Entrepreneurship

Chapter 1: Entrepreneurial Opportunities

Q1 Saurabh wants to start a new business. He is not sure of the type of business he should start. His friend suggested him to seek the help of professionals. He contacted a professional who asked Saurabh to pay a big amount for providing the repots and industry updates. Therefore he decided to search for the reports and industry updates himself. He scanned the relevant information from various national and international websites.
Identify and state the way that Saurabh is using for spotting the trend. Also state one more way which will help Saurabh in starting his business.

Q2 Abhiraj Chaudhary is into the business of manufacturing low - cost Diesel Cars in Germany. He is earning good profits and ambitiously considering overseas expansion. He scans the environment for finding out the opportunities and threats that may influence his current and future plans. He zeros down on India as a potential place for his business expansion as Indian Government has announced favourable trade regulations. On selling the first lot of cars in India, the Indian Government noticed that the emissions from these cars were above the permissible limit. The government asked him to make necessary modifications in his cars if he wanted to continue business in India. He readily agreed to meet the emission norms set by the Indian Government.
(a) Quoting the lines from the above para identify any two environmental factors.
(b) Also, state any two values which Abiraj Chaudhary tried to communicate to the Indian Society.

Q3 Naveen has just completed his B. Tech. and wants to start his own business, he knew that the demand for electricity in India was increasing day by day. Whereas its generation was not sufficient. Naveen shared his views with some of his friends and they all decided to start the business of electricity generation. They experimented various methods and ultimately succeeded in electricity generation through garbage. They all were happy as India is also facing the problem of garbage disposal.
(a) Identify and explain the source of ‘idea-field’ from where the idea had been generated by Naveen and his friends.
(b) Also explain two other sources of Idea-fields with the help of example.

Q4 Mr. Raghav had always wanted to manufacture an innovative, energy efficient fan. He was looking into various options and has finally narrowed it down to one option. He understands that the entire idea would have to follow a process. Identify and explain the process.

Q5 ‘It is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value.’ Identify the process.