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What Is a Case Study?
When you’re performing research as part of your job or for a school assignment, you’ll probably come across case studies that help you to learn more about the topic at hand. But what is a case study and why are they helpful? Read on to learn all about case studies.
Deep Dive into a Topic
At face value, a case study is a deep dive into a topic. Case studies can be found in many fields, particularly across the social sciences and medicine. When you conduct a case study, you create a body of research based on an inquiry and related data from analysis of a group, individual or controlled research environment.
As a researcher, you can benefit from the analysis of case studies similar to inquiries you’re currently studying. Researchers often rely on case studies to answer questions that basic information and standard diagnostics cannot address.
Study a Pattern
One of the main objectives of a case study is to find a pattern that answers whatever the initial inquiry seeks to find. This might be a question about why college students are prone to certain eating habits or what mental health problems afflict house fire survivors. The researcher then collects data, either through observation or data research, and starts connecting the dots to find underlying behaviors or impacts of the sample group’s behavior.
Gather Evidence
During the study period, the researcher gathers evidence to back the observed patterns and future claims that’ll be derived from the data. Since case studies are usually presented in the professional environment, it’s not enough to simply have a theory and observational notes to back up a claim. Instead, the researcher must provide evidence to support the body of study and the resulting conclusions.
Present Findings
As the study progresses, the researcher develops a solid case to present to peers or a governing body. Case study presentation is important because it legitimizes the body of research and opens the findings to a broader analysis that may end up drawing a conclusion that’s more true to the data than what one or two researchers might establish. The presentation might be formal or casual, depending on the case study itself.
Draw Conclusions
Once the body of research is established, it’s time to draw conclusions from the case study. As with all social sciences studies, conclusions from one researcher shouldn’t necessarily be taken as gospel, but they’re helpful for advancing the body of knowledge in a given field. For that purpose, they’re an invaluable way of gathering new material and presenting ideas that others in the field can learn from and expand upon.
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Entrepreneurship Class 12 Exam Questions
Please refer to Entrepreneurship Class 12 Exam Questions with solutions below. These important exams solved questions have been prepared based on the latest books and syllabus issued by CBSE, NCERT, and KVS. Our team of expert teachers of Class 12 Entrepreneurship has designed these based on the latest examination guidelines and the type of questions expected to come in the examinations.
Exam Questions Class 12 Entrepreneurship
We have provided exam questions with solutions for all chapters in Standard 12 Entrepreneurship. You should learn these before the examinations as the answers have been designed to help you get better marks. You can click on the chapter-wise links below to access all problems and solutions for free. These will also help you to clear all concepts and improve your understanding of Entrepreneurship in Class 12.
Chapterwise Important Questions Class 12 Entrepreneurship
It is important for students to prepare for Class 12 Entrepreneurship exams properly and practice questions and answers which have been designed based on the latest guidelines on the type of questions to be asked in the upcoming class 12 Entrepreneurship examination. We have also provided MCQ Questions for Class 12 Entrepreneurship which will be very useful for students. This year more MCQ-based questions and Case study-based questions are expected in examinations. We have provided all the latest questions which are expected to come in exams on our website. Students in Class 12 should download these questions in Pdf and share with teachers and friends.
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Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22)- 1 - Notes | Study Sample Papers for Class 12 Commerce - Class 12
General Instructions: 1. The Question Paper contains three sections. 2. Section - A has 24 questions. Attempt any 20 questions. 3. Section - B has 24 questions. Attempt any 20 questions. 4. Section - C has 12 questions. Attempt any 10 questions. 5. All questions carry equal marks. 6. There is NO negative marking.
Q.1: Which of the following is not a feature of Sole Proprietorship? (a) Unlimited liability (b) Sole risk bearer (c) Separate entity from business (d) Right to make all decisions.
Correct Answer is Option (c) Sole Proprietorship business does not have an identity separate from the owner. Death, insanity, imprisonment, physical ailment or bankruptcy of the sole proprietor will have a direct and detrimental effect on the business and may even cause closure of the business.
Q.2: _______________ is one of the environmental factors that affects the micro internal environment. (a) Political (b) Competitors (c) Legal (d) Social
Correct Answer is Option (b) Competitors affect the micro internal environment because a company needs to consider its competitors in order to grow and earn profits.
Q.3: A business firm can enjoy _______________ through environment scanning. (a) Last mover advantage (b) Benefit of taxes (c) First mover advantage (d) None of these
Correct Answer is Option (c) Environmental scanning helps a business firm to analyse the internal environment of the company and identify the strengths that give a competitive advantage to the company.
Q.4: Which element of operational plan is concerned with deciding the exact path or route of material during the production process? (a) Routing (b) Scheduling (c) Dispatching (d) Inspection
Correct Answer is Option (a) Routing is the process concerned with determining exact route or path a product/ service has to follow right from raw material till its transformation into finished product.
Q.5: Naveen owns a 10 room building near Indira Gandhi International Airport. He wants to start a guest house there because he knows that many visitors require low cost accommodation near the airport. Which of the following he should ensure before opting this opportunity: (a) There is a good market for the service (b) Exploring new markets and reorganize the enterprise (c) Bring out new product in the market (d) Application of new methods of production
Correct Answer is Option (a) The two things that an entrepreneur has to ensure before selecting an opportunity: (a) There is a good market for the product or service he its going to produce or provide. (b) The rate of return on the investment is attractive to be accepted by him.
Q.6: Samar is a budding rural entrepreneur who is working on improving the health index of the women in rural areas. Samar needs to understand various health issues confronted by women in order to create a socially committed organization. For this, he wants to gather information about the target market or customers in an organized manner. This organized effort of Samar is known as: (a) Creation (b) Market research (c) Verification (d) Innovation
Correct Answer is Option (b) On the basis of the idea, interest and curiosity the need is adjudged by the entrepreneur and he starts looking for the answer to implement the idea. If the idea is to launch a new product or service then market research is conducted.
Q.7: Growing consciousness for health and fitness has led to the emergence of spa, gyms, slimming centres, yoga centres, etc. Which source of spotting idea has been highlighted? (a) Inventions (b) Innovations (c) Changes (d) Competition
Correct Answer is Option (c) Changes in social, political and technological environment bring opportunities for new businesses.
Q.8: At the break-even level: (a) Total revenue = Total expenses (b) Total revenue – Total expenses (c) Total revenue + Total expenses (d) Total revenue/Total expenses
Correct Answer is Option (a) At BEP, a firm is at no profit no loss. It is a point where the total revenue of the firm is equal to the total expenses.
Q.9: Sensing entrepreneurial opportunities is a process of converting _________ and then into an enterprise. (a) An idea into an opportunity (b) An opportunity into an idea (c) An idea into a problem (d) A problem into an opportunity
Correct Answer is Option (a) Sensing entrepreneurial opportunities is a process of perceiving the needs and problems of people and society and arriving at creative solutions, converting these solutions into an opportunity and then into an enterprise.
Q.10: Income distribution, lifestyle, education levels, work habits etc. form a part of ______ environment. (a) Political (b) Economic (c) Social (d) Ecological
Correct Answer is Option (c) The social environment factors include population demographics, income distribution, lifestyle changes, level of education and attitudes of people towards work and leisure. This factor is a part of PESTEL Model.
Q.11: Vishal owns a cloth manufacturing concern which uses cotton threads to manufacture garments. Identify the type of utility created by Vishal. (a) Form Utility (b) Place Utility (c) Time Utility (d) Possession Utility
Correct Answer is Option (a) Business enterprises create various utilities. Form utility is converting raw material into finished products
Q.12: “Each for all and all for each” is the motto of which of the following form of business organisation? (a) Sole Proprietorship (b) Partnership (c) Company (d) Cooperative Society
Correct Answer is Option (d) The primary aim of a cooperative society is to provide service to its members. Its motto is “Each for all and all for each”.
Q.13: The service sector contributes to almost half of India’s GDP (48.9%) and it only employs around one-third of its workforce. Identify the environmental factor which helped them in taking this decision. (a) Legal (b) Economic (c) Social (d) Political
Correct Answer is Option (b) Economic environment refers to factors and forces concerning means of production and distribution of wealth.
Q.14: The characteristics of a company includes: (1) Common Seal (2) Perpetual Succession (3) Limited Liability (a) Only 1 (b) Both 1, 2 (c) Only 2 (d) All 1, 2, 3
Correct Answer is Option (d)
Q.15: Observing and listening to customers give an idea about market trends. Which way to spot trend is being referred? (a) Read Trend (b) Talk Trend (c) Watch Trend (d) Think Trend
Correct Answer is Option (c) Watch trend is where ideas are generated through observation and listening. Entrepreneur make it regular to go to places where the target customers generally hang out.
Q.16: Environmental scanning provides relevant information about the business environment. Such information is useful in planning and policy making. Identify the benefit of environmental scanning in the above statement. (a) First mover advantage (b) Early warning signals (c) Customer Focus (d) Strategy Formulation
Correct Answer is Option (d) Environmental scanning provides relevant information which helps in policy making and planning.
Q.17: _____ involves application of new idea and converting these ideas into useful products or services. (a) Innovation (b) Invention (c) Creativity (d) Scanning
Correct Answer is Option (a) Innovation refers to the process of doing new things or doing old things in a new way. It involves transformation of innovative ideas into useful applications.
Q.18: In this stage, entrepreneur comes out with a viable plan to give practical shape by arranging funds, raw material, policy making, etc. Out of the following, identify the stage of ‘Creative process’ discussed above. (a) Incubation (b) Innovation (c) Illumination (d) None of these
Correct Answer is Option (c) Illumination is the stage where the idea resurfaces as a realistic creation.
Q.19: Why is it important for an entrepreneur to calculate Break-even point? (a) It helps in assessing the minimum level of output to be produced. (b) It helps in assessing the effect of change in quantity of output upon the profits. (c) It helps in assessing the selling price of the product. (d) All of these
Correct Answer is Option (d) Break-even point is the level of sales (or revenue generated) that equals all the expenses required for generating that revenue. It is not more than the expenses (i.e. no profit) nor is it less than the expenses (i.e. no loss). In other words, there is neither loss nor profit. It helps in setting profit goal and sales target. In a manufacturing environment, it helps in determining the products that are not contributing to meet the fixed expenses and thus brings up the item for discussion in management meetings about its continuity.
Q.20: Gross Profit = (a) Unit Price – Unit Cost (b) Unit Price + Unit Cost (c) Unit Price / Unit Cost (d) None of these
Correct Answer is Option (a) Excess of Unit Price over Unit Cost is known as the Unit Gross Profit or Unit Gross Margin. This represents the business profit from selling a product or providing service before deducting fixed expenses such as salaries, rent and other expenses.
Q.21: How is ‘Unit of Sale’ determined in a restaurant providing dinner? (a) Unit of sale will be the number of dinners offered. (b) Unit of sale will be the average amount billed per dinner. (c) Both (A) and (B). (d) None of these.
Correct Answer is Option (a) Unit of sale can be defined as a measure of what products are sold. Thus, unit of sale will be the number of dinners offered.
Q.22: _____________ is one of the factors for sensing entrepreneurial opportunities. (a) Vision and Creativity (b) Competition (c) Problems (d) All of these
Correct Answer is Option (a) Sensing entrepreneurial opportunities is a process that is germinated with one’s vision to perceive the needs of people and society and converting it into an enterprise.
Q.23: Which plan describes the proposed venture’s form of ownership? (a) Financial (b) Organisational (c) Marketing (d) Operational
Correct Answer is Option (b) Organisational Plan is that part of business plan that describes the proposed venture’s form of ownership.
Q.24: (i) What kind of people are required? (ii) How many people are required? (iii) How to procure personnel? Which type of business plan is highlighted by above statements? (a) Operational plan (b) Manpower plan (c) Organisational plan (d) Production plan
Correct Answer is Option (b) Manpower plan includes: (a) Kind of personnel required (b) Quantity of personnel required (c) Ways to procure personnel
Q.25: Non-registration of a partnership firm does not affect: (a) The right of the phone to enforce its claim against third party in court of law (b) The right of firm to file a legal suit against any of its partner (c) The right of third party to sue the unregistered form or its partners (d) The right of a partner of the unregistered form to file a suit against other partners
Correct Answer is Option (c)
Q.26: With the change in consumption habits of people Rakesh who was running a sweet shop, shifted to chocolate business. On the eve of Diwali, he offered chocolates in attractive packages at reasonableprices. He made huge profit by selling chocolates. Identify the dimension of macro environment discussed in the above case. (a) Political (b) Technical (c) Legal (d) Social
Correct Answer is Option (d) The social environment includes population demographics, social mobility, income distribution, lifestyle changes, attitude to work and leisure, levels of education and consumerism.
Q.27: Bharat Engineering produces equipment 800 units at ₹100 per unit. The variable cost of production is ₹70 per unit and the fixed cost are ₹9,000 per month. What would be break-even units for a month? (a) 300 (b) 500 (c) 200 (d) 150
Correct Answer is Option (a) BEP (in units)
Q.28: Vini wanted to start a jewellery business related to the sterling silver jewellery. Just to know more about the consumer interest and other trends in the market, she started attending various jewellery exhibitions and trade fairs. Which method of trend spotting is Vini using? (a) Read Trend (b) Talk Trend (c) Think Trend (d) Watch Trend
Correct Answer is Option (b) Entrepreneur get involved in specific industry’s trade association and in attending events and in talking to customers both online and offline. They also take advantage of social networking tools like LinkedIn and Facebook.
Q.29: Amrita has a passion for teaching she was working as PGT in a well reputed school. She was getting good salary and other incentives in return. But she was not satisfied. She decided to open a primary school of her own. With her passion and hard work she did everything possible to make her venture a success. Which economic activity is Amrita currently engaged into? (a) Business (b) Profession (c) Employment (d) None
Correct Answer is Option (a) Business covers all the economic activities concerned with the production and distribution of goods and services.
Correct Answer is Option (b)
Q.31: Assertion (A): When a problem exists, an idea leads to a solution to resolve that problem, it emerges as a business opportunity. Reason (R): Competition often results in emergence of new and better ideas that result in new business opportunities. (a) Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A). (b) Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A). (c) Assertion (A) is true but reason (R) is false. (d) Assertion (A) is false but reason (R) is true.
Correct Answer is Option (b) Ability to perceive and preserve basic ideas is one of the factors involved in sensing opportunities. The various sources which lead to the emergence of basic ideas are problems, change, inventions, competitions, innovation, etc.
Q.32: Sohan used to sell firecrackers in Delhi in year 2020 due to Covid. Chief Minister of Delhi banned the selling and bursting of firecrackers and issued a notice through court that if someone tries to break the law will be fined and may be imprisoned. Which business and environment is talked about in the above para? (a) Legal (b) Political (c) Social (d) Economical
Correct Answer is Option (a) The legal environment includes the law passed by the government as well as decisions rendered by various commissions and agencies at every level of the government.
(a) 1 - (c), 2 - (d), 3 - (b), 4 - (a) (b) 1 - (c), 2 - (b), 3 - (d), 4 - (a) (c) 1 - (b), 2 - (c), 3 - (a), 4 - (d) (d) 1 - (d), 2 - (a), 3 - (b), 4 – (c)
Correct Answer is Option (d) Idea germination: is the seeding stage of a new idea. It is the stage where the entrepreneur recognises that an opportunity exists. On the basis of the idea, interest and curiosity the need is adjudged by the entrepreneur and he starts looking for the answer to implement the idea. If the idea is to launch a new product or service then market research is conducted. Incubation is the subconscious assimilation of information. This is the transition period. The entrepreneur starts thinking about the idea and implementation in his subconscious mind. In the period of illumination the idea re-surfaces in realistic way and entrepreneur comes out with viable plan to give practical shape by collecting rawmaterial, arranging funds, policy–making for the implementation of idea.
Q.34: Information for environmental scanning can be collected from which of the following sources? (a) Records of companies (b) Government publications (c) Publications by various financial institutions (d) All of these
Q.35: Which of the following importance of environment helps in identifying threats and opportunities in the market? (a) Identification of opportunities to get first mover advantage (b) Formulation of strategies and policies (c) Tapping useful resources (d) Better performance
Correct Answer is Option (b) Environment scanning helps in identifying threats and opportunities in the market. These can serve as the basis of formulation of strategies to counter threats and capitalize on opportunities in the market.
Q.36: Why it is important for an entrepreneur to scan the environment? (a) Organizations gather information on changing conditions. (b) The right information can determine an organization's future viability. (c) Both (A) and (B) (d) None of these
Correct Answer is Option (c) In a rapidly changing environment, one rule of thumb applies: If you don't adapt, you don't endure. This is the core idea behind environmental scanning. It refers to the means by which organizations gather information on changing conditions and incorporate those observations into a process where necessary changes are made. The right information, combined with the right adaptations, can determine an organization's future viability.
Q.37: ‘Ayush Generic Medicines’, a chemist shop sells generic medicines. On 15.2.2016 medicines as per the details given below were sold:
Correct Answer is Option (a) Average amount of medicines sold per customer = 1,75,650/200 = ₹ 878.25
Q.38: Assertion (A): Usefulness of break-even analysis continues to be the same whether a business is operating a single product or multiple product. Reason (R): Break-even analysis helps in setting profit goal and sales target. (a) Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A). (b) Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A). (c) Assertion (A) is true but reason (R) is false. (d) Assertion (A) is false but reason (R) is true.
Correct Answer is Option (b) Break-even analysis helps in setting profit goal and sales target. In a manufacturing environment, it helps in determining the products that are not contributing to meet the fixed expenses and thus brings up the item for discussion in management meetings about its continuity.
Q.39: Which of the following is the formula for break-even point? (a) Fixed expenses × Gross margin (b) Fixed expenses / Gross margin (c) Fixed expenses + Gross margin (d) Fixed expenses – Gross margin
Q.40: Chirag, Ravi, and Suresh were three friends in school time they studied arts, commerce, and science streams respectively when they passed from school they pursued their higher education. Chirag became and chartered accountant, Ravi became an IPS officer and Suresh had started his own laundry business. Who among these is an entrepreneur? (a) Chirag (b) Ravi (c) Suresh (d) Both (A) and (C)
Correct Answer is Option (c) An entrepreneur is a person who sets up a business or businesses, taking on financial risk in the hope of profit.
Q.41: Which of the following PESTEL model factor is indicated in the below mentioned lines? “Kashmir is rich in flora and fauna, free from air and land pollution”. (a) Ecological factor (b) Social factor (c) Political factor (d) Economic factor
Correct Answer is Option (a) Ecological factor considers the ways in which the organisation can produce its goods or services with minimum environmental damage.
Q.42: Vidya has an antique table which she bought few years back. She now wants to sell this. Will this be considered as business activity? (a) Yes, it will be a business activity because it involves sale of the good (b) No, it will not be considered business activity as the dealings in good is not on regular basis (c) Can't be said (d) None of these
Correct Answer is Option (b) For any activity to be considered as a business activity the dealings in goods and services should be undertaken on regular basis. A single or isolated transaction will not constitute the business.
Q.43: The founder of Domino’s Pizza had a tough childhood, was raised in orphanages and hostel homes. In 1960 he and his brother borrowed $900 and bought a pizzeria. His brother left within a year, but he hung on, surviving bankruptcy and fire. He worked 18 hours a day seven days a week whole heartedly making Domino’s Pizza, today it is one of the biggest MNC in the world and a household name. What type of business was Domino’s when it was started initially? (a) Partnership (b) Joint stock company (c) Sole proprietorship (d) None of these
Correct Answer is Option (a) Partnership is an association of two or more persons to carry on as coowners of a business and to share its profits and losses.
Q.44: MakeMyTrip started their operations in India in various parts of the country. They had been successful in its operation as more people prefer to book hotels and many other facilities by their website and their app. The business made it easy for people to access hotels and other facilities on the tap of the finger which caused a change in the lifestyle and attitude towards working leisure of the people. Which factor of PESTEL model is referred in the case? (a) Political (b) Social (c) Ecological (d) Technological
Correct Answer is Option (b) The social environment includes population demographics, social mobility, income distribution, lifestyle changes, attitude to work and leisure, levels of education and consumerism.
Q.45: Kartik is a budding entrepreneur who is about to pitch his idea to a group of investors. He made a teaser of a few minutes to present his business plan to awaken the interest of potential investor. Which format of presenting a business plan did Kartik use? (a) Elevator pitch (b) A pitch deck with oral narratives (c) Written presentation for external stakeholders (d) Operational plan
Correct Answer is Option (a) Elevator pitch is it three minute summary of business plans. This is often used as a teaser to awaken the interest of potential funders, customers or strategic partners
Q.46: Partnership is the outcome of a ____________ . (a) Agreement (b) Contract (c) Profit sharing (d) None of these
Correct Answer is Option (b) Partnership is the outcome of a contract. Thus, there must be at least 2 persons to enter into contract to form partnership. Minors cannot form a partnership firm as they are incompetent to enter into contract but can be admitted to the benefits of a running firm.
Correct Answer is Option (a)
Q.48: Naman learned painting since childhood. He’s a great sketch artist now and he paints well. Open art studio of his own where he used to sell sketches and paintings made by him and used to meet sketches on painting of people who wanted. He introduced a new special colour painting in his studio which was appreciated by everyone. What form of business organisation is operated by him? (a) Private company (b) Public company (c) Sole proprietorship (d) Partnership
Q.49: Nimit was not too keen to take up his family run business of making bamboo baskets. But due to the bad condition of the family business he had no option except to take up this business. He started thinking about the new ways of using bamboo. One day while having lunch in a restaurant he overheard the owner talking about the difficulty in disposing the plastic and thermacol crockery that was being used in the restaurant. This provided him the stimulus for a new venture creation. Nimit started looking into various options of making bamboo plates which could be used in the restaurants. He discussed the idea with his father who advised Nimit that ideas should lead to commercially viable forms in order to survive and grow. In the above case which step of creative process is mentioned? (a) Idea germination (b) Preparation (c) Incubation (d) Illumination
Correct Answer is Option (d ) In the period of illumination the idea re-surfaces in realistic way and entrepreneur comes out with viable plan to give practical shape by collecting rawmaterial, arranging funds, policy–making for the implementation of idea.
Q.50: Yadav was running a garments store in Pune. His business was running well. He wanted to expand his business so he borrowed ₹5 lakh and added new stock to the store, but then Covid 19 strike the country very harshly. All businesses were hit very hard. His store didn't open for 8 months and he faced huge losses. He had to pay the creditors so he sold his one flat and car and other assets to pay the creditors. Which limitation of sole proprietorship is highlighted in the case? (a) Limited resources (b) Unlimited liability (c) Lack of continuity (d) Limitation of capital
Correct Answer is Option (b ) Unlimited liability refers to the full legal responsibility that business owners and partners assume for all business debts. This liability is not capped, and obligations can be paid through the seizure and sale of owners' personal assets, which is different than the popular limited liability business structure.
Q.51: COVID-19 breakout was the major breakout of the century which hasn’t happened in last hundred years due to which many people lost their lives, their loved ones, and their jobs. Government of India introduced various schemes and policies and relief packages for the people and businesses of the country who were hit worst by the pandemic. They made changes in taxation policies. The economy was slowly coming on track but then another wave of COVID-19 hit and this time it was more brutal. The country was lacking basic resources like oxygen, beds in hospitals etc. Prices of petrol and diesel shot up in the country like anything which made transportation costly. Due to costly transportation all basic need items like vegetables, pulses, bread, and daily meal items prices shot up. This caused a situation of inflation in the economy. Which of the following components of PESTEL model are discussed in the case? (a) Economic (b) Social (c) Political (d) Both (b) & (c)
Correct Answer is Option (d ) The political environment includes taxation policy, government stability and foreign trade regulations. Economic environment includes rate of interest, inflation, business cycles, unemployment, disposable income, availability of energy etc.
Q.52: The product that has given the world its best known taste was born in Atlanta a local pharmacist produced for Coca-Cola and carried a jug of the new product down the street to pharmacy, where he sampled it, pronounced excellent and less and sale for five cents a glass as a soda fountain drink. He gradually sold portions of his business to various partners and just prior to his death, sold his remaining interest in Coca-Cola, with great business acumen. Mr. Candler proceeded to buy additional business right and acquire complete control. Before the pharmacist gradually sold portion of his business to various partners which type of business was Coca-Cola? (a) Sole proprietor (b) Partnership (c) Company (d) None of these
Correct Answer is Option (a ) Sole proprietor ship is a type of business under which a person is solely responsible for providing the capital, for bearing the risk and for the management of business.
Q.53: Sonakshi was talking to her brother, who is also in chartered accountant, about how to make successful venture. He suggested her that she should improve her business model so that it will enable mass production. They analysed that they will have to make a list of all pros and cons of increasing production in the business. Keeping this in mind, her brother prepared a document which described formerly the relevant capital structure required, the various sources and application of funds etc. involved in starting the venture on a large scale. Which type of plan did her brother form for Sonakshi? (a) Financial plan (b) Organisational plan (c) Human resource plan (d) Marketing Plan
Correct Answer is Option (a ) Finance is one of the most important prerequisite is to establish an enterprise. Availability of finance facilitate the entrepreneur to bring together men, material, machines and methods to produce goods and services.
Q.54: Sakina is a sole proprietor. Over the past decade, her business has grown from operating a neighbourhood corner shop, selling accessories such as artificial jewellery, bags, hair clips and nail art to a retail chain with three branches in the city. Although she looks after the varied functions in all the branches, for better management of the business she is thinking to convert her sole proprietorship into some other form of business. She also has plans to open branches countrywide. She is afraid of the fact that in case the business incurs losses, her personal property may be called upon to pay the business debts. She is also feeling that she may not be able to effectively manage a large business because of her deteriorating health. The above case talks about: (a) Features of sole proprietorship (b) Advantages of sole proprietorship (c) Limitations of sole proprietorship (d) None of these
Correct Answer is Option (b ) Disadvantages of Sole Proprietorship: • Limitation of Management Skills • Limitation of Capital • Unlimited Liability • Lack of Continuity • Weak Bargaining Position • Limited Scope for Expansion
Q.55: Sita and Ram had a company which they use to run very well. They both were MBA graduates. They knew the basics of business in and out and also that there are many factors that impact the business. They used to sit every week for some extra hours and plan their strategies for next week and month by analysing the market, political scenario, legality, the competition etc. This was helpful for them. Since 15 years no matter what the situations comes they would anticipate it and have a backup plan ready for it. Which advantage of environmental scanning is discussed above? (a) Identification of opportunities to get first mover advantage (b) Formulation of strategies and policies (c) Tapping useful resources (d) All of these
Correct Answer is Option (b ) It helps in identifying threats and opportunities in the market. These can serve as the basis of formulation of strategies to counter threats and capitalise on opportunities in the market.
Q.56: Naveen started a school bag business with his brother. Both were very excited about the new venture. With meticulous planning and a lot of hard work they were able to sell 1,000 bags in the first year. But they did not make any profit but both were happy because they were not in loss and revenue generated was equal to the cost. Now they were moving towards earning profit in the second year. Identify the concept discussed in the above statement. (a) Fund sourcing (b) Break-even point (c) Both (A) & (B) (d) None of these
Correct Answer is Option (b ) The break-even point is the level of production at which the costs of production equal the revenues for a product. In investing, the break-even point is said to be achieved when the market price of an asset is the same as its original cost.
Q.57: Ola was one of its kind amazing start-up which allowed people to book cabs online. Ola did not own any of the car but they set up network with local taxi drivers and asked them to get registered on their platform which will enable them to get business. For both it was a win-win situation. With time it came in the eyes of the public & it started introducing new features like call–radio taxis with additional features like GPS systems, online booking etc. Now they have launched their own Electric scooter and buzzing in the market. Which advantage of environmental scanning is discussed above? (a) Identification of opportunities to get first mover advantage (b) Formulation of strategies and policies (c) Image Building (d) Both (b) & (c)
Correct Answer is Option (c ) If a company is sensitive to the external environment, it will come out with new products and services to meet the requirements of the customers. This would build the image or reputation of the firm in the eyes of the general public.
Q.58: Gaytri was doing business of hand crafted pure leather accessories. Her business was running well. She used to sell the products in the domestic market as well as the international market. The business was started in 2004. In 2015 the government put a ban on sale of leather goods to stop the killing of innocent animals. The government has issued notices in the whole country that if anyone is caught selling leather items will be fine ₹1,00,000, and imprisonment for 1 year. Which type of environmental factor is discussed in the case? (a) Micro (b) Macro (c) Social (d) Technical
Correct Answer is Option (b ) Macro environment is also known as general environment or remote environment. Macro environment refers to the general environment that originates outside the organization and affects the business operations indirectly and the businessman has no control over these forces.
Q.59: Poonam is from a village in India. The people in the village are very talented. They are very good at creating statues from marbles and other stones. Basically they all are artist. They used to carve life out of marble. Poonam did not have enough resources so she went to the collector's office and discussed her idea. Collector liked the idea. He proposed that they together with a partnership of government should start selling those handicrafts in the different parts of the country. They started a venture together where entire investment will be made by the government and Poonam will manage the venture. Their motive will be welfare of people. What kind of business enterprise is discussed in the case? (a) Public sector enterprise (b) Private sector enterprise (c) Joint sector enterprise (d) None of these
Correct Answer is Option (a ) When business enterprises are owned, controlled and operated by public authorities, with welfare as primary and profit as secondary goals, they are called as public sector enterprises.
Q.60: Victor industries has been one of the leading companies in Mobile Phone Industry in India. The company decided to launch a new Model AI 1 which will have in built latest software to encourage hands free use and enhance the customer experience through 3D photos. They are also looking into ideas to use eco-friendly recyclable materials for the body of the phone which will cause less environmental damage. Identify the two factors of PESTEL model from the above case study. (a) Economic, Social (b) Ecological, Technological (c) Legal, Economic (d) Social, Political
Correct Answer is Option (b ) Under the PESTEL Model, ecological environment considers the ways in which an organization can produce its goods and services with minimum environmental damage.
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Entrepreneurship UNIT-1 Entrepreneurial Opportunity (Full Chapter notes) Class12
Class- xii entrepreneurship (066), important note; wherever there is diagram and flow chart in the cbse book , consider it as part of the answer and it is compulsory to draw that diagram and flow chart along with answers otherwise marks will be deducted., meaning of entrepreneurship, entrepreneur, enterprise.
Entrepreneurship (PROCESS); Entrepreneurship is the process of identifying opportunities in the marketplace and arranging for resources to explain the identified opportunity in order to harness long-term gains.
Entrepreneur (PERSON) ; An entrepreneur is a person who is a catalytic agent in converting a situation into an opportunity and setting up a business in the process.
In the words of Peter F Drucker Entrepreneur is one who always searches for an opportunity.
Enterprise (OUTCOME); The outcome of the Entrepreneurship process is called Enterprise. It provides goods and services, creates jobs, contributes to national income, export, and also contributes to the overall economic development.
Business Opportunity :
Meaning: It is an attractive economic idea that could be implemented to create a business, earn profits and ensure further growth.
Prerequisites of a Business Opportunity- Two things to be kept in mind while selecting an opportunity:
- There is a good market for the product he is going to produce
- The rate of return on the investment is attractive to be accepted by him
Can all ideas be converted into business opportunity?
Elements of Business Opportunity: (MAPCG)
- Assured Market scope
- An Attractive and acceptable rate of return on investment
- Practicability of the idea
- Competency of the entrepreneur to encash it
- Potential of Future Growth
Enterprise building process / Steps in the process of Enterprise building: (OCIP)( follow flow chart from book)
- Opportunity spotting : It is done by analysing the needs and wants of the society
2 . Creativity and Ideas : Then various ideas received from various sources are identified and evaluated to find a creative solution to the above needs and wants.
3 . Innovation and product : Then on the basis of the above creative solution a product is created.
4. Project Business : then there is setting up of the project and nurturing it to success.
Perceiving and sensing opportunities:
Sensing entrepreneurial opportunities: Meaning: It is a process of perceiving the needs and problems of people and society and arriving at creative solutions. In this, an entrepreneur employs his\her sharpened skills of observation, analysis, and synthesis to identify an opening.
Factors involved in sensing opportunities :
To sense opportunity, an entrepreneur employs his skill, observation, vision, knowledge, and creativity. The most important factors involved in sensing an opportunity are:
- Ability to perceive and preserve basic ideas
- Ability to harness different sources of knowledge and information
- Vision and creativity
Ability to perceive and preserve basic ideas:
Spotting an idea often triggers the process of sensing an opportunity. The following are the various sources of emerging an idea: (ICICIP)
Problem: Most of the time solution of a problem becomes an opportunity. E.g. Businesses dealing in generators and inverters grow due to the problem of electricity. A problem gives rise to business opportunities.
Change : All the environmental changes, be it social, legal, or technological give rise to the new business opportunity. For e.g products like zero-calorie coke, multigrain bread is the result of the movement of society towards health consciousness.
Inventions: New products or services lead to new business opportunities. E.g. Pen drives, I -pods, digital cameras are business opportunities brought by inventions.
C ompetition: Whenever someone tries to beat the competition, he resorts to new and improved ideas. This is the only way to survive in the market.
Innovation : It means creating new things of value as well as processing the added value to existing products or services. E.g. Computers to tablets
Ability to harness different sources of information: There are various sources from which information can be gathered like magazines, books, journals, seminars trade shows, friends, family members, etc. The information gathered from various sources must be analyzed, verified, and utilized properly. Many people get the information but only some analyze the information, harness and try to get the best from it.
Vision and creativity: Many people can see the same problem but an entrepreneur is the one who finds its most creative solution with his vision and creativity. With his vision, he converts the solution into a business opportunity. Through their vision and creativity they constantly: (a) Overcome adversity (b) exercise control over the business (c) Make a significant difference.
Environment Scanning
Business Environment: Meaning : Business Environment can be defined as all those conditions and external forces to a business unit under which it operates.
Environment Scanning: Meaning : Careful monitoring of an organization’s internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans.
“ If you don’t adapt, you don’t endure” Comment.
By doing environment scanning an organization gather information on changing conditions and incorporate those observations into a process where necessary changes are made. The right information combined with the right adaptations can determine an organization’s future viability. If an entrepreneur is not aware of the environmental surroundings his business is sure to fail.
Importance of Environment/ Significance of understanding Environment/ Importance of Environment scanning (FORBIS)
- Identification of Opportunities to get first mover advantage : The businessman who are able to understand and scan the opportunities of business environment at early stage get maximum benefit or can capture a big share in the market. They can go much ahead of their competitors. For example, Goodlass Nerolac was the first company to understand that soon there will be a great demand of car painting in India once Maruti will sign contract with Suzuki. So Nerolac prepared itself for that opportunity in advance by signing contract with Kansai Paints , which increased its production capacity to fulfil the demand of Maruti.
- F ormulation of strategies and policies : Strategies are the types of plan which are made to face the competitors. Environment scanning helps in early identification of threats from competitors for which counter strategies are formulated to face the competitors. Also opportunities can be capitalised by suitable strategic policies.
- Tapping useful Resources : Businessman have to supply goods to market according to demand in the market. To supply output they need input, raw material etc. They acquire raw material and other resources keeping in mind the demand in the environment. Which helps in doing the best utilisation of resources because scanning of environment helps a businessman to know and understand the taste and demand of customers. E.g with the demand for flat screen T.V. manufacturers are collecting resources necessary to manufacture flat screen colour T.V. rather than collecting resources of Black and White T.V.
- B etter Performance : With continuous scanning of the business environment, companies can easily improve their performance. By making the changes in the internal environment and matching it to the external environment, Organisations can prosper and improve their market share. E.g. Weston company which could not cooperate with the changing environment started suffering loss and lost its name in the T.V. market whereas BPL and Onida did scan the environment well and are still running successfully in the market.
- S ensitisation of entrepreneurs to cope up with rapid changes : A keen watch on trends in the environment would help sensitise the entrepreneurs to become proactive towards the needs of customers, changing trends, government policy, technology etc. e.g. Reliance trends keep on changing its clothes with changes in fashion to gain an edge over its competitors.
Image building : If a company is sensitive to the external environment, it will come out with new products and services by or building our better goods and services which help in image building and reputation. E.g nowadays transport companies are offering online bookings.
Environment Analysis:
Meaning : It is the process of monitoring the economic and noneconomic environment to determine the opportunities and threats to an organization.
This process of environment analysis involves: (1) Data Collection (2) Information processing (3) Forecasting to provide developing goals and strategies for business survival and growth.
Sources of Information for environment scanning / Sources of data Collection for environment scanning:
- Verbal information from customers, wholesalers, retailers, distributors, consultants etc.
- Records of companies
- Government publications
- Publications by financial institutions
- Formal studies conducted by strategic planners.
The data obtained is processed and analyzed with the help of quantitative and qualitative techniques.
The flowchart shows that the opportunity perceived by the entrepreneur has to be tested for its economic viability against important environmental parameters to arrive at a sound business choice.
Types of Environment Analysis/ business environment
There are two types of environment analysis done which help in identifying the SWOT (Strength, Weaknesses, Opportunities, Threats)
- Internal Analysis/ Internal environment : It is specific to company’s internal strengths and weaknesses. It involves those factors which remain under the control of the entrepreneur. E.g. land, production , capital ,top management structure, companies financial resources, its image and brand equity. These factors help in identifying its strengths and weaknesses.
- External Analysis/ External environment : These are those factors which put pressure on the firm from outside. These help to identify opportunities and threats present in the environment.
Environmental factors:
Meaning: Entrepreneurship environment refers to the various forces within which various small, medium and large enterprises operate. These factors affect each other.
Business Environment consists of two levels :
Micro Environment
Macro Environment
Microenvironment : It refers to those factors which remain under the control of the entrepreneur, which includes the targets of the enterprise and its functioning, types of organization, policies etc. It affects a particular firm and is specific to it. It includes the following Elements: (PICCS)
- General Public : a public is any group that has an actual or potential interest in or on an organisation’s ability to achieve its interest. E.g. media public, local public. Etc.
- I ntermediaries : Market Intermediaries like wholesalers, retailers, transporters, warehouses, financial institution and promoting agencies, all help in flow of goods and services between the business and its final market. Firms cannot survive without them.
- C ustomers : The most influential force which rules the market is customer. Customer needs and wants have to be understood and goods should be produced to satisfy the consumers. Consumer’s demand may affect the profitability , reputation ,goodwill and the expansion plans of the business.
- C ompetitors: These are such factors in the micro environment that provide similar offerings. To remain in competitive, the firm has to not only identify them but also make strategies to move ahead than them.
- S uppliers : Necessary resources are obtained from the suppliers thus suppliers and vendor relations, availability of suppliers, affect the business.
Macro Environment : These are the factors that affect the industry as a whole. The macro factors are uncontrollable factors and therefore the success of a business depends on its adaptability to this environment with the help of microenvironment forces.
PESTEL Model
Political Environment: Political Environment constitutes all the factors related to government affairs such as the type of government in power, attitude of the government towards different groups of society, taxation policy, government stability, foreign trade regulations, etc. The political environment has an immediate and great impact on business transactions so businessmen must scan this environment carefully. E.g. in 1977 when the Janata government came in power they made the policy of sending back all the foreign companies. As a result, the coca-cola company had to change its business and leave the country.
Economic Environment: Economic Environment includes interest rates, inflation, business cycles, unemployment, disposable income, energy, availability, and cost. The Economic factors have an immediate and direct impact on the business, so the businessman must scan the economic environments. Economic environments may put constraints and may offe4 opportunities to the businessman. E.g after the 1991 new economic policy, a lot of opportunities are offered to businessmen.
Social Environment: The social/cultural environment includes population demographics, social mobility, income distribution, lifestyle changes, attitudes to work and leisure, levels of education, and consumerism. Social Environment consists of customs and traditions of the society, standard of living, taste and preference, education level of people living in the society in which business is existing. E.g. An entrepreneur who wants to start a business of trendy T-shirts, jeans, skirts etc. then he will not open a shop in a backward and rural area. He must target the youth of metro cities.
Technological Environment: It is influenced by government spending on research, new discoveries, and development, government and industry focus of technological effort, speed of technological transfers, and rates of obsolescence. Technological environment refers to changes taking place in the method of production, use of new equipment and machinery to improve the quality of product.. the businessman must closely monitor the technological changes taking place in his industry because he will have to implement these changes to remain in the competitive market. E.g Colour T.V. technology has closed the business of black and white T.V.
Ecological Environment: It considers the way in which an organization can produce its goods and services without or with minimum pollution and with minimum environmental damage. It includes concern about the impact of carbon emission from jet engines, noise, resistance to airport expansion, etc.
Legal environment: Legal Environment constitutes the laws and various legislations passed in the parliament. The businessman cannot overlook the legislation because he has to perform business transactions within the framework of the legal environment. It includes areas such as taxation, employment, law, monopoly, legislation, and environmental protection laws. E.g. Advertisement on alcoholic products is prohibited. It, Compulsory to give statutory warning on tobacco products.
Problem Identification:
Meaning: When there is a roadblock in a situation, which poses a conflict and forces you to find a solution then this roadblock is a problem and when one identifies this roadblock, it is called problem identification .
Objectives of problem identification :
- It should clearly state the problem
- It should identify the target group facing the problem.
- It should find the market acceptability of the solution to the problem.
Uses of Problem Identification:
Problem Identification helps the entrepreneur in the following ways:
- To understand the needs and problems of the market.
- To bring out new product in the market.
- To become creative.
- To increase employment generation.
- To increase national income of the country.
Idea Generation:
Meaning: Idea generation is a process of creating developing and communicating ideas that are abstract, concrete, or virtual. It includes the process of developing the idea through creativity and innovation and bringing the concept to reality.
Sources of Business Ideas/ Business Ideas are an outcome of:
- Careful analysis of market research
- Careful analysis of customer needs.
- Serendipity i.e. creation of something or discovery through accident.
- Exploring the ways of getting ideas
Idea Fields:
Meaning: Idea fields can be defined as ‘ Convenient frames of reference for streamlining the process of generation of ideas . Idea fields help in enlarging the scope of thinking and also give the entrepreneur the benefit of structuring ideas based on convenient frames of reference.
Sources of idea fields : (NESTCM)
- Natural Resources : Ideas can be generated based on natural resources. A product or service may be desired from forest resources, agriculture, horticulture, minerals, marine or aqua minerals, animal husbandry, wind, sun, and human resources. E.g. If we think of getting ideas in the field of forest resources, we can think of forest produce, wood based products etc.
- E xisting products or services : Another field to generate new ideas can be improving the existing products and services. We can use the latest technology in existing products or make them cheaper by producing them with cost saving method etc. thinking about innovative ways of packaging etc. A great business idea combines skill with imagination and market demand. Entrepreneur who look at the ways to make an existing product or service better can be as successful as those who create and invent products. E.g In case of Britannia Breads the company is constantly improving on its existing product and bringing out new variants like Atta bread, multigrain bread, garlic bread.
While it may seem like only good can come from improving, adding to, or changing different products around, This is not always the case, It must be done skillfully or else other problems can arise . It can benefit the business in the following manner:
- Keep up with the competition : If the products or services are of constantly changing nature, you have to stay aware of the changes and adopt such changes. This will help an entrepreneur to stay ahead than his competitor.e.g In case of a mobile manufacturing unit, the manufacturer has to constantly upgrade his process with the change in technology.
- Increase Sales : Upgradation and Improvement in existing product line can help an entrepreneur to increase his sales, which can further lead to increase in profits. So the change should be such that it should help in increasing the revenue of the business. E.g Publishing house engaged in the publication of competitive books ventures into school books. The addition in product line will definitely increase the revenues of the firm.
- M arket or demand driven ideas: One of the important methods of generating idea is Market research . While assessing the market, an entrepreneur has to prepare details about demand (taste of consumer, fashion), trends od supply ( Quantity supplied by already existing suppliers), and customer preference. Market research is an organised effort to gather information about target markets or customers. It includes social and opinion research and is the systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods and techniques of applied social science to support decision making.
Difference between Market research and Marketing Research:
Marketing Research is concerned specifically with marketing processes.
Market Research is concerned with Markets
- T rading related ideas: Trading means buying of goods and services and selling them to consumers at profit. Advantage of trading are that is less risky and easy to launch.Today the scope of trade has enlarged to local trade, import trade, export, e commerce , Umbrella markets, departmental stores, chain storesetc. The trader must be aware of the trend in the market. The trader must study in detail the needs and wants of customers to win over the competitors. To survive in the market new entrants will have to acquire skills, competencies and knowledge required to launch , manage and expand business opportunities.
- S ervice sector Related Ideas: Service sector refers to providing services either by entrepreneur himself or by hiring some employees. Entrepreneur must own the enterprise and provide service through his enterprise. The reason for service sector being the most growing field now a days is emerging knowledge societies and advancement in information and technology. Some of the interesting opportunities in service sector are as follows:
(Page-13, 14 from CBSE Book)
- C reative Efforts : Creativity is an important idea field. It is not only used to spot and harness opportunities. It can also be applied to develop new products and services. Two businessmen can have same qualification, same capital and same products but the entrepreneur with creativity and skill will always have an edge over the other businessman. Generally creativity comes as a result of problem solving. Whenever people face problem, to overcome those problems new products and services are created. Eg. In hilly areas farmers created step farming as a solution of problem they faced during growing crops.Creativity can be used in the following ways:
- For developing new products and services
- Improving an existing product or service
- Inventing new method to manufacture a new product
- Finding new market for already existing product
- New use of an existing product or service.
Product Identification:
Meaning: After opportunity spotting and scanning of the environment, an entrepreneurial idea should lead to a definite product it is called product identification. After generating the idea with the help of various idea fields, the next step is to scan the environment to check its viability( to see, whether it’s really possible to start this business or not) and take steps to ensure that idea leads to the development of the product.
Process of transforming an idea into opportunity/ Process of transformation of an idea into a viable opportunity: While the initial spotting of an idea (Basic idea) is of random nature, the development of idea after scanning the environment (post scanning idea) is a more purposeful activity.
Difference between Basic idea and post scanning idea
The following process shows strategic positioning is required to convert an idea into an opportunity
Strategic Positioning: Meaning : It means that knowledge, creative thinking, competencies, and skills of an entrepreneur are backed by thorough processing of an idea through close examination, evaluation, analysis, and synthesis leading to, an idea evolving as an opportunity.
(Do diagram from the book: pg. 17)
( just for understanding : In simple words: Ideas are generated on the basis of knowledge, creative thinking, ability, and skill of the entrepreneur and after that, he does the close examination, evaluation in terms of finance, availability of resources, the practicability of an idea to decide that whether he should convert an idea into an opportunity or not).
Idea and opportunity assessment process/ Steps involved in the investigation of ideas/ steps to identify feasible opportunity
(Just for understanding: In this topic, we will see whether this selected idea can be a good, sound business opportunity or not)
The process of testing ideas for assessing their opportunity potential can be divided into the following steps: (Palco CoTA)
Step-1: Product identification: An idea should lead to a definite product/ service that he can sell. The first step is to find the product or service which is suggested by the idea too, find out its market,i.e how many such products are already available in the market and what difference your product will be offering. E.g many pen drives are available in the market, but if u make it available in the form of a bracelet or pendant, it will be more in demand
Step-2: Application and use : It is important to clearly define the real-life utility your product or service will be offering i.e what extra value you can offer to a customer. If it is an existing product modification should be proposed that should lead to better use. E.g we can give a jeweled pen drive.
Step-3: Level of operation : Depending on the use of the product, type of the product, skill, use of labor, the entrepreneur will decide the level of operation, ie. To whether he will produce it in cottage industry, small scale industry, or large scale industry.
Step-4: Cost : The entrepreneur must calculate the cost of the product at a particular level for operation and compare it with the competitor’s costs. This will help him to decide the sale price also.
Step-5: Competition : The entrepreneur must study the competitor in the market by doing competitor analysis. i.e by analyzing their demand and supply position.
Step-6: Technical complexities : The entrepreneur must assess the kind of technology required to make the products. Whether that technology is available or not, whether training to use that technology is available or not.
Step-7: Annual Turnover : Annual Turnover means annual net sales. The entrepreneur must try to assess the expected annual turnover from the product or service to estimate the profit.
Market Assessment/ Factors involved in assessing in the market while selecting a product or service: (DSPC)
The selection of a product or service will depend upon many factors. While assessing the market, an entrepreneur has to prepare details on the following lines:
- D emand: The entrepreneur must assess the size of market i.e. whether it will involve local market, national market or international market. In market he must assess the target group of customers and their preference and tastes.
- S upply and Nature of competition : Supply position means total quantity of products made available by the existing players. He should take into account the quantities of possible supply from the new entrants.
- C ost and price of product : The entrepreneur must calculate the cost of the product and then compare it with his competitors and to find out how can he keep the cost low to stay ahead than his competitor. E.g. If the transportation cost of a competitor is very high, the the entrepreneur should make sure to save on his transportation cost to to gain an advantage over his competitor.
- P roject innovation and change : The entrepreneur has to continuously keep a watch on technological changes and innovation, otherwise he or she will lose the market because the product will not be as per the trends, quality available in the market.
Trend Spotting:
Meaning: Trend spotting refers to the Identification/recognition of the latest market trends. It helps the entrepreneur to bring changes in their products or services in accordance with the trends prevailing in the market. The success of the enterprise depends on the effectiveness of the trend spotting.
Entrepreneurs identify the trends themselves or with the help of the trend-spotter. In general trend, spotting takes place through one of the following activities. It includes but is not limited to. (RTWT)
- Online resources like websites, influential bloggers, e-mail newsletters, websites etc
- newspapers, magazines and other publications like industry publications.
- thought leaders who are experts in a particular industry or sector
Usually, these trends originate from international cities like London, Paris, and Tokyo. So entrepreneurs keep an eye on the changes in the trend taking place in these places. Not all trends will be useful. Entrepreneurs use their discretion to make a quick decision regarding accepting or discarding these trends.
- Entrepreneurs who have similar interests : In-person discussions usually take place at their industry specific trade association events or conferences etc. In addition to this they also participate in social networking sites, forums, discussion groups, smart phone apps etc. Usually they take advantage of the existing networks. It is also possible that they start their own online discussion platforms.
- Discuss with the customers : They discuss with the customers both online and offline. Customer inputs are procured through social networking sites, surveys, forums, discussion groups. The trends are also spotted by observing consumer opinions in the ratings and reviews sites.
- a shopping mall
- trade shows
- college campuses
The entrepreneurs spend time watching what their consumer group is eating or drinking or wearing or showing interest in.
- T hink trend: All the information gathered through reading, discussion and careful observations is analyzed. This help the entrepreneur to build trend-spotter-brain. The analysis will open up connections between different observations which will help in coming up with a potential entrepreneurial opportunity by improving an existing product or service or coming up with a new one altogether.
Creativity:
Meaning: Creativity is the first stage in the process of innovation, providing the stimulus for opportunity discovery and new venture creation.
The creative process:
Creativity is important to entrepreneurs. The process of creativity involves the following steps: (IPIIVI)
Idea germination: It is the stage where an entrepreneur recognizes that an opportunity exists. The creative idea emerges from the deep interest or curiosity of the entrepreneur. He then explores and exploits it to its best potential. The idea can also germinate from the need of finding a solution to some problem. If the perceived problem is motivated enough to capture the individual’s interest then it leads to stage II
- P reparation: The idea germinated in the above step is evaluated and a solution is identified. If the solution leads to an innovative product or service, a market research is performed to identify the opportunities to exploit the idea. Once it is concluded that the idea has potential growth opportunity, the entrepreneur will proceed to next stage
- I ncubation: In this phase, all required information is gathered from various sources. The information is analyzed to evaluate the various pros and cons of implementing the idea. If Entrepreneur feels here positives of the idea are more than negatives, then he moves for next stage
- I llumination: In this phase, a detailed plan to implement the idea is laid out. The entrepreneur will start accumulating the capital, procuring the raw material, laying out the process, deciding the policy etc starts out.
- V erification: In this stage, the idea is turned into reality and the entrepreneur will start monitoring the outcome. The entrepreneur will start seeing obstacles and take necessary steps to overcome the obstacles, to move the enterprise towards its goal.
- I nnovation:
Meaning : Innovation can be defined as a process followed by an entrepreneur to transform an idea into a commercially viable product or service. Following are the Elements/ Steps in the innovation process: (AOIC)
- Identify the features of the product or service
- identify the design
- identify all the resources required to implement
etc. Organize the accumulated resources.
- I mplementation: Use the organized resources to implement the plan and start manufacturing a product or providing a service.
- Supply the product or service to the customer.
- Make profits
- Recognize and reward the employees
- Share profits with the investors and other stake holders.
IMPORTANT NOTE: Wherever there is a diagram and flow chart in the CBSE, consider it as part of the answer and it is compulsory to draw that diagram and flow chart otherwise marks will be de ducted.
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Entrepreneurship Case Studies
Fieldfresh foods.
Mukesh Pandey, K Sudhir, Raman Ahuja, and Deepali Tewari Customer/Marketing, Entrepreneurship, Operations
By 2010, the FieldFresh team had been able to create an efficient supply chain for baby corn across Punjab and Maharashtra at all levels. But success brought with it the expectation of growth. Should FieldFresh grow opportunistically into different foreign markets as retailers and wholesalers demanded different products for their respective markets? Should FieldFresh continue to focus on baby corn, whose supply chain-market linkages it had perfected, or should the company expand the range of products it would supply? Should FieldFresh continue to maintain its primary export focus, or shift relative emphasis to the growing domestic market?
DonorsChoose.org
Anna Blanding, Jennifer Stredler, Kim Su, Ivy Washington, Sharon Oster, Jaan Elias and Andrea R. Nagy
Customer/Marketing, Entrepreneurship, Operations, Social Enterprise
After an auspicious start, Charles Best (Yale College ’98) and DonorsChoose.org set their sights on growing beyond New York City. Supported by a $14 million grant from Silicon Valley executives in 2005, DonorsChoose.org scaled up its organization and began a step-by-step expansion into various locales. By 2009, the organization had made great strides toward completing its expansion. However, observers wondered whether DonorsChoose.org could reach its goal of providing $100 million per year in gifts to classrooms and whether it would have an impact on the fundamental inequities within the educational system.
James Baron and Jaan Elias
Employee/HR, Entrepreneurship, Ethics & Religion
AgBiome co-founders, Scott Uknes and Eric Ward, were admirers of self-managed organizations and commitment culture, approaches to organizational structure and process that encouraged openness and collaboration. Accordingly, they built AgBiome to operate without supervisory relationships, job titles, formal performance evaluations, and individual performance bonuses. Instead, AgBiome relied on a committee structure that encouraged people with the greatest expertise to make decisions on matters within their ambit. By 2017, AgBiome employed 80 people and was projecting further expansion. But observers wondered, could a company, which worked on the basis of commitment and without a hierarchy, scale?
The Alibaba Group
Yi guo,yao jing, charles liu, michelle wang, jaan elias, and zhiwu chen.
Competitor/Strategy, Entrepreneurship, Investor/Finance, Law & Contracts
By July of 2011, Yun “Jack” Ma had achieved his goal of creating one of the world’s leading e-commerce companies. Ma founded the Alibaba Group and took advantage of growing internet usage in China to launch the leading B2B, C2C and B2C sites in the country and capture a huge market. Despite his success, Ma had a troubled relationship with Yahoo!, the largest investor in the Alibaba Group. Ma’s decision in January of 2011 to transfer Alipay (the Alibaba Group’s online payment unit) from the Alibaba Group to a company under his personal control was just making matters worse.
What is Next? Search Fund Entrepreneurs Reflect on Life After Exit
A.j. wasserstein.
Entrepreneurship, Investor/Finance, Leadership & Teamwork
During his time at the Yale School of Management, Matt Dittrich (Yale SOM ‘18) became interested in how recent MBA students gathered search funds, structured small acquisitions, propelled themselves into being a CEO, and then participated in a liquidity event only a few years after acquisition and graduation. He appreciated the case studies about entrepreneurs facing acquisition, strategy, and financing issues. But what did entrepreneurs do after their exits? At the urging of his teacher, A.J. Wasserstein, he interviewed former search fund entrepreneurs who had experienced an exit to learn what exactly they chose to do, and why. Overcome by curiosity, Dittrich was excited to begin his informational interviews (summaries included here).
Advanced Leadership 2016
Jaan elias, james quinn and james baron.
Employee/HR, Entrepreneurship, Innovation & Design, Leadership & Teamwork, Social Enterprise
Biographies of the following seven leaders are provided:
- Rodney O’Neal, Delphi,
- Neal Keny-Guyer, Mercy Corps,
- David Cote, Honeywell,
- Linda Mason, Bright Horizons,
- General Stanley McChrystal, United States Military,
- Donna Dubinsky, Numenta, and (7) Laszlo Bock, Google.
Mike Erwin: An Accidental Social Entrepreneur
A. j. wasserstein.
Mike Erwin, a decorated army veteran from West Point, never envisioned himself as a social entrepreneur or activist. Yet in 2012, he found himself the CEO of an organization with 15,000 members and 34 chapters reaching from Syracuse, NY to Houston, TX. Though Erwin was proud of his organization’s growth and had excelled in leadership positions, he questioned whether he was the right person to scale Team Red, White and Blue. Would someone else with more experience be more appropriate? If he indeed moved on, how could he ensure the organization would continue to thrive amid a change in leadership and potential restructuring?
Searching for a Search Fund Structure: A Student Takes a Tour of Various Options
Employee/HR, Entrepreneurship
Before entering the Yale School of Management, James Guba (SOM’18) had thought about becoming an entrepreneur. He did not have a specific idea to build a business around, but he did aspire to take charge of an organization and grow it. At Yale, Guba discovered an entrepreneurial niche called “search funds” that would allow him to acquire and lead a company that he had not built from scratch. Inspired, Guba met with search fund entrepreneurs to learn about their different paths to building their funds.
Kalil Diaz: A DR-based search firm considers its first acquisition
Customer/Marketing, Entrepreneurship
After nearly two years of searching, Kalil Diaz (SOM '14) wondered if he had finally found the company for which he had been looking. The decision he was facing would have a big impact on his investors as well as his own life. He was somewhat confident he could access funds from his current investors to purchase the company despite several investors being slow in their response to commit. However, Diaz still wondered if making the investment was the right move. How would he transition from the search to being CEO and running a company? Would the acquisition provide suitable financial returns for his investors and himself?
Clorox, Inc
Elise rindfleisch and allison mitkowski.
Customer/Marketing, Entrepreneurship, Sustainability
In October 2007, Clorox announced that it would buy Burt’s Bees for $925 million – more than five times Burt’s Bees’ annual sales. Clorox’s move caught many in the industry by surprise - Burt’s Bees had a folksy image and natural appeal for customers. Could such a brand find a home within a company best known for a toxic cleanser? Would Clorox’s push into “green” cleaners satisfy Burt’s Bees’ faithful customers? Had Clorox paid too much for its acquisition? Or, were there potential synergies that justified the purchase? What was the future of this market?
Project Masiluleke: Texting and Testing to Fight HIV/AIDS in South Africa
Rodrigo canales, jean rosenthal, jaan elias, and william drenttel.
Entrepreneurship, Healthcare, Innovation & Design, Social Enterprise
The traditional Zulu greeting, "Sawubona," literally translates as "I see you." The major challenge faced by Project Masiluleke could be captured in this local greeting – could Project M see the lives of the individuals they hoped to help? Could they find ways to understand each other and the individuals threatened by HIV/AIDS well enough to design effective solutions to a major health crisis? PopTech, frog design, and the Praekelt Foundation joined with iTeach, an HIV/AIDS and TB prevention and treatment program, to look for new approaches to address South Africa's health issues. Access to this case has been made freely available to the public.
Project Samaan
Rodrigo canales, jean rosenthal, jaan elias, ashley pandya and samuel sturm.
Entrepreneurship, Healthcare, Innovation & Design, Social Enterprise, State & Society, Sustainability
In a unique partnership, governments, designers, architects, academics, and NGOs had come together to create new sanitation solutions for India's urban slums. Specifically, the group set about tackling one of the developing world's leading problems – open defecation in crowded urban settings. But by fall 2013, not a single community toilet had been approved. What had gone wrong? And what could this experience teach others about an overall solution to the problem?
San Miguel: Expanding the Amaranth Market
Jaan elias, mario alan gonzález hernández, carlos gil garcía, rodrigo canales, and kaveh khoshnood.
Competitor/Strategy, Customer/Marketing, Employee/HR, Entrepreneurship, Innovation & Design, Leadership & Teamwork, Operations, Social Enterprise
San Miguel, a small Amaranth processing company in Huixcazdhá, Mexico, was started as a development project to sustainably employ local residents. Despite the plant’s rural location and unschooled workforce, the company pioneered the processing of amaranth into a number of unique products. Though the company yielded a small but steady profit, the plant was operating at only 20 percent of capacity and the organization lacked a coherent marketing strategy. What new markets could the company target and what communications strategy should it employ?
Haiti Mangoes
Andrea nagy smith and douglas rae.
Entrepreneurship, Operations, Social Enterprise, State & Society
JMB S.A. had been in the mango processing business since 1998, and CEO Jean-Maurice Buteau had built up a profitable business that exported around 2,000 tons of mangoes per year. The January 2010 earthquake devastated Haiti, but JMB appeared to survive intact, and the Soros Economic Development Fund (SEDF) was eager to move forward. In spring 2010 SEDF proceeded with a $1.3 million loan and a $1 million equity investment in JMB. But by spring 2012, after pouring $2.55 million into JMB, SEDF realized that it had to make a decision: invest another $2 million and reorganize the company under new management; sell the company, or shut down JMB S.A. altogether.
Allison Mitkowski, Alexandra Barton-Sweeney, Tony Sheldon, Arthur Janik, and Jaan Elias
Customer/Marketing, Innovation & Design, Social Enterprise, State & Society, Sustainability
In 2009, SELCO was considering its plans for how the company might expand. The company decided to institutionalize its design process by building an innovation center. SELCO also added products that provided energy solutions beyond solar. Some within the company were hoping the company would go “deeper” and look at designing solutions for even poorer members of the Indian population. Others were hoping that the company would go “wider” and expand beyond its current geographical areas in Karnataka and Gujarat. Whatever its direction, the strategic choices the company made at this point in its evolution would be crucial to determining its continued success.
360 State Street: Real Options
Andrea nagy smith and mathew spiegel.
Asset Management, Investor/Finance, Metrics & Data, Sourcing/Managing Funds
In 2010 developer Bruce Becker completed 360 State Street, a major new construction project in downtown New Haven. The building was a 32-story high-rise with 500 apartments, a parking garage, and a grocery store on the street level. In the summer of 2013, Becker had a number of alternatives to consider in regards to the open lot adjacent to his recent construction. He also had no obligation to build. He could bide his time. But Becker also worried about losing out on rents should he wait too long. Under what set of circumstances and at what time would it be most advantageous to proceed?
Achievement First
Fawzia ahmed, jaan elias, and sharon oster.
Social Enterprise, State & Society
On the edges of a warehouse district in New Haven, Connecticut, an intrepid group of educational pioneers were turning conventional theory on its head. Amistad Academy, a charter school founded by two Yale Law School graduates, was not only getting students on par with their grade levels in reading and math, but was pushing them to perform as well as the best suburban school districts too. Five years after opening Amistad, McCurry and Toll opened an additional school in New Haven and four schools in Brooklyn, New York – all of which showed the same promise as Amistad. They dubbed their network of schools Achievement First (AF), and garnered national attention and funding from “venture philanthropists” interested in educational reform. However, in the summer of 2006, AF was facing critical questions about its future direction.
Ravi Dhar and Andrea Nagy Smith
Competitor/Strategy, Customer/Marketing, Investor/Finance, Operations
At the time of its IPO filing, Groupon held the lead among group buying sites, a 52-percent market share of revenue generated, according to the group-buying site aggregator Yipit. But many questions remained about its future. Would Groupon’s labor-intensive business model prove profitable? Would customers and merchants be loyal to Groupon? Would other companies take its business? In summer 2011 it was far from sure that the young company could maintain its lead.
Carry Trade ETF
K. geert rouwenhorst, jean w. rosenthal, and jaan elias.
Innovation & Design, Investor/Finance, Macroeconomics, Sourcing/Managing Funds
In 2006 Deutsche Bank (DB) brought a new product to market – an exchange traded fund (ETF) based on the carry trade, a strategy of buying and selling currency futures. The offering received the William F. Sharpe Indexing Achievement Award for “Most Innovative Index Fund or ETF” at the 2006 Sharpe Awards. These awards are presented annually by IndexUniverse.com and Information Management Network for innovative advances in the indexing industry. The carry trade ETF shared the award with another DB/PowerShares offering, a Commodity Index Tracking Fund. Jim Wiandt, publisher of IndexUniverse.com, said, "These innovators are shaping the course of the index industry, creating new tools and providing new insights for the benefit of all investors." What was it that made this financial innovation successful?
Governors Island
Entrepreneurship, Innovation & Design, Social Enterprise, State & Society
The political players had changed since President Clinton and Senator Moynihan’s helicopter ride. Clinton was no longer President, his wife had taken Moynihan’s seat in the Senate and Michael Bloomberg had replaced Rudolph Giuliani as New York’s Mayor. What remained the same was that the city, state, and federal government had yet to reach a deal. The question of what to do with Governors Island and who should do it remained very much open. Indeed, there were those within the new Bush administration and the Congress who believed in scrapping Clinton and Moynihan’s deal and selling the island to the highest bidder be that the local government or a private developer.
Ant Financial: Flourishing Farmer Loans at MYbank
Jingyue xu, jean rosenthal, k. sudhir, hua song, xia zhang, yuanfang song, xiaoxi liu, and jaan elias.
Competitor/Strategy, Customer/Marketing, Entrepreneurship, Innovation & Design, Investor/Finance, Leadership & Teamwork, Operations, State & Society
In 2015, Ant Financial’s MYbank (an offshoot of Jack Ma’s Alibaba company) was looking to extend services to rural areas in China through its Flourishing Farmer Loan program. MYbank relied on the internet to communicate with loan applicants and judge their credit worthiness. Initial tests of the program had proved promising, but could MYbank operate the program at scale? Would its big data and technical analysis provide an accurate measure of credit risk for loans to small customers? Could MYbank rely on its new credit-scoring system to reduce operating costs to make the program sustainable?
Entrepreneurship Class 12 Commerce (English Medium) CBSE Topics and Syllabus
CBSE Syllabus For Class 12 Entrepreneurship: Knowing the Syllabus is very important for the students of Class 12. Shaalaa has also provided a list of topics that every student needs to understand.
The CBSE Class 12 Entrepreneurship syllabus for the academic year 2023-2024 is based on the Board's guidelines. Students should read the Class 12 Entrepreneurship Syllabus to learn about the subject's subjects and subtopics.
Students will discover the unit names, chapters under each unit, and subtopics under each chapter in the CBSE Class 12 Entrepreneurship Syllabus pdf 2023-2024. They will also receive a complete practical syllabus for Class 12 Entrepreneurship in addition to this.
CBSE Class 12 Entrepreneurship Revised Syllabus
CBSE Class 12 Entrepreneurship and their Unit wise marks distribution
CBSE Class 12 Entrepreneurship Course Structure 2023-2024 With Marking Scheme
- Business opportunity
- Elements of a business opportunity
- Case Study I: Meals-on-Wheels
- Case Study II: Bull in a China Shop
- Exploring opportunities in the environment
- Perceiving and sensing opportunities
- Ability to perceive and preserve basic ideas
- Ability to harness different sources of information
- Vision and creativity
- Environment Scanning
- Need of Environment Scanning
- Importance of environment
- Analysis of environment
- Micro Environment
- Macro Environment (PESTEL)
- The PESTEL Model
- Objectives of problem identification
- Uses of Problem Identification
- Idea generation
- Idea fields
- Various sources of idea fields
- Product identification
- Transformation of ideas into opportunities
- Idea and opportunity assessment
- Market assessment
- Ways in which an entrepreneur spots trends
- Elements in the innovation process
- Manufacturing
- Characteristics of business
- Forms of business organisation
- Private sector enterprises
- Public sector enterprises
- Joint sector
- Sole proprietorship
- Characteristics of sole proprietorship
- Suitability of sole proprietorship form of business
- Legal formalities involved
- Case Study - Satya Barta Dey: SHREE LEATHERS
- Introduction
- Features of Partnership Firm
- Number of Partners
- Lawful business
- Sharing of Profit and losses
- Unlimited Liability
- Registrations
- Joint Ownership & Management
- Principal and Agent
- Suitability
- Consequences for non-registration of a partnership firm
- Drafting of partnership deed
- Registration procedure
- Types of Companies
- Meaning of HUFs
- Characteristics of Hindu undivided family
- Legal formalities involved
- Introductory Profile /General Introduction
- Description of Venture/Business Venture
- Production Plan
- Operational Plan
- Elements of Operational Plan
- Organizational Plan
- Financial Plan
- Components of Financial Plan
- Manpower Planning
- Marketing Plan
- Assessment of Risk
- Appendix
- Goal setting
- Rules for goal setting
- What are smart goals?
- Case Study - Creating Value through Marketing Mix
- Marketing Strategy
- What does the Marketing strategy of a company include?
- Branding, Logo, Tagline
- Price
- Place
- Promotion
- Sales strategy
- Significance
- Types
- Components
- Considerations
- Above-the-line
- Below-the-line
- Through-the-line
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations
- Integrative
- Distributive
- How CRM is used today
- The impact of technology on CRM
- The benefits of CRM
- Factors which lead to effective employee relationship
- Vendor Management
- 12 causes that lead to a business failure
- Internal expansion
- External expansion or business combination
- Case Study - II It's natural. It's yummy: It’s NATURAL ICE CREAM
- Meaning and definition
- Characteristics of franchising
- The main ingredients of a franchise agreement
- Big brands make head towards for franchising
- Types of franchising
- How Franchising help start-ups
- Advantages of franchising
- Advantages to the franchisee
- Advantages of franchising to the franchisor
- Quick expansion
- Cost advantages
- Disadvantages of franchising to the franchisee
- Disadvantage to the franchisor
- Growth Through Mergers and Acquisitions (M and A)
- Types of Mergers
- Acquisitions
- Acquiring new technology
- Improved profitability
- Acquiring a competency
- Entry into new markets
- Access to funds
- Tax benefits
- Unrealistic price paid for target
- Difficulties in cultural integration
- Overstated synergies
- Integration difficulties
- Poor business fit
- Inadequate due diligence
- High leverage
- Boardroom split
- Regulatory issues
- Human resources issues
- Concept of Value Addition
- Primary activities
- Support activities
- Six Requirements for Value Chain Management
- Concept of Unit Price
- Sales mix break-even point
- Multiple-product break even analysis
- Importance and use of cash flow projections
- Why cash flow projection
- How to develop a cash flow projection
- Budgeting and Managing the Finances
- Gross and net working capital
- Items that make up the inventory
- Pareto's Principle and ABC analysis for control
- Examining inventory
- ABC analysis
- Economic order quantity
- Final note on inventory control and EOQ
- Measure of profitability
- Return on Investment
- Return on Equity
- Depreciation & amortization
- Primary market (new issues market)
- Secondary market
- Features of stock exchange
- Importance of a stock exchange
- Organisation and management
- Objectives of the Securities and Exchange Board of India (SEBI)
- The function of the Securities and Exchange Board of India (SEBI)
- stock exchanges, stockbrokers, merchant bankers, depositories, mutual funds, and credit rating agencies.
- Features of angel investors
- Features of venture – capital
- When to seek venture capital finance
- Entrepreneurs to watch out
- Need for and Importance of Specialised Financial Institutions (SFIS)
- Industrial Development Bank of India (IDBI)
- Small Industries Development Bank of India (SIDBI)
- Industrial Finance Corporation of India (IFCI)
- Industrial Credit and Investment Corporation of India (ICICI)
- National Bank for Agriculture and Rural Development (NABARD)
- Industrial Investment Bank of India Ltd. (IIBI)
- State Financial Corporations (SFCs)
- Tourism Finance Corporation of India (TFCI)
- State Industrial Development Corporation (SIDCs)
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NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12
NCERT Solutions for Class 12 Entrepreneurship
“ NCERT Solutions for Class 12 Entrepreneurship are solved by experts of LearnCBSE.in in order to help students to obtain excellent marks in their annual examination. All the questions and answers that are present in the CBSE NCERT Books has been included in this page. We have provided all the Class 12 Entrepreneurship NCERT Solutions with a detailed explanation i.e., we have solved all the question with step by step solutions in understandable language. So students having great knowledge over NCERT Solutions Class 12 Entrepreneurship can easily make a grade in their board exams.
Detailed, Step-by-Step NCERT Solutions for Class 12 Entrepreneurship solved by Expert Teachers as per NCERT (CBSE) Book guidelines. Download Now.
- Chapter 1 Entrepreneurial Opportunity
- Chapter 2 Entrepreneurial Planning
- Chapter 3 Enterprise Marketing
- Chapter 4 Enterprise Growth Strategies
- Chapter 5 Business Arithmetic
- Chapter 6 Resource Mobilization
In this page, each and every question originate with a step-wise solution. Working on NCERT Solutions for Class 12 will help students to get an idea about how to solve the problems. With the help of these NCERT Solutions for Class 12 Entrepreneurship you can easily grasp basic concepts better and faster. Moreover, it is a perfect guide to help you to score good marks in CBSE board examination. Just click on the chapter wise links given below to practice the NCERT Solutions for the respective chapter.
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Entrepreneurship Project for class 12 cbse
Practical/project work for entrepreneurship.
Detailed guidelines of Project Work for Entrepreneurship are given at the end of the NCERT Entrepreneurship book.
Below are the Guidelines issued by CBSE for Teacher for Entrepreneurship project of class 12 Introduction: The main objective of the course in Entrepreneurship is to generate in the students initiative, selfreliance and enthusiasm so as to empower them to become entrepreneurs both in spirit and performance. A number of skills such as observation, evaluation, communication, resource mobilization and management, risk assessment ,team building etc. are also to be developed in the students. Leadership qualities, sensitivity to business ethics and adherance to a positive value system are the core issues that the course highlights while presenting different concepts related to entrepreneurship. Such a course should necessarily have a strong experiential component in the form of practical work. The objectives of the practical work are: 1 To introduce the students to the world of business by developing in them the core skills and competencies required for an entrepreneur. 2. To develop in the students qualities such as leadership, self-confidence, initiative, facing uncertainties, commitment, creativity, people and team building, integrity and reliability. 3. To enable the students to acquire the skills and knowledge needed for conducting surveys, collecting, recording and interpreting data and preparing simple estimates of demand for products and services. 4. To guide the students to prepare a Project Report. 5. To equip the students with knowledge and skills needed to plan and manage an enterprise through case studies conducted and recorded by the students in different fields such as resource assessment, market dynamics, finance management, cost determination, calculation of profit and loss etc.
6. To instill in the students important values and entrepreneurial discipline.
1. Project Report/Survey Report 2. Viva-Voce on PW /SR 3. Case Study 4. Problem Solving
1. Project Report/Market Survey Report
a) Project Report: Preparation of a Project Report for an enterprise involving products/services Students may be provided adequate guidance to choose a project based on their interests and availability of information and authentic inputs in the locality. The specimen proforma of project report given in the textbook may be used for preparing the report. However, mechanical preparation of the report by filling in the information in the proforma should be discouraged. Further, as the students will be required to appear for a Viva-voce on the basis of their projects, sufficient care should be taken by the students to prepare the report after studying the various aspects involved thoroughly. In a nutshell, the project report should lead to viable enterprise.
b) Market Survey Report Market research is the process and technique of finding out who your potential customers areand what they want. The survey may be on products and services already available in the market or students may also conduct surveys for new products and services. The report of the survey should be organised under the following broad headings: 1. Objectives. 2. Methods and tools (interviews ,questionnaires etc.) to be used to collect information. 3. Records of data and information. 4. Analysis of data and information. 5. Interpretation and conclusion. For example, a survey may be conducted to find out the choice of households in toiletry soap,tooth paste etc. The data may be analysed to establish a pattern that may be useful to an entrepreneur.
Guidelines for assessment of Project Report / Survey Report 1. Presentation: Format, Clarity, Use of graphs, tables and other visuals, organisation, methodical recording of data and information and general neatness of execution. 2. Originality and Creativity 3. Authenticity of information and correctness of calculations and general feasibility of the project/ sustainability of conclusion drawn in the survey.
2. Viva Voce on the Project /Market Survey Report The questions should establish that the report is the original work of the student and that the student has a reasonably clear understanding of the work carried out by him/her. Entrepreneurial qualities such as leadership, self-belief, creativity, originality, initiative etc. may also be assessed by asking a variety of questions related to the report.
3. Case Study A case study is a focused research on an organisation, enterprise, practice, behaviour or person undertaken to highlight an aspect that the study attempts to examine. For instance, a case study may be conducted on the pollution control methods being employed by an industry. Or a successful industrialist may be chosen as a subject of a case study to analyze and understand the strategies that the industrialist adopted :to achieve success.
Ideally, a case study should be conducted on subjects with the objectives of bringing to the fore beliefs, practices, strategies, values etc. that have made them what they are. Such studies help us to understand the way in which great minds think and operate. We may also conduct case studies on failures; why a company collapsed, how a service lost its market etc. From both the types of case study, we learn lessons; how to do something or how not to do something. They also provide valuable insight into the processes involved in an enterprise.
A few topics are suggested for carrying out case studies: i) Drawing a profile of a successful entrepreneur. ii) Studying a public sector undertaking and highlighting its sucess/failure, by analyzing the factors responsible. iii) Studying a small scale unit in the locality to bring out the procedures and processes adopted by the unit to become a feasible business venture. iv) A study of competition in business by choosing two or more rivals in the market and analyzing their strengths and weaknesses. v) Take the school itself for a case study and analyze any two aspects of the school plant for chalking out a plan of action: infrastructure, academics, co-curricular activities etc. vi) A case study on a thriving fast food shop/restaurant in your locality. What makes it so popular? vii) A case study on the ways in which a business unit has mobilised its financial resources. viii) A case study on the enterprise management techniques adopted by a business house. ix) A case study on the marketing strategies of a sucessful consumer durable company. x) A case study on the financial management of a Public Limited Company. xi) A case study on any Specialized Institution that supports and guides the establishment of a small scale unit. xii)Studying the balance sheets of two big private companies to assess their trade and credit worthiness. xiii) Studying the inventory management of a large manufacturing industry to ascertain the processes involved for optimizing cost. xiv) Carrying out a case study on an established industrial house/company to find out the value system of the company and how it fulfils its social commitment/obligations. xv) Carrying out a case study on an established industry to ascertain the processes followed to reduce/prevent pollution. xvi) Study on enviourment friendly companies and their contribution to preservation.
Assessment of Case Studies i) Presentation: Format, accuracy, clarity, authenticity and general neatness ii) Analysis and Conclusions
4. Problem Solving In this session, the students will be requried to solve a problem in the form of a written test. The examiner may choose any problem related to the units in class XII Text Book and set it for the class. The problem may be in the following areas: a. How to scan the environment to establish the feasibility of a project. b. Given certain figures showing the consumption pattern of a product, drawing conclusions that have a bearing on similar products. c. Carrying out market assessment for a given product/service to ascertain the feasibility factor. d. Assessment of Working Capital. e. Calculation of total cost of production. f. Calculation of break-even point. g. Determining location of a manufacturing unit. h. Problems in inventory control (calculation of the Economic Order Quantity and carrying out ABC analysis). i. Applying Pricing methods to determine the price of a product or service. j. Applying promotion mix to plan a sales campaign for a product or service. k. Working out a simple budget for a given task or job.
Assessment of Answers The examiner may prepare five problems which are solved by him/her before they are presented to the students. The student may choose anyone of the problems and solve it, showing the different steps/different reasons involved in the solution. If the problem does not involve actual calculations, it may not have anyone correct answer. So weightage should be given not only to the final answer but to the entire process of problem solving that the student has followed. Originality and innovative spirit should be rewarded. The students should not be penalized for spelling errors, grammatical mistakes etc. as long as the answer is coherent. Where definite formulas are involved, accuracy should be given due weightage.
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When you’re performing research as part of your job or for a school assignment, you’ll probably come across case studies that help you to learn more about the topic at hand. But what is a case study and why are they helpful? Read on to lear...
Case studies are important because they help make something being discussed more realistic for both teachers and learners. Case studies help students to see that what they have learned is not purely theoretical but instead can serve to crea...
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A few topics are suggested for carrying out case studies: i) Drawing a profile of a successful entrepreneur. ii) Studying a public sector undertaking and