Q1) Parameters in GETT
GETT (General Enterprising Tendency Test) usually checks these five things:
1. Need for achievement – how strong you want to succeed and do well. [1]
2. Need for autonomy/independence – how much you like to work on your own and take your
own decisions. [1]
3. Creative tendency – how much you like to think of new ideas and do things differently. [1]
4. Moderate risk-taking – whether you can take limited, sensible risks (not too high, not zero).
[1]
5. Drive and determination (locus of control) – how strongly you believe your actions can
change results and how persistent you are. [1]
Q2) Fill in the blanks (with simple meaning)
a. A Start-Up is a young company that searches for an unknown business model in order to
disrupt existing markets or create new ones. [1]
b. Mezzanine financing before an IPO serves as bridge funding, to provide capital for growth,
expansions, or acquisitions in the crucial period before a company goes public. [1]
c. Under the Start-Up India initiative, the Fund-of-Funds Scheme has been established with a
corpus of 10,000 crore rupees. [1]
d. Start-Ups strive for growth, whereas Small Scale Businesses aim for stability/survival
(running safely and steadily). [1]
e. Start-Up Genome Ranking evaluates start-up ecosystems across the globe. [1]
f. The approach of causation focuses on starting with a pre-defined goal and selecting means
to achieve it. [1]
g. Effectual mapping involves identifying and mapping an individual's core values to reveal the
existing means to start building a venture. [1]
h. An accelerator is a structured program designed to fast-track the growth of Start-Ups. [1]
i. Inorganic (or strategic) mergers and takeovers of the Start-Ups in various stages are usually
done by large corporations. [1]
(If your class notes use slightly different words for g, h, i, you can replace with those exact
terms.)
Q3) Short differences
a) Magician vs Mobilizer (entrepreneurial styles)
Magician
Relies on personal ideas, creativity, and vision.
Often starts alone, then brings in others later.
Believes “my unique idea will change things”.
Mobilizer
Focuses on gathering people, resources, and networks.
Works with many partners from the beginning.
Believes “together with others, we can build this”.
[1]
b) Small Scale Business vs Innovation-led Start-Up
Point Small scale business Innovation-led start-up
Main aim Stability and income for owner [1] High growth and scaling fast [1]
Innovation level Low; uses tried-and-tested methods [1] High; new product, service, or model [1]
Growth pattern Slow and steady, local [1] Very fast, often global [1]
Risk Lower, predictable [1] Higher, uncertain [1]
c) Business Incubators vs Accelerators
Point Business incubator Accelerator
Stage of start-up Very early idea / prototype stage [1] Early but already formed start-up [1]
Time duration Long term (often 1–3 years) [1] Short, fixed batch (3–6 months) [1]
Main support Space, mentoring, basic services [1] Intense mentoring, networking, demo day [1]
Focus Helping idea become a viable business [1] Fast growth and scaling [1]
Q4) Airbnb and Effectual Theory
Use the passage in Annexure-1 to connect each principle.
a) “Bird-in-hand” principle
“Bird-in-hand” = start with what you already have (who you are, what you know, whom you
know).
The founders used their own apartment, a few air mattresses, their design skills, and a
simple website to host guests during a conference. [1]
They did not wait for big funding; they started with their existing resources and skills. [1]
b) “Lemonade” principle
“Lemonade” = turning surprises and problems into opportunities.
When they lacked money, they created “Obama O’s” and “Cap’n McCain’s” cereal boxes
during the 2008 US election to raise funds and get media attention. A problem (no money)
became a creative opportunity. [1]
The 2008 financial crisis reduced spending but created a chance: people wanted extra
income by renting rooms and travelers wanted cheaper stays, which helped Airbnb grow. [1]
c) “Crazy Quilt” principle
“Crazy Quilt” = build a network of partners and co-create the business with them.
Early hosts acted like partners: they gave feedback, helped improve the platform, and
promoted Airbnb in their communities. [1]
Airbnb also later partnered through acquisitions and collaborations while expanding to new
cities and experiences, showing a patchwork of many contributors. [1]
If you want, a next step can be: “convert these same answers into very short bullet points for
last-minute revision.”
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1. [Link]