A prospective entrepreneur has to find an opportunity which would be suitable for him/her in terms of customers to be served and profits expected. An opportunity may be derived from spotting and analysing the ...... and ...... that exist in the environment.

An economic idea which can be implemented to create a business enterprise and profit is called

The process of entrepreneurship which involves the translation of a useful idea into an application is called

Exploring opportunities in the environment is a process involving various steps. Arrange the steps in correct order.
(i) Evaluating the ideas received from different sources to find a creative solution.
(ii) Identifying a product or service through innovation.
(iii) Opportunity spotting by analysing the needs and problems that exist in the environment.
(iv) Setting up a project and nurturing it to success .

Identify the micro-environmental factors from the following.
(i) General public
(ii) Competitors
(iii) Economic
(iv) Intermediaries
(v) Legal

According to the 'PESTEL Model’, which factor emphasises the production of goods with minimum environmental damage ?

Sushant planned to start a small fast-food joint in his area after finishing his degree in hospitality management. His plan was to combine and use healthy ingredients like whole wheat flour to make the burger buns.
He knew that he had to start collecting information from different sources which will help him to identify the right opportunity to start his business. From where will Sushant get the necessary information ?

Which of the following is not a natural source of ideas ?

Which of the following is not a use of product identification ?

LPG rationing led the manufacturers to come out with induction cooker. Which importance of environment does the above example indicate ?

Deepa after graduating from IIM wanted to become an entrepreneur. She identified and analysed the market need, market size and competition and realised that there is an untappdd demand for 'Almond milk’. She started supplying 'Almond milk’ in different flavours. She used to get feedback from her customers. Over a period of time 'Almond milk’ became popular. Identify from the following the source of idea field chosen by Deepa.

VM Ltd is looking into ideas to use eco-friendly recyclable materials for the body of the phones that may cause negligible damage to the environment. Identify the factor of the PESTEL model discussed here.

Swami wants to start a new business. Before deciding the type of business, he started identifying the new trends in retail business.
He became a member of a trade association.
He attended its events both online and offline.
He also took advantage of the social networking tools. Which of the following ways of trend spotting did Swami adopt ?

Entrepreneurs should take advantage of social networking tools like social network sites i.e., Facebook, Instagram, etc. to identify new trends. This is an example of

Mr. Dinesh wanted to manufacture an energy efficient AC. He looked into various options and finally narrowed down to one option. He understands that his idea would have to follow a process. Identify the process.

Which of the following statements is/are correct? Statement I E-commerce in India is growing at a rapid pace.
Statement II India has a large number of young entrepreneurs with education from premier educational institutes.
Alternatives

A prospective entrepreneur has to find an opportunity which would be suitable for him/her in ter'LUS of ......... .

An entrepreneur with a ......... is able to pursuade others to see the opportunity.

Birla clothing started their business from India to various parts of the world in year 2018. Company had been successful in its business as people changed in fashion and lifestyle.
Which factor of PESTEL is highlighted here ?

Which process is related to creating, developing and communicating ideas which are abstract, concrete or visual ?

Name the element which is considered as convenient frame of reference for streamlining the process of generation of ideas.

What is the first stage in innovation ?

............ stage occurs when the idea re-surfaces in a realistic way.

There is a ...... relationship between opportunities and problem solving.

Entrepreneurship leads to ...... in GDP.

Which of the following consists of micro level business environment ?

Entrepreneur perceives opportunity from

The various sources of idea fields are

Which of the following source ofidea fields provides important information to identify and and analyse the market need, market size andcompetition ?

A comprehensively written document prepared by the entrepreneur describing formal all the relevant internal and external elements in starting a new venture is called

The business plan

Which of the following forms of business organisations require minimum two persons to start the same ?
(i) Sole proprietorship
(ii) Partnership
(iii) Private company
(iv) Public Company

The scope of operation of sole proprietorship form of business is limited because of

This form of business organisation has a limited area of operation due to availability of limited finance and limited managerial abilities

Which of the following is not a public sector enterprise ?

Which of the following is not a disadvantage of sole proprietors lap form of business organisation ?

Vani, Shiva, Bhanu and Kumar are good friends.
They are the students of Class IX and are studying in the same school. They were admitted at the age of 5 years and did not fail in any class.
They want to start a retail business. Can they form a partnership ?

The business of partnership firm can be carried out by all the partners or any one of them acting for all. This highlights the following characteristic of partnership.

Which of the following is not a consequence for non-registration of a partnership firm ?

The organisation structure in which there is separation of ownership and management is called

'It is an artificial person created by law’ is a characteristic of which of the follow forms of business organisation ?

in which of the following forms of business organisation there exists separation of ownership from management ?

Being an artificial person, a company cannot sign the documents. Hence it uses a ......... on which its name is engraved for the same.

......... plan is that part of the business plan which describes the proposed venture’s opted form of ownership.

Ravi Mohan is in the process of developing the business plan of a shoes manufacturing unit which he wants to start in an industrial area of Kanpur. He is in the process of developing a component of his business plan wherein he has to detail the kinds of people required their number and the process of their selection.
Which of the following components of his business plan he has to develop after this ?

Which of the following plans help to plan the work in such a manner that one can clearly form an idea about plan layout ?

Routing is an element of which of the following components of business plan ?

Break-even point is useful for the entrepreneur as it helps in assessing

Which of the following is not a component of financial plan ?

'How products/services will be distributed, priced and marketed’ is described by which of the following components of a business plan ?