Enterprise Marketing — Entrepreneurship STD 12 Commerce — Question

What are the factors involved in sensing opportunities?

State the advantages of ‘Inventory Control’.

Mahesh is a young man of 20 years. He has completed a tailoring course from an industrial training institute. He wants to start a big-size tailoring shop in a modern locality where young men and women working in various multinational companies live. He went to one of his friends who had completed a diploma course in textile designing to discuss about the opening of the tailoring shop. His friend advised him to prepare a written document describing formally all the relevant external and internal elements involved in starting a new venture. It will not only help in understanding the feasibility and viability of the proposed venture but also facilitate in assessing and making provisions for the bottlenecks in the progress and implementation of the idea.
State any six points of importance of the concept discussed by Mahesh with his friend.

An entrepreneur may face equally intense financial challenges many times. Give one example related to this statement.

'Business plan serves as an important tool in fund procurement.' Explain the statement.

State the important considerations that an entrepreneur should keep in mind while purchasing the right quality and quantity of material at a right time and price.

What is Excise Duty?

Answer each of these questions in about fifty words:
What is the need of finance?

Explain briefly the concept of operating cycle.

An entrepreneur is a person who bears the risks, unites various factors of production and carries out a creative innovation and for all these, what is the basic requirement to be reached to this extent?