Revision worksheet of Unit 1(Entrepreneurial Oppurtunities)

Date : 1st April 2020
Sub : Entrepreneurship
Class : 12
Day 1
Period : 4th
Time  :10:00am - 10:45 am

Learning Outcomes

• A revision of the complete chapter through a worksheet.
• Preparing students with the kind of 1 mark objective type of question asked by the board.
• A self assessment for the students.
• A self assessment for the teacher.  

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.

We in our last interaction had come to the end of our first unit.( Entrepreneurial Oppurtunities )

The chapter includes the following sub parts

• Meaning of Entrpreneurship, Entrepreneur and Enterprise.
• Business Oppurtunity
• Sensing Oppurtunities
• Environment Scanning
• Environment Analysis
• Environment Factors.
• Problem Identification
• Idea Generation and Idea Fields
• Product Identification
• Market Assessment
• Trend Spotting
• Creativity and Innovation

This is what the first chapter comprises of.

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. 

UNIT- I

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