Engineering Startup & Entreprenurial Management
1Mark
1.d
2.a
3.b
4.a
5.b
6.b
6 Mark
7b) Major Responsibilities of the Board of Directors in
Startups (Point by Point)
1. Setting Vision and Strategy – Define the startup’s
mission, vision, and long-term strategic goals.
2. Appointing Key Management – Select, support, and
evaluate the CEO and top executives.
3. Corporate Governance – Ensure ethical practices,
transparency, and good governance standards.
4. Financial Oversight – Approve budgets, monitor
financial performance, and control fund utilization.
5. Risk Management – Identify business risks and ensure
proper risk-mitigation strategies.
6. Legal and Regulatory Compliance – Ensure the startup
follows laws, regulations, and statutory requirements.
7. Policy Formulation – Frame and approve major company
policies and operational guidelines.
8. Performance Monitoring – Review company
performance and guide corrective actions when required.
8a)
Identify the key roles that need to be filled
The startup first determines essential management positions
such as CEO, CTO, CFO, Operations Head, or Marketing
Head based on business needs.
Find individuals with the right skills and experience
Suitable candidates are identified who possess relevant
technical, managerial, and leadership skills required for the
startup’s growth stage.
Create a detailed job description for each role
Clear job descriptions are prepared specifying responsibilities,
authority, required qualifications, and performance
expectations.
Conduct interviews and reference checks
Candidates are evaluated through interviews to assess
competence and cultural fit, followed by reference checks to
verify credibility.
Make an offer to the selected candidate
The startup finalizes the selection and offers compensation,
equity, and incentives to onboard the right management talent.
9a)
Steps in Developing a New Product or Service (Brief)
1. Idea Generation – Identify new ideas based on customer
needs, market gaps, or innovation.
2. Idea Screening – Evaluate and select feasible ideas with
business potential.
3. Market Research – Study customer requirements,
competitors, and market demand.
4. Product/Service Design – Develop features,
specifications, and service processes.
5. Prototype Development – Create a sample or trial
version of the product/service.
6. Testing and Validation – Test the product with users and
gather feedback.
7. Commercialization – Launch the product/service into
the market.
10a)
Determining Roles of Top Management in a Startup
(Categorized)
1. Strategic Roles
• Defining vision, mission, and long-term goals
• Formulating business strategies and growth plans
• Identifying new market and expansion opportunities
2. Leadership & People Management Roles
• Building and leading the management team
• Motivating employees and creating work culture
• Talent acquisition and performance evaluation
3. Operational Roles
• Overseeing day-to-day operations
• Ensuring efficient use of resources
• Improving processes and productivity
4. Financial Roles
• Managing budgets and cash flow
• Securing funding and investor relations
• Financial planning and cost control
5. Governance & Control Roles
• Ensuring legal and regulatory compliance
• Risk management and internal controls
• Maintaining transparency and accountability
6. Innovation & Market Roles
• Driving innovation and product development
• Understanding customer needs
• Building brand and market positioning
10 Marks:
11a)
Steps Involved in Developing a Business Plan
1. Define Your Business Purpose and Goals
This is the foundation of the business plan. It clearly states
what the business is, why it exists, and what it aims to
achieve. It includes the business vision, mission, core values,
and short-term and long-term objectives. Clear goals help
guide decision-making and measure success.
2. Conduct Market Research and Analysis
This step involves a detailed study of the target market,
customer needs, market size, industry trends, and
competitors. Market research helps identify opportunities and
threats and ensures that there is real demand for the product or
service. It also helps in understanding customer behavior and
pricing expectations.
3. Create a Business Model and Strategy
In this stage, the startup decides how the business will
operate and earn revenue. It defines the value proposition,
pricing model, revenue streams, cost structure, and
competitive advantage. Business strategy explains how the
company will compete in the market and achieve growth.
4. Develop a Marketing Plan
The marketing plan explains how the business will reach,
attract, and retain customers. It includes product
positioning, pricing strategy, promotional activities,
advertising channels, sales strategy, and customer relationship
management. An effective marketing plan helps increase
brand awareness and sales.
5. Establish Operational and Financial Plans
This step describes the day-to-day operations of the
business, such as production process, technology, manpower,
suppliers, and logistics. The financial plan includes estimated
costs, revenue forecasts, profit projections, cash flow
statements, break-even analysis, and funding requirements.
This shows the financial feasibility of the business.
6. Review and Revise the Business Plan
The final step involves evaluating the entire business plan
to ensure accuracy and completeness. Feedback from mentors,
investors, or experts is considered, and necessary changes are
made. Since markets change, the business plan should be
reviewed and updated regularly.
12b) Explain the steps involved in market segmentation.
1. Target Audience / Market and The Size of The Market
Explanation:
• This step involves identifying the broad market that a
business wants to serve and estimating its potential size.
• Understanding the target market ensures that resources
are focused on a viable segment.
Example:
• A company wants to sell smartphones. The target
market could be tech-savvy individuals aged 18–35.
• Market size: There are 100 million smartphone users in
this age group in the country.
2. Set Expectations for the Targeted Audience
Explanation:
• Here, the company defines what the audience expects
from the product or service.
• This step ensures the product aligns with consumer needs
and avoids mismatched offerings.
Example:
• For the smartphone market, expectations could include
long battery life, high-quality camera, and fast
processing speed.
• Knowing these helps the company focus on features that
matter most.
3. Distinguish the Categories and The Subcategories of
Products
Explanation:
• Products are divided into categories and subcategories to
understand different needs within the same market.
• Helps in positioning the product for specific consumer
preferences.
Example:
• Smartphone categories: Budget, Mid-range, Premium.
• Subcategories for Premium: Gaming-focused,
Photography-focused, Business-focused.
4. Study or Research the Needs and Behavior of the
Targeted Consumers
Explanation:
• Conduct research to understand how consumers behave,
what motivates them, and what problems they face.
• Tools: surveys, interviews, focus groups, and online
analytics.
Example:
• Survey shows 60% of premium smartphone buyers
prioritize camera quality over battery life.
• Gaming-focused users prefer high refresh rate screens
and cooling features.
5. Strategize the Marketing Campaign
Explanation:
• After understanding the audience and their needs, create
targeted marketing campaigns.
• Tailor messaging, promotions, and channels for each
segment.
Example:
• For photography-focused premium smartphones: Ads
highlight camera quality, night mode, and professional
photography features.
• For gaming-focused premium smartphones: Ads
emphasize gaming performance, battery life, and fast
processors.