CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities

(c)

Exp: Often a business opportunity emerges from the solutions of some common problem faced by people in the society. Spotting a basic idea induces the process of sensing an opportunity.

(a)

Exp: Henry fordhad vowed to build a motor car for the common man, so low in price that the man of moderate means may own it. It was his vision and creative pursuit that gave to the world the legendary car ‘Model T’.

(a)

Exp: Shiv Nadar, an entrepreneur is behind the phenomenal growth of HCL computers. He foresaw rapid expansions in the field of Information Technology and developed India’s first micro-processor based commercial computer.

(b)

Exp: Shiv Nadardeveloped India’s first micro-processor based commercial computer called HCL-8C. Shiv Nadar quitted his senior position in DCM for making and selling calculators under the brand name of HCL.

(a)

Exp: Trever Baylis, an English inventor, developed a portable radio that was powered by clock-work instead of batteries. His invention was displayed on BBC’s ‘Tomorrow’s World’ programme. It was spread to millions. Thus, it created a successful business opportunity.

(a)

Exp: Christopher Staines, an accountant, after perceiving an opportunity in the invention, bought the world wide development rights from the inventor. He was convinced that there was great potential in the idea and the radio would be a success in poor countries where people can not afford to buy batteries.

(c)

Exp: An entrepreneur is a person who habitually creates and innovates to build something of recognised value around perceived opportunities. Through a process of creativity, he is able to develop an idea into something of value.

(a)

Exp: Among the key behavioural characteristics of an entrepreneur, the most vital are his talent to perceive an opportunity and his creativity to innovate and build something of value. Apart from this, it is very important that he should be able to nurture the opportunity into a creative venture that can be developed in to a viable project.

(b)

Exp: To sense an entrepreneurial opportunity, an entrepreneur employs his sharpened skills of observation, analysis and synthesis to identify an opening. The important factors involved in this process are the entrepreneur’s ability to perceive and preserve basic ideas, his ability to harness different sources of knowledge and information as well as his vision and creativity.

(c)

Exp: Any change, whether social, legal or technological can usher in new business opportunities. Invention of computer as well as introduction of internet provided opportunities to entrepreneurs around the world to exploit this invention as a business opportunity.

(b)

Exp: We know that opportunities for launching new enterprises exist in the environment everywhere but all of us are not able to perceive them. It is the entrepreneur who perceives the opportunities often disguised as a problem or need of people and convert it in to a viable project through his creativity.

(a)

Exp: The entrepreneurs see and craft opportunities that are often missed by others. He employs his skills of observation and analysis to identify an opening. It is his ability to perceive as well as preserve the basic ideas originating from his immediate environment.

(a)

Exp: In order to succeed in his entrepreneurial venture, it is very important for an entrepreneur to collect inputs from different sources of knowledge and information like magazines, journals, books, seminars, trade shows etc. as well as from family, friends and customers.

(b)

Exp: Inventions include creating new things of value as well as new and creative processes that add value to an already existing product or service. Change from audio and video cassette players to CD players is an example of opportunities brought about by inventions.

(c)

Exp: Often when an idea is revolved around a problem that exist, the solution is most often a business opportunity. As earlier, it was a problem for men to shave with a sharp knife quickly and without getting nicked. This problem gave rise to an idea that resulted in the safety razor.

(a)

Exp: It has been proven in the past that ongoing competitions between different companies induce them to introduce new and improved products and services, so as to increase as well as retain their customer base. They focus on developing new ideas to have a competitive edge over others.

(c)

Exp: Karsanbhai Patelwas a young chemist, who decided to give to the consumers the cheapest detergent in the market. He started making the detergent that he sold to local markets and the product became a huge success in a short time. It was his unique ability to spot the problem of poor people’s inability to buy and use existing detergentsin the market due to high prices that led to introduction of brand ‘NIRMA’.

(b)

Exp: The most striking behavioural characteristics of an entrepreneur are his vision and creativity. It is his vision that makes a basic idea into a valuable business proposition. These attributes make him able to develop an idea into a viable project.

(a)

Exp: Entrepreneurs are the people who not only create and own a business enterprise but work for it as employees also. Thus, they are both the owners as well as employees of their enterprise.

(a)

Exp: R.L. Stevenson stated that everyone lives by selling something. This is very true, as people in general earn their income by selling either some goods such as fruits, electrical goods etc. or services like teaching, providing medical treatment etc.

(a)

Exp: An opportunity is a chance to do something new. It may be a way of getting something for nothing; or it may be a job or admission in a school or college. In other words, it is a circumstance or combination of circumstances which induce to do something new.

(a)

Exp: When an idea is revolved around a problem that exists, the solution is often a business opportunity. Thus, the solution arrived at by an entrepreneur through a creative process, often has the potential of a viable business opportunity.

(b)

Exp: The scholars Bill Bolton and John Thompson had defined an entrepreneur as a person who habitually creates and innovates to build something of recognised value around perceived opportunities. One of the key behavioural characteristics of an entrepreneur is the talent to perceive an opportunity and his creativity to innovate and build something of value.

(c)

Exp: An entrepreneur is an opportunity spotter as he perceives an idea and analyse it to make it an opportunity. It is not necessary that he should be an inventor but he should be able to develop an idea through a process of creativity into something of value.

(a)

Exp: Sensing Entrepreneurial opportunity refers to a process of perceiving the needs and problems of people and society and arriving at creative solutions.

(a)

Exp: Opportunities for launching new enterprises exist in the environment everywhere but all of us are not able to perceive them.

(c)

Exp: It has been noticed that whenever companies or individual entrepreneurs try to beat ongoing competition they resort to new as well as improved ideas. These new ideas provide opportunity to earn profit.

(c)

Exp: The most striking behavioural characteristic of an entrepreneur is his creativity. It is creativity which helps him to develop an idea into something of value.

(c)

Exp: The most important characteristic as well as function of an entrepreneur is to identify an opportunity. He is required to possess the ability to perceive and preserve basic ideas.

(a)

Exp: An entrepreneur’s creativity helps him to develop an idea through the process of creativity into something of value. Creativity is the most significant attribute of an entrepreneur which differentiates him from others.

(c)

Exp: We know that opportunities for launching new enterprises exist in the environment everywhere which are then perceived by the entrepreneurs and developed into something of value. Often opportunities arise out of solutions of common problems faced by people in general.

(c)

Exp: Invention refers to creation of new opportunities as they introduce new products as well as services to the people in general. Usually, they are born out of fantasies of entrepreneurs about products or services they wanted to have in their lives.

(a)

Exp: The process of sensing opportunities commences when an entrepreneur perceives an idea which has potential of becoming a viable business proposition. It is only after this that an entrepreneur applies his sharpened skills of analysis and synthesis to create a viable project.

(a)

Exp: One of the basic roles of an entrepreneur is that of a Project champion.This is because of his ability to be able to nurture an opportunity into a creative venture that is developed into a viable project.

(c)

Exp: An entrepreneur perceives and preserves basic ideas and with the help of his vision and creativity is able to develop it into an economically viable project.

R. L. Stevenson

Both (a) and (b).

Both (a) and (b).

HCL

Automobiles.

portable radio

All of the above.

Exp: An entrepreneur collects inputs from different sources like magazines, journals, books, seminars, trade shows etc. as well as from family, friends and customers

An employee

Exp: Someone who earns a living by working for someone else is known as an employee.

All of the above.

Exp: Sensing Entrepreneurial opportunities refers to a process of perceiving the needs and problems of people and society and arriving at creative solutions.

All the above.

Entrepreneurial spirit

All of the above.

Training and development

Both (a) and (b).

All of the above.

Professional

Entrepreneur, employee

All of the above

Net worker

HCL-8C