Entrepreneurial Opportunity
Application Based Questions
1 Nithin has just completed his engineering and wants to start his own business. He knew the demand for electricity was increasing day by day, whereas its generation was not sufficient. Nitin 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 Nitin and his friends
(b) Also explain two other source of idea field with the help of example.
2 Yash 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 taking about the difficulty in disposing the plastic and thermocol crockery that was being used in the restaurant. This provided him the stimulus for a new venture creation. Yash started looking into various options of making bamboo plates which could be used in the restaurant. He discuss the idea with his father who advised Yash that idea should lead to commercially viable forms in order to survive and grow.
Identify and explain the concept discussed in the above situation.
3 Rekha was travelling to her in-laws native house in a small village near Madhya Pradesh famous for traditional textile block printing work. During her visit she noticed a number of printers and understood the whole process in preparing and printing of cloth. To give it a little modern touch, she started thinking on redesigning of block, patterns, natural colors and threads quality of cloth but also its market value and demand. She was assimilating all the information with the intention of working out feasibility of a new venture, if established over there. Identify the stage of creative process, Rekha presently is in.
4 Reena was manufacturing beauty products and was always on the lookout to improvise her products. She used social media and online surveys to understand the latest trend in customers’ needs and overall in the cosmetic industry. Through the surveys she understood that the customers prefer natural ingredients like rose powder in place of chemicals in the beauty products. Resorting to the customers’ needs, she developed a ‘rose powder’ in an attractive package. It was highly priced as she knew that the customers will be ready to pay for the quality. Her face pack was an instant success.
Identify the ‘way’ in which Reena spotted this trend.
5 Satyashree, a graduate of horticulture from Agra University came across a barren land near Solan when she visited this place. Satyashree was fond of mangoes amd was inquisitive to understand why mangoes could not be grown there. She was informed by the local authorities that the land was infertile for raising mangoes. She took this as a challenge and believed in its success. Best quality mangoes now mark the beauty of that barren piece of land.
(a) Identify and explain the concept in which Satyashree starts looking for the answer to implement the idea on the basis of his interest and curiosity.
(b) State the step preceding and succeeding the above concept
6 Ram is living in a rural area where there is no school and people are illiterate. He decides to open a retail outlet of computer accessories. As an entrepreneur, do you think his decision is correct? Give reason in support of your answer stating the relevant environmental factor.
7 Before identifying a feasible product or process, an idea should be tested along certain parameters which involve a number of steps. Explain the first four steps.
8 One of the keys to business success is to anticipate what the market will want or need. Since it is not possible for an entrepreneur to see into the future, there is one best way. The best way will
help the entrepreneur to understand the market and produce goods or services accordingly.
(a) Identify the concept stated in the above lines
(b) Explain any three ways in which an entrepreneur can perform the activities related to concept identified.
9 Balbeer Singh thought of air conditioned houses which do not require electricity. He wanted to explore the idea of such eco-friendly houses which will remain cool in summers and warm in winters. He went for the feasibility study of his idea to forsee the future such a product.
Identify and explain the concept discussed in above lines.
10 Aditi started her boutique business near an industrial area and she was not getting clients as she was expected. What are the factors which have been ignored before starting the boutique? Suggest the various factors that she has to look into before starting the venture.
11 Vipin Taneja has completed his Master’s degree in Computer Science from IIT, Delhi. He thought of an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth. The idea was to link the different restaurants with the Indian Railway network so that while travelling, the railway passengers can order food as per their liking. List any two elements of the concept discussed above.
12 It is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value”. Identify the process and explain the elements of this process.
Please click on below link to download CBSE Class 12 Entrepreneurship Entrepreneurial Opportunity Worksheet Set B
