List the institutions which are contributing to the EDP (entrepreneurship development program).
The following are the institutions contributing to the EDP
What did you understand by the term social entrepreneur?
Roger L Martin and Sally Osberg defined the social entrepreneur as Social entrepreneur is the one who aims for value in the form of large-scale transformation benefit that accrues either to a significant segment of society or to society at large.
Usually the population which is
do not have financial resources or political influence to achieve the transformational benefit on its own. Social entrepreneurs put all their efforts to help this population to achieve their transformational benefit.
Define insurable risks.
Insurable risks are those risks which conform to the specifications mentioned by various insurance policies. It is possible to forecast these risks. Through various measures the probability of these risks can be determined. Few examples of insurable risks are those related to life and property against fire, storm, riots, theft, fidelity by dishonest employees etc.
Define non-insurable risks.
The risks for which it is not possible to determine their probability are called non-insurable risks. Due to this reason it is not possible to forecast these risks. Few examples of non-insurable risks are those related to war, floods, earthquake, gambling, fluctuations in demand, fluctuations in price etc.
Define economic barriers.
For entrepreneurial growth we need the following factors to be available in abundance.
Non availability of these factors to the required levels is economic barrier.
What do you know about the social entrepreneur Vinoba Bhave?
Vinoba Bhave is a social entrepreneur who founded and led the Bhudaan Andolan (Land Gift movement). His movement led to significant land reforms. Around 7 million acres of land was redistribute among the landless poor and untouchables.
Briefly explain about Business Incubators.
Business incubation refers to the programs designed by the organizations to help the entrepreneurial organizations. The management of the incubators help these budding enterprises by supplying them the required service and resources. They also provide the required support.
Some of the services and resources are
These incubator vary depending on
How does the business intelligence help the organizations?
Business intelligence refers to the capability of organizations to
information.
The information thus gathered is quantified and analyzed to derive new potential business opportunities. Once these opportunities are identified, effective strategies are prepared to implement them. This helps the business to
Name the prime business incubators in India.
The following are the prime business incubators in India.
Explain how the innovation of penicillin and pacemaker evolved as successful business ventures.
How do you make someone understand the difference between entrepreneurship and social entrepreneurship.
The following key differences distinguish an entrepreneur from a social entrepreneur.
Entrepreneurship | Social Entrepreneurship |
Their goal is to generate profitable income. | Profitable income is just an end result but not their goal. |
They distributes the generated profits to all the stake holders | The wealth generated is distributed to the targeted community through valuable social program. |
They focus on innovating a product or service that will add value to the customers. | They focus on innovating a solution to the social problem of a community or to help the highly disadvantageous population. |
What do you understand by the term ‘Cloud Computing’?
Cloud Computing refers to the networks used in computer and communication systems. It got its name as these networks are represented by the clouds in the drawings. Cloud computing is synchronously used for internet.
In cloud computing, the organizations upload all the data and software on to a cloud network. The users can access this data and software remotely. These users can access high configuration computers in a time sharing manner. They can run various algorithms on the cloud network which will provide optimum use of the applications, infrastructure and platform. This is achieved through prioritized access to the CPU. This will also ensure that the user achieves high efficiency.
Describe the inception of KFC.
KFC was started in Corby, Kentucky, USA by Sanders. He was operating a gas service station. He noticed that the travelers visiting his service station were hungry and looking for some eatables. Sanders knew a secret blend of 11 herbs and spices with which he can prepare tasteful chicken recipe. He started to serve this recipe to the travelers. This recipe became a bit hit and to cope up the demand he started a restaurant. This lead to the inception of “KFC-Kentucky Fried Chicken”.
During the initial stages of setting up an enterprise, how can you get advantage of the available incubators?
The incubators can help a budding entrepreneur to get benefited from the following sources.
What are the various factors responsible for internal risks in an enterprise?
The following are the various factors responsible for internal risks.
What are the various factors responsible for external risks in an enterprise?
The following are the various factors responsible for the external risks affecting an enterprise.
How does the personal barriers demotivate an entrepreneur?
When we analyze the society, there are only a small fraction of persons who would like to avail the entrepreneurial opportunities and become entrepreneurs. Whether it is a developing countries like India or highly developed countries like USA, the mindset of people towards the entrepreneurship is the same. Very few people establish an enterprise and the other opt for a different career. This is majorly due to two kinds of personal barriers preventing them from becoming an entrepreneur.
The two varieties of personal barriers are described below.
How is smart mobility creating new business opportunities?
Mobile devices like smart phone help the businesses to run their operations smoothly and more efficiently. They improve the speed and accuracy of communication among people. These devices are widely adopted by the public and became a basic need. A report from a survey conducted by IDC (International Data Corporation) showed that the number of smart phones purchased by people have exceeded the number PCs sold in the fourth quarter of 2010. As of today, smart phones surpass the desktops and laptops in the usage of internet. These statistics provide new opportunities and result in new players emerging to cater the growing smart phone market and exploit it completely. The existing enterprises have to dispose their legacy systems and then adopt to this new technology. However, the upcoming enterprises, as they are starting from scratch, should be able to better implement new technologies and get benefited with this new are of opportunities. An example of this new technology wearable gadgets like a smart watch which is connected the smart phone or a Smart phone with an edge display
How is Information collection helping the enterprises to beat the competition?
The enterprises gather the consumer details and study the consumer behavior and preferences. They use this data to ensure that their products or services are providing consumer satisfaction. This helps the enterprises to win consumer confidence. It also helps them to keep themselves ahead of competition. For instance, a retail store can study the consumer details and find that their customers are mostly college students in the age group of 15 to 18 years. This helps them to ensure that their store is equipped with the products that is mostly purchased by this age group.
With the technological advancements, various organizations started to employ different methods by using built-in sensors, social networking sites like facebook, google plus, Instagram, Whatsapp, email to gather the consumer related metrics. A report from a survey conducted by IDC (International Data Corporation)showed that the data collected like this will grow tremendously by 2020. As per an estimate this data will require 44 times more storage space as compared to the data collected in 2009.
One such method used to gather data is by using telemetric operations. Telemetric operations are similar to GPS (Global positioning system). It will allow enterprises to gather and store the data using telecommunication equipment that can control remote objects. The telemetric operations were originally developed for use in the healthcare industry and to gather medical informatics, it is most widely used in the automobile sector.
By seeing which characteristics can you determine that a person is a social entrepreneur.
We can assume that a person is a social entrepreneur if that person possesses the following characteristics.
Give a brief about the businesses that are emerged as a result of innovation in the technology.
With the advancements in the technology, new businesses that tap the potential of these technologies are emerging in the market.
What do you know about enterprise Shri Mahila Griha Udyok Lijjat Papad?
Six Gujarati women started Shri Mahila Griha Udyok Lijjat Papad in Bombay (present Mumbai). Their purpose was to create a revenue stream through a food product.
They took a loan of Rs.80/- from Chhaganlal Karamsi Parekh. They acquired a papad venture run by Lakshmidas bhai, as it was running in losses. Their policy not to take any donation or help from others even if the business goes bankrupted. They started production on their terrace on 15th March, 1959. The first output was 4 packets. The output was sold to a buyer in Bhuleshwar.
They were initially making papads in a low and high quality. As suggested by their adviser, Chhaganlal Karamsi Parekh, they started to make only high quality papads.
The enterprise started to grow as a cooperative system. Though they recruited all age groups initially, they imposed 18 years as the age limit, later on. Within a quarter they had 25 members. As the profits grew, they procured other infrastructure like storage equipment, utensils, cooking equipment etc. The problems like not being able to dry the papads due to rains were resolved by procuring papad drying equipment. After one year the business earned good profits.
They popularity and the members started to grow. After 3 years, they had 300 members. This brought up space issues. So, they asked the members to take the raw material to home, prepare papads and bring them back. If the quality was low members were given a warning. If it repeats they were terminated from membership.
As the number of branches increased and they employed other administrative staff like accountants etc at each branch. Currently, they have thousands of members across Maharashra and Gujarat. The profits or losses were equally distributed/born by all the members. The share is decided by a committee of 21 members.
Lijjat papad became a successful venture in India and started to export papads to foreign countries too.
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1. What is entrepreneurship? |
2. How does entrepreneurship contribute to innovation? |
3. What is the connection between entrepreneurship and problem-solving? |
4. How can entrepreneurship be learned or developed? |
5. What are the key qualities or traits of successful entrepreneurs? |
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