Entrepreneurial Journey

This page contains the CBSE entrepreneurship class 11 chapter Entrepreneurial Journey notes. You can find the questions/answers/solutions for the chapter 3 of CBSE class 11 entrepreneurship in this page.

The fields suitable for trailblazers are

The fields suitable for motivators are those which requires dealing with more people like

The fields suitable for collaborators are those which are customer oriented or retail in nature like

The fields suitable for diplomats are people oriented environments like

The “Go-getter” type of entrepreneurs have the following characteristics.

Brainstorming refers to the generation of ideas to solve a problem or to innovate new products or services to meeting the needs. In this, a group of people sit together an unstructured discussion. During this discussion one idea will lead to an another idea. At the end of the discussion, a number of ideas are generated. This is one of most productive methods to generate ideas.

Environmental scanning refers to the idea generation technique where in an entrepreneur gathers huge amount of information and analyzes this information to identify potential business opportunities from the emerging trends. To gather the information they use channels like news magazines, commercials, trade publications, government and consumer publications, reviews, journals, books, seminars, trade shows, family members, customers, friends etc. The ideas generated from this information are then evaluated against the prevailing environment.

A focus group consists of group of persons. One person acts as a moderator. The moderator initiates a group discussion or put other issues in front of the group. The focus group put forward their opinions about the topic. They provide information about the product or service under discussion, in a structured fashion. The focus group is an excellent way of generating new ideas and to screen proposed ideas and concepts.

The feasibility study is a controlled process which helps in

It helps in determining several alternatives associated with solving a problem and arrive at the most feasible solution before starting a venture.

The following are the various factors that contribute to the failure of business plan execution.

Opportunity assessment refers to the in-depth review of the business opportunity at hand. In the opportunity assessment the entrepreneur reviews and analyzes the following

This will prevent the entrepreneur from investing the time and money on non-profitable opportunities. It will also help them to unserstand what is required to exploit and succeed with potential opportunities.

The feasibility study is a controlled process which helps in

This information is very importance for the entrepreneur because it helps them to

Family plays critical role in the life of an entrepreneur.

Dell conducted a study on entrepreneurship prospects in India in January, 2012. The results revealed that the ideal country for women entrepreneurs to set up an enterprise is India. The woman entrepreneurs participated in the survey had expectations that the business growth would be around 90 percent in the coming 5 years.

Many woman entrepreneurs were interviewed during the survey and the final results of the survey were announced in June, 2014. The following were key findings from this survey.

1. Trailblazers: They are aggressive and risk-taking entrepreneurs who are

They want to take everything into their hands and are drive any task with lot of energy.

They make decisions based on

Their strengths make them best suited for

They can lay down best strategies for the operations and marketing.

They are highly innovative and like to start their own business instead of taking a franchise.

2. Go-getters:Go-getters are dominant and sociable entrepreneurs.

They’re self-driven and like to work independently and are competitive. They’re highly initiative and get the things done at a very fast pace.

They’ve a natural tendency to lead and manage people and processes. They are good leaders and good managers and motivate the people surrounding them.

They’re best suited for the retail industry.

They put their best in the new and challenging environments and drive the enterprise towards its goal.

3. Managers: The managers are independent and dominant.

Goal and process focused and not people oriented.

They are not always time-bound.

They are customer-oriented too and contribute a lot to the growth of business.

They love working independently with

They’re very good competitors and achieve the targets despite the odds in their way.

As they’ve difficulty in working with others, they should hire employees who are very good listeners and people oriented.

4. Motivators: Motivators love to work with others and motivate them to achieve the goal.

They are self-driven and independent.

They’re capable sustaining the work pressure and achieve better results.

They’re best suited for retail environment. However, they can achieve better targets in business which is people oriented.

They create a strong emotional argument and can overcome the challenges and provide excellent customer service in the challenging environment.

They are good in leadership or sales domains.

They lover to work under partnership and are best suited in a business where customer retention is critical.

5. Authoritarians: They are key contributors in the society. Whether it is a product or service, they always do it themselves. They always do it in the right way. Thy prove out to be a successful entrepreneur when they taken up an already established business rather than starting it from scratch.They always do the things right as they are

Apart from this, they tend to be very cooperative and love to take up others work. They have a strong affection to follow the

The most suitable businesses for this type of entrepreneurs are those where in the there is a strong need for product or service. dry cleaning stores, convenience stores etc. They provide very good customer care and very good at increasing the number of customers.

Mostly they land in a business that they never thought of and for this reason they are sometimes referred to as accidental entrepreneurs. Their full potential is realized if they land into a business which matches with their experience.

They do not have a natural tendency to prospect. So, they shine in a business where the customers are drawn to the business. They can shine in other businesses too if they have a business partner who has a natural tendency to networking or prospect. For this reason they will be successful if they take up a franchise or buy an existing business, as the business promotion is well taken care of by someone else.

6. Collaborators: Collaborators are highly socializing by nature. They take advantage of this characteristic to get their work done. They can handle people side of the business very well. To handle the other side of the business, they should partner with someone who can take aggressive role in establishing a new business. They have good inclination to implement the rules and regulations.Being highly sociable, they can be most successful in retail or service oriented or in a business where influencing others is critical. When the business itself involves people, they are the most suitable. Their skill set can be best utilized in sales and marketing as they are very good in business promotion, especially in warm selling.

7. Diplomats: Diplomats

They want to get the things with a high sense of urgency.

They like to try out different things.

They want to get the work done with compliance and want to get the work done at their full capacity.

They are multitasking.

They are charged with lot of energy and deal their favorite parts of the business at their full capacity.

They are good at working with the things themselves and they do not usually prefer to delegate the details.

They have two important elements in them that are critical for success i.e., self-driven and highly sociable. Due to this reason, they are considered as the best of the specialist entrepreneurs. They’re not rainmakers but once they get into the business they provide the best in class service to retain the customers and provide complete customer satisfaction.

Businesses that are retail in nature and that have people oriented environment are most suitable for this type of entrepreneurs. They are both empathetic and outgoing. Due to this reason, the others like them well. As they have difficulty to assert themselves and holding others accountable, they need employees who are strong and result-oriented to meet the business priorities.

The following are the sources of generation of business ideas.

1. Environmental Scanning: Environmental scanning refers to the idea generation technique where in an entrepreneur gathers huge amount of information and analyzes this information to identify potential business opportunities from the emerging trends. To gather the information they use channels like news magazines, commercials, trade publications, government and consumer publications, reviews, journals, books, seminars, trade shows, family members, customers, friends etc. The ideas generated from this information are then evaluated against the prevailing environment.

2. Creativity: Creativity refers to the process of where in two or more ideas are combined in a new way and create innovative association among them.

Creativity requires looking a problem in a new

This process leads to a structured approach in which a number of creative alternate solution to a problem at hand can be developed.

Few examples include

3. Brainstorming Brainstorming refers to the generation of ideas to solve a problem or to innovate new products or services to meeting the needs. In this, a group of people sit together an unstructured discussion. During this discussion one idea will lead to an another idea. At the end of the discussion, a number of ideas are generated. This is one of most productive methods to generate ideas.

4. Focus Groups: A focus group consists of group of persons. One person acts as a moderator. The moderator initiates a group discussion or put other issues in front of the group. The focus group put forward their opinions about the topic. They provide information about the product or service under discussion, in a structured fashion. The focus group is an excellent way of generating new ideas and to screen proposed ideas and concepts.

5. Market Research: In this process the information is procured about products or services that are prevailing in the market. The information thus gathered is then deeply studied in a structured fashion. This gives the demand supply gap that is prevailing in the market for this product or service. This leads to innovative ideas about a product or service.

There’re four types of feasibility study, described below.

1. Technical: Technical feasibility is study of available technical resources at disposal and how we can make use of these resources to introduce a product or service

The following are the various resources that are examined under technical feasibility.

2. Financial: This includes the assessment of

3. Market: This includes assessment of

4. Organizational: The organizational feasibility focuses on whether the business is capable of meeting its goals or objectives or not. This includes the study of

A business plan serves the following purposes

The business plan depends on the size of the business under consideration. It gives the direction in which the business should flow and the sequence of steps required to implement the business. At various stages it acts as a reference point help the entrepreneur to get a gauge of the milestones achieved and change the strategies accordingly. The various elements of the business plan are as follows:

1. General Introduction: This includes the following details of the business

2. Business Concept: This includes the details of the

3. Organization Plan: This includes the details of the

4. Manufacturing plan: This includes the details of

5. HR Plan: This includes the details of the

6. Financial This includes the details of the

7. Sales and Marketing Plan: This includes the details of the

7. Others: This includes the details of the

Every entrepreneur should following the following fundamentals and processes while executing a business plan.

The following are the challenges faced by a woman entrepreneur.

1. Male domination: In India, the society is mainly male-dominated right from old days. This poses problem for the woman entrepreneur to deal with the gender discrimination.

2. Limited Opportunities: The percentage of educated women is very less. In some places women are facing problems due to illiteracy. This is a big challenge for a woman to become entrepreneur. They do not have enough knowledge to succeed as an entrepreneur though they have excellent skillset in one area or the other.

3. Reachability to technology:They lack of availability of enough information about the latest development in production, marketing and technologies is a set back for woman entrepreneurs.

4. Social limitations: Some of the customs and traditions prevailing in the society stand in the way of they growth and prosperity. This problem is more severe in the rural areas. Lack of proper education increases this problem further.

5. Lack of enough support from investors and financiers: There is not enough support for the woman entrepreneurs when it comes to the funding for a specific business. Many investors and financiers are not supportive in this regard. Despite a very low rate of bad debts, they still face lack of support. Though women have proved to be successful through self-help group in micro finance, they still face problems in getting enough funding for their business.

6. Lack of reachability to organized sector: Though they are skilled, women are mostly confined to the unorganized sector. This is a major drawback for them. Lack of education and awareness is keeping them away from the organized sector and from reaping the benefits of the organized sector. Though they have leadership skills they are not able to fully utilize their potential.

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