India has been moving away from plastics for many years and many cities have already issued plastic bag bans. While legislation like this helps to protect our environment and wildlife, a young entrepreneur, Ashwath Hegde, noticed that it was a hardship for many Indians. He eventually landed on a combination of natural starch (from potato and tapioca) and vegetable oils to make a bag that looks and feels just like plastic with none of the negative environmental impacts of a plastic vessel.
This was also affordable for all. Characteristics of Ashwath that developed his idea into valuable and successful project is Vision and creativity. Mention whether the above stated characteristic is true or false.
Anant and Anandi together took over their family business of furniture. They understood that the present competitors were using online means to sell their products. They decided on a new idea of providing furniture on a rental basis to offices and households and to also start making furniture using the traditional method which caught the attention of the new generation. They opened stores in various cities and started selling through online mode also. They both are using the service-related idea field. Mention whether the idea field identified is true or false.
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Mallika was selling vegetables in her cart along with her mother. They were able to earn a profit of around ₹ 200 every day. Even though the amount was not substantial it was sufficient for a decent living. Mallika often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so as entrepreneur she started gathering information regularly and developed a new product line of selling cut vegetables in hygienic packaging. Mallika used think trend to spot this idea. Is it True/ False?
Given below are the different factors PESTEL factors in column I, match with their examples in column II :
Given below are the elements in the innovation process in Column I, match with their explanation in column II:
Given below are types of trend spotting in column I, match with their definitions in column II:
State Whether the Following Statements are True or False.
Q. Business opportunities are related with feasible possible projects.
State Whether the Following Statements are True or False.
Q. A problem becomes an opportunity only when it is profitable and possible from business point of view.
State Whether the Following Statements are True or False.
Q. To sense opportunities, an entrepreneur employs his skill, knowledge and creativity.
State Whether the Following Statements are True or False.
Q. More demanding products are less profitable.
State Whether the Following Statements are True or False.
Q. Environment scanning is required to convert an idea into an opportunity
State Whether the Following Statements are True or False.
Q. Motivation is a psychological situation.
State Whether the Following Statements are True or False.
Q. Weights and Measures Act is a legal factor.
State Whether the Following Statements are True or False.
Q. Environment scanning does not tell anything about future’s certainty.
State Whether the Following Statements are True or False.
Q. People’s standard of living is a social factor.
State Whether the Following Statements are True or False.
Q. Businessmen should not give importance to the idea of long-term development.
State Whether the Following Statements are True or False.
Q. Innovation is an indication that will help the entrepreneur to understand the market and produce goods or provide services in sync with the market needs, demand and taste.
State Whether the Following Statements are True or False.
Q. The basic idea has to undergo the process of close examination and evaluation.
State Whether the Following Statements are True or False.
Q. Ideas cannot be generated based on natural resources.
State Whether the Following Statements are True or False.
Q. Market research is a key factor to maintain competitiveness over competitors.