BA4032 Entrepreneurship Development

All unitsTwo Mark's Questions and answers

Join our MainTelagramchannel:

http://t.me/MBA2o21

https://t.me/MBA2o21

Anna University

MBA Student' Discussions Group: https://t.me/MBAR2021

Unit 1

2marks questions with answer

1) Who is an entrepreneur?

2) Define innovating entrepreneur. 3) Bring out the types of entrepreneur on the basis of
functional characteristics.

4) State the characteristics of entrepreneurship.

5) Highlight the barriers to entrepreneurship.

6) Explain entrepreneurial personality.

7) Define the term competency.

Answers:

1.An entrepreneur is a person who starts, organizes, manages, and takes risks to create and
grow a business venture with the aim of making a profit.

2.An innovating entrepreneur is someone who identifies new business opportunities and uses
creative and innovative approaches to develop new products, services, or processes that meet
market needs. This type of entrepreneur often drives economic growth and development by
introducing new and disruptive technologies or business models.

3.Entrepreneurs can be categorized on the basis of their functional characteristics as follows:

 1. Trading entrepreneur: This type of entrepreneur buys and sells goods or services to
earn a profit.

2. Manufacturing entrepreneur: This type of entrepreneur produces goods using raw

materials and sells the finished products in the market.

3. Agricultural entrepreneur: This type of entrepreneur engages in agricultural activities

such as farming, forestry, and fishing.

4. Technical entrepreneur: This type of entrepreneur is involved in the production and sale
of technology-based products or services.

5. Corporate entrepreneur: This type of entrepreneur works within a large organization to

develop new products, services, or processes.

4.The characteristics of entrepreneurship include:

1. Initiative: Entrepreneurs are proactive and take the initiative to start a business venture.

2. Creativity: Entrepreneurs are creative and innovative in their approach to solving

problems and meeting market needs.

3. Risk-taking: Entrepreneurs are willing to take calculated risks to achieve their business
objectives.

4. Persistence: Entrepreneurs are determined and persevere in the face of challenges and
setbacks.

5. Flexibility: Entrepreneurs are adaptable and able to change course when necessary to
respond to market changes and trends.

6. Vision: Entrepreneurs have a clear vision of their business objectives and are
committed to achieving them.

5.The barriers to entrepreneurship can include:

1. Lack of access to capital: Entrepreneurs may find it difficult to secure funding to start
or grow their business.

2. Lack of entrepreneurial skills and knowledge: Entrepreneurs may lack the necessary
business skills and knowledge to successfully manage a business venture.

3. Government regulations and bureaucracy: Entrepreneurs may face legal and regulatory
barriers that make it difficult to start or grow a business.
 4. Limited market access: Entrepreneurs may struggle to access new markets or reach
potential customers due to a lack of resources or infrastructure.

5. Cultural attitudes towards entrepreneurship: In some cultures, entrepreneurship may

not be viewed as a viable or respectable career path, which can discourage potential
entrepreneurs.

6.Entrepreneurial personality refers to the set of traits and characteristics that are commonly
associated with successful entrepreneurs. These traits may include:

1. Passion and drive

2. Creativity and innovation

3. Risk-taking

4. Resilience and persistence

5. Self-confidence and self-efficacy

6. Adaptability and flexibility

7. Networking and collaboration skills

7.Competency refers to the knowledge, skills, and abilities required to perform a particular job
or task effectively. Competencies can include technical skills, such as proficiency with
specific software or equipment, as well as soft skills, such as communication and teamwork
abilities. Competencies are often used as a basis for assessing job performance and
evaluating employee training and development needs.

Unit 2

1) Define business environment.

2) Explain entrepreneurship development.

3) Elucidate industrial licensing.

4) State the objectives of entrepreneurial training.

5) List the characteristics of international business.

6) Explain exporting.
7) What is licensing?

8) Differentiate between international versus domestic entrepreneurship.

9) Define international entrepreneurship.

Answers:

1. Business environment refers to the various external and internal factors that affect a
business's operations and performance. The external factors include economic, political,
social, technological, legal, and ecological factors, while the internal factors include the
organization's resources, structure, and culture.

2. Entrepreneurship development refers to the process of enhancing the skills, knowledge, and
attitudes of individuals to create and manage new ventures. It involves providing support and
resources to entrepreneurs to help them identify opportunities, develop ideas, and create new
businesses. The goal is to foster a culture of innovation and enterprise that can lead to
economic growth and job creation.

3. Industrial licensing is a government regulation that requires businesses to obtain

permission or a license to operate in certain industries. The licensing system is intended to
ensure that businesses comply with safety, health, and environmental standards, as well as
maintain fair competition. In many countries, industrial licensing is no longer required or has
been significantly reduced.

4. The objectives of entrepreneurial training are to provide individuals with the skills and
knowledge they need to start and manage a successful business. The training should cover
various areas, such as idea generation, market research, financial planning, and marketing.
The goal is to help individuals overcome the challenges of starting a new business and
improve their chances of success.

5. Characteristics of international business include operating in multiple countries, dealing

with different legal and regulatory systems, managing currency and exchange rate risks,
adapting to cultural differences, and facing intense competition. International business also
involves dealing with geopolitical risks and varying levels of economic development across
different markets.
6. Exporting is the process of selling goods or services produced in one country to customers
in another country. It involves complying with export regulations, obtaining necessary
certifications and licenses, adapting to different cultural and legal environments, and
managing logistics and transportation.

7. Licensing is a legal agreement between a licensor and a licensee, where the licensor grants
the licensee the right to use a trademark, patent, or other intellectual property for a specified
period and for a fee. Licensing is a common strategy used by companies to expand their reach
into new markets and generate additional revenue.

8. International entrepreneurship involves starting and managing a business that operates in

multiple countries, while domestic entrepreneurship focuses on starting and managing a
business in a single country. International entrepreneurship involves dealing with different
legal, regulatory, and cultural environments, as well as managing currency and geopolitical
risks.

9. International entrepreneurship refers to the process of creating and managing new ventures
that operate in multiple countries. It involves identifying opportunities in global markets,
adapting to different legal, regulatory, and cultural environments, and managing various risks
associated with doing business across borders. The goal is to create innovative products and
services that can compete globally and generate economic growth and job creation.

Unit 3

1) What do you mean by idea generation?

2) How are creativity and innovation related to idea generation?

3) Define pre-feasibility study.

4) Write in brief precautions regarding product selection.

5) What is the nature of business plan?

6) Describe business ownership.

7) Give the importance of capital budgeting.

8) Define project profile.

9) List the contents of project feasibility report.

10) What is meant by technical feasibility?

11) Describe project evaluation.

Answers:

1. Idea generation refers to the process of generating new and innovative ideas. It involves
coming up with new and unique concepts, strategies, products, or solutions to a problem. This
process is essential for businesses and individuals who want to remain competitive and
innovative in their respective fields.

2. Creativity and innovation are closely related to idea generation. Creativity refers to the
ability to come up with new and unique ideas or concepts, while innovation involves
implementing those ideas to create a new or improved product, service, or process. Idea
generation is the first step in the creative process, which ultimately leads to innovation.

3. A pre-feasibility study is an initial assessment of the viability of a project. It is a preliminary

analysis that helps to determine whether a proposed project is worth pursuing. The study
typically includes an analysis of the market, technical feasibility, financial viability, and
potential risks and challenges.

4. When selecting a product, it is important to take certain precautions to ensure that the
product is a good fit for your business. Some of these precautions include conducting market
research to determine customer demand, analyzing the competition, assessing the product's
profitability and potential risks, and evaluating the product's fit with your business's goals and
objectives.

5. A business plan is a comprehensive document that outlines the goals, strategies, and
operations of a business. It typically includes an executive summary, a company overview, a
market analysis, a description of the products or services offered, a marketing and sales plan,
an organizational structure, and a financial plan.
6. Business ownership refers to the legal structure of a business and the individuals or entities
that own and control it. There are several types of business ownership, including sole
proprietorship, partnership, limited liability company (LLC), and corporation. Each type of
ownership structure has its own advantages and disadvantages in terms of liability, taxation,
and management.

7. Capital budgeting is the process of evaluating and selecting long-term investments that will
contribute to the growth and profitability of a business. It is an important decision-making tool
that helps businesses determine which investments are worth pursuing and which ones are
not.

8. A project profile is a document that provides a brief overview of a proposed project. It

typically includes a description of the project, its objectives, its scope, and its estimated cost.

9. A project feasibility report typically includes the following contents:

 Executive summary

 Introduction

 Market analysis

 Technical feasibility analysis

 Financial feasibility analysis

 Risk analysis

 Conclusion and recommendations

10. Technical feasibility refers to the ability of a proposed project to be completed using
current technology and resources. It involves assessing the project's technical requirements,
including materials, equipment, and personnel, and determining whether the necessary
resources are available.

11. Project evaluation is the process of assessing the success of a completed project. It
involves analyzing the project's outcomes, identifying strengths and weaknesses, and
determining whether the project met its objectives. Project evaluation is important for learning
from past successes and failures and improving future project outcomes.

Unit 4

1) Define resource mobilisation.

2) What factors should be considered in the choice of plant location?

3) Define plant layout.

4) What are the different aspects which are affected by capacity planning?

5) Explain inventory management.

6) Write in brief on market selection.

7) Elucidate channel selection.

8) Explain sole-selling agent/marketer.

9) State the types of incubators.

Answers:

1. Resource mobilisation refers to the process of identifying, acquiring, and allocating

resources to achieve a specific goal. In the context of business, it involves raising funds,
acquiring physical and human resources, and optimizing their utilization to achieve
organizational objectives.

2. The choice of plant location depends on various factors, such as availability of raw
materials, labor supply, transportation facilities, market demand, government policies, and
environmental factors. Other factors include land cost, availability of utilities, access to
technology, and proximity to suppliers and customers.

3. Plant layout refers to the arrangement of physical facilities such as machinery, equipment,
and storage areas within a manufacturing plant. The objective of plant layout is to optimize
the flow of materials, products, and people, and to minimize waste, errors, and accidents. A
well-designed plant layout can improve efficiency, reduce production costs, and enhance
worker productivity.
4. Capacity planning is the process of determining the capacity of an organization's resources
to meet the demand for its products or services. It affects various aspects of the organization,
such as production scheduling, inventory management, workforce planning, and capital
investments. Capacity planning can help an organization to optimize its resources, reduce
costs, and improve customer service.

5. Inventory management refers to the process of managing the flow of goods and materials
in and out of an organization. It involves determining the optimal levels of inventory, tracking
the movement of goods, and managing stock levels to avoid stockouts and overstocking.
Effective inventory management can help an organization to minimize costs, optimize cash
flow, and improve customer satisfaction.

6. Market selection refers to the process of identifying and evaluating potential target markets
for a company's products or services. It involves analyzing various factors such as market
size, growth potential, competition, customer needs, and regulatory environment. Market
selection is important for a company to allocate its resources effectively and to achieve its
business objectives.

7. Channel selection refers to the process of choosing the most appropriate distribution
channels for a company's products or services. It involves analyzing the characteristics of
various channels such as direct sales, wholesalers, retailers, and online platforms, and
selecting the channels that can best reach the target customers. Effective channel selection
can help a company to optimize its distribution costs, enhance customer reach, and improve
customer satisfaction.

8. A sole-selling agent/marketer is a type of intermediary who represents a company

exclusively in a particular market or territory. The sole-selling agent/marketer is responsible
for promoting and selling the company's products or services in the designated market, and is
typically paid a commission based on the sales achieved. This arrangement can help a
company to reduce the risks and costs associated with entering new markets, while still
achieving sales growth.

9. There are various types of incubators, such as startup incubators, corporate incubators,
academic incubators, and social incubators. Startup incubators provide resources and
support to early-stage startups, including mentoring, workspace, and funding. Corporate
incubators are run by established companies to develop new business ideas and innovations.
Academic incubators are typically associated with universities and provide support to
academic researchers and students to commercialize their ideas. Social incubators are
focused on developing social enterprises and addressing social and environmental issues.

Unit 5

1) Define small business.

2) What is meant by organising?

3) Explain controlling.

4) Define monitoring.

5) List the objective of monitoring and evaluation.

6) What are the symptoms for sickness?

7) Enumerate the signals of incipient sickness.

8) State the need for rehabilitation program.

Answers:

1. Small business refers to a privately owned and operated business with a small number of
employees and relatively low volume of sales. The definition of small business may vary by
industry and country, but generally, small businesses are characterized by their relatively
limited resources and scope of operations.

2. Organizing refers to the process of arranging resources and activities in a structured

manner to achieve specific goals. In the context of business management, organizing involves
identifying and grouping tasks, delegating responsibilities, establishing reporting relationships,
and creating systems and processes that facilitate efficient and effective operations.

3. Controlling in business management refers to the process of monitoring, evaluating, and

adjusting business activities to ensure that they align with established goals and standards.
Control involves setting performance standards, measuring actual performance, comparing it
to the standards, and taking corrective action when necessary.

4. Monitoring refers to the process of tracking and observing activities to gather information
and ensure that they are being carried out according to plan. Monitoring involves collecting
data, analyzing it, and using it to inform decision-making and continuous improvement.

5. The objectives of monitoring and evaluation in business management may include:

 Identifying areas for improvement and opportunities for growth

 Evaluating the effectiveness and efficiency of business processes and strategies

 Ensuring compliance with legal and ethical standards

 Identifying and mitigating risks and threats to business operations

 Improving communication and collaboration within the organization

 Enhancing the quality of products or services

6. In the context of business management, symptoms of sickness may include declining

revenues, low employee morale, increased customer complaints, high employee turnover, and
decreased productivity.

7. Signals of incipient sickness in a business may include declining profits, increasing

expenses, decreasing cash flow, low employee engagement, high levels of absenteeism or
turnover, decreasing market share, and declining customer satisfaction.

8. A rehabilitation program may be needed in business management when a business is

experiencing financial or operational distress. Rehabilitation programs may include
restructuring the business, refinancing or restructuring debt, negotiating with creditors or
suppliers, and implementing new strategies to improve business operations and profitability.
The goal of a rehabilitation program is to stabilize the business and return it to a sustainable
and profitable state.

Welcome my dear Sweethearts

Here you can Find & Download

AnnaUniversity MBA Regulation 2021 Books,Notes,Important Questions,Question Banks and

Previous Year Exam Question Paper's

Join our Main telegram channel:

http://t.me/MBA2o21

MBA Student 'Discussions Group:https://t.me/MBAR2021

Enquiry Telegram ID:nmjma