1. Mention the four essential qualities of an opportunity.
- Attractiveness: The opportunity should be attractive and have significant
market potential.
- Durability: The opportunity should have a lasting impact and not be a short-
term trend.
- Timeliness: The opportunity should be timely and take advantage of current
market trends.
- Customer-Focused: The opportunity should meet the needs and solve the
problems of potential customers.
2. What is meant by creative thinking?
Creative thinking is the ability to think in novel and unusual ways and to come
up with unique solutions to problems. It involves thinking beyond conventional
boundaries to generate new ideas and concepts.
3. Define Value Proposition.
A value proposition is a statement that clearly explains how a product or
service solves a pain point, delivers specific benefits, and explains why it's better
than similar alternatives on the market.]
4. What is meant by Branding Sustainable Entrepreneurship?
Branding sustainable entrepreneurship refers to creating a distinct identity for
an entrepreneurial venture that focuses on sustainability. It involves promoting
the venture's commitment to environmentally friendly practices, social
responsibility, and ethical business conduct.
5. What is meant by Intellectual Property Right?
Intellectual Property Rights (IPR) are legal rights that provide creators
protection for their inventions, designs, and artistic works. IPR allows individuals
or organizations to control the use of their creations and receive compensation
for their use.
6. Briefly explain any three techniques for generating ideas.
- Brainstorming: A group creativity technique where participants come up with
a wide variety of ideas in a non-judgmental environment.
- Mind Mapping: A visual tool that helps organize thoughts and ideas around a
central concept, encouraging the exploration of different aspects and
connections.
- internet research
7. Explain how a Franchise works.
A franchise is a business model where a franchisor grants a franchisee the
rights to operate a business under the franchisor's trademark and business
systems. The franchisee pays an initial fee and ongoing royalties to the
franchisor in exchange for training, support, and the use of established business
practices.
8. What is meant by market size and explain how it is estimated.
Market size refers to the total potential sales volume or revenue that a
business can achieve in a particular market. It is estimated through:
- Market Research: Gathering data on potential customers and their
purchasing habits.
- Competitor Analysis: Studying competitors and their market share.
- Sales Forecasting: Predicting future sales based on historical data, market
trends, and economic conditions.
9. Differentiate between Sole Proprietorship and Partnership.
- Sole Proprietorship: A business owned and operated by a single individual,
with no legal distinction between the owner and the business. The owner has
full control but also bears all liabilities.
- Partnership: A business owned by two or more individuals who share profits,
losses, and responsibilities. Partnerships can be general (all partners manage
and share liability) or limited (some partners invest but do not manage).
10. Explain the three ways of Opportunity identification for new ventures.
- Observing Trends: Identifying and analyzing current trends in society,
technology, economy, and environment to spot potential opportunities.
- Solving Problems: Finding gaps or pain points in the market where customers
face issues and providing innovative solutions.
- Finding Gaps in the Market: Conducting market research to discover
underserved or unserved niches and developing products or services to fill those
gaps.
11. With relevant examples, explain how value proposition can be developed for
the new venture.
- Customer Research: Conducting surveys and interviews to understand
customer needs and preferences. For example, a new food delivery service
might discover that customers value fast delivery and healthy options.
- Unique Selling Proposition (USP): Identifying what makes the product or
service unique compared to competitors. For instance, a tech startup might
highlight its cutting-edge AI technology.
- Benefit-Focused Messaging: Crafting marketing messages that emphasize the
key benefits and outcomes the product provides. An example would be a fitness
app that promises personalized workout plans for faster results.
12. Describe the Legal acts governing businesses in India.
- Companies Act, 2013: Regulates the formation, operation, and dissolution of
companies in India. It sets out the responsibilities of companies, directors, and
shareholders.
- Goods and Services Tax (GST) Act: Governs the taxation of goods and
services, simplifying the tax structure by integrating various state and central
taxes.
- Indian Contract Act, 1872: Provides the framework for contractual
relationships, outlining the formation, performance, and enforceability of
contracts.
- Consumer Protection Act, 2019: Protects the interests of consumers by
establishing authorities to address consumer grievances and disputes.
1. Define Team.
A team is a group of individuals who work together towards a common goal or
objective, sharing responsibilities and collaborating to achieve collective results.
2. What is leadership?
Leadership is the ability to influence and guide individuals or groups towards
achieving common goals. It involves setting a vision, motivating others, and
providing direction and support to achieve objectives.
3. Mention the different sources of finance.
- Equity Financing: Raising capital through the sale of shares.
- Debt Financing: Borrowing funds that must be repaid with interest, such as
loans and bonds.
- Angel Investors: Individuals who provide capital for startups in exchange for
ownership equity or convertible debt.
- Venture Capital: Investment from venture capital firms in high-growth
potential startups.
- Crowdfunding: Raising small amounts of money from a large number of
people, typically via online platforms.
- Grants: Non-repayable funds provided by governments, organizations, or
foundations.
4. What is a business plan?
A business plan is a formal document that outlines the goals, strategies, target
market, financial forecasts, and operational details of a business. It serves as a
roadmap for business development and a tool for attracting investors and
lenders.
5. Mention the benefits of a business plan.
- Clarity and Direction: Provides a clear path for the business and helps in
setting realistic goals.
- Funding: Essential for securing financing from investors and lenders.
- Risk Management: Helps identify potential risks and develop strategies to
mitigate them.
- Performance Monitoring: Establishes benchmarks for measuring progress and
performance.
- Strategic Planning: Assists in making informed decisions and adapting to
changing market conditions.
6. Explain the key dimensions of entrepreneurial leadership.
- Vision: The ability to see opportunities and future potential, setting a clear
direction for the business.
- Innovation: Encouraging creative thinking and new ideas to solve problems
and improve the business.
- Risk-Taking: Willingness to take calculated risks to achieve business goals.
- Influence: The ability to inspire and motivate others to follow the vision and
work towards common objectives.
- Adaptability: Being flexible and responsive to changes in the market and
business environment.
7. Brief the different leadership styles with suitable examples.
- Autocratic Leadership: Leaders make decisions unilaterally. Example: Steve
Jobs at Apple.
- Democratic Leadership: Leaders involve team members in decision-making.
Example: Google’s collaborative culture.
- Transformational Leadership: Leaders inspire and motivate employees to
exceed expectations. Example: Elon Musk at SpaceX.
- Laissez-Faire Leadership: Leaders provide minimal direction and allow team
members to make decisions. Example: Warren Buffett's approach at Berkshire
Hathaway.
- Transactional Leadership: Leaders use rewards and punishments to manage
team performance. Example: Military leaders focusing on discipline and order.
8. Analyze the financial forecasting for a startup.
Financial forecasting involves predicting future revenue, expenses, and cash
flow for a startup. This process includes:
- Revenue Projections: Estimating future sales based on market research and
historical data.
- Expense Projections: Identifying fixed and variable costs associated with
running the business.
- Cash Flow Forecast: Predicting the timing of cash inflows and outflows to
ensure liquidity.
- Break-Even Analysis: Determining the point at which revenue covers all
expenses.
- Scenario Planning: Considering different financial scenarios (best case, worst
case, most likely) to prepare for uncertainties.
9. Briefly explain the pitfalls of a good business plan.
- Setting Unrealistic goals : unrealistic assumptions about market size, sales
growth, or profitability.
- Lack of Research: Insufficient market research leading to inaccurate data and
conclusions.
- Ignoring Risks: Failing to identify and address potential risks and challenges.
- Complexity: Making the plan too detailed and complicated, making it hard to
follow and implement.
- Inflexibility: Not allowing room for adjustments and changes as the business
evolves.
10. Differentiate between the management and leadership while leading the
people.
- Management:
- Focus: Emphasizes planning, organizing, and controlling processes to
achieve organizational goals.
- Approach: Task-oriented, ensuring that daily operations run smoothly.
- Skills: Administrative, problem-solving, and time management.
- Role: Managers assign tasks, monitor progress, and ensure compliance with
rules and policies.
- Leadership:
- Focus: Inspires and motivates people to achieve a vision and drive change.
- Approach: People-oriented, building relationships and fostering a positive
work environment.
- Skills: Communication, emotional intelligence, and strategic thinking.
- Role: Leaders set a direction, inspire commitment, and empower others to
achieve goals.
11. Explain the various sources of financing for a new startup.
- Personal Savings: Using personal funds to finance the startup.
- Family and Friends: Borrowing money from relatives and friends.
- Angel Investors: Individuals who provide capital in exchange for equity.
- Venture Capitalists: Firms that invest in startups with high growth potential
in exchange for equity.
- Crowdfunding: Raising small amounts of money from a large number of
people, typically through online platforms like Kickstarter or Indiegogo.
- Bank Loans: Borrowing money from banks with an obligation to repay with
interest.
- Government Grants and Subsidies: Non-repayable funds provided by
government agencies to support new businesses.
- Business Incubators : Programs that offer financial support, mentorship, and
resources to startups.
12. Prepare a brief marketing plan by assuming your own startup with detailed
product description and marketing strategy.
- Startup: EcoTech Solutions
- Product Description: EcoTech Solar Charger - A portable solar charger
designed for outdoor enthusiasts, providing an eco-friendly way to charge
devices using solar energy.
- Marketing Strategy:
- Target Market: Outdoor enthusiasts, hikers, campers, and environmentally
conscious consumers.
- Value Proposition: EcoTech Solar Charger offers a reliable, eco-friendly
solution for charging devices on the go, reducing reliance on traditional power
sources.
- Market Research: Conduct surveys and focus groups to understand
customer needs and preferences.
- Product Positioning: Position as a premium, sustainable product for eco-
conscious consumers who value quality and environmental impact.
- Pricing Strategy: Competitive pricing with a premium for eco-friendly
features and high-quality materials.
- Promotion Strategy:
- Digital Marketing: Leverage social media platforms, influencers, and
content marketing to reach the target audience.
- Partnerships: Collaborate with outdoor gear retailers and environmental
organizations.
- Events: Participate in outdoor and sustainability events to showcase the
product.
- Distribution Strategy:
- Online Sales: Through the company website and major e-commerce
platforms like Amazon.
- Retail Partnerships: Stocking the product in outdoor and eco-friendly
stores.
- Customer Service: Provide excellent customer support with a focus on after-
sales service and customer satisfaction.
