Science (English Medium) कक्षा १२ - CBSE Question Bank Solutions for Entrepreneurship

How many choices are there to start a business by a business man? Explain each of them 

What is a business plan? Explain its importance. 

Explain, in detail, the various formalities required to start a business.

A person has decided to start a small leather belt manufacturing unit. He/she is not aware of the various formalities involved in the process of setting up the unit. Explain to him/her the procedure.

The first stage of a business plan is to come up with a business name supposing you are an entrepreneur, who is in the stage of deciding abusiness name for your enterprise would you :
(i)Keep the name of your enterprise, similar to one of the enterprises that are already doing really well in the same line of business?
(ii)Select/create a completely new name for your enterprise and create a brand name of your own? Give reasons. (Honestly)

An entrepreneur is doing an industry analysis. While he/she is analyzing his/her competitions in his/her line of business, he realises that the competitors are far better in their business plans and their execution. Should the entrepreneur add unique selling point in the existing plan to get a creative niche above others or should he/she go for a completely different line of business where the competition is less and he/she is easily able to place his/her feet in the market? Give reasons. (creativity and problem solving)

Raghav, an entrepreneur realises that the enterprise he wants to start has a potential risk of fire because the production process poses such a threat. Should he develop strategies to :
(i)Prevent the risk
(ii)Respond to the risk
(iii)Prevent as well as respond to the risk? Give reasons.

Read the following article written on the basis of reopening of economy world wide in various sectors and answer the following questions.

1. ‘Cook-it-fast’ - a growing ready to cook product manufacturing company was looking into various means of advertising their products. The marketing team suggested approaching an influential food blogger who can use their products in their recipes. Which way of trend spotting does this indicate?

1. Read Trends
2. Talk Trends
3. Watch Trends
4. Think Trends

2. “Play your way” a leading game developer company realised that they have to redevelop and enhance their app experience after reading the above article and listening to customer reviews as well observing the pattern of people downloading and using the “In Purchase Facilities” within the app. Which way of trend spotting does this indicate?

1. Read Trends
2. Talk Trends
3. Watch Trends
4. Think Trends

3. “According to a May study by Kantar, 9% of shoppers make more online purchases than before; 60% say they will continue to shop online after the outbreak; and 80% say they will shop online again for non-essential items. ” Which way of trend spotting does this indicate?

1. Read Trends
2. Talk Trends
3. Watch Trends
4. Think Trends

4. “Marketers have quickly realised that more consumers are exploring car ownership now that they want to reduce their use of public transport.” Which way of trend spotting does this indicate?

1. Read Trends
2. Talk Trends
3. Watch Trends
4. Think Trends

5. “As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding how best to address them.” Which way of trend spotting does this indicate?

1. Read Trends
2. Talk Trends
3. Watch Trends
4. Think Trends

“Successful launch of a product depends upon various factors. Entrepreneurs have to keep in mind the various ways of reaching the customers and persuade them to buy their products.”

Comment on any two such methods used by an entrepreneur in attracting the customer to buy their product.

1. Above the line
2. Below the line
3. Through the line

Aarna industries started manufacturing ice-creams under the brand name 'Tasty'. The company decided to use 3D animation techniques which will be projected on buildings. They chose several high raise buildings all over major metropolitan cities and started their advertising campaign.

What form of media is the company using?

This promotional technique is deliberately planned and sustained effort to establish and maintain mutual understanding between an organisation and public. This industry grew 12% to touch 1600 crore in FY19, according to the fourth ‘State of the Industry Survey 2019’ report by the Public Relations Consultants Association of India (PRCAI). While media relations continue to be the largest service, non-media relations services now contribute 53 per cent of the industry’s revenue. Identify the technique

Assertion (A): Advertising is a paid form of communication.

Reason (R): Successful advertising makes the products or services positively known by that section of the public most likely to purchase them.

Raja an entrepreneur, has been following Farheen to spot the latest trend. Which of the following trend is it?

Enlist any three points of importance in framing the business plan.

Draw the enterprise process diagram.

Explain the steps of creative process.

What is Innovation and explain the elements of innovation process?

What is the need for a business plan?

Elaborate on various formats in presenting a business plan to prospective investors.