Unit 4- Entrepreneurship as Innovation and problem solving
When there is improvement in technique of production, the industry which hasn't improved its techniques may lose the market for its inferior quality products. Example: Packaging industry has increases the shelf life of varous producta like chips, milk etc
. Define Technological factors with examples.
It is an ability of an organisation to collect maintain and organise data
.Define Business intelligence
Kellogs, Potato chips etc
.Give two examples of innovation leading to Entrepreneurial Ventures.
Socially Aware, Social Catalysts, Opportunity seeking, Innovation, Resourceful and accountable
.List six characteristics of Social Entrepreneurship.
Internal and External risks
Classify risks according to their place of origin.
Social entrpreneurs are accountable to to their beneficiarfies as investors would want to know whether their contributions are leading to social improvement or not.
Define Accountability aware as a characteristic of social entrepreneur
They occur from changes in the prevailing market conditions.Example: Price fluctuations, changes in demand, taste and prefernces, unemployment etc
Define Economic factors.
Visionaries create fundamental and social change by creating sustainable improvements.
Define Social catalyst as a characteristic of social entrepreneur
They aim for social impact rather then profit making. the success is measured by social improvement, not by amount of profit generation.
Define Socially aware as a characteristic of social entrepreneur
nsurable risks can be insured Eample: Fire, theft Non Insurable risk can't be insured Ex. Fluctuation in price and demand
Distinguish between insurable and non-isurable risk with example.
Strikes and Lock-outs Dishonesty of an employee accidents in the industry Failure of suppliers to supply the material
Give examples of human factors.
Failure of machinery and equipments Theft or fire damages in transit of goods. Compensation paid by the firm to the third parties
Give examples of phisical factors.
Helps in strategic decisions creating new business models develop new opportunities improves performance
Give the importance of Business intelligence.
Verghese Kurian(Amul) Ela Bhatt (SEWA)
Give two examples of social entrepreneurs.
Indian istitute of entrepreneurship Training and development centre Small industries service institutions National alliances of young entrepreneurs
List 4 institutions involved in Entrepreneurship Development program(EDP)
Micro, small and medium enterprises (MSME) SIDMI(small industries development bank of India) micro finance programme NSIC shemes( National small industries corporation) SIDBI schemes
List 4 schemes implemented for entrepreneurs by the government
.Economic Social cultural political
List various environmental barriers
Economic factors Natural factors Political factors
List various factors of external risks.
Human factors Technological factors Physical factors
List various factors of internal risks.
Motivational perceptual
List various personal barriers.
It is preconceived notions against a particular business acitivity will leve limited choices.Ex choosing venture according to one's gender.
What are Perceptual factors?
The factors which are responsible for economic development like land, labour, capital, material, market etc.
What are economics factors?
They result from political changes in the country like violence, civil war, Government policies and regulations.
What are political factors.
It helps an orgainsation to uplaod all its data on to a cloud and hen they can use it remotely wherever it is required.
What is cloud computing?
The final objective of Entrepreneurship is wealth creation whereas social entrepreneur participates in profit making to use profits for creating social welfare programs.
What is the difference between Entrepreneur and Social Entrepreneur.
Entrpreneurial actions are efforts to solve problems for others. They take risks but create a new value by solving a customer or market problem which is the key to creating a profitable enterprise.
Why are entrpreneurs called problem solvers?
