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NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Opportunity
NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Opportunity
NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Opportunity is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.
NCERT TEXTBOOK QUESTIONS SOLVED
1. What is a business opportunity?Ans. It refers to an attractive and accessable economic idea which could be implemented to create a business, earn maximum profit, and leads to further growth. National Career Service (NCS) aims to bridge the gap between those who need jobs and those who want to hire them.
2. Define the term environment scanning.Ans. Environment scanning refers to careful monitoring of an organization’s internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.
3. What is the meaning of trend spotting?Ans. It is an immediate identification of new trends like fashions, activities, designs, assumptions, etc.
4. What is required to convert an idea into opportunity?Ans. Sensing entrepreneurial opportunities is only a process of converting an idea into an opportunity and then into an enterprise.
5. What is Idea Generation?Ans. The process of creating, developing, and communicating ideas which are in an abstract, concrete, or visual form. It includes the process of constructing through the idea, innovating the concept, developing the process, and bringing the concept to reality.
6. What is the purpose to scan the environment?Ans.The main purpose of environmental scanning is to know the rapid changes occurring in the environment by which organizations gather information on changing conditions and incorporate those observations into a process where necessary changes can be made.
7. What are the factors involved in sensing opportunities?Ans. The most important factors involved in the process are:
(i)Ability to perceive and preserve basic ideas which could be used commercially,
(ii)Ability to harness different sources of information,
(iii)Vision and creativity.
Ans. So the first step is to obtain a concept of the product or service suggested bone idea. We should also see whether this product is already available in the market or not. If it is, then we should identify the reason for introducing the same product or service in the market. For example, innovating a new pen drive especially for teachers which will have a built in antivirus and which can be worn like a watch. So, it minimises the problem of losing the pen drive.
9. What are the factors an entrepreneur has to keep in mind while assessing the market? (OR)Give the details of market assessment.
Ans. (i) Demand: The demand assessment will be based on the size of market being targeted and also involve a study of the groups of consumers, their preferences, tastes, etc.
(ii)Supply and nature of competition: It is a study supply position what is meant is the complete picture of quantities of the product made available in the market by all the existing players including future supplies.
(iii)Cost and price of product: To determine what will be the actual cost price and preferable selling price. This will influence the delivery mechanism of the identified product or service.
(iv)Project innovation and change:Market assessment will require a study of prevailing innovations and changes being carried out by existing entrepreneurs using technological advancements in the field.
Ans. (i) Read trends:
(a)Entrepreneurs regularly read the leading publications and websites affecting their business.
(b)Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers.
(c)They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there is a sunami of information available. They use tech-tools like RSS feeds, e-mail newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided.
(ii)Talk trends:
(a)Talking to people is an equally important trend-spotting tactic. They get involved in specific industry’s trade association and attending events both online and offline.
(b)From social networking tools like social network websites and forums.
(c )They even start or join groups on the networks and see what people are buzzing about the latest trends to customers regarding what customers thinking, buying, doing, etc. what customers are saying about the business, but what they’re saying about the competitor’s business.
(iii)Watch trends:
(a)Watching and observing the customers in the market place.
(b)If the customers are teenagers, in the local mall.
(c)If they are business class people, it might be restaurant or office park restaurant center.
(d)The entrepreneur spends some time simply watching and observing, what people are eating, doing, wearing, using.
(iv)Think trends:
(a)As an entrepreneur begins gathering all these information regularly, they will start to develop a "trend-spotter mind."
(b)They collect from what they read, heard and observed, and they start to making connections and observations that will lead to business-boosting insights.
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