PART - A

1) What is meant by entrepreneurship? R

It is the process of creating something different with value by devoting the necessary
time and effort; assuming the accompanying financial, psychological, and social risks;
and receiving the resulting rewards of monetary and personal satisfaction.

2) Who is an entrepreneur? U
Is an individual who takes risk and starts a new business
Willing to take personal & professional risk

3) List the fundamental characteristic of an entrepreneur? R

Taking initiative
Organizing and reorganizing of social and economic mechanisms to turn resources and
situations to practical account
Acceptance of risk and failure

4) What are lifestyle firms? R

A small venture that supports the owner and does not gro w

5) Explain Gazelles? U
Very high growth ventures

6) What is meant by lean startup? R

Special units created by existing firms for speedy innovation. Such firms do not go
through the complete process of innovation.

7) Explain breakthrough innovation? U

An innovation that is totally new to the world.

8) What is meant by intrapreneurship? R

Entrepreneurship within an existing organization is Intrapreneurship.

9) List the technical skills required for entrepreneurs? R

Written & Oral communication
Technology & Technical business management
Monitoring
Interpersonal
10) Who are visionary leaders? U
A visionary leader is one who ensures the vision becomes reality. Formulates objectives,
design strategic plans and leads the team for achieving the vision.

11) Explain innovation? U

A new product, service, process or business model.

12) How do you distinguish an enterprise from a venture?

An enterprise is one started by entrepreneurs independently, by themselves.
A venture is a business in which along with the entrepreneur we have financiers,
incubators and others associated.

13) List the personal skills required for entrepreneurial success. R

Inner control/ discipline, Risk taker, Innovative, Change oriented, Persistent, Visionary
leader &
Ability to manage change.

14) Distinguish Vision from Mission. U

Vision – What would the firm do to uphold the mission.
Mission – Basic purpose of existence of a firm

15) What are the fundamental risks entrepreneurs commonly face? R

Personal Risk & Professional Risk

16) Differentiate entrepreneurship from startup. U

Entrepreneurship – any business which is similar to existing business.
Startup – Totally new, from idea generation to commercialization and formation of a
new entity. Product or process or business model or a combination of these may be
new.

17) What are the limitations of lean startups?

Product may not be complete, existing product development team may be demotivated,
poor product architecture/ design, short product life cycle, costly if outsourced, etc…

18) Explain the significance of customer development model.

Helps in identifying/ discovering customers/ markets for the new idea/ product/ service/
process/ business model and to build such customers/ markets for business growth.
19) What is meant by entrepreneurial culture?
Employees in an organization are encouraged to brainstorm and come up with new
ideas or innovations. Work time is exclusively dedicated for these activities.

20) What do you mean by foundation companies?Companies who are in to R & D activities.
Not interested in commercial growth.

PART - B

1) Elucidate the climate for entrepreneur development. A

 Change from present lifestyle
 Work environment disruption

2) Detail the type of startups available for innovators. U

 Lifestyle firm - A small venture that supports the owner and does not grow
 Foundation company - R & D firm that usually does not go public
 High potential venture - High growth potential and hence receives great investor
interest
 Gazelles - Very high growth ventures
 Lean Startup - Created by existing firms for fast innovation

3) Describe the contribution of entrepreneurship for economic growth. R

 Product evolution
 Iterative synthesis
Intersection of knowledge and social need that starts the product
development process
 Ordinary innovations
 Technological innovations
 Breakthrough innovations

4) Enumerate the skills that contribute for entrepreneurship success. A

 Technical skills
 Business management skills
 Personal entrepreneurial skills

5) Describe the challenges that may have to be faced by entrepreneurs. R

 Developing the Vision and Business Idea
  Raising the capital
 Assembling the business team
 Finding the right location
 Finding the right Employees
 Connecting to the right customers
 Dealing with competition
 Keeping up with the industrial changes and trends
 Keeping the passion and purpose
 Keeping up with the changing government regulations
 Keeping focus
 Having self-doubts

6) It is reported that around 85 to 90 percent of startups have failed within the first five
years of its inception in India. Identify and elaborate the probable reasons. C

 Lack of Need in the Indian Market

 Lack of Money
 Incapability of the Team
 Get Outcompeted
 Over-Pricing in India
 A Poor Product
 Lack of a Proper Business Model
 Lack of Relevant Marketing
 Ignoring Customer Feedback
 Launching Product at the Wrong Time
 Losing Focus
 Lack of Harmony among the Teammates
 Lack of Domain Expertise
 Irrelevant Location
 No Interest from Investor
 Legal Challenges
 Lack of Network and Connection
 Get burnt out in the Process
 Loss of personal and professional capabilities