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CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete : CBSE Syllabus for Entrepreneurship includes theoretical as well as practical course too. It is design in such a manner that the entrepreneurship skills of the students will increase. In practical part, CBSE Entrepreneurship Syllabus includes an industries visit, Market visits and report on it. It will help students to run the important prospectus of running the business. The main idea behind is to promote entrepreneurship skills in the students and to motivate them to do self business. CBSE introduced this combination for the students of class 11th and 12th.

CBSE also gave some guidelines for making reports which are available on our website. You will find some sample reports on our website which is completely based on CBSE Syllabus for Entrepreneurship. On our website you will also find topic wise syllabus with marks mentioning on it, so that students will know that how much marks a particular topic contains. Sample papers based on CBSE Entrepreneurship Syllabus, Reports making, CBSE Guidelines, Information about the reference books, Online Assessment of the project and Solved Question Papers is also given on our website.

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete : You can find the notes for the fourth chapter of CBSE class 11 entrepreneurship in this page. This chapters presents the role of entrepreneurs from the angle of problem solvers in the society with an emphasis on the role of innovations in setting up an enterprise. The concept and critical of the social entrepreneurs is touched upon. Also, the risks associated with setting up an enterprise and the topic of risk management is touched upon, covering both external and internal risks. The role the technology plays on an enterprise is explained. Also, the barriers associated with setting up an enterprise are discusses. The various support structures available for spreading enterpreneurial culture are discussed with key focus on the business incubation.

You can Download here  CBSE Class 11 Commerce Entrepreneurship Entrepreneurship as Innovation and Problem Solving Complete Details In PDF Format 

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete : This page contains the CBSE entrepreneurship class 11 chapter Entrepreneurship as Innovation and Problem Solving notes. You can find the questions/answers/solutions for the chapter 4 of CBSE class 11 entrepreneurship in this page. List the institutions which are contributing to the EDP (entrepreneurship development program).

The following are the institutions contributing to the EDP

  1. CEI – Centre for Entrepreneurship and Innovation
  2. EDII – Entrepreneurship Development Institution of India
  3. IIE – Indian Institute for Entrepreneurship
  4. NAYE – National Alliances of Young Entrepreneur. This is now renamed as FISME – Federation of Indian Micro and Small & Medium Enterprises
  5. NIESBUD – National Institute for Entrepreneurship and Small Business Development
  6. NIMSME – National Institute for Micro, Small and Medium Enterprises
  7. NSIC – National Small Industries Corporation
  8. REDI – Rural Entrepreneurship Development Institute
  9. SIDO – Small Industries Development Organization
  10. SISI – Small Industries Service Institutions
  11. TDC – Training and Development Center

What did you understand by the term 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.

Define 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.

Define 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.

Define economic barriers.

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.

What do you know about the social entrepreneur Vinoba Bhave?

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.

Briefly explain about Business Incubators.

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

  1. Finance
  2. Coaching, training, mentoring
  3. Physical space
  4. Networking with others
  5. Common services

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete : 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

  1. Enhance the decision making process
  2. stay up to date in the market
  3. sustain the competition
  4. Improve the performance and productivity
  5. risk mitigation
  6. create new business opportunities
  7. attain business stability in the coming days

Name the prime business incubators in India.

The following are the prime business incubators in India.

  1. AngelPrime
  2. CIIE – Centre for Innovation, Incubation and Entrepreneurship, IIM, Ahmedabad
  3. IAN – Indian Angel Network
  4. NSRCEL – N S Raghavan Centre for Entrepreneurial Learning, IIM, Bangalore
  5. SINE – Innovation and Entrepreneurship, IIT Mumbai
  6. T-TBI – Technopark Technology Business Incubator, Kerala
  7. Villgro

Explain how the innovation of penicillin and pacemaker evolved as successful business ventures.

  1. 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.
  2. 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.

How do you make someone understand the difference between entrepreneurship and social entrepreneurship.

The following key differences distinguish an entrepreneur from a social entrepreneur.

EntrepreneurshipSocial Entrepreneurship
Their goal is to generate profitable income.Profitable income is just an end result but not their goal.
They distributes the generated profits to all the stake holdersThe wealth generated is distributed to the targeted community through valuable social program.
They focus on innovating a product or service that will add value to the customers.They focus on innovating a solution to the social problem of a community or to help the highly disadvantageous population.

What do you understand by the term ‘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.

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete : 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”.

During the initial stages of setting up an enterprise, how can you get advantage of the available incubators?

The incubators can help a budding entrepreneur to get benefited from the following sources.

  1. Angel InvestorsThe incubators help the entrepreneurs connect with the angel investors, there by procuring the funds.
  2. BanksThey guide the enterprises through the loan procurement process
  3. Venture capitalistsThey 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.
  4. Government agenciesThey 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.

What are the various factors responsible for internal risks in an enterprise?

The following are the various factors responsible for internal risks.

  1. Human Factors:
    1. accidents or deaths in the industry
    2. bad debts
    3. Continuous lock-outs and strikes by the employee unions
    4. disloyalty by employees
    5. Efficient suppliers are not available
    6. Few or more incompetent people in top level positions
  2. 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.
  3. Physical factors:This may include
    1. Any fire or accident
    2. Burglary or Theft
    3. Compensations to be paid to others, in the instances when the enterprise is responsible for any damage caused.
    4. Damages in transit
    5. Equipment breakdown

CBSE Class 11 Commerce Entrepreneurship as Innovation and Problem Solving Complete Details

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