Test: Entrepreneurial Opportunity - 2 - CUET Commerce MCQ

Esteem is the fourth layer of Maslow's five-tiered model of human motivation and is thought to be interrelated with the other levels of our needs. There are a number of component needs involved in achieving a sense of self-esteem, such as respect of others, an internal acceptance of who we actually are, confidence, and achievement.

Portfolio entrepreneurs, a sub-type of habitual entrepreneurs, are involved in a number of businesses simultaneously. In other words, they are in charge of creation and management of multiple entrepreneurial ventures in a concurrent manner. By their very nature, these entrepreneurs are more experienced than their novice counterparts.

Listening to potential customers certainly helps to define more precisely the pain points that are intended to be fixed. This analysis takes place in the pre-seed phase. The phase of analysis is crucial for the detection of a real problem in the niche market in which the start-up wants to act. The challenge it solves for the industry will be key in determining the success or failure of the proposed solution afterwards.

Joseph Alois Schumpeter, one of the greatest economists, put forth the well-known innovative theory which changed the entrepreneur's perspective. According to Schumpeter, entrepreneurs take the stationary economy to a new level of development by adding innovation and creativity of their own. Schumpeter also stated that entrepreneurs bring innovation in two ways namely:
By reducing the cost of production
By increasing the demand for certain products.

A project schedule is a timetable that shows the start and end date of all project tasks, how the tasks relate to each other and usually which team members or other resources are responsible for delivery.
It is a dynamic document that is created during the initial planning stage. The approved project schedule acts as a baseline to work to, but it is maintained and updated throughout the project as things change.

A breakthrough innovation refers to technological advancements that can boost the level of a product or service, within an existing category, ahead of its competitors. One of the best cited examples of breakthrough innovation on the tech front is the first iPhone. By harnessing new technology, Apple was able to bring a fundamentally new product to market, creating new demands in the process.

The Creator Intrapreneur:
He/she is the person with the innovative ideas. Creators may be easier to spot. They are the idea generation people, mostly in the discovery phase. They see possibilities. They are high on learning and love change. They are always looking for ways to do things better. They are big-picture thinkers and often are able to see the gestalt.
They are independent and prefer to work in less structured environments. On the downside they can get bored easily and find it difficult to stay focused on the details because they are always thinking of the next idea. Creators develop the ideas that fuel innovation.

Open innovation is a form of innovation where knowledgeable and creative individuals who work outside the company or in a different team can also contribute to achieving strategic goals through innovation. Sharing intellectual property both ways can often be useful for different parties in different ways. Companies use open innovation to:

• Engage larger audiences
• Engage relevant audiences
• Improve cost efficiency
• Involve their customer in their R&D process
• Improve PR and brand value
• Find new talent and partnerships

Lean Startup Method relies on capturing customer feedback as early as possible. This helps smoothen the product development cycle and largely increases efficiency. Some organisations know this method as a good model for either starting a new company or else introducing a new product on behalf of an existing company. The principles behind this method heavily rely on gauging the interest of the customers. The methodology behind this method has three pillars:

1. Build
2. Measure
3. Learn

Buyable startups - Those startups that create something new or have a large market share and sell it to the existing big corporates. They generally do not spend much on marketing activity. They require management in the initial stage and after selling it to the company, all the management burden goes to that company that acquires it.