Revision Test on Chapter 1 (Entrepreneurial Oppurtunities)

Date : 29.April.2020 
Sub  : Entrepreneurship
Day  : 2
Time : 10am - 10:45am and 12:20pm -1pm
Period : 4 and 7 
Class    : 12

Learning Outcomes

• Revision of the chapter
• Get to know the students who need more help
• Get students to revise the chapter on a daily basis

A very good morning students

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Hope the notes and worksheets i have been sending on my blog are proving to be useful for you.

Let us now get ready for our test

Please remember , it is not important how many marks you score but the important thing is How much you know.

Please do your test with utmost honesty

It will help you in the long run for the preperation of your examination

Please find below the link to get access to your class test

https://docs.google.com/forms/d/e/1FAIpQLScKqO2QtbmZeG3ROVzDKP7FfeCInzFJ2SqkiSh5VTmFjjSKug/viewform

Once you have finished the test .Let us shift our focus to the 7th period

Sending you notes for Entrepreneurial Oppurtunities for you to prepare better for the next time

SENSING ENTREPRENEURIAL OPPORTUNITIES

1.     Who is an entrepreneur?

Basically an entrepreneur is an innovator, job and wealth generator.In addition to the above he is also

• Change agent
• Problem solver
• Pace setter
• Excellence seeker
• Marketing executive
• Concept promoter

2.     List the key functions of an entrepreneur.

In order to be an entrepreneur, the individual performs various functions. Among the various functions performed, the following functions, also known as entrepreneurial functions, are specifically considered as the characteristics of an entrepreneur.

• Sensing an entrepreneurial opportunity.
• Converting ideas into Reality.
• Developing the business plan.
• Resourcing
• Establishing an enterprise.
• Managing the enterprise
• Growth and development.

All these functions are known as entrepreneurial functions. The success and the quality of the output of the performance of the entrepreneur depends on how well he performs these functions. Therefore these functions performed describe the intensity for the relationship for the entrepreneur with the enterprise. For this reason, we can say that the relationship between the entrepreneur and entrepreneurship can be described as that between the body and the soul.

1.                 How do entrepreneurs differ from employers?

Employee: Employed under some one and works for them to earn their income, for living.

Entrepreneur: Work for themselves and own their business/venture. They take complete accountability of the business and consider themselves responsible for the success or failure of their enterprise.

2.                 When does a problem become an opportunity?

A problem becomes an opportunity when it is considered as a challenge to solve leading to an economically viable solution.

3.                 How are entrepreneurs different from others in perceiving an opportunity?

Entrepreneurs are different from other in perceiving an opportunity in the following ways:

• They are quick in perceiving the opportunity.
• They will be able to collate the available information.
• They will be able to analyze the patterns which are not usually ignored by others.

4.                 What are the two basic roles of an entrepreneur?

The two basic roles of an entrepreneur are:

• Opportunity spotter
• Project champion

5.           What is meant by ‘Sensing Entrepreneurial Opportunities’? Explain the important factors involved with suitable examples.

Sensing entrepreneurial opportunities: It is a process ofperceiving the opportunities from the problems and needs of people and society (quickly)or create or craft business opportunities (by innovating new products/services that are not already in existence)synthesize the available informationanalyze the pattern emerging out of this informationarrive at creative solutions to meet the needs or resolve the problems.

The following factors play a key role in sensing of entrepreneurial opportunities.

Ability to perceive and preserve basic ideas.

The following are the various sources which lead to the emergence of basic ideas.

Problems: When a problem exists and an idea leads to a solution to resolve that problem, it emerges as a business opportunity.

Change: A change in social, legal, technological aspects etc. leads to new opportunities to start a business.

Inventions: Invention of new products or services leads to new business opportunities.

Competition: Competetion often results in emergence of new and better ideas that result in new business opportunities.

Various sources like magazines, journals, books, seminars, trade shows, family members, customers, friends etc help in getting information that helps in evolution of basic ideas.

Bring together various sources of information and knowledge, and analyze it to the best possible extent. The analysis helps in the identification of the right opportunity to start a new business.

Creativity in innovating a solution and vision. The entrepreneur should be able to creatively identify an idea to generate a valuable solution to a problem. Once the solution is identified their vision to convert the solution into business opportunity help them to move forward, overcoming all the obstacles. They constantlyovercome the adversitywill be able to exercise control over the businesswill be capable of making significant difference.

6.    What are the major categories of entrepreneurial ideas? Discuss them with an example each from your observations and reading.

The (sources of) entrepreneurial ideas can be majorly classified under the following four categories.

Problems: Most often an innovative solution to a problem leads to an entrepreneurial business opportunity. Cable telephones were a major limitation interms of mobility. They were always confined to a limited area and communication was very limited. This lead to the research for mobile and wireless technology that lead to the emergence of cell phones.

Change: A change in either

• Social
• Legal or
• Technological

will lead to new business opportunities.

The social change has lead to a change in the fashion technologies. For example the evolution of the Jeans and T-Shirt market to dominate conventional formal dresses is best example. Another major example is a development in cooking technology that is slowly replacing the cooking gas stoves with induction cooking devices.

Inventions: Creation of new products or services that have values falls under this category. It can also be innovative improvements to an existng product or service. A change from conventional key pad operated mobile phones to the modern smart phones is an example of invention.

Competition: To dominate the market and to overcome the competition from the competitors, entrepreneurs rely on new and improved ideas. Inclusion of the smart technology in the television where in the hand movements are recognized by television to operate it and to play games is a best example. The 3D television market emerging is also an example where in new and improved ideas are included into the products to beat the competition.