CBSE solutions for Entrepreneurship Class 12 chapter 1 - Entrepreneurial Opportunity [Latest edition]

What is a business opportunity?

What factors are involved in the process of sensing an entrepreneurial opportunity?

 Define the term environment scanning.

List the environmental factors affecting external environment.

What is the meaning of trend spotting?

What is required to convert an idea into opportunity?

What is Idea Generation?

What is the purpose to scan the environment?

What are the factors involved in sensing opportunities?

Draw the enterprise process diagram.

What is PESTEL model? Explain it.

Enlist the various sources which lead to the emergence of basic ideas.

Write the meaning of product identification in terms of business opportunity.

What are the factors an entrepreneur has to keep in mind while assessing the market?

What are the various ways in which an entrepreneur spot trends?

“An opportunity may be derived from the needs and problems of the society.” Comment.

“Sensitivity to environmental factors is essential for an entrepreneur.” In light of above statement explain the importance of environment scanning.

Entrepreneurship does not emerge and grow spontaneously. Rather it is dependent upon several various environmental factors. Explain them.

Explain the steps of creative process.

What is Innovation and explain the elements of innovation process?

Elaborate the factors involved in sensing opportunities.

Examine the sources from where business ideas emerge.

Discuss the steps involved in the investigation of ideas.

What do you understand by Trend Spotting? What are the ways by which entrepreneurs can spot trends?

Explain in detail Idea Fields.

Aditi started her boutique business near an industrial area and she was not getting clients as she had expected. What are the factors which have been ignored before starting the boutique? Suggest the various factors that she has to look into before venturing into business.

Mr. Raghav had always wanted to manufacture an innovative, energy efficient fan. He was looking into various options and has finally narrowed it down to one option. He understands that the entire idea would have to follow a process. Identify and explain the process.

These are convenient frames of reference for streamlining the process of generation of ideas. Identify them and explain any three briefly.

Varun decided to start his own venture and was looking into various ideas. Explain to him various sources from where he can get some good business ideas.

‘Environmental factors exert influence upon each other and do not operate in isolation’. Discuss.

“If you don’t adapt, you don’t endure”. Evaluate the validity of the statement.

Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.