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CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation : Here our cakart ,team members provides CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail and CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Notes in PDF Format. Download these CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail in Pdf format her.

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation :  The Enterprise Creation module helps students stretch their understanding of business. One of the first exercises within the module is for students to come up with one hundred business ideas in a week and send the list to Dr Robert Newbery. During the module, students learnt that great business ideas were comparatively plentiful but the difficult part was putting the idea into action and being the right person for that idea. Students had to consider how they could convince investors that they had the right skills, team and contacts to make that good idea a success.

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation :  The Enterprise Creation module helps students stretch their understanding of business. One of the first exercises within the module is for students to come up with one hundred business ideas in a week and send the list to Dr Robert Newbery. During the module, students learnt that great business ideas were comparatively plentiful but the difficult part was putting the idea into action and being the right person for that idea. Students had to consider how they could convince investors that they had the right skills, team and contacts to make that good idea a success.

We aim to build on our proven track record in developing our quality research into commercial opportunities and our success in technology transfer through incorporation of spin-out companies. Our enterprise creation activity includes our support of Watt Ventures and Converge Challenge, which was jointly won in 2016 by Heriot-Watt spin-out Microsense Technologies. Our enterprise creation team aims to enhance and increase staff and student creation of new companies by:

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  • delivering seminars to staff and students that explain how to successfully create new companies
  • encouraging staff and students to pursue enterprise initiatives and awards
  • providing support to new and existing spin out companies so they can grow and become sustainable by providing mentoring and helping them access personnel, funding and networks

This page contains the CBSE entrepreneurship class 12 chapter Entrepreneurial Planning notes. You can find the questions/answers/solutions for the chapter 2 of CBSE class 12 entrepreneurship in this page.

What are the various elements of a business plan?

A business plan usually consists of the following elements.

  1. A general introduction about the venture
  2. Planning related to the Business venture
  3. Planning related to the Organization
  4. Planning related to the Production
  5. Planning related to the operations
  6. Planning related to the human resources
  7. Planning related to the Marketing and promotional activities
  8. Planning related to the Financing
  9. Any other miscellaneous planning elements and appendix

Download here CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation :  This page contains the CBSE entrepreneurship class 12 chapter Entrepreneurial opportunity notes. You can find the questions/answers/solutions for the chapter 1 of CBSE class 12 entrepreneurship in this page.

Give a brief about business opportunity
A business opportunity is an idea that can be economically exploited and it leads

  1. Establishment of an enterprise
  2. profits
  3. future prospects to expand the enterprise.

What are the various factors that help the entrepreneur to sense an entrepreneurial opportunity?
The following are the various factors that help the entrepreneur to sense an entrepreneurial opportunity

  1. Ability to perceive basic ideas through various sources like problems, change, inventions and competition.
  2. Ability to preserve these ideas.
  3. Ability to make best use of various sources of information.
  4. Creatively innovate new ideas
  5. Vision to convert the ideas into potential business opportunities.

How does an entrepreneur scan the environment?

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An entrepreneur scans the environment by carefully monitoring the internal and external environment to discover the potential opportunities and threats that have an impact on the enterprise’s present and future plans.
Name the factors that influence the external environment.
The factors that influence the external environment are summarized by “PESTEL” model as expanded below.

  1. Political
  2. Economic
  3. Social
  4. Technological
  5. Ecological
  6. Legal

What do you understand by the term ‘trend spotting’?

Trend spotting refers to spotting the latest trends in the market, to alter the production of goods and services in sync with the market trend. (When the market started switching to smart phones, the cell phone companies started producing the cell phones in sync with the changes in the market.)
How is a spotted idea transformed into economically viable opportunity?

The spotted ideas are transformed into viable economic opportunities through in-depth

  1. examination
  2. evaluation
  3. analysis
  4. and synthesis?

of the spotted ideas.

Define the concept of idea generation.
Idea generation of ideation is an essential part of the design process that can be defined as the process of

  1. creating
  2. developing
  3. and communicating

the ideas that can be either

  1. concrete
  2. abstract
  3. or visual

The process comprises the various stages from

  1. constructing the idea
  2. innovating the concept
  3. develop a process
  4. and actualization of the concept.

Why should an entrepreneur scan the environment?

The scanning of the environment help the entrepreneur to spot the new opportunities that have a positive impact on the enterprise. At the same time it also help the entrepreneur to detect the negative factors that could negatively impact their enterprise. The entrepreneurs gather the information, and make the necessary changes in the various processes in their enterprise. This will help to secure the future of the enterprise and avoid failure.

Describe the various factors that help in the scanning of the environment.

The following are the various factors that help in the scanning of the environment.

  1. Identification of the opportunities to take advantage by being the first to grab the market.
  2. Formulation of strategies and policies to exploit an opportunity or combat the causes of failure.
  3. Exploiting the required resources what could help in reducing the cost and increase the profits.
  4. Improved performance
  5. Adopt the changes in the environment to keep them in pace with the market dynamics
  6. Reputation and recognition building by molding the products or services in accordance with the consumer trends

Depict the enterprise process through a chart.

Define and describe the “PESTEL” model.

The “PESTEL” model is defined as the factors affecting macro environment in a business environment.
It is an acronym that defines the following environments

  1. Political:
    1. Tax policies
    2. Government stability
    3. Foreign Trade regulations
  2. Economic: This includes
    1. Availability
    2. Business cycle
    3. Cost
    4. Disposable
    5. Energy
    6. inFlation
    7. unemployment
    8. interest rates
  3. Social: This includes
    1. Attitude to work and leisure
    2. social moBility
    3. Consumerism
    4. Distribution
    5. Education levels
    6. Income levels
    7. Lifestyle changes
    8. Population demographics
  4. Technological: It includes
    1. Spending by the government on research
    2. New discoveries
    3. Development
    4. Level of focus on the technology by the industry.
    5. The pace at which the technology is changing.
    6. The rate at which the technology becomes obsolete.
  5. Ecological: This includes the focus to preserve the environment.
  6. Legal: This includes
    1. Employment laws
    2. Environmental protection laws
    3. Law
    4. Legislation
    5. Monopoly
    6. Taxation

What are the sources that an entrepreneur should be looking at to get basic ideas?

The following are the various sources of information that will help the entrepreneur to perceive the basic idea.

  1. Entrepreneurs usually depend on the following sources of information to perceive an idea
    1. Problems: Problems prevailing in the society will lead to ideas to resolve the problems. These ideas can become economically viable entrepreneurial opportunities.
    2. Change: Changes that occur in the political, legal, trend-set of the consumer, technology will be good sources to perceive new business ideas.
    3. Inventions: New inventions will help the entrepreneurs to perceive new ideas to start a new product or service.
    4. Competition: The urge to overcome the competition help the entrepreneurs to perceive new ideas.
    5. Innovation: Innovation is the process of creating something of value or improve the existing product or service to improve its value.
  2. Ability to exploit multiple sources of information:
    The entrepreneurs should consult various sources of information like

    1. Books
    2. Customers
    3. Family members
    4. Friends
    5. Journals
    6. Magazines
    7. Seminars

    to help them perceive preliminary idea. They should be able to gather all the knowledge and information from these sources and scrutinize it. The process will help to recognize an economically viable business opportunity.

Write the meaning of product identification in-terms of business opportunity?

While going through the entrepreneurial process, the entrepreneur will spot an opportunity and scan the environment, This will generate idea. All the ideas, identified should be transformed into a definite product, which has good marketability. Then only the it would be termed as a business opportunity. Product identification requires obtaining a concept of the product or service, after analyzing the idea. After product identification, the entrepreneur should verify whether the product is already available in the market or not. If the product is not available in the market, they can introduce it into the market. If it already exists in the market, they should have a strong reason for releasing the same product or service into the market. Otherwise, they have to drop this idea, and start the process again to identify a new product.
Thus we can say that the product identification plays a crucial role in-terms of a business opportunity.

CBSE Class 12 Commerce Entrepreneurial Opportunities And Enterprise Creation Complete Detail

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