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 environment ? Why is Environment Scanning necessary ? (2 marks)
Ans. Environment is a collection of such factors on which an enterprise has no control. Entrepreneurial opportunities exists in business environment. So to grab the entrepreneurial opportunities, it is must to scan the business environment.
Q2. When does a project become successful in the long run ? (1 mark)
Ans. The project becomes successful in the long run only when it is compatible with the social, legal, political, economic and technical aspects of the environment.
Q3. What is the interface between sensing an opportunity and a business project ? (2 marks)
Ans. Sensing and perceiving a business opportunity may not always become a sound business project. The interface between sensing an opportunity and a business project can be shown in the fo llowing diagram :
Q4. What is the meaning of environment scanning ? (2 marks)
Ans. Environment scanning means carefully examining various factors prevailing in the environment. So scanning implies understanding the social, cultural, economic, political and legal factors.
Q5. Entrepreneur perceives opportunity from :
(a) Problem
(b) Needs
(c) Problems and needs
(d) None of these.
(1 mark)
Ans. (c) Problems and needs
Q6. Needs of a person are :
(a) Social
(b) Physical
(c) Psychological
(d) All the above.
(1 mark)
Ans. (d) All the above.
Value Based Question:
Q1. An organization has done plantation around its factory premises and only after purifying the wastes, it throws it into the drains. Which values are being followed by the organization ? (3 marks)
Ans.
(i) Safety from Water and Air Pollution.
(ii) Protection of Environment.
(iii) Fulfilling the Social responsibility.
Q2. An airlines is planning to expand over the next five years. What would be the PESTEL factors it should consider ? (3 marks)
Ans. The PESTEL factors it should consider are as follows :
(i) Political : Political unrest, terrorism, landing rights in foreign countries.
(ii) Economic : Oil prices, exchange rates, taxation, economic boom or depression.
(iii) Social : Change in population size, fashion.
(iv) Technological : Engine efficiency, new aircraft being planned, better and chooper video conferening.
(v) Ecological : Concern about the impact of carbon emissions from jet engines, noise, resistance to airport extension.
(vi) Legal : Health and safety regulations, consumer legislation, safety and security legislations.
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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 favorable set of circumstances that allows an individual or organization to introduce a new product, service, or business idea into the market. It typically involves identifying a gap or need in the market and developing a unique solution to address it, with the potential for profit and growth.
| 2. What is entrepreneurship? | |
Ans. Entrepreneurship is the process of creating, launching, and managing a new business venture. It involves taking risks, being innovative, and assuming the responsibility for the success or failure of the business. Entrepreneurs are individuals who have the vision, drive, and determination to turn an entrepreneurial opportunity into a viable business.
| 3. How can one identify entrepreneurial opportunities? | |
Ans. Identifying entrepreneurial opportunities involves recognizing gaps or unmet needs in the market. This can be done through market research, observing trends, analyzing consumer behavior, and staying updated with industry news. It is crucial to assess the feasibility and potential demand for the product or service before pursuing the opportunity.
| 4. What are the key characteristics of successful entrepreneurs? | |
Ans. Successful entrepreneurs possess several key characteristics, including passion and determination, a strong work ethic, resilience in the face of challenges, creativity and innovation, excellent communication and leadership skills, and the ability to take calculated risks. They also have a deep understanding of their target market and are adaptable to changing market conditions.
| 5. What are some common challenges faced by entrepreneurs? | |
Ans. Entrepreneurs often face various challenges, such as securing funding and capital for their business, managing cash flow, building a strong customer base, dealing with competition, adapting to market changes, and balancing work-life responsibilities. Additionally, they may encounter legal and regulatory hurdles, hiring and retaining talented employees, and maintaining sustainable growth in a highly competitive market.
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Nov 09, 2024 Last updated |
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