entrepreneurship as innovation and problem solving class 11 notes

CBSE Class 11 Entrepreneurship – Entrepreneurship as Innovation and Problem Solving Revision Notes

Cbse revision notes for class 11 entrepreneurship chapter 4 – entrepreneurship as innovation and problem solving – free pdf download.

CBSE Revision Notes of Entrepreneurship Class 11 Chapter 4 have been carefully formulated by subject experts who are adept with years of experience and learning. Students can easily access the latest Class 11 Entrepreneurship Chapter 4 Notes from CoolGyan.Org and strengthen their understanding of Entrepreneurship Class 11 Chapter 4 Entrepreneurship as Innovation and Problem Solving.

CBSE Class 11 Entrepreneurship Revision Notes for Entrepreneurship as Innovation and Problem Solving of Chapter 4

Facts That Matter 1. Entrepreneurs as problem solvers:  Entrepreneurial actions are efforts to solve problems for others. 2.  When one solves a problem, new value is created. 3.   Social Entrepreneurship:  According to J. Gregory Dees, social entrepreneurship is that which “combines the passion of a social mission with an image of business-like discipline, innovation, and determination”. 4.   Social Entrepreneur:  According to Martin and Osberg, the Social Entrepreneur aims for value in the form of large-scale, transformational benefit that accrues either to a significant segment of society or to society at large. 5.   Social Entrepreneurship  is required to fight against economic and financial crises and social problems such as poverty and unemployment. 6.   Characteristics of Social Entrepreneurs  are social catalysts, socially aware, Opportunity-seeking, innovative, resourceful, accountable. 7.   Business risk  means possibility of some unfavourable occurrence. 8.   Internal Risks  are human, technological, physical. 9.   External risks  are economic, natural, political, change in tastes and preferences of customer. 10.  Information which is collected, enable a company to understand the taste and preference of the customer. 11.   Business Intelligence  is the ability of an organization to collect, maintain, and organize data. 12. Smart Mobility  are devices which are mobile and help in growth of business. 13.   Cloud computing  helps an organization to upload all its data on to a cloud and then they can use it remotely wherever it is required. 14.   Environmental barriers are:  (i) Economic (ii) Social (iii) Cultural (iv) Political. 15.   Personal barriers are:  (i) Motivational (ii) Perceptual. 16.  Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services. Words That Matter •  Entrepreneur:  Any person who undertakes risks, enjoys challenge and habitually creates and innovates to build something of recognised value around perceived opportunities can be referred as entrepreneur. •  Social Entrepreneurship:  “Social entrepreneurship is which combines the passion of a social mission with an image of business-like discipline, innovation and determination”. •  Social Entrepreneur:  According to Martin and Osberg, the social entrepreneur aims for value in the form of large-scale transformational benefit that accrues either to a significant segment of society or to society at large. •  Risk:  Risk is the chance of loss and refers to the possibility of some adverse occurrence. • Insurable risks: These are the risks which are related to life and property against fire, theft, accidents, etc. They are covered and protected by insurance. •  Non-insurable risks:  These are the risks whose probability cannot be determined and which cannot be insured against. •  Internal Risks:  These risks arise from the events taking place within the firm during the ordinary course of a business. These can be forecasted. •  Business risks:  These risks are of varied nature and may arise due to innumerable factors. These can either be insurable or non-insurable. •  External risks:  External risks are the risks that arise due to the events occurring outside the firm or the business venture. •  Smart Mobility:  Those devices which are mobile help in the growth of business. Smart mobility is changing the way people interact. •  Business incubation:  Business incubation are programs designed to support the successful development of entrepreneurial ventures through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. •  Business intelligence:  Business intelligence is the ability of an organization to collect, maintain, and organize data.

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Home / Blog / CBSE Class 11 Entrepreneurship Syllabus, Notes PDF, Books

CBSE Class 11 Entrepreneurship Syllabus, Notes PDF, Books

• Last Updated on Dec 28, 2023

The CBSE has issued the syllabus of Class 11 Entrepreneurship for the 2022-23 session. The entrepreneurship subject is introduced in the curriculum to develop business acumen among young students. According to CBSE, Entrepreneurship is an academic subject with code 066. It is primarily a theoretical subject mainly chosen by students who prefer economics.

The class 11 Entrepreneurship syllabus includes: (a) Concept & Functions (b) An Entrepreneur and his Journey (c) Entrepreneurship as Innovation & Problem Solving (d) Understanding the Market, Business Finance & Arithmetic (e) Resource Mobilization.

In this article, you’ll know everything about Class 11 Entrepreneurship, its syllabus, notes, sample papers, marking scheme and more.

Also Check: RBSE Class 11th Syllabus 2024

CBSE Class 11th Entrepreneurship Subject (Code 066)

The class 11th Entrepreneurship Subject is best suited for students who are resourceful. The one who wants to be a job creator and wants to develop organizational and business skills.

The exam pattern of the Class 11 Entrepreneurship subject is:

• Total marks: 100 marks
• Theoretical: 70 marks
• Practical: 30 marks
• Total periods: 240 periods

Reasons why students choose Entrepreneurship in class 11:

• To develop businessman skillset
• Understand the Industrial trend
• Cope up with business jargon
• Develop analytical and decision-making skills
• Help in economic opportunities for the weaker section.

Also Check: CBSE Class 11 Sample Papers 2024

Class 11 Entrepreneurship Syllabus 2022-23

Check the complete syllabus of entrepreneurship that you’ll be studying in the 2023 session. The syllabus is divided into 7 units which are mentioned below:

1st Unit: Entrepreneurship: Concept and Functions

• Entrepreneurship – Concept, Functions and Need
• Why Entrepreneurship for You
• Myths about Entrepreneurship
• Advantages and Limitations of Entrepreneurship
• Process of Entrepreneurship
• Entrepreneurship–The Indian Scenario

2nd Unit: An Entrepreneur

• Why be an Entrepreneur
• Types of Entrepreneurs
• Competencies and characteristics
• Entrepreneurial Values, Attitudes and Motivation
• Intrepreneur: Meaning and Importance

3rd Unit: Entrepreneurial Journey

• Self-Assessment of Qualities, Skills, Resources and Dreams
• Idea generation.
• Feasibility Study and opportunity assessment
• Business Plan: meaning, purpose and elements
• Execution of Business Plan

4th Unit: Entrepreneurship as Innovation and Problem Solving

• Entrepreneurs as problem solvers
• Innovations and Entrepreneurial Ventures – Global and Indian
• Role of Technology – E-commerce and Social Media
• Social Entrepreneurship – Concept
• Risk Taking-Concept and types

5th Unit: Concept of Market

• Market; Concept, Types
• Micro and Macro Market Environment
• Market Research – Concept, Importance and Process
• Marketing Mix

6th Unit: Business Finance and Arithmetic

• Unit of Sale, Unit Price and Unit Cost – for a single product or service
• Types of Costs – Start-up, Variable and Fixed
• Income Statement • Cash flow projections
• Break Even Analysis – for a single product or service

7th Unit: Resource Mobilization

• Types of Resources –Physical, Human, Financial and Intangible.
• Selection and utilization of human resources and professionals like Accountants, Lawyers,     Auditors, Board Members, etc.
• Estimating Financial Resources requirement
• Methods of meeting the financial requirements
• Size and capital-based classification of business enterprises.

11th Entrepreneurship Notes (Unit-wise)

After you finished reading all the chapters of a unit, prepare notes in the following sequence:

1st Unit Notes

• Why we need Entrepreneurship in our economy
• Our assumptions on how entrepreneurship can help shape one’s career
• Myths, advantages and limitations of Entrepreneurship
• Describing  the steps in the process of Entrepreneurship
• Mentioning the current scenario of Entrepreneurial activity in India

2nd Unit Notes

• Motivation points to becoming an entrepreneur
• Differences  between various types of entrepreneurs
• Different competencies of an Entrepreneur
• Importance of Ethical Entrepreneurship
• Difference between Entrepreneur and Intrapreneur

3rd Unit Notes

• Entrepreneurial qualities and competencies
• Ways of idea generation.
• Concept of types of a feasibility study
• How to Draft a basic business plan
• Reasons for success and failure of business plan

4th Unit Notes

• Role of entrepreneurs as problem solvers
• Role of global and Indian innovations in entrepreneurial ventures
• Use of technology and digitization for new businesses.
• The concept of social entrepreneurship
• Risk in entrepreneurial ventures

5th Unit Notes

• How to scan the market environment
• How to conduct market research
• Elements of the marketing mix

6th Unit Notes

• Unit Cost, Unit of Sale, Unit Price of a product or service
• The components of COST – Start-up and operational costs
• How to Prepare Income Statement and cash flow projection 7
• How to Calculate the break-even of a single product and service
• Differences between Cash flow & Cash flow projections
• Importance of Cash Flow Projections in the smooth flow of finances in the business

7th Unit Notes

• Different types of resources tools – Physical and material, Human, Financial, Intangibles
• Methods to secure business finance.
• Use of debt and equity in estimating the financial requirements of an enterprise
• Differences, advantages and disadvantages of Debt and Equity
• The financial requirements of an enterprise
• Meaning of fixed and working capital

CBSE Class XI Entrepreneurship Marking Scheme

All the subjects’ question paper is divided into two major sections. Theoretical and practical assessments. The assessment scheme is similar for both Class XII and XI on the CBSE board.

*****Unit 5 which covers the concept of market topic has the highest weightage in this course.

Must Check : CBSE Class 11 Exam Dates 2023-24

Class 11 Entrepreneurship Books

Students are advised to follow only the NCERT class 11 book to prepare for the Entrepreneurship exam. Students can download the book from the link below:

Download PDF Class 11 Entrepreneurship Book

Other Books recommendations : Entrepreneurship By Robert D Hisrich; Michael P Peters: Dean A Shepherd / Tata McGraw Hills Education Private Limited

NCERT Solution for Entrepreneurship

We can divide the entire NCERT solution into 7 units. We are hereby providing the complete syllabus, question, sample papers, and marking scheme for the CBSE class 11 entrepreneurship subject. Students can download PDF format of books, syllabus and notes from here:

CBSE Class 11 Entrepreneurship Solutions

Our online coaching classes will help to give you the complete solution to all the questions in NCERT textbooks. Students can enrol with VSI 11th coaching for all the subjects of Class 11 Entrepreneurship.

CBSE class 11 Entrepreneurship Sample  Question paper for 2022 exams

Download the sample question paper that will help you to prepare for the CBSE class 11 Entrepreneurship exams 2022. The sample papers are curated by our team of expert teachers of specific subjects.

EP Sample question paper – Download PDF

Check the CBSE Class 11 sample papers of all the subjects by clicking on this link.

CBSE Class 11 Entrepreneurship Projects Assignment

CBSE curriculum for class 11 Entrepreneurship is assessed through theoretical and conceptual understanding. The students need to submit a project file on time for 20 marks. These marks will be added along with the total marks obtained in exams.

Project Work for CBSE class 11 Entrepreneurship

(Any Two files)

1. Visit of the District Industries Centre and prepare a report of activities and programs undertaken by them

2. Conduct a case study of any entrepreneurial venture in your nearby area.

3. Field Visit: Visit any business firm near your locality; interact with the owner of the business firm and prepare a field report on parameters like: type of business, scale of business, product/service dealing in, target customer, problems faced and measures to solve the faced challenges.

4. Learn to Earn

5. Know your State Handicraft and Handlooms as a means of economic activity for the livelihood of people and intellectual property rights attached to them for the promotion of local specific skills.

Entrepreneurship can be an easy subject if you grasped the fundamental understanding of being into business. The right approach to study this business is by solving case studies and familiarity with current affairs.

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Ques 1. What is the entrepreneurship subject?

Ans. This subject teaches you about the basics of entrepreneurship, its concepts, components, and crucial terms. It will help students in knowing about the entrepreneurship at a basic level.

Ques 2. Is entrepreneurship an optional subject?

Ans. Yes, it is an optional subject. Students who are interested in business can study entrepreneurship.

Ques 3. Is entrepreneurship a scoring subject in CBSE?

Ans. Yes, it is a scoring subject if you have studied the concepts thoroughly.

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Entrepreneurship As Innovation And Problem Solving Class 11 Notes

• Download file

Embark on an entrepreneurial journey with WitKnowLearn's Entrepreneurship Class 11, where Chapter 4 unfolds the exciting world of 'Entrepreneurship as Innovation and Problem Solving'. This chapter is a treasure trove for young minds eager to dive into the essence of entrepreneurship. It’s not just about starting a business; it’s about nurturing innovative thinking and mastering the art of problem-solving. Discover how innovation lies at the heart of every successful entrepreneurial venture. Whether it's through creating groundbreaking products, refining services, or revolutionizing business models, innovation is the key that unlocks new opportunities and drives the business world forward.

In this chapter, students will explore diverse problem-solving techniques like brainstorming, analytical thinking, and creative thinking, essential skills for any aspiring entrepreneur. Through engaging case studies and real-world scenarios, you'll see how successful entrepreneurs tackle complex problems, turning challenges into stepping stones for success. Additionally, cultivating a creative and resilient entrepreneurial mindset is emphasized, preparing students to think big and act boldly.

Risk management and effective decision-making are also crucial themes of this chapter, teaching students to navigate the often uncertain waters of entrepreneurship with confidence and foresight. With WitKnowLearn’s Entrepreneurship Class 11, Chapter 4 notes, students are not just learning about entrepreneurship; they are getting equipped with a mindset to innovate and solve problems, essential for the entrepreneurs of tomorrow. Dive into this chapter and transform your entrepreneurial aspirations into reality, blending innovation with strategic problem-solving.

Entrepreneurship as Innovation and Problem Solving: A Comprehensive Overview

The Role of Entrepreneurs in Problem-Solving and Innovation

• Problem-Solving: Entrepreneurs are recognized as problem solvers who create new value by addressing specific issues and needs in society.
• Innovation: The entrepreneurial process is deeply rooted in innovation, which involves not only new product creation but also finding new approaches to existing challenges.

Social Entrepreneurship and Its Impact

• Definition and Mission: Social entrepreneurship, as defined by J. Gregory Dees, merges the passion for social missions with business-like discipline and innovation.
• Aims of Social Entrepreneurs: According to Martin and Osberg, social entrepreneurs seek large-scale transformational benefits for significant societal segments or society at large.
• Necessity: Social entrepreneurship is vital in addressing global issues like poverty, unemployment, and economic crises.

Characteristics of Social Entrepreneurs

• Social entrepreneurs are identified by their roles as social catalysts, awareness of social issues, opportunity-seeking nature, innovation, resourcefulness, and accountability.

Understanding Business Risks

• Types of Risks: Business risks include internal risks (human, technological, physical) and external risks (economic, natural, political, changing customer preferences).
• Business Intelligence: The ability to collect, maintain, and organize data is crucial for understanding customer preferences and trends.

Modern Business Solutions

• Smart Mobility: Mobile devices and technologies that facilitate business growth and interaction.
• Cloud Computing: Utilizing cloud services for data storage and remote access is essential for modern businesses.

Environmental and Personal Barriers in Entrepreneurship

• Entrepreneurs often face economic, social, cultural, and political barriers, as well as personal motivational and perceptual challenges.

The Role of Business Incubators

• Business incubators provide essential support and resources to nurture the development of entrepreneurial ventures, helping them to overcome initial challenges and grow successfully.

Key Definitions in Entrepreneurship

• Entrepreneur: An individual who undertakes risks and innovatively builds value around opportunities.
• Risk Types: Including insurable risks (like theft, fire, accidents) and non-insurable risks which are unpredictable and unquantifiable.
• Business Incubation: Programs designed to foster the growth of entrepreneurial ventures through comprehensive support and resources.

This overview encapsulates the essence of Chapter 4 in the Entrepreneurship Class 11 curriculum, focusing on how entrepreneurship is intertwined with innovation and problem-solving, and the unique challenges and solutions within this dynamic field.

• Entrepreneurship as innovation and problem solving
• All CBSE notes
• All ENTREPRENEURSHIP notes
• All 11 COMMERCE notes

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NCERT Solutions for Class 11 Entrepreneurship as Innovation and Problem Solving PDF Download

The answers in the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving are explained in a point wise manner so that students can understand all types of questions. Through this point wise approach, students can solve doubts and confusions;  accordingly can score well in questions related to Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving. 

NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF

The Entrepreneurship as Innovation and Problem Solving is the important one which utilises multiple concepts to give students a holistic overview. To have a proper holistic overview, students need to practise more and more questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF. This portable document format of Entrepreneurship as Innovation and Problem Solving questions is easily available on the Selfstudys website. 

How to Download the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving?

To download the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving, students need to follow the given steps; those steps are: 

• Visit the Selfstudys website. 

• Bring the arrow towards the NCERT Books & Solutions which can be seen in the navigation bar. 
• A drop down will appear, select NCERT Solutions from the list. 

• A new page will appear, select Class 11th from the list of classes. 

• Now select Entrepreneurship from the list of subjects. 
• Again a new page will appear. Now students can select Entrepreneurship as Innovation and Problem Solving to solve questions and refer to answers. 

Features of the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving

The features of the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving are considered to be important part; some of the features are discussed below:

• Formulas are Included: Questions in the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision includes formulas so that students can understand the question and formula in a better way. 
• Numerical Questions are Given: In the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving theory, numerical questions are given. So that students can learn to approach numerical questions of Entrepreneurship as Innovation and Problem Solving. 
• All Levels of Questions are Asked: Inside the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF, all levels of questions are included so that students don’t feel confused while attempting the final exam. 
• Theory Based Questions are Included: Theory based questions of Entrepreneurship as Innovation and Problem Solving questions are included in the NCERT Solutions so that by practising students can get theoretical knowledge. 
• Available in the PDF: The questions of from NCERT Class 11 Entrepreneurship Solutions are available in the portable document format so that students can d0wnload from their electronic device. 
• Free Accessibility: Students can access the Entrepreneurship as Innovation and Problem Solving questions from the Class 11 NCERT Entrepreneurship Solutions at any hour of the day as it is easy accessibility. 

Benefits of the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving

While and after solving the questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving can be benefited a lot, those benefits are: 

• Provides Foundation: By solving Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Entrepreneurship Solutions, students can build a strong and solid foundation. By building a strong foundation, students can score good marks in the Entrepreneurship as Innovation and Problem Solving questions. 
• Get an Idea Important Topics: Solving questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision can help students to get an idea about important topics and concepts. 
• Explains in an Easy Language: Answers in the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving theory are explained in an easy language so that students can easily understand all levels of questions without any difficulty. 
• Helpful for Exam Preparation: In the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF, all the questions and answers are explained in a proper way so automatically students can prepare well for the final exam. 
• Saves Time: Students can save their time as well as effort to search Class 11 Entrepreneurship questions and answers as it is already available in the NCERT Solutions of Entrepreneurship as Innovation and Problem Solving.  
• Offers Plenty of Questions to Practise: The NCERT Class 11 Entrepreneurship Solutions for Entrepreneurship as Innovation and Problem Solving offers plenty of questions to practise. By practising these questions, students can easily build a strong foundation. 

How to Implement the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving in the Preparation?

To implement the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving in the preparation, students can follow the given steps; those steps are: 

• Read the Chapter: To implement the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision in the preparation, students need to first read the chapter in a proper way. By understanding the chapter in a proper way, students can remember the important topics while solving questions from Entrepreneurship as Innovation and Problem Solving. 
• Solve the Questions: After reading Entrepreneurship as Innovation and Problem Solving, students are advised to solve questions from the Class 11 Entrepreneurship textbook. It is advisable for students to solve questions on their own before referring to the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving theory.
• Refer to the Solutions: Once students solve questions, students need to refer to the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF so that they can match their answers. 
• Practise More Questions: Students are advised to solve Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Entrepreneurship Solutions. 
• Revise Regularly: To implement the Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Entrepreneurship Solutions in the preparation, students need to revise the whole chapter regularly. By revising, students can keep the concepts of Entrepreneurship Entrepreneurship as Innovation and Problem Solving fresh in their mind.
• Seek Help: In order to implement the Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Solutions in the preparation, students need to seek help from the concerned teachers. By seeking the required help, students can score well in the Entrepreneurship as Innovation and Problem Solving Entrepreneurship questions. 

When to Utilise NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving in the Effective Way?

To utilise the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving in the effective way; some of it are discussed below: 

• To Have a Conceptual Understanding: The NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision can be utilised to clarify doubts and to get a deep understanding of concepts. 
• To Complete Homework Assignments: The NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving theory can be utilised to complete the homework assignments and accordingly can check the answers. 
• To Prepare for Exams: Students can prefer utilising the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF to understand the concepts and improve problem solving skills. By understanding the concepts of Entrepreneurship as Innovation and Problem Solving, students can prepare well for the Class 11 Entrepreneurship final exam. 
• To Revise: Through the Class 11 NCERT Entrepreneurship Solutions, students need to revise the concepts and topics of Entrepreneurship as Innovation and Problem Solving. 
• For Self Assessment: In order to self assess while preparing for Entrepreneurship as Innovation and Problem Solving, students can prefer utilising the NCERT Class 11 Entrepreneurship Solutions. By self assessment, students can identify the weak areas of Entrepreneurship as Innovation and Problem Solving and accordingly they can work upon.
• After Completing the Chapter: Once students complete Entrepreneurship as Innovation and Problem Solving from the Class 11 Entrepreneurship textbook, they can prefer utilising the NCERT Solutions to practise more and more questions. 

How to Analyse the Mistakes After Solving Questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving?

It is important for students to analyse the mistakes after solving questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving; steps to analyse are discussed below:

• Identify the Mistakes: After solving NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision, students need to identify the mistakes. Accordingly they can identify what kind of mistakes they have made: misinterpretation of Entrepreneurship as Innovation and Problem Solving questions, conceptual error. 
• Understand the Cause: Once students have identified the mistakes while attempting questions from NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving revision, they need to understand the cause of the mistakes. Understanding the cause of the mistakes after attempting Entrepreneurship as Innovation and Problem Solving questions, students can minimise the mistakes in future. 
• Correct the Mistakes: At the moment they identify the cause of mistakes after solving questions from the NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving theory, they need to rectify the mistakes. By rectifying the mistakes, students can build a strong foundation for the Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving. 
• Keep a Record: It is advisable for students to keep a record of mistakes after solving questions from NCERT Solutions for Class 11 Entrepreneurship Entrepreneurship as Innovation and Problem Solving PDF so that they keep a track of their progress. 
• Practise Same Questions: Students need to practise the same set of Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Entrepreneurship Solutions so that they can rectify the mistakes easily. 
• Stay Motivated: To rectify all the mistakes after solving Entrepreneurship as Innovation and Problem Solving questions from the NCERT Class 11 Entrepreneurship Solutions, students need to stay motivated and focused.

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Entrepreneurship as Innovation and Problem Solving – CBSE Notes for Class 11 Entrepreneurship

Entrepreneurship as innovation and problem solving –  cbse notes for class 11 entrepreneurship.

Facts That Matter

1. Entrepreneurs as problem solvers: Entrepreneurial actions are efforts to solve problems for others. 2. When one solves a problem, new value is created. 3. Social Entrepreneurship: According to J. Gregory Dees, social entrepreneurship is that which “combines the passion of a social mission with an image of business-like discipline, innovation, and determination”. 4. Social Entrepreneur: According to Martin and Osberg, the Social Entrepreneur aims for value in the form of large-scale, transformational benefit that accrues either to a significant segment of society or to society at large. 5. Social Entrepreneurship is required to fight against economic and financial crises and social problems such as poverty and unemployment. 6. Characteristics of Social Entrepreneurs are social catalysts, socially aware, Opportunity-seeking, innovative, resourceful, accountable. 7. Business risk means possibility of some unfavourable occurrence. 8. Internal Risks are human, technological, physical. 9. External risks are economic, natural, political, change in tastes and preferences of customer. 10. Information which is collected, enable a company to understand the taste and preference of the customer. 11. Business Intelligence is the ability of an organization to collect, maintain, and organize data. 12. Smart Mobility are devices which are mobile and help in growth of business. 13. Cloud computing helps an organization to upload all its data on to a cloud and then they can use it remotely wherever it is required. 14. Environmental barriers are: (i) Economic (ii) Social (iii) Cultural (iv) Political. 15. Personal barriers are: (i) Motivational (ii) Perceptual. 16. Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services.

Words That Matter

• Entrepreneur: Any person who undertakes risks, enjoys challenge and habitually creates and innovates to build something of recognised value around perceived opportunities can be referred as entrepreneur. • Social Entrepreneurship: “Social entrepreneurship is which combines the passion of a social mission with an image of business-like discipline, innovation and determination”. • Social Entrepreneur: According to Martin and Osberg, the social entrepreneur aims for value in the form of large-scale transformational benefit that accrues either to a significant segment of society or to society at large. • Risk: Risk is the chance of loss and refers to the possibility of some adverse occurrence. • Insurable risks: These are the risks which are related to life and property against fire, theft, accidents, etc. They are covered and protected by insurance. • Non-insurable risks: These are the risks whose probability cannot be determined and which cannot be insured against. • Internal Risks: These risks arise from the events taking place within the firm during the ordinary course of a business. These can be forecasted. • Business risks: These risks are of varied nature and may arise due to innumerable factors. These can either be insurable or non-insurable. • External risks: External risks are the risks that arise due to the events occurring outside the firm or the business venture. • Smart Mobility: Those devices which are mobile help in the growth of business. Smart mobility is changing the way people interact. • Business incubation: Business incubation are programs designed to support the successful development of entrepreneurial ventures through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. • Business intelligence: Business intelligence is the ability of an organization to collect, maintain, and organize data.

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CBSE Notes for Class 11 Entrepreneurship

1. Concept and Functions 2. An Entrepreneur 3.  Entrepreneurial Journey 4. Entrepreneurship as Innovation and Problem Solving 5A. Concept of Market: Market, Market, Where are you? 5B. Analysing the Market Environment 5C. Researching the Market Facts That Matter 5D. Expanding Markets 5E. Know Thy Business 5F. Marketing Mix 6. Business Finance and Arithmetic 7. Resource Mobilization

Entrepreneurship

Entrepreneurship as Innovation and Problem Solving - CBSE Notes for Class 11 Entrepreneurship

January 08, 2023 by Sastry.CBSE

Entrepreneurship as Innovation and Problem Solving –  CBSE Notes for Class 11 Entrepreneurship

Facts That Matter

1. Entrepreneurs as problem solvers: Entrepreneurial actions are efforts to solve problems for others. 2. When one solves a problem, new value is created. 3. Social Entrepreneurship: According to J. Gregory Dees, social entrepreneurship is that which “combines the passion of a social mission with an image of business-like discipline, innovation, and determination”. 4. Social Entrepreneur: According to Martin and Osberg, the Social Entrepreneur aims for value in the form of large-scale, transformational benefit that accrues either to a significant segment of society or to society at large. 5. Social Entrepreneurship is required to fight against economic and financial crises and social problems such as poverty and unemployment. 6. Characteristics of Social Entrepreneurs are social catalysts, socially aware, Opportunity-seeking, innovative, resourceful, accountable. 7. Business risk means possibility of some unfavourable occurrence. 8. Internal Risks are human, technological, physical. 9. External risks are economic, natural, political, change in tastes and preferences of customer. 10. Information which is collected, enable a company to understand the taste and preference of the customer. 11. Business Intelligence is the ability of an organization to collect, maintain, and organize data. 12. Smart Mobility are devices which are mobile and help in growth of business. 13. Cloud computing helps an organization to upload all its data on to a cloud and then they can use it remotely wherever it is required. 14. Environmental barriers are: (i) Economic (ii) Social (iii) Cultural (iv) Political. 15. Personal barriers are: (i) Motivational (ii) Perceptual. 16. Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services.

Words That Matter

• Entrepreneur: Any person who undertakes risks, enjoys challenge and habitually creates and innovates to build something of recognised value around perceived opportunities can be referred as entrepreneur. • Social Entrepreneurship: “Social entrepreneurship is which combines the passion of a social mission with an image of business-like discipline, innovation and determination”. • Social Entrepreneur: According to Martin and Osberg, the social entrepreneur aims for value in the form of large-scale transformational benefit that accrues either to a significant segment of society or to society at large. • Risk: Risk is the chance of loss and refers to the possibility of some adverse occurrence. • Insurable risks: These are the risks which are related to life and property against fire, theft, accidents, etc. They are covered and protected by insurance. • Non-insurable risks: These are the risks whose probability cannot be determined and which cannot be insured against. • Internal Risks: These risks arise from the events taking place within the firm during the ordinary course of a business. These can be forecasted. • Business risks: These risks are of varied nature and may arise due to innumerable factors. These can either be insurable or non-insurable. • External risks: External risks are the risks that arise due to the events occurring outside the firm or the business venture. • Smart Mobility: Those devices which are mobile help in the growth of business. Smart mobility is changing the way people interact. • Business incubation: Business incubation are programs designed to support the successful development of entrepreneurial ventures through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. • Business intelligence: Business intelligence is the ability of an organization to collect, maintain, and organize data.

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NCERT Solutions for Class 11 Entrepreneurship Download PDF

Download NCERT Solutions for Class 11 Entrepreneurship available in PDF for all chapters given in your NCERT textbook. All solutions have been designed by expert teachers based on the latest curriculum issued by CBSE and NCERT. All questions which have been given in the  NCERT book for Class 11  Entrepreneurship chapters have been solved and detailed step by step answers have been provided by us. You can click on the links below and download the solutions for Class 11 Entrepreneurship free.

Entrepreneurship Class 11 NCERT Solutions

Students can click on the following chapter wise links to obtain the best and latest solutions for class 11 Entrepreneurship prepared by teachers by providing detailed explanation and answers so that you are able to clearly understand how the questions are solved. Its always recommended to review them prior to your exams too.

NCERT solutions for class 11 Entrepreneurship are very important for students who are studying in class 11 as NCERT books are one of the most important books which are being utilized in almost all schools in India and are prepared based on the syllabus which has been issued by CBSE. It is needless to mention that the student should concentrate on these books as they have been specially designed for all types of students and we have also seen that questions in the examinations generally come from the Class 11 Entrepreneurship book issued by NCERT.

NCERT Solutions for Class 11 Entrepreneurship Free PDF Download

We have designed the solutions for the questions which are given at the end of each chapter in the textbook for class 11 Entrepreneurship. these solutions have been designed by expert teachers based on the latest pattern which is followed in various schools to ensure that you are able to understand the solutions in a step-by-step manner and also when you are using these for doing your classwork or homework then you should be able to properly present the solutions in a manner which helps you to get good marks in your classes. 

We have made sure that you don’t have to pay for any of these solutions for Class 11 Entrepreneurship therefore we have provided all the solutions free for you students and you don’t even have to read these online as we have provided Simple 2 download links for Entrepreneurship class 11 so that you can just click and download and read it as per your convenience.

Best solutions for NCERT Class 11 Entrepreneurship

All the solutions for the textbook of NCERT Entrepreneurship class 11 have been provided for each chapter in different PDF files so that you can simply click on the download button and get the solutions for the NCERT chapter in Entrepreneurship for Class 11 that you are searching for. Our teachers for Entrepreneurship have made sure that we provide the latest and the best quality of solutions so that you can use them in your school and also share them with your friends. 

Importance of NCERT Solutions for Class 11 Entrepreneurship

As you all know that the NCERT books have been implemented in almost all the states and their schools in India therefore this further increases the importance of NCERT solutions for class 11 Entrepreneurship for you. You should be really careful while studying your textbook for Entrepreneurship and make sure that you understand all the concepts so that you can easily solve the questions which are given at the end of the exercise of each chapter. to help you and class 11 students we have provided solutions for all the questions which have been provided at the end of each chapter is a very simple and easy to understand format so that you have no issues in understanding the solutions. These solutions are really important as you can expect many questions coming in your exams from these NCERT questions themselves. There are a lot of useful exercises which have been given at the end of each chapter which has some very important questions which help the students to clearly understand the concepts of that chapter in Entrepreneurship for class 11. We have provided solutions for every such question to make sure that the students are able to understand the concepts clearly. 

Free Solutions for Class 11 Entrepreneurship NCERT Textbook

It is very important for the students that they do not waste money on buying answers to the questions which have been given in the chapters in NCERT class 11 Entrepreneurship and only refer to the best source for getting all the solutions. Over here you will get all the solutions free as all the study material which has been provided by us on our website is absolutely free for all students and you don’t have to pay anything for downloading any of the PDF files which is available over here. All the files can be easily downloaded in PDF format without paying anything. 

Should you study NCERT Books and Solutions for Class 11 Entrepreneurship?

Many times lot of students ask us this question that whether they should be studying the NCERT book and solutions for Entrepreneurship class 11. our trained teachers have already provided the answer to almost all students that NCERT books are very useful and not even School rather in any other exam which you would like to give such as competition exams, Olympiads School competitions, etc., almost everywhere you will find that the concepts which have been provided in the E-textbooks for NCERT are being utilized and questions are asked from the chapters and concepts which have been provided in these Entrepreneurship chapters for Class 11 NCERT. The Class 11 students should be enthusiastic while reading these textbooks and in case you face any issues in downloading the solutions for NCERT for any of the chapters given above then you can contact us using the contact us form and we will be more than happy to help you. Students for Entrepreneurship class 11 can also refer to a lot of other useful study material that we have provided here for free in PDF format.

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Entrepreneurship

CBSE class 11 Entrepreneurship study material in PDF format. MyCBSEguide provides solved papers, board question papers, revision notes and NCERT solutions for CBSE class 11 Entrepreneurship. The topics included are Entrepreneurship - What, Why and How, An Entrepreneur, Entrepreneurship Journey, Entrepreneurship as Innovation and Problem Solving, Understanding the Market, Business Arithmetic, Resource Mobilization.

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Download CBSE class 11 Entrepreneurship study material in PDF format. MyCBSEguide provides solved papers, board question papers, revision notes and NCERT solutions for CBSE class 11 Entrepreneurship. The topics included are Entrepreneurship - What, Why and How, An Entrepreneur, Entrepreneurship Journey, Entrepreneurship as Innovation and Problem Solving, Understanding the Market, Business Arithmetic, Resource Mobilization.

Unit 1: Entrepreneurship - What, Why and How (15 Periods)

Entrepreneurship - What, Why and How

Unit 2: An Entrepreneur (25 Periods)

An Entrepreneur

• Entrepreneurship – Concept, Functions, Need and Importance
• Myths about Entrepreneurship
• Pros and Cons of Entrepreneurship
• Process of Entrepreneurship

Unit 3: Entrepreneurship Journey (30 Periods)

• Types of Entrepreneurs
• Competencies and characteristics: Ethical Entrepreneurship
• Entrepreneurial Value” Values, Attitudes and Motivation
• Mindset of an employee and an entrepreneur difference
• Entrepreneur Importance in any organisation

Unit 4: Entrepreneurship as Innovation and Problem Solving (30 Periods)

• Entrepreneurship Journey
• Self Assessment of Qualities, Skills, Resources and Dreams.
• Generation of Ideas.
• Feasibility Study
• Opportunity Assessment
• Business Plan Preparation
• Execution of Business Plan
• Role of Society and Family in the growth of an entrepreneur.
• Challenges faced by women in Entrepreneurship

Unit 5: Understanding the Market (40 Periods)

• Entrepreneurs- as problem solvers.
• Innovations and Entrepreneurial Ventures.
• Social Entrepreneurship-Concept and Importance.
• Risk taking-Concept; types of business risks.
• The role of technology/ social media in creating new forms of firms, organizations, networks and cooperative clusters.
• Barriers to Entrepreneurship.
• Support structure for promoting entrepreneurship (various government scheme).

Unit 6: Business Arithmetic (30 Periods)

• Market- Traditional and E-commerce-Concept and Role
• Types of Business: Manufacturing, Trading and Services.
• Market Forces: Sellers, consumers and Competitors.
• Expanding Markets: Local to global, Strategies needed.
• Marketing Mix: Concept and Elements.
• Pricing and Factors affecting pricing.
• Market Survey: Concept, Importance and process

Unit 7: Resource Mobilization (30 Periods)

• Simplified Cash Register and Record Keeping
• Unit of Sale, Unit Price and Unit Cost - for single product or service
• Types of Costs - Start up, Variable and Fixed
• Income Statement
• Cashflow Projections
• Break Even Analysis - for single product or service
• Types of Resources - Human, Capital and other Resources
• Selection and utilization of human resources and professionals like Accountants,
• Lawyers, Auditors, Board Members, etc.
• Role and Importance of a Mentor
• Estimating Financial Resources required.
• Methods of meeting the financial requirements.
• Size and capital based classification of business enterprises.
• Various sources of Information

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Entrepreneurship as Innovation and Problem Solving – CBSE Notes for Class 11 Entrepreneurship

Facts That Matter

1. Entrepreneurs as problem solvers: Entrepreneurial actions are efforts to solve problems for others. 2. When one solves a problem, new value is created. 3. Social Entrepreneurship: According to J. Gregory Dees, social entrepreneurship is that which “combines the passion of a social mission with an image of business-like discipline, innovation, and determination”. 4. Social Entrepreneur: According to Martin and Osberg, the Social Entrepreneur aims for value in the form of large-scale, transformational benefit that accrues either to a significant segment of society or to society at large. 5. Social Entrepreneurship is required to fight against economic and financial crises and social problems such as poverty and unemployment. 6. Characteristics of Social Entrepreneurs are social catalysts, socially aware, Opportunity-seeking, innovative, resourceful, accountable. 7. Business risk means possibility of some unfavourable occurrence. 8. Internal Risks are human, technological, physical. 9. External risks are economic, natural, political, change in tastes and preferences of customer. 10. Information which is collected, enable a company to understand the taste and preference of the customer. 11. Business Intelligence is the ability of an organization to collect, maintain, and organize data. 12. Smart Mobility are devices which are mobile and help in growth of business. 13. Cloud computing helps an organization to upload all its data on to a cloud and then they can use it remotely wherever it is required. 14. Environmental barriers are: (i) Economic (ii) Social (iii) Cultural (iv) Political. 15. Personal barriers are: (i) Motivational (ii) Perceptual. 16. Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services.

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Words That Matter

• Entrepreneur: Any person who undertakes risks, enjoys challenge and habitually creates and innovates to build something of recognised value around perceived opportunities can be referred as entrepreneur. • Social Entrepreneurship: “Social entrepreneurship is which combines the passion of a social mission with an image of business-like discipline, innovation and determination”. • Social Entrepreneur: According to Martin and Osberg, the social entrepreneur aims for value in the form of large-scale transformational benefit that accrues either to a significant segment of society or to society at large. • Risk: Risk is the chance of loss and refers to the possibility of some adverse occurrence. • Insurable risks: These are the risks which are related to life and property against fire, theft, accidents, etc. They are covered and protected by insurance. • Non-insurable risks: These are the risks whose probability cannot be determined and which cannot be insured against. • Internal Risks: These risks arise from the events taking place within the firm during the ordinary course of a business. These can be forecasted. • Business risks: These risks are of varied nature and may arise due to innumerable factors. These can either be insurable or non-insurable. • External risks: External risks are the risks that arise due to the events occurring outside the firm or the business venture. • Smart Mobility: Those devices which are mobile help in the growth of business. Smart mobility is changing the way people interact. • Business incubation: Business incubation are programs designed to support the successful development of entrepreneurial ventures through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. • Business intelligence: Business intelligence is the ability of an organization to collect, maintain, and organize data.

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Short and Long Question Answers: Entrepreneurship as Innovation and Problem Solving | Entrepreneurship Class 11 - Commerce PDF Download

Q.1. Answer each of these questions in about fifteen words:

(i) Name any two institutions involved in Entrepreneurship Development program.

The following are the institutions contributing to the Entrepreneurship Development program a.k.a. EDP CEI: Centre for Entrepreneurship and Innovation EDII:  Entrepreneurship Development Institution of India  IIE:  Indian Institute for Entrepreneurship  NAYE:  National Alliances of Young Entrepreneur. This is now renamed as FISME – Federation of Indian Micro and Small & Medium Enterprises  NIESBUD: National Institute for Entrepreneurship and Small Business Development  NIMSME: National Institute for Micro, Small and Medium Enterprises  NSIC: National Small Industries Corporation  REDI:  Rural Entrepreneurship Development Institute SIDO:  Small Industries Development Organization  SISI:  Small Industries Service Institutions  TDC: Training and Development Center

(ii) Who is a 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 under-served neglected or highly disadvantaged  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.

(iii) What are 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.

(iv) What are 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.

(v) What is economic barrier?

For entrepreneurial growth we need the following factors to be available in abundance.  Money Manpower Materials  Market  Land  Non availability of these factors to the required levels is economic barrier.

(vi) Give an example of a social entrepreneur

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.

Q.2. Answer each of these questions in about fifty words:

(i) What is business incubation?

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  Finance  Coaching, training, mentoring  Physical space  Networking with others  Common services  These incubator vary depending on  the enterprises they support  their organizational structure type of service and support they provide

(ii) Explain business intelligence.

Business intelligence refers to the capability of organizations to gather  maintain and organize 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 Enhance the decision making process stay up to date in the market  sustain the competition  Improve the performance and productivity  risk mitigation  create new business opportunities  attain business stability in the coming days

(iii) List two examples of incubation centres in India.

The following are the prime business incubators in India: AngelPrime  CIIE: Centre for Innovation, Incubation and Entrepreneurship, IIM, Ahmedabad  IAN: Indian Angel Network NSRCEL:  N S Raghavan Centre for Entrepreneurial Learning, IIM, Bangalore SINE: Innovation and Entrepreneurship, IIT Mumbai T-TBI:  Technopark Technology Business Incubator, Kerala Villgro

(iv) Write about any two innovations which led to entrepreneurial ventures.

Penicillin: Penicillin was innovated by the scientist Sir Alexander Fleming and it led to a successful business venture. He was trying to innovate a wonder drug that could cure all the diseases. One day he threw all his experiments. Later he found that a mold contained in a contaminated Petri dish was dissolving all the bacteria in its surroundings. He then experimented with the mold and found that it has a highly efficient antibiotic. He named it as Penicillin. The sale of Penicillin brought about successful business ventures. Pacemaker: Pacemaker was invented by an electrical engineer John Hopps. He was doing research on hypothermia. He experiments were focused on restoring the body temperature using radio frequency. When he was conducting the experiments, he discovered that when the heart beating is affected by cooling, the heart beat can be restored by inducing artificial simulation. The idea led him to innovate the pacemaker. It became a successful business venture.

(v) Differentiate between social entrepreneurship and entrepreneurship

Differentiation between the social entrepreneurship and entrepreneurship are summarised in the following table:

Q.3. Answer each of these questions in about 75 words:

(i) What is 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.

(ii) How did KFC begin its operations?

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”.

(iii) Explain the various external factors which lead to business risk.

The following are the various external factors which lead to business risk: Economic factors: Economic factors like (a) Changes in the consumer preferences and tastes (b) Changes in income levels (c) Changes in Output (d) Changes in trade cycles (e) Demand fluctuations (f) Increased competition (g) Inflation levels (h) Price fluctuations (i) Variations in world economy Natural factors: Natural calamities like (a) Cyclones (b) Tornadoes (c) Lightning (d) Floods (e) Famine (f) Earthquake (g) Tsunami (h) Valcanos will adversely affect the business and pose big risk.  Political factors: This includes (a) Change in the government (b) Communal clashes or riots (c) Civil wars. (d) Hostilities with the neighboring countries (e) Changes in the government policies Changes in the consumer preferences and tastes:  This will have a huge impact on the demand for the product or service.

(iv) Enumerate three ways as to how incubators help start-ups get funding?

The incubators can help a budding entrepreneur to get benefited from the following sources: Angel Investors: The incubators help the entrepreneurs connect with the angel investors, there by procuring the funds.  Banks:  They guide the enterprises through the loan procurement process. Venture capitalists:  They work with the enterprises to prepare effective venture capital presentations. This in turn help the enterprises to get noticed by the venture capitalists and there by getting the required funds. Government agencies:  They educate the enterprises about various grant programs available from the government agencies to promote the enterprises. For example the incubators help entrepreneurs to take advantage of the programs like Technology NZ, NZTE etc.

Q.4. Answer each of these questions in about 150 words:

(i) Explain the various internal factors which lead to business risk.

The following are the various factors responsible for internal risks: Human Factors (a) accidents or deaths in the industry (b) bad debts (c) Continuous lock-outs and strikes by the employee unions (d) disloyalty by employees (e) Efficient suppliers are not available (f) Few or more incompetent people in top level positions Technological factors:  Rapid changes in the technology. If the competitors are using the most recent technology, they will be able to produce much better quality products or services. This poses the risk of losing the market to the competitors. Physical factors: This may include (a) Any fire or accident (b) Burglary or Theft (c) Compensations to be paid to others, in the instances when the enterprise is responsible for any damage caused (d) Damages in transit (e) Equipment breakdown

(ii) Explain in detail the personal barriers.

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: Perpetual:  The perpetual barriers result in slowing down the growth of an entrepreneur and demotivates them. When people tackle a given situation without clear vision or they completely understand the situation wrongly and take a decision as per their understanding, they fail. This results in a negative perception. As a result they develop their own, often false, beliefs and prejudices about a business activity. This will leave them with a very small range of choices. For instance a person assuming that a particular type of business is suitable only for a particular segment will leave him with fewer choices. Motivational:  An entrepreneur should consistently be motivated. They should not lose motivation because of any difficulties. This will become a barrier to their development and there by deviate them from their goal of establishing an enterprise. Many entrepreneurs feel demotivated when they encounter prolonged hurdles in a give situation. For instance, delay in procuring license for setting up an enterprise might result in a loss of enthusiasm in an entrepreneur.

(iii) Explain (a) Smart Mobility (b) Information Collection as new business forms

(a)  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 which can connect and operate various home appliances like refrigerator, washing machine etc. (b)  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.

Q.5. Answer each of these questions in about 250 words:

(i) Enumerate the characteristics of social entrepreneurs.

The following is the enumeration of the characteristics of social entrepreneurs: Accountable:  They feel accountable about the people they are serving. They always seek feedback of the impact of their actions on the people they are working with. So, they always think about the impact their actions on their beneficiaries. Simultaneously, they feel accountable to the investors as the investors are concerned about the impact the social entrepreneurs are making on the society and see whether the proposed social changes are taking place or not. Socially aware:  The primary goal of social entrepreneurs is the social improvement. They are not concerned about the profit generation. They feel successful when their efforts are bringing the required social improvement but not because of the monetary profitability.  Social Catalysts: They have a vision to bring about the social improvement by changing the prevailing social systems. As mentioned by J. Gregory Dees, the social improvement brought by the social entrepreneurs will not just improve the society in their vicinity but it will trigger a movement to trigger this change all over the world. Whether the area of reformation is that of arts, economic reform, education, environment, health care or any other social field, it act as a catalyst and spread the movement. Opportunity-Seeking: They pursue their goal persistently and mould the hurdles into opportunities to nurture and refine their business. Innovative:  Innovate creative solutions to the problems. They are not shaken up by a fall back but they learn from failures and improve continuously.

(ii) Explain in detail three new forms of business which is created because of technological changes.

With the advancements in the technology, new businesses that tap the potential of these technologies are emerging in the market. Businesses specialized in Business Intelligence aspects:  Business intelligence refers to the capability of organizations to (a) gather (b) maintain (c) and organize 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 (a) Enhance the decision making process (b) stay up to date in the market (c) sustain the competition (d) Improve the performance and productivity (e) risk mitigation (f) create new business opportunities (g) attain business stability in the coming days Businesses specialized in Information Collection:  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. Businesses specialized in Smart Mobility: 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. Businesses specialized in 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. Businesses specialized in social media:  As internet became more affordable, several socializing networks like Whatsapp, Facebook, Twitter, Google Hangouts are becoming more popular. Though they were limited to the desktop users earlier, with the advancement of smart mobile devices like smart phones, tablets, e-book readers, the use of social networking became more popular. Companies started to tap the power of these platforms. They help the organizations to study the behaviour of the user and direct their marketing efforts to these users. New business also emerged that will tap the power of these networks and help other organizations to better reach their targeted consumers through the powerful social media.

Q.6. HOTS: (High Order Thinking) Application-based exercise: Explain the success story of 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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