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Entrepreneurship long questions solution
Entrepreneurship long questions solution
1.Explain the various forces that are driving the growth of entrepreneurship in
the contemporary world. ( 2 times )
3. Changing workforce dynamics: The rise of the gig economy and remote
work has led to an increase in entrepreneurship, as people seek flexible
and fulfilling career options.
2.Explain why and how the small business must create a competitive
advantage in the market . ( 3 Times)
1. Differentiation: Stand out from the competition and avoid being seen
as a commodity.
2. Customer loyalty: Attract and retain customers by offering something
unique and valuable.
3. Market share: Gain a larger share of the market by offering a superior
product or service.
4. Pricing power: Charge premium prices for a unique or high-value
offering.
5. Sustainability: Build a sustainable business model that withstands
market fluctuations.
How to create a competitive advantage:
3.Define innovation and creativity. What are the key factors that an
entrepreneur must consider while preparing a business model.(3 Times)
Innovation:
Creativity:
11. Scalability: Design a business model that can adapt and scale as the
business grows.
1. Define the research objective: Clearly articulate the research goals and
questions to be answered.
2. Identify the target audience: Determine the demographic, geographic,
and psychographic characteristics of the target market.
6.What is business plan? Explain with giving details about its major
components. (2 times)
✓ Start-up costs
✓ Growth capital
✓ Investment ask (if applicable)
2. Proven concept: The business model has been tested and proven,
reducing the risk of starting a new venture.
2. Potential liabilities: The business may come with existing debts, legal
issues, or other liabilities that become the buyer’s responsibility.
Additional considerations:
8.What are the important factors which attract the potential lenders and
investors while reviewing business plan?
When reviewing a business plan, potential lenders and investors look for
several key factors that demonstrate the viability and potential of the
business. Here are some important factors that attract lenders and
investors:
10. Exit strategy: A plan for how investors will exit the investment, such
as through an acquisition or IPO.
11. Industry trends: A understanding of the industry trends and how the
business will adapt to changes.
12. Marketing and sales strategy: A clear plan for how the business will
attract and retain customers.
13. Operational efficiency: A plan for how the business will manage
resources, supply chain, and logistics.
2. Target audience: Who are your ideal customers, and what are their
online shopping habits?
18. Scalability: Choose solutions that can adapt to growing traffic and
sales.
20. Team and expertise: Assemble a team with the necessary skills and
expertise to manage and grow the e-commerce business.
Carefully considering these factors will help you build a solid foundation
for a successful e-commerce venture.
7. Strong work ethic: Entrepreneurs are willing to put in the hard work
necessary to get their business off the ground. They are willing to put in
long hours and make sacrifices in order to achieve their goals.
These characteristics are not exhaustive, but they provide a general idea
of the qualities and traits that are commonly found in successful
entrepreneurs.
By following these steps and tips, you’ll conduct thorough market research
that informs your new venture’s strategy and sets it up for success.
2. Idea Evaluation:
3. Business Planning:
4. Venture Creation:
1. Pivot or Persevere:
2. Exit or Transition:
13.What might be one of the main reasons for young people to be involved in
business?
One of the main reasons for young people to be involved in business is to gain
independence and autonomy.
By starting their own business or taking on leadership roles, young people
can:
It’s worth noting that these reasons may vary depending on the individual, and
some may be more important than others. But overall, being involved in
business can be a transformative experience for young people, helping them
develop important skills, build confidence, and achieve their goals.
14.Briefly explain any five mental locks that can limit individual creativity.
Here are five mental locks that can limit individual creativity:
1. Fear of Failure: The fear of failure can lead to risk aversion, causing
individuals to stick to familiar ideas and avoid exploring new possibilities.
2. Fixed Mindset: A fixed mindset assumes that abilities and intelligence are
fixed, limiting the potential for growth and development. This belief can
lead to a fear of taking on new challenges and exploring creative ideas.
4. Conformity: The desire to fit in and avoid social rejection can lead to a
suppression of unique ideas and a tendency to conform to established
norms and expectations.
Best of luck