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CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey For Complete Information

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey For Complete Information

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey : CBSE syllabus for Entrepreneurship for both the classes includes the topics like Entrepreneurship functions, concept, characteristics, process of entrepreneurship development, Entrepreneurship and human activities, Acquiring entrepreneurship values and Motivation, Introduction to market dynamics, Entrepreneurial opportunities and Enterprise creation, Enterprise planning and resourcing, Enterprise Management. CBSE Entrepreneurship Syllabus includes practical part too. It includes Survey of Market, Making survey reports, doing market research etc. 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 Entrepreneurial Journey For Complete Information

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey : You can find the notes for the third chapter of CBSE class 11 entrepreneurship in this page. In this chapter, students learn about the concept of business plan, learn how to identify different personality types for setting up an enterprise, how the family and society plays vital role in the growth of the entrepreneur, find the differences between business plan and feasibility study. Learn about various factors that contribute to the success or failure of an enterprise. They will also be able to learn more about an organization and the activities in a business venture and the direction in which they keep on heading.

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CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey For Complete Information

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey : This page contains the CBSE entrepreneurship class 11 chapter Entrepreneurial Journey notes. You can find the questions/answers/solutions for the chapter 3 of CBSE class 11 entrepreneurship in this page.

Which fields are suitable for trailblazers?

The fields suitable for trailblazers are

  1. Consulting
  2. Engineering
  3. Finance
  4. Legal
  5. Medical
  6. Technology

Which fields are suitable for motivators?

The fields suitable for motivators are those which requires dealing with more people like

  1. Retail
  2. Hospitality
  3. Tourism
  4. Recreational
  5. Education

Which fields are suitable for collaborator?

The fields suitable for collaborators are those which are customer oriented or retail in nature like

  1. Retail
  2. Hospitality
  3. Tourism
  4. Recreational
  5. Education
  6. Event management

Which fields are suitable for diplomats?

The fields suitable for diplomats are people oriented environments like

  1. Retail
  2. Hospitality
  3. Tourism
  4. Recreational
  5. Education
  6. Event management

Which characteristics does a “go-getter” type of entrepreneurs possess?

The “Go-getter” type of entrepreneurs have the following characteristics.

  1. They’re independent
  2. Self-driven
  3. They possess Dominance and Sociability
  4. Competitive in nature
  5. Good managerial skills
  6. Leadership skills
  7. Self-motivated
  8. Capable of motivating others
  9. Initiative in nature
  10. They’ve a sense of urgency to get the task completed.
  11. Goal oriented
  12. Collaborative in nature
  13. Capable of excelling in any field as they go

Define brainstorming?

Brainstorming refers to the generation of ideas to solve a problem or to innovate new products or services to meeting the needs. In this, a group of people sit together an unstructured discussion. During this discussion one idea will lead to an another idea. At the end of the discussion, a number of ideas are generated. This is one of most productive methods to generate ideas.

Define environmental scanning

Environmental scanning refers to the idea generation technique where in an entrepreneur gathers huge amount of information and analyzes this information to identify potential business opportunities from the emerging trends. To gather the information they use channels like news magazines, commercials, trade publications, government and consumer publications, reviews, journals, books, seminars, trade shows, family members, customers, friends etc. The ideas generated from this information are then evaluated against the prevailing environment.

What is a focus group?

A focus group consists of group of persons. One person acts as a moderator. The moderator initiates a group discussion or put other issues in front of the group. The focus group put forward their opinions about the topic. They provide information about the product or service under discussion, in a structured fashion. The focus group is an excellent way of generating new ideas and to screen proposed ideas and concepts.

What is feasibility study?

The feasibility study is a controlled process which helps in

  1. Identifying problems and opportunities
  2. Determining objectives
  3. Describing situations
  4. Defining successful outcomes
  5. Assessing the range of costs and benefits.

It helps in determining several alternatives associated with solving a problem and arrive at the most feasible solution before starting a venture.

What are the various factors that contribute to the failure of business plan execution?

The following are the various factors that contribute to the failure of business plan execution.

  1. The plan may be well defined but it is not executed properly.
  2. The failure to execute the plan.
  3. The strategy, people and work processes are not aligned properly.
  4. Incomplete understanding of the plan by the people in the organization.
  5. Not allocating the plan execution to the right person
  6. Lack of effective communication.

What is it essential to perform the opportunity assessment?

Opportunity assessment refers to the in-depth review of the business opportunity at hand. In the opportunity assessment the entrepreneur reviews and analyzes the following

  1. Applications
  2. Barriers to start
  3. Competitors
  4. Development timing
  5. Employment of the resources
  6. Financial capacity
  7. Growth prospects
  8. Hiring requirements
  9. Intellectual property
  10. Pricing factors
  11. Legal liabilities
  12. Licensing issues
  13. Market trends
  14. Market research

This will prevent the entrepreneur from investing the time and money on non-profitable opportunities. It will also help them to unserstand what is required to exploit and succeed with potential opportunities.

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey For Complete Information

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey :  Entrepreneurship is a journey, and it seems like everyone goes through it a little bit differently. Some move through the process fast, stumbling into success in a matter of weeks after executing a brilliant idea. Others move slowly, spending decades of their lives perfecting the art. Some go to college for years getting a master’s level education in business, and others get started before they finish high school.

Entrepreneurship is a diverse and rewarding world, but even so, there are certain hallmarks of the entrepreneurship experience that almost everyone goes through at one point or another.

1. Intimidation.

When you first start dreaming about becoming an entrepreneur or quitting your day job, you think, “I can’t do that,” or, “I’m not ready for that yet.” It’s common, and applies to most everybody with even the slightest hint of self-doubt in their subconscious brain. Overcoming this level of intimidation and fear is difficult even for strong-willed individuals, and for some, the intimidation persists long into actual business ownership. As you grow more experienced as an entrepreneur, this intimidation will start fading away, holding less and less power over your decisions and direction.

2. Novelty.

Novelty possesses some entrepreneurs during the planning phase, and others during the actual loss. When you haven’t had time to see if the business will be successful or not, and you haven’t run into any major trials or tribulations, you can relish in the fact that you own your own business. Simply being an entrepreneur in title is enough for you, and you’re thrilled to come to work every day because of it. Again, for some people, novelty lasts throughout the course of entrepreneurship, but for most of us, the novelty fades after you start running into issues.

3. Overwhelming.

Though some enter the world of business ownership knowing full well that it’s not all sitting back and collecting profits, most of us vastly underestimate the demands of entrepreneurship in full. When you start to have cash flow issues, running into deadlines, losing employees, missing your sales projections and seeing major competitors rise to meet you, it’s natural to feel overwhelmed. We’ve all felt overwhelmed as entrepreneurs — it’s part of the territory — but as you start overcoming those obstacles and overwhelming moments, it begins to have less power over you.

4. Rhythm.

Whether you’re getting the hang of your first startup after a few months on the job or finally settling into your position as an entrepreneur in your third or fourth venture, as long as you stick with it, eventually you’ll fall into a nice groove. You won’t be thrown by the obstacles and surprises that come your way. You won’t be intimidated by new ground. You won’t fear failure as much. Instead, you’ll go about your responsibilities with pride and confidence — though you’ll still be shaken by the occasional crisis.

5. Failure.

Yes. Every entrepreneur fails. Most of the super-successful entrepreneurs of the world got to where they are only after experiencing failure of past ventures. Even entrepreneurs who got lucky with their first attempt failed in some small way toward the beginning of their careers. No matter who you are, failure will rattle you — but it’s a stage that anyone can work past with the right attitude and enough commitment.

6. Rejuvenation.

A rejuvenation stage comes after you’ve experienced failure and / or disillusionment. You might have lost an entire business, or just one big client, but after a period of weeks or months, you start realizing that there’s no reason a single failure means you’re at the end of the road. You start remembering why you got into entrepreneurship in the first place, and your love for business ownership starts to blossom again. You might even start going through the stages above on a new cycle — from intimidation to rhythm, at least.

7. Temperance.

Finally, after years of experience and multiple cycles of failure and rejuvenation, you’ll hit a kind of final stage, where all the little things unique to entrepreneurship start to feel less significant. You’re not quite as excited as you used to be, but you’re also not as afraid or intimidated. You take calculated risks, you see problems for what they are, and you experiment in bold new directions without hesitation. You’re even-keeled and a true leader — exactly what any business needs.

You might go through these stages quickly, slowly or somewhere in between — and you might even experience them in a different order. Even so, you’re almost guaranteed to experience them somehow, in some way, in the course of your business development. Try not to get too worried or concerned with the end of your journey, and instead, take the time to stop and smell the roses along the way. Enjoy being an entrepreneur — even during the hardest parts.

CBSE Class 11 Commerce Entrepreneurship Entrepreneurial Journey For Complete Information

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