Question
How the uses of problem identification helps an entrepreneur?

Answer

  1. It helps an entrepreneur to bring out new products in the market.
  2. It helps him to understand the problems and needs of the market.
  3. Helps the entrepreneur to be creative.
  4. Increase in employment generation.
  5. Increase in national income of the country.
For example, Instant noodles, Ready to eat food, Easy to drink.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Similar questions

Answer each of these questions in about fifty words:Enlist several categories of financing possibilities in which smaller ventures sometimes rely on.
Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
Explain Joint Hindu Family/ Firm (HUFs).
Describe the form of assistance provided by SIDBI to the industrial concern.
Explain, with the help of an example, the concept that states that ‘at a particular volume of production of a firm it neither makes a profit nor a loss’.
When was SEBI established? What are the main aims of SEBI?
Venture capital is different from loan. How?
Explain the stages of enterprises model with the help of a diagram.
OR
Explain Enterprise Process diagram.
When and how to seek Venture Capital Finance?
Sonu and Monu completed their education from Delhi University. Sonu lived in near the University, whereas Monu had to go back to his village in Assam. Both of them wanted to start their own business. Since the Government announced ban on the use of polythene bags, an idea struck them to start a jute bag manufacturing business. Sonu thought that he would get the advantage of University area for marketing the jute bags and will earn good profits. He also had necessary funds. Therefore he started manufacturing the bags immediately. He was not having any experience of manufacturing jute bags. He also sold the bags on less margin due to tough competition. As a result, his business failed after a few years. On the other hand, Monu was happy because the raw material was available to him at a very low cost in Assam and people of the village were ready to work at low wages because of less job opportunities. Not only this, before starting the business Monu had researched about the cost-structure, the market, the competitors and the strengths and weaknesses of the business.
Based on the above paragraph, identify and explain any two causes of failure of Sonu’s business in comparison to Monu. Also, state any two values which Monu had communicated to the society through his business.