A very good morning students.
I pray for your well- being and safety and hope you are using your time in the most constructive manner.
Sending you a worksheet .Please try and do your work on your own.
I will be sending the answers tomorrow so try and do the worksheet by yourself.
If at any point you need to refer to your previous videos or notes, you are free to do so.
Fill in the
blanks
1.
Strategic positioning
is required to convert an idea into a(n) ____________
2.
Convenient frames of
references for streamlining to process of generation of ideas are called __________
3.
Ideas should be
examined for their real life use and ________.
4.
The demand assessment
will be based on the ______ of market being targeted.
5.
The first stage in the
process of innovation is _________.
6.
Seeding stage of a new
idea is called _____________.
7.
The process of
entrepreneurship which involves the translation of a useful idea into an
application which has commercial value is known as ___________
8.
Even if the opportunity
looks promising, an entrepreneur should look into the ___________
factors before choosing the best opportunity.
9.
The stage in which the
idea re-surfaces in realistic way and the entrepreneur comes out with a viable
plan is known as ______________
10. The key factor to
maintain competitiveness over competitors is ____________ research.
TRUE OR FALSE
1.
It is not important to
determine the cost of the product and its comparison with available products in
the market.
2.
Illumination is the
subconscious assimilation of information.
3.
Talk trends often
include starting or joining groups or the networks and seeing what people are
buzzing about the latest trends.
4.
All ideas need to be
assessed in terms of the potentiality of the opportunity before being termed as
a sound business opportunity.
5.
Ideas should be
examined on the basis of expected annual turnover.
6.
Regularly visiting the
place where the target customers hand out is known as think trends.
7.
Idea germination is
also called the validation stage.
8.
Applying the resources
in order to accomplish plans and delivering results is known as analytical
planning.
9.
Market research
includes social and opinion research.
10. Creativity cannot be
applied to develop new products and services.
Matching Items
1. Identify the
various sources of Idea fields.
i. Opening of a water plant a. Service
sector ideas
ii. E-commerce b. Creative
efforts
c. Natural
resources
d. Trading
related ideas
2. Identify the
steps involved in idea and opportunity assessment.
i. Obtain a concept of the product or service
suggested by one idea a. Cost
ii. Helpful in deciding sale price. b. Competition
c. Product
identification d. Level of operation
3. What trends
can be spotted through the following sources.
i. Leading industry publications, websites, trade
association sites. a. Think
trends
ii. Social networking websites/forums and starting or
joining groups. b. Talk
trends
c. Read
trends
d.Watch trends
4. Identify the
factors which should be kept in mind while assessing the market.
i. Study of prevailing innovations and a. Cost and Price of product.
changes carried out by entrepreneurs.
ii. Complete picture of quantities of the b. Demand
product available in the market by
existing
players. c. Supply
and nature of competition
d.Project innovation and
Change
5. Match the
meaning of the following steps in the process of creativity.
i. Seeding stage
a. Incubation
ii. Subconscious assimilation of information b. Verification
c. Idea
germination d. Illumination
Multiple Choice
Questions
1. Renuka gathers
all types of information related to her business regularly from all possible sources which lead to business boosting insights. Identify the way
in which she is able to spot the trend.
a. Talk trends
b. Watch trends
c. Think trends
d. Read trends
2. Which of the
following is also called testing stage?
a. Incubation
b. Verification
c. Illumination
d. Preparation
3. Identify the
process of entrepreneurship which involves the translation of a useful idea into
an application that has commercial value.
a. Innovation
b. Creativity
c. Environment
scanning
d. Market
assessment
4. Naman wants to
start a business. He starts looking for the required information and reports on
different websites regularly. He also reads leading industry publications and
major newspapers and key business magazines. Identify the way in which Naman is
trying to spot the trend.
a. Read trend
b. Think trend
c. Talk trend
d. Watch trend
5. Out of the
following identify the step involved in idea and opportunity assessment.
a. Creative
efforts
b. Implementation
c. Competition
d. Project
innovation and change
6. Idea
germination is the first step in the creative process where the entrepreneur
recognizes that an opportunity exists. Identify the second step of the process.
a. Illumination
b. Preparation
c. Commercial
application
d. Incubation
7. Kavita decided
to start her own venture in Horticulture and was looking for various ideas.
Identify the source from where she can get some good business ideas.
a. Service sector
ideas
b. Trading
related ideas
c. Natural
resources
d. Existing
products or services
8. What is the
result of strategically applying knowledge, skills, competencies and creativity
to an idea?
a. It becomes an
opportunity
b. It becomes a
viable opportunity
c. It is an
innovation
d. It is a part
of resource organization
9. The process of
creating, developing and communicating ideas which are abstract and concrete is
called
a. Idea
germination
b. Creative
process
c. Innovative
process
d. Market
assessment
10. Varun decided to start his own travel agency
creating specialized options for high-end tourists. Identify the idea field
form where he must have possibly got the idea.
a. Trading
related ideas
b. Natural
resources
c. Service sector
ideas
d. Market driven
or demand driven ideas
