(HOTS) Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download

Q1. “Problems give rise to opportunities”, comment on this statement. (2 marks)
Ans. Yes, it is right to say problems give rise to opportunities, opportunity and problem solving are closely related with each other. A person starts scanning environment to find opportuniteis, when he wants solutions for his problems.

Q2. What are the different types of opportunities ? (2 marks)
Ans. There are two types of opportunities :
(i) Existing opportunity : These opportunities already exist in the environment.
(ii) Created opportunity : Such opportunities are created according to fashion, technological changes and taste of customers.

Q3. Show the process of perceiving an opportunity with a diagram. (2 marks)

Ans.


Q4. Should an entrepreneur keep a check on changes ? (2 marks)
Ans. Yes, an entrepreneur should keep a check on changes as all the environmental changes, be it social, legal or technological give rise to view business opportunities.

Q5. How does vision and creativity of an entrepreneur helps in sensing opportunity ? (2 marks)
Ans. Creativity is innovating a solution and vision. The entrepreneur cretively identify an idea to generate a valuable solution to a problem. Once the solution is identified, their vision to concert the solution into business opportunity helps them to more forward, overcoming all the obstacles. This is how vision and creativity of an entrepreneur helps in sensing opportunity.

Q6. Can an entrepreneur sense opportunity without vision and creativity ? (2 marks)
Ans. No, an entrepreneur cannot sense opportunity without vision and creativity as it is one of the factors affecting perceiving and sensing opportunities.

Q7. For an entrepreneur ............. is more important than invention :
(i) Creativity
(ii) Vision
(iii) Innovation
(iv) Planning
(1 marks)
Ans. (iii) Innovation

Q8. State whether the following are true or false :
(i) Entrepreneur sells goods and services for others.
(ii) The result of entrepreneurship is to diversify the economic activities by the creation of employment and business opportunities. (2 marks)
Ans.
(i) False
(ii) True

Q9. Entrepreneur acts as :
(i) A worker
(ii) A worker as well as an owner
(iii) A middleman
(iv) An owner
(1 marks)
Ans. (ii) A worker as well as an owner.

Q10. Which factors are involved in the process of sensing opportunities ? (3 marks)

Ans. Factors involved in the process of sensing opportunities are :
(i) Ability to perceive and preserve basic ideas.
(ii) Ability to harness different sources of knowledge and information.
(iii) Vision and creativity.

Q11. What types of risks are involved in a business ? (4 marks)
Ans. Types of risks involved in a business are :
(i) Economic risks.
(ii) Environmental risks.
(iii) Social risks.
(iv) Technical risks

Q12. “Creativity and involvation is not a single activity but is a complete process.” How ? (3 marks)
Ans. As it involves the following stages :
(i) Idea generation.
(ii) Preparation.
(iii) Incubation.
(iv) Illumination.
(v) Verification.
(vi) Innovation.

Value Based Question:
Q. An entrepreneur wants to start his business in backward area because government gives many incentives and rebates in taxes, which results in low cost and making it feasible to sell the product at low prices. But, there he will be able to get required large area for business by deforestation. Which values are being affected here ? (4 marks)
Ans.
(i) Depriviation of environment from deforestation.
(ii) Availability of goods at low cost.
(iii) Development of backward areas.
(iv) Increment of employment opportunities in backward area.