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CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

CBSE class 11 commerce Entrepreneurship Resource Mobilization :  The CBSE envisions a robust, vibrant and holistic school education that will engender excellence in every sphere of human endeavor. The Board is committed to provide quality education to promote intellectual, social and cultural vivacity among its learners. It works towards evolving a learning process and environment, which empowers the future citizens to become global leaders in the emerging knowledge society. The Board advocates Continuous and Comprehensive Evaluation with an emphasis on holistic development of learners. The Board commits itself to providing a stress-free learning environment that will develop competent, confident and enterprising citizens who will promote harmony and peace.

CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

CBSE class 11 commerce Entrepreneurship Resource Mobilization : Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs. It has been defined as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit”. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to “lack of funding, bad business decisions, an economic crisis – or a combination of all of these” or due to lack of market demand. In the 2000s, the definition of “entrepreneurship” expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do not and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.

CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

CBSE class 11 commerce Entrepreneurship Resource Mobilization : You can find the notes for the seventh chapter of CBSE class 11 entrepreneurship in this page. This chapter explains the different types of resources available and how to identify them. How the human resources are selected and how this process works. The importance of a mentor is explained. The fixed and working capital concepts are introduced and various factors that influence the working capital are explained. The students learn about the concepts of capital structure and get an insight into various sources of finance. They learn about the mentor-ship and the importance and role of a mentor. The business and industry classification is introduced. At the end of this chapter the students should be able to grasp the various sources that help an entrepreneur. Please let us know if you think that we need additional topics to be covered as part of CBSE class 11 entrepreneurship notes.

Download here PDF Format CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

CBSE class 11 commerce Entrepreneurship Resource Mobilization : This page contains the CBSE entrepreneurship class 11 chapter Entrepreneurship as Resource Mobilization notes. You can find the questions/answers/solutions for the chapter 7 of CBSE class 11 entrepreneurship in this page.

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What did you understand by the term resources?

Any tangible or non-tangible means essential to carry out the activities of an enterprise so that the enterprise is able to realize its goal are called as resources.

What role does the resources play in the organization?

Resources primarily act as the life blood of the enterprise. The success of the organization directly depends on

  1. The successful identification of the resources in time
  2. procurement
  3. utilization

How do you achieve mobilization of the resources?

Resource mobilization refers to the process of procuring the required resources from the resource provider, through different means. The resources thus procured are optimally utilized to realize the organization’s goals. These resources should be acquired at the right time, right prices and should be of right type.

From which state level organizations can you procure information related to the infrastructural facilities?

We can procure the information related to the infrastructural facilities from

  1. District Industries Center (DIC)
  2. Electricity Board (EB)
  3. Local Authorities (LA)

What are different channels which help the entrepreneurs to get professional assistance?

The following are the various channels which help the entrepreneurs to procure professional assistance.

  1. Captive Unit arrangement
  2. Contractual arrangement
  3. Lease basis
  4. Part time arrangement
  5. Regular basis
  6. Third party arrangements

Define and provide examples of physical resources.

The resources which are made by humans by putting their skills and abilities are known as physical resources. These physical resources are influenced by the place where the enterprise is established.

The following are the examples of the physical resources.

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  1. Building
  2. Machinery
  3. Plant

Which factors do you take into consideration to decide about the resources required?

The following factors should be taken into consideration while deciding about the resources required.

  1. Nature or type of the activity
  2. Nature or type of the business
  3. Size of the activity
  4. Product specification

Which resources are primarily required for setting up an enterprise?

The resources which are primarily required for setting up an enterprise are as below.

  1. Capital
  2. Labour
  3. Land

If you want to start an educational institution, you need help of professional experts. Can you identify any five of them?

  1. A marketing survey expert to assist in the market survey regarding what kind of school can be started in premises (Nursery, Boarding, Montessori, Curriculum etc).
  2. A lawyer to look into the legal work required.
  3. A financial expert to prepare the budget plan (both operational budget and capital budget).
  4. An architect/builder to look into the building plan etc.
  5. A marketing expert to promote or advertise about the school.

Which factors should be given due consideration while deciding about the physical resources required?

The following factors should be given due consideration while deciding about the physical resources required.

  1. Access to market to procure raw materials as well as to sell finished goods.
  2. Affordability of manpower.
  3. Availability of other resources
  4. Availability of water fuel, gas and other required utilities.
  5. Capital Cost.
  6. Communication and transportation expenses.
  7. Cost of production.
  8. Regulations related to the pollution..

Is it helpful to seek professional expert services for setting up an enterprise? If yes, why?

It is of immense help to seek professional expert services while establishing an enterprise.

It helps in

  1. Availing quality service in stipulated time and at lower cost.
  2. Better focus on the areas that need attention.
  3. Cost, Energy and time saving.
  4. Explore new markets and grow in the existing markets.
  5. Efficient and expert quality of service available at disposable.
  6. Growth of business as additional expertise is available.
  7. Reduced risk
  8. Reduced infrastructural requirements as the professionals will already have their own infrastructure
  9. Reduced wastage.

How does an enterprise achieve efficient utilization of human resources?

An enterprise can achieve efficient utilization of human resources through

  1. Managerial Staff: The managerial staff forms the core of the enterprise. They formulate the goals, objects and policies to be implemented in the enterprise and get the work done through the workers.
  2. Non-managerial staff: They are the workers who help in converting the raw materials into the finished goods. Depending on the type of work their quality and quantity varies.
  3. Trained Technical staff: These are technical experts who help in
    1. Selection of machinery
    2. Installation of machinery
    3. Supervision of work
    4. Operations
  4. Administrative staff: They provide support services to all the above namely the managerial, non-managerial and technical staff. They’re not directly involved in production. They role is to help and maintain the business operations..
  5. Professional staff: They are professionals like
    1. Auditors
    2. Bankers
    3. Chartered Accountants
    4. Lawyers
    5. Other professionals

    who are available for consultation. As these professional services are expensive, they are only consulted if required and may not be part of regular staff.

As the enterprise comprise all the above staff, the efficient utilization of the human resources is possible only if

  1. The organization is able to estimate the total amount of work to be done.
  2. The right type fo personnel who can perform the required job.
  3. Put the right person for the right job.

What are the various intangible resources that an organization possess?

An organization usually possess the following intangible resources.

  1. Brands: The success or failure of a business depends on how strong is the brand it is associated with. The worth of the brand need to be computed. A strong brand often brings in higher margins easily.
  2. Intellectual Property: Intellectual property comprises the critical commercial rights protected by trademarks and patents. These are very important and should be given due consideration.
  3. Goodwill: The value of the business will be much more than the total value of all the tangible assets it possesses. In other-words when someone want to buy a business they will be willing to pay more than the total value of the tangible assets. This additional value is known as the goodwill. A startup enterprise may not have earned any goodwill yet. But if an entrepreneur is acquiring an already existing enterprise or forming a partnership or a joint alliance, the he will be able to earn the goodwill.
  4. Reputation: Reputation is associated when the strategic objectives of a business are continually met. A reputed business have the advantage of gathering the necessary support from the employees and the suppliers.

CBSE class 11 commerce Entrepreneurship Resource Mobilization Complete Information

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