Internal Question Paper

KEY

U.G. Mechanical Engineering Degree Bachelor of Technology

Academic Year 2022 ,2023 Test I (SET1) Sem. VI
Course Title
Course Code 20ME002
Principles of Entrepreneurship
Duration 90 Minutes Maximum Marks 40 (FOURTY)
Remember (%) 30 Understand (%) 70 Apply (%) - Analyze (%) -
SECTION I (Short Answer Questions)
(Answer all the Questions)
5 x 2 = 10 Marks
No. Questions (1 to 5) RBT Level COs
1 Define Entrepreneurship. Remember C01
Essentially, entrepreneurship is the process of developing, organizing, and
running a new business to generate profit while taking on financial risk.

2 Enlist any two differences between Entrepreneur and Intrapreneur. Remember CO2
The main difference between an entrepreneur vs. intrapreneur is that an
entrepreneur starts their own company, whereas an intrapreneur works at
a company that someone else founded. An entrepreneur develops a
concept for a new business, which may include marketing products and
services (or occasionally both).
3 Enlist any two sources of new ideas. Remember CO2
• Past Work Experience: ...
• Hobbies and Interests: ...
• Strengths and Abilities: .

4 Spell any two important characteristics of woman entrepreneur. Remember CO2

Successful women leaders possess common traits found in all good

leaders assertiveness, action mindedness, risk-taking and problem-
solving abilities.

5 Tell any two opportunities for entrepreneur in Abroad. Remember CO3

Such type entrepreneurship includes exporting of goods, licensing and

opening a sales office in another country. Entrepreneur operating business
operations across the national boundaries is known as International
Entrepreneurship.
SECTION II (Long Answer Questions)
Form No. AC 27. 00.2018 | GMR Institute of Technology, Rajam, Andhra Pradesh. Note to the Students: The
question papers are set in accordance with OBE capturing various cognitive levels of RBT as well as expected
AC 27 COs. This direct assessment tool of Descriptive Examinations is deployed to test the Cognitive Level of
Students w.r.t. Lower Order Thinking Skills.
 Internal Question Paper

(Answer all the Questions)

3 x 10 = 30 Marks

No. Questions (6 to 11) RBT Level COs Marks

a) Explain the opportunities for entrepreneurs in India ?

There are huge opportunities available in mostly all fields for

entrepreneurship in India. The entrepreneur has to choose the right field
of his own passion. As discussed in this research, the doors of CO1
6 Understand 05M
opportunities are open in tourism, energy, automobile, textile, waste
management, health sector, organic farming, media, toys, packing,
transportation, food processing, education and training, supply and
marketing etc. The Indian government is also contributing to create
opportunities through “make in India”.
b)Explain the role of entrepreneur in economic development of
any country.

1. Entrepreneurship promotes capital formation by mobilising the idle

saving of the public.
2. It provides immediate large-scale employment. Thus, it helps reduce
CO1
the unemployment problem in the Understand 05M
country, i.e., the root of all socio-economic problems.
3. It promotes balanced regional development.
4. It helps reduce the concentration of economic power.
5. It stimulates the equitable redistribution of wealth, income and even
political power in the interest of
the country.
OR
Illustrate about ethics and social responsibility of entrepreneurs.

Entrepreneurs are expected by society to treat their customers fairly

and not in ways that will be harmful to them. Entrepreneurs should
provide support for consumer rights which are as follows: The right
7 to be safe; The right to be informed; The right to choose; and The
right to be heard. The Right to Be Safe. Understand CO1 10M

CSR is generally categorized in four ways: environmental

responsibility, ethical/human rights responsibility, philanthropic
responsibility and economic responsibility.

Outline various sources of generating ideas in starting a new venture. Understand

• Reverse brainstorming. ...

• Brainwriting. ...
8
• Brain netting. ... CO2 10M
• Forced relationships. ...
• Role-storming. ...
• Storyboarding. ...

Form No. AC 27. 00.2018 | GMR Institute of Technology, Rajam, Andhra Pradesh. Note to the Students: The
question papers are set in accordance with OBE capturing various cognitive levels of RBT as well as expected
AC 27 COs. This direct assessment tool of Descriptive Examinations is deployed to test the Cognitive Level of
Students w.r.t. Lower Order Thinking Skills.
 Internal Question Paper

• Five whys. ...

• Six thinking hats.

OR
Summarize about creative problem solving? Discuss any one method Understand
of creative problem solving in detail. CO2

Creativity is an important attribute of a successful entrepreneur.

Unfortunately, creativity

tends to decline with age, education, lack of use, and bureaucracy.

Creativity generally

declines in stages, beginning when a person starts school. It continues to

deteriorate through

the teens and continues to progressively lessen through ages 30, 40, and
50. Also, the latent

creative potential of an individual can be stifled by perceptual, cultural,

emotional, and

organizational factors. Creativity can be unlocked and creative ideas and

innovations

generated by using any of the creative problem-solving techniques

9 Brainstorming
10M
The first technique, brainstorming, is probably the most well known and
widely used for both

creative problem solving and-idea generation. In creative problem

solving, brainstorming can

generate ideas about a problem within a limited time frame through the
spontaneous

contributions of participants. A good brainstorming session starts with a

problem statement

that is neither too broad (which would diversify ideas too greatly so that
nothing specific

would emerge) nor too narrow (which would tend to confine responses)?
Once the problem

statement is prepared, 6 to 12 individuals are selected to participate. To

avoid inhibiting

responses, no group member should be a recognized expert in the field of

Form No. AC 27. 00.2018 | GMR Institute of Technology, Rajam, Andhra Pradesh. Note to the Students: The
question papers are set in accordance with OBE capturing various cognitive levels of RBT as well as expected
AC 27 COs. This direct assessment tool of Descriptive Examinations is deployed to test the Cognitive Level of
Students w.r.t. Lower Order Thinking Skills.
 Internal Question Paper

the problem. All

ideas, no matter how illogical, must be recorded, with participants

prohibited from criticizing

or evaluating during the brainstorming session.

Explain the various steps in writing a business plan.

The business plan is a written document prepared by the entrepreneur that

describes

all the relevant external and internal elements involved in starting a new
venture. It is often

an integration of functional plans such as marketing, finance,

manufacturing, and human

resources. As in the case of Belinda Guadarrama, it addresses the

integration and

coordination of effective business objectives and strategies when the

10 venture contains a Understand CO3 10M
variety of products and services. It also addresses both short-term and
long-term decision

making for the first three years of operation. Thus, the business plan-or,
as it is sometimes

referred to, the game plan or road map-answers the questions, where am I
now? Where am I

going? How will I get there? Potential investors, suppliers, and even
customers will request

or require a business plan.

OR
Illustrate about financial plan and launching formalities required for
an entrepreneur? CO3

Financial Plan:-
11
Before developing the Pro forma income statements, the entrepreneur should
Understand 10M
prepare

operating and capital budgets. If the entrepreneur is a sole proprietor, then he or

she is responsible for

Form No. AC 27. 00.2018 | GMR Institute of Technology, Rajam, Andhra Pradesh. Note to the Students: The
question papers are set in accordance with OBE capturing various cognitive levels of RBT as well as expected
AC 27 COs. This direct assessment tool of Descriptive Examinations is deployed to test the Cognitive Level of
Students w.r.t. Lower Order Thinking Skills.
 Internal Question Paper

the budgeting decisions. In the case of a partnership, or wherever employs

exists the initial budgeting

process may begin with one of these individuals, depending on his or her roles
in the venture. Final

determination of these budgets will ultimately rest with the owners or

entrepreneurs. The important

information from this budget is the actual production require each month and in
the inventor that is

necessary to allow for sudden changes in demand. Thus, this budget reflects
seasonal demand or

marketing program that can increase demand and inventory.

The pro forma income statement will only reflect

Starting a new business is not rocket science if one keeps the basic legal
requirements in

mind. The present article lists down the main legal formalities required
to start a Company

form of business in India.

There are many forms in which a business can be organized. Usually,

the following models

are popular:

Sole Proprietorship

Partnership ,including Limited Liability Partnerships called (LLP)

Company – Public/Private

Course Coordinator / Instructor Head of the Department

Form No. AC 27. 00.2018 | GMR Institute of Technology, Rajam, Andhra Pradesh. Note to the Students: The
question papers are set in accordance with OBE capturing various cognitive levels of RBT as well as expected
AC 27 COs. This direct assessment tool of Descriptive Examinations is deployed to test the Cognitive Level of
Students w.r.t. Lower Order Thinking Skills.