Commerce Exam > Commerce Notes > Additional Study Material for Commerce > (HOTS) Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12
(HOTS) Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download
Q1. What is the difference between Basic Ideas and Post Scanning Ideas ? (2 marks)
Ans. (a) Spotting of basic idea is random in nature whereas development of idea after scanning the environment is a more purposeful activity.
(b) Spotting basic ideas is an experimental process whereas scanning ideas is a strategic process.
Q2. How can creativity make an entrepreneur better than others ? (2 marks)
Ans. Creativity is the key component in the qualities of an entrepreneur. With creativity, an entrepreneur can invent new ideas, new opportunities and bring changes and improvements in existing opportunities. Two businessmen can have the same qualifications or same products but creativity makes one better than the other.
Q3. Why is market research conducted ? (4 marks)
Ans. Research is conducted to gather information regarding products and services which are already present in the market. Research also helps the entrepreneurs to get new ideas regarding the size, shape, quality and other features to be included in products according to the preferences of customers so that one can produce the product with high demand and low supply.
Value Based Question:
Q. A manufacturer of fridge has used new technology, in place of using harmful gases, which do not cause air pollution. Which values are being followed here ? (3 marks)
Ans.
(i) Environment Protection
(ii) To fulfill social responsibility
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FAQs on (HOTS) Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 - Additional Study Material for Commerce
| 1. What is an entrepreneurial opportunity? |  |
Ans. An entrepreneurial opportunity refers to a situation where an individual or a group identifies a potential business idea or market gap that can be exploited for profit. It involves recognizing and exploiting opportunities to create and establish a new venture or develop an innovative product or service.
| 2. What is entrepreneurship? | |
Ans. Entrepreneurship is the process of designing, launching, and managing a new business venture. It involves taking calculated risks, organizing resources, and initiating innovative ideas and concepts to create a profitable and sustainable business. Entrepreneurs play a crucial role in driving economic growth and creating employment opportunities.
| 3. How can one identify entrepreneurial opportunities? | |
Ans. Identifying entrepreneurial opportunities requires a combination of market analysis, problem-solving skills, and creativity. Some ways to identify such opportunities include:
1. Market research: Conducting thorough market research to identify unmet customer needs, market trends, and potential gaps.
2. Problem-solving: Identifying problems or challenges faced by individuals or businesses and developing innovative solutions.
3. Industry insights: Keeping up-to-date with industry developments, technological advancements, and emerging markets.
4. Networking: Engaging with professionals, attending conferences, and participating in industry events to stay informed about potential opportunities.
5. Personal interests and passions: Reflecting on personal interests and passions to identify areas where one can leverage their skills and expertise.
| 4. What are the key characteristics of successful entrepreneurs? | |
Ans. Successful entrepreneurs possess certain key characteristics that contribute to their ability to identify and seize entrepreneurial opportunities. These characteristics include:
1. Passion and motivation: Successful entrepreneurs are driven by a strong passion for their business idea and are highly motivated to succeed.
2. Risk-taking ability: They are willing to take calculated risks and have the ability to tolerate uncertainty and ambiguity.
3. Creativity and innovation: They possess a creative mindset and are constantly seeking ways to innovate and differentiate themselves in the market.
4. Resilience and perseverance: They are resilient in the face of challenges and setbacks and possess the determination to overcome obstacles.
5. Strong leadership and management skills: Successful entrepreneurs have the ability to lead and manage their teams effectively, making strategic decisions and adapting to changing market conditions.
| 5. What are the advantages of pursuing entrepreneurship as a career? | |
Ans. Pursuing entrepreneurship as a career offers several advantages, including:
1. Independence and flexibility: Entrepreneurs have the freedom to set their own working hours and make decisions independently.
2. Unlimited income potential: Successful entrepreneurs have the opportunity to earn unlimited profits and build wealth through their business ventures.
3. Personal fulfillment: Entrepreneurship allows individuals to pursue their passions and turn their ideas into reality, leading to a sense of personal fulfillment.
4. Job creation: Entrepreneurship contributes to job creation, which in turn stimulates economic growth and reduces unemployment rates.
5. Learning and personal growth: Entrepreneurs constantly face new challenges and opportunities, allowing for continuous learning and personal growth.
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Nov 13, 2024 Last updated |
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