Answers to Unit 1 (Entrepreneurial oppurtunity)

Date : 3rd April 2020
Sub  : Entrpreneurship
Period : 4
Day      : 2
Time    : 10am -10:45 am


Learning Outcomes

• Checking the answers to yesterday's questions
• Clarifying doubts of the students
• Helping students to analyse any mistakes in their answers.

A very good morning students .

Hope you had tried the answers to the questions given yesterday.

These questions that were given to you are important as the same pattern can come in the Board Exams.

Sending you the answers to yesterday's questions.

Please feel free to comment on any question that you are facing any difficulty with.

Note : All answers are either underlined or given in bold

UNIT- I

Fill in the blanks

1. Strategic positioning is required to convert an idea into a(n) opportunity.
2. Convenient frames of references for streamlining to process of generation of ideas are called idea fields.
3. Ideas should be examined for their real life use and application.
4. The demand assessment will be based on the size of market being targeted.
5. The first stage in the process of innovation is creativity.
6. Seeding stage of a new idea is called idea germination.
7. The process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value is known as innovation.
8. Even if the opportunity looks promising, an entrepreneur should look into the environmental 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 illumination.
10. The key factor to maintain competitiveness over competitors is market 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.  False
2. Illumination is the subconscious assimilation of information.   False
3. Talk trends often include starting or joining groups or the networks and seeing what people are buzzing about the latest trends.  True
4. All ideas need to be assessed in terms of the potentiality of the opportunity before being termed as a sound business opportunity.  True
5. Ideas should be examined on the basis of expected annual turnover. True
6. Regularly visiting the place where the target customers hand out is known as think trends.  False
7. Idea germination is also called the validation stage.  False
8. Applying the resources in order to accomplish plans and delivering results is known as analytical planning.  False
9. Market research includes social and opinion research.  True
10. Creativity cannot be applied to develop new products and services.  False

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

Answer 1-c , 2-d 

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

Answer 1-c , 2-a

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

Answer  1-c ,  2-b

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

Answer 1-d , 2-c

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

Answer 1-c , 2-a

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

Answer  (c)  Think trends

2. Which of the following is also called testing stage?

a.       Incubation

b.      Verification

c.       Illumination

d.      Preparation

Answer (b) verification

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

Answer (a)  innovation

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

Answer (a)  read 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

Answer (c) competition

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

Answer (b) Preparation 

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

Answer (c) Natural resources

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

Answer (b) viable opportunity

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

Answer (a) idea germination

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

Answer (c) Service sector ideas