Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

What is innovation? Explain the elements of innovation process. What values can be ascertained by innovation?
OR
Innovation is the process of entrepreneurship'. With reference to this statement, explain the meaning of innovation and the elements of this process.

Define organisational plan? A business can be classified in how many categories?

An individual wants to start an enterprise that manufactures steam iron which can be imported from Germany. The material available in Germany is a little better in quality. However, there are no safety issues with the one available in India, which material would you go for and why? (social responsibility, import substitution).

State any four functions of Industrial Development Bank of India.

What are the key areas for a sound financial plan to work?

Explain the importance of a stock exchange from the viewpoint of investors.

An entrepreneur is doing an industry analysis. While he/ she is analysing his/ her competitors in his/ her line of business 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)

What is working capital? What is the need for working capital? What value is exhibited by the business by maintaining adequate working capital?

Answer each of these questions in about fifty words:
Enumerate the importance of franchising.

Nitin is a young entrepreneur who has decided to venture into the business of manufacturing cycles for children. He wants to have an assessment that in how many days, his investment will start generating cash flows. So, give him the operating cycle of a manufacturing company.