneur? Explain.
→
Explain the factors influencing pricing.
→
Describe Kraft Foods Company's decision model.
→
Why is knowledge of taxes important for an entrepreneur? Give the classification of taxes and also state which points should be kept in mind regarding taxes, by the entrepreneur.
→
Distinguish between shares and debentures.
→
Determination of the price of a product is a very crucial decision' Why? Support your answer with reasons.
→
Why is it desirous for a firm to grow and expand?
→