Entrepreneurial Opportunity Entrepreneurship - Entrepreneurial Opportunity

Air India is planning to expand its flights to Pakistan and Afghanistan over the next five years. Enumerate any two political factors that it should consider as per the 'PESTEL Model' for the same.

"It is a process which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort to work out analytically the details of the enterprise or service, to develop marketing strategies, to organise finances and strategize operations." Identify the process.

Define 'business'.

Vipin Taneja has completed his Master's degree in Computer Science from IIT, Delhi. He thought of an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth. The idea was to link the different restaurants with the Indian railway network so that while travelling, the railway passengers can order food as per their liking.
List any two elements of the concept discussed above.

What is meant by 'Environmental Scanning'?

Nayan has just passed his Senior Secondary Examination from a CBSE affiliated school. He wanted to start his own business but was undecided about the nature of the business to be started. One day, during the morning walk, his grandfather fell down in the park and was injured. He observed that his grandfather often forgot to take his medicines. He thought that the same problem may be faced by other old people. He thought to develop a walking stick for old people that could be fitted with some electronic devices connected to the mobile phones of the members of their families which could indicate the location of the old people when they go outside their homes. He also thought to fit a timer in the stick that could remind them about the time of taking their medicines. Identify and state the meaning of the concept described in the above para that helped Nayan in structuring his idea of solving the problem.

A young man, Vipul wants to start a business. He is not sure of the type of business he should start. His friends suggested him to seek the help of professionals. He contacted a professional who asked Vipul to pay a big amount for providing the reports and industry updates. Therefore he decided to search for the reports and industry updates himself. He started looking for the required information and reports on different websites regularly. He also interacted with people for the type of products they would like to use in future. In addition to this, he visited trade fairs, malls, exhibitions, etc. to assess the on-going trends.
Identify and state the way Vipul is using for spotting the trend. Also, state one more way which will help Vipul in starting his business.

Give the meaning of 'Innovation.' State the elements in the innovation process.

Ankit is into the business of manufacturing low-cost diesel-cars in Germany. He is earning good profits and ambitiously considering overseas expansion. He scans the environment for finding out the opportunities and threats that may influence his current and future plans. He zeroes down on India as a potential place for his business expansion as Indian Government has announced favourable trade regulations. On selling, the first lot of cars were above the permissible limit. The government asked him to make necessary modifications in his cars if he wanted to continue business in India. He readily agreed to meet the emission norms set by the Indian Government.

1. Quoting the lines from the above para identify any two environmental factors.
2. Also, state any two values which Ankit tried to communicate to the Indian society.

What is meant by 'Problem Identification'? State its any two objectives and also give an example of 'Problem Identification'.

Describe briefly the ways in which an entrepreneur spots trends.

State any four benefits of understanding the business environment relevant to an enterprise.

The first step in the creative process is 'Idea Germination'. State the other steps of this process.

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.

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

Explain how 'Application and Use', 'Level of operation', 'Cost' and 'Technical complexity' help in identifying a feasible product or process.

Rajeev has just completed his B.Tech and wants to start his own business. He knew that the demand of electricity in India was increasing day by day, whereas its generation was not sufficient. Rajeev shared his views with some of his friends, and they all decided to start the business of electricity generation. They experimented various methods and ultimately succeeded in electricity generation through garbage. They all were very happy as India is also facing the problem of garbage disposal.

1. Identify and explain the source of 'Idea-field' from where the idea had been generated by Rajeev and his friends.
2. Also, explain two other sources of Idea fields with the help of example.

'One of the keys to business success is to anticipate what the market will want or need.' Since it is not possible for an entrepreneur to see into the future, there is one best way. This 'best way' will help the entrepreneur to understand the market and produce goods or provide services accordingly.

1. Identify the concept discussed in the above lines.
2. Explain any three ways in which an entrepreneur can perform the activities related to the concept identified.

Define 'Creativity'. Explain the five stages of the 'creative process'.

Explain any six ways adopted by entrepreneurs to generate ideas withatleast one example for each.

Describe any three methods adopted by entrepreneurs to generate ideas, with at least one example for each.