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Entrepreneurial Planning — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning3 Marks
Question
Explain, with the help of an example, ‘ability to perceive and preserve the basic ideas’ as a factor in the process of sensing opportunities.
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Answer

Factors in the process of sensing opportunities.
  1. Ability to Perceive and Preserve basic ideas:- Basic ideas emerge from various sources. These ideas can be categorised as follows:
  1. Problems:- Solution of a problem is often picked up as an opportunity E.g. Razor blade was invented with an intention of a sharp nick free and quick shaving.
  2. Change:- Any kind of change like social, legal, technological, political etc. usher in new business opportunities e.g. Computer institutes in the present world.
  3. Inventions:- These involve new things of value and creative processes That add Value to the already prevalent branch or products eg T.V and C.D.players were mode two in one.
  4. Competition:- For getting ahead, the entrepreneur introduces new and improved ideas ego Free utensils with a new branch of tea.

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