Q1 What is the difference between Entrepreneurship and Business Man with example?
Entrepreneurship is defined as, the art of turning a unique idea into a business.
Example Elon Musk is a classic example of an entrepreneur. He started companies like Tesla and
SpaceX with groundbreaking ideas in electric vehicles and space travel.
Businessman manages and grows established businesses in existing markets.
Example KFC, Cheezious.
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Q2 What is Entrepreneur? Write their Economic Impact on Society?
The person who has a unique Idea is called Entrepreneur.
Innovation: Is the process of creating something new
Jobs: SMEs and entrepreneurs drive growth, create jobs, and promote innovation and inclusion.
Society: They make life easier, healthier, and more productive.
Big Companies: They help big firms work smarter and faster.
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Q3 What are Myths About Entrepreneurs?
Entrepreneurs Are Born Not Made
Entrepreneurs Are Gamblers
Entrepreneurs Are Motivated Primarily by Money
Entrepreneurs Should Be Young and Energetic
Entrepreneurs Love the Spotlight
Q4 What is an opportunity? Write their essential quality? What is the window of opportunities?
Explain example.
Opportunity is a Favorable set of circumstance that create a need for a new product/service or
business.
There are four essential Qualities of Opportunity.
Attractive: Is this product make some profit.
Timely: Is it needed now.
Durable: Is this product being for life time or for some years.
Unique: Is this being different form other product which attract the customer.
Window of opportunity means the limited time period in which a firm can successfully enter a new
market.
Example: As the war of Israel and Falatine starts at that time opportunity create for gourment and
cola next for a time) due to boycot of coca-cola and pepsi
Q5 Techniques to generate ideas? Diff b/w brain storming and focus group? Essential for key
resources
Techniques For Generating Ideas:
Brainstorming, Focus Groups, Library and Internet Research
Brainstorming
A brainstorming “session” typically involves a group of people, and should be targeted to a specific
topic.
Rules for a brainstorming session:
• No criticism.
• Freewheeling is encouraged.
• The session should move quickly.
• Leap-frogging is encouraged.
Focus Groups
A focus group is a small gathering of 5–10 people, which shared relevant expertise to a specific topic.
It helps to refine business ideas.
Essential key resources: -
intellectual property (patents, trademarks, copyrights, etc.)
physical holdings (factories, offices, delivery vans, etc.)
finances (the initial cash needed to start your brand).
human capital. (Are you going to need highly specialized software engineers? Or field-based sales
teams?)
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Q6 How to identify opportunity? Different between solving a problem and finding a gap?
There are three ways to identify Opportunity.
Observing Trends:
Economic forces. (Economic trends help determine areas that are ripe for new startups and areas
that startups should avoid.)
Social forces. (Social trends alter how people and businesses behave and set their priorities. These
trends provide opportunities for new businesses to accommodate the changes.)
Technological advances. (Once a technology is created, products often emerge to advance it.)
Political action and regulatory change. (Political action and regulatory changes also provide the basis
for opportunities.)
Solving a Problem: Finding issues people face and creating solutions.
Example:
A problem facing the U.S. and other countries is finding alternatives to fossil fuels.
A large number of entrepreneurial firms, like this wind farm, are being launched to solve this
problem.
Finding Gaps in the Marketplace: A gap in the marketplace is often created when a product or
service is needed by a specific group of people but doesn’t represent a large enough market to be of
interest to mainstream retailers or manufacturers.
Example:
In 2000 Tish Cirovolv realized there were no guitars on the market made specifically for women. To
fill this gap, she started Daisy Rock Guitars, a company that makes guitars just for women.
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