Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

You are an entrepreneur who is deciding the operational plan for your business.

1. Use a cheaper technology which lets you dispose of the waste water and lets you fix the price of your product low.
2. Use a technology that is a little expensive as it lets you recycle that waste water into water fit for drinking. In this case, you will have to fix the price a little higher in order to earn profits.
3. Use the technology that recycles the waste, do not change the price. And go about cost cutting though efficient utilisation of resources.

Give reasons for your selection of an alternative.

When is company form of business suitable?

How NABARD is different from TFCI?

Rex saloon chain started in 2010 managed to keep the business going till 2013. The saloons could build a good customer base and could cover the costs. The owner Mrs Lily now thought of growing the business and tried to set new goals. She decided that she will be increasing marketing efforts and try to further sales growth to 20% in a span of one year. The aim for profit would be to ₹5 lakh per saloon. What do you think, is Lily able to set realistic goals of her business?

Who must have PAN?

Ramu is buying and selling ice-cream. Explain his working capital= requirements.

How does market demand influence a business idea? Give a suitable example.

Lalita Devi did her post-graduation from Manipur University, Imphal. She had offers to join reputed firms in metropolitan cities like Delhi and Mumbai. Instead of joining any of these firms she decided to do some creative work in Imphal. She observed that a special type of chilli is grown by the farmers of most of the villages around Imphal. This chilli has a distinct flavour and the pickle made from it has a taste that may be liked by many people in other parts of the country. But the farmers were neither trained in the farming of this kind of chilli on a large scale nor was there a secured market for their produce. Lalita Devi met eighteen like-minded women of the area and formed an organisation for doing the business of pickle manufacturing. Each of them contributed Rs.2,00,000 towards its capital and were equally responsible for its management. On the one hand, they assured the farmers to purchase the chilli produced by them and on the other hand, the organisation with the help of the local agriculture department arranged for the training of the farmers. They also employed 10 local unemployed graduate girls for doing the various operations of pickle manufacturing.

1. Name the process that helped Lalita Devi in 'converting an idea into an opportunity.'
2. Identify the kind of organisation that Lalita Devi had decided to set up.
3. State any two values which Lalita Devi wants to communicate to the society.

Neeraj, an entrepreneur, is living in a beautiful village of Himachal Pradesh. This village was very famous for its natural beauty, but very few people knew about it. Due to his entrepreneurial inclination, he always tried to find out the opportunities. People of the village are very poor as they are mostly dependent on farming. Neeraj thought of starting a 'Holiday Resort' with cultural centre, restaurant and other facilities in the village. All the villagers agreed and supported Neeraj for this project. They agreed to co-operative to make this project a success. Neeraj needed capital of Rs.3 crores for this Project.

1. Name the specialised financial institution, which Neeraj should approach to meet his requirements.
2. When was this institution incorporated as a public limited company and became operational?
3. What is the main function of this institution?
4. State any one value which Neeraj wants to communicate to the society.

Explain any four elements of a 'Project Report'.