Ncert Solutions Chapter-1 Entrepreneurial Opportunity class 12 Questions and Answers

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NCERT Solutions for Class 12 Chapter-1 Entrepreneurial Opportunity class 12 Questions and Answers

Class12th 
Chapter NameEntrepreneurial Opportunity
Chapter number01
Book NCERT
SubjectEntrepreneurship
Medium English
Study MaterialsImportant questions answers
Download PDFentrepreneurial opportunity class 12 notes pdf

NCERT Solutions for Class 12 Entrepreneurial Opportunity class 12 Questions and Answers


An adventurer is a person who courageously undertakes production work and earns profit from its sale. Any businessman or industrialist runs his business or industry with courage. He takes risks. In return for taking this risk, the adventurer receives income 3 in the form of profit. 

NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Opportunity

In reality, an entrepreneur is an economic man who runs a business by pooling capital and labour. It tries to maximize its profits. Adventurers mainly do business by taking risks and taking courage.

Completes the adventurous adventure process of identifying adventurous opportunities. Adventure is typically a new idea for a business. This process is carried out through various activities such as introducing a new product, using a new method of production, entering a new market area, or developing a new method.

Creating an organization, collecting the means of production, working to support them, etc. An adventurer has various characteristics like the ability to take risks, think of new tasks, ability to organize, ability to create something and do business work by facing challenges etc.

There are many major functions of an entrepreneur like taking risks, selecting the business, selecting the production, choosing the system of management and operation of the business, arranging the raw materials for doing the production work, implementing the technology of production and managing the production. Making arrangements for sale of goods etc.

Every adventurer mainly keeps three things in mind while identifying adventurous opportunities – the objective of doing business, the decision to achieve the goal of the business and trying to get maximum profit. 

By identifying opportunities correctly, adventurers become successful in their business work. Only after identifying the business opportunities, when the entrepreneur utilizes them properly, only then he get maximum profit from his production work and business. As a result, one is successful in his business work.


VERY SHORT ANSWER TYPE QUESTIONS


1. What do you understand by courageous?

Ans. In the field of commerce, business and industry, the person or businessman who runs the business courageously while taking risks is called courageous. In industries, production works by bearing the adventurous uncertainties and risks. From this work they get income in the form of profit.

2. Write the definition of adventurous given by Oxford dictionary. 

Ans. An adventurer is a person who takes up any undertaking. It is also called a contractor who acts as an intermediary between capital and labour.

3. What is entrepreneurship?

Ans. Entrepreneurship or adventurous activities means looking at tasks, investment, seeing production opportunities, organizing the enterprise, producing in a new method, obtaining capital, collecting labor and materials and selection of high ranking officers and managers. Who will carry out the day-to-day operations of the organization.

4. What are the characteristics of a courageous person?

Ans. The characteristics of a courageous person are as follows: (i) Ability to take risks (ii) Thinking of new tasks (iii) Ability to create creation (iv) Ability to organize (v) Acceptance of challenges.

5. Write the actions of the adventurer.

Ans. Following are the functions of an entrepreneur: (i) Risk taking (ii) Business management and decision making (iii) Business selection (iv) Selection of production (v) Selection of plant size (vi) Selection of place of production (vii) Sales. Organization (viii) Running new promotion method (ix) Establishing coordination (x) Management of raw product by adventurers.

6. What are the three factors of assessing opportunities?

Ans. The three components or elements of assessing opportunities are – (i) identifying and retaining basic ideas (ii) obtaining information and knowledge from various sources and. Creation and generation.

7. What are the different points of identification of opportunities?

Ans. The various points of identification of opportunity,es are as follows – (i) Benefits (ii) Progress (iii) Strengths (iv) Employee satisfactiothe n and development (v) Quality products and services (vi) Marketing leadership (vii) Challenges (viii) Joy of making (ix) Services to society (x) Good civility.

8. What is the meawhichg of courage?

Ans. The word courage is derived from the French word ‘Entreprendre’ in French measurement. It is said which means taking some work in hand.

9. Give the definition of courageous given by EE Hagen.

 Ans. E. E. Hagen, while giving the definition of Entrepreneur, has said that I am an economic man who tries or searches to maximize his profit. In this search, the entrepreneur gets self-satisfaction by solving problems in which he Solves problems using his abilities.

10. What does the changing environment of business mean?

Ans. When a new environment appears in the field of commerce and business, it is called the changing environment of business. Under the changing environment, new technologies emerge and new opportunities for doing business become available. Adventurers run their business operations by exploiting new opportunities. Manage and operate the business to adapt to the changing new environment. Adventurers try to earn maximum profits by venturing into new opportunities.


SHORT ANSWER TYPE QUESTIONS


1. Define entrepreneurship. Which activities are included in this? 

Ans. While giving the definition of entrepreneurship or adventurous work, it can be said that seeing the work, investment, seeing the production opportunities, organizing the enterprise, producing in a new method, obtaining capital, collecting labor and material and higher Selection of position officers and managers who will carry out the day-to-day operations of the organization. 

(Entrepreneurship is meant the function of seeing investment and production opportunity, organising an enterprise to undertake a new production process, raising capital, having labour, arranging for suppling of raw material and selecting top managers for to day operation of the enterprise.)

Adventure is typically a new idea for a business. This activity includes the following activities: (i) Introducing a new product (ii) Using a new method of production (iii) Entering a new market segment (iv) Obtaining material from a new source. v) Creating a new type of organization.

Business adventure is a social decision activity which is carried out by the economic explorer. It is such a tendency of a person in which a person uses all the leadership qualities to earn profit by organizing a business. 

. Explain the difference between entrepreneur and entrepreneurship.

Ans. Many times the words entrepreneur and entrepreneurship are used interchangeably but in reality they are conceptually different. The difference between the two is explained in the following table-

entrepreneurentrepreneurship
(i) Entrepreneur is an individual.Entrepreneurship is an action plan.
(ii) The entrepreneur is an administrator.Entrepreneurship is administration.
(iii) The entrepreneur is a risk bearerThis is a risk bearing activity.
(iv) Entrepreneur is creative.This is the process of creation.
(v) The entrepreneur mixes the factors of production.It is the process of using the components of production.
(vi) The entrepreneur is ceremonial.Entrepreneurship acknowledges celebration.
(vii) The entrepreneur is a guide.Entrepreneurship is nothing but guidance.

It is clear from the above that entrepreneur is an individual whereas entrepreneurship denotes a process by which innovation is given concrete shape. Entrepreneurial activities are carried out collectively. Therefore, entrepreneurship is the workplace of the entrepreneur.

3. What is entrepreneurship?

Ans. Entrepreneurship is the intellectual tendency to take possible risks with integrity and confidence to achieve pre-determined business or industrial objectives. It is a person’s ability to take risks with proper decision making. Taking risks, independently and individually, so as to get maximum benefit from the opportunity, working in a market-oriented economy etc. is an effective characteristic of modern entrepreneurship.

For developing countries like India, there is a need for a new breed of entrepreneurs as economic progress has to go hand in hand with social justice. Therefore, entrepreneurship in India has to function subject to the fulfillment of national goals because there is a clear impasse between economic imperatives and social objectives. 

For this, first of all the individual entrepreneur should remove this impasse from his mind and then consider economic and industrial development as a means of progressing social goals. Therefore, a distinctive feature of emerging entrepreneurship in India is to have a high level of responsibility. 

4. Entrepreneurship is a process, how?

Ans, Entrepreneurship is a process completed at different levels-

Level 1. Real-world changes: Any change in the socio-economic environment affects the life style. Changes in lifestyle demand new products and new products are developed with new ideas.

Level 2. New environment and new lifestyle demand new ideas. New product ideas are obtained from various sources such as customers and competitors. Good ideas are created through inspiration, hard work and techniques. By examining these ideas, trivial and impractical ideas are discarded.

Level 3. Small-scale ideas generated from testing ideas are developed into new products. Ventures are undertaken to develop ideas into products. Starting a new venture is the third level.

4. Collecting internal resources is the fourth link in the entrepreneurship process. Use of internal resources can be called entrepreneurship.

5. An entrepreneur has to organize and coordinate various activities to achieve his organizational goals. Co-operation of various activities is the last level.

There are many ways to become an entrepreneur, such as taking over an existing business, starting a new business, taking up a franchise (i.e. a business developed by another manufacturer and entrepreneur).

The business of manufacturing that product based on that product). 

5. Throw light on the innovative ideology of the entrepreneur.

Ans. Shri R. A. According to the definition given by Sharma, “An entrepreneur is a person who identifies and evaluates new circumstances from his environment and directs the economic system to make appropriate adjustments.” Conceiving an enterprise for this purpose and displaying immense courage, strength of character and devotion to bring the plan into fruition,

Performs any of the following tasks in the process-

(a) Envisioning profitable investment opportunities,

(b) Consideration of starting a construction venture to give shape to the project,

(c) Obtaining necessary industrial licenses,

(d) Raising initial capital, 

(e) Providing personal guarantees to financial institutions, 

(f) To promise to make good the shortfall in capital and

(8) Presenting technical knowledge. 

The idea of ​​entrepreneurship gained momentum in the 1980s but the definition of the same term is still unclear. There is still no consensus in the definition of the word entrepreneur. Kildi compares the entrepreneur to a big animal, the Heffacamp, which was hunted by many people but never caught by anyone. All the people who claim to have seenThe usee animal explain its peculiarities differently, but there is no agreement in their interpretations.

6. Describe the characteristics of a courageous person.

Ans. There are various characteristics of an adventurer which are as follows-

(i) Ability to take Risk: An entrepreneur should have the ability to take risk. Because profit is related to risk and uncertainty, entrepreneurs who have low risk appetite cannot earn profit and their business cannot survive for a long time.

(ii) Thinking of new tasks (Ability to Innovate) – A courageous person should keep trying to find new challenging tasks and carry them out competently. He should find opportunities for profit and exploit them with his ability and skill.

(iii) Ability of Creation – An adventurer should have the ability to do something new. Only the adventurer who has the desire to do something new conducts business keeping the entire environment in mind.

(iv) Ability of Organization – An entrepreneur should have the ability to organize, only then he can run the business and earn profit in it. If in adventurer

If he does not have this quality then he cannot achieve the desired results.

(v) Accepting Challenges – Today’s business environment is affected by competition, only the ability of a courageous person can solve this challenging task.

7. Define entrepreneurship.

Ans. Entrepreneurship is a multifaceted activity which has been defined differently by different scholars. Some of the definitions given by him have been analyzed as follows-

1. Entrepreneurship means finding investment and production opportunities, forming a new enterprise by adopting a new production process, raising capital, providing labour, arranging the supply of raw materials, selection of location, new technologies and materials. It is a combination of activities like obtaining information from sources and appointing top managers for the day-to-day functioning of the enterprise.

This definition is related to the functions of an entrepreneur. Under these activities, economic activities are carried out, risk, risk bearing, creation of something new and formation and coordination of resources are included.

2. Under the definition of entrepreneurship, basically such work is done which is not done in the ordinary course of business. -Schumpeter J. A.

This definition has emphasized Schumpeter’s innovation process which is driven by the entrepreneur. It involves gathering resources, combining skills and providing leadership to make the business successful.

3. Entrepreneurship is a dynamic process of generating additional wealth. This wealth is created by individuals who contribute value to a product or service by committing capital, time, and effort. Provide value to a product or service. The product or force may not be unique in itself, but value is created in them by the combination of qualities and resources required by the entrepreneur. -Ronight Robert C. In this definition, the end result of the entrepreneurship process is the creation of additional wealth. Value creation is a risky process, but the entrepreneur needs to minimize the risks in the investment of capital and time.

4. “Entrepreneurship is unleashed when resources are redirected, resources are ensured for progress and administrative efficiency is enriched. Entrepreneurship is not natural, it lies in taking action. Entrepreneurship is related to the management of risk. Drucker Peter F.

In the above definition, Drucker describes entrepreneurship as management oriented. He again makes it clear that entrepreneurial organizations consider different management than the present management essential for their success. But according to the present situation, management should be system-based, organized and objective. 

Even though group rules are the same for every enterprise, existing businesses, public service organizations and new enterprises present different challenges and problems, on top of that, efforts to curb disruptive tendencies in them are essential. Individual entrepreneurs must decide their own roles and commitments.

8. Differentiate between an adventurer and an employee.

Ans. According to Stevenson, “Every person can earn something by selling, this means that a person can earn something by selling, such as by selling goods, food, electrical goods and services like teaching, wooden goods, Repairing scooters etc.”

The difference between an employee and an adventurer is as follows-

Employee

(i) The employee sells someone else’s product and his services.

(ii) The employee is only a laborer, he sells his labour.

(iv) The employee has to work as per the orders of the employer.

Entrepreneurship

The adventurer sells his goods and services. Both the worker and the master are courageous.

(iii) There is no risk to the employee. The adventurer takes all the risk. A courageous person is independent and does not have to take orders from anyone.


long answer questions


1. Define entrepreneur and explain its meaning. (Define entrepreneur and clear its meaning.)

Ans. An interesting history regarding the word ‘entrepreneur’ is found in the expansion of the French language, the explanation of which is found in the languages ​​given by the following entrepreneurs and famous economists –

(i) According to Cantillon, “An entrepreneur is an agent who purchases various means of production at fixed prices for the manufacture of a product and resolves to sell it, at present, at uncertain prices.”

In this definition, Cantillon has emphasized taking risks and bearing uncertainty by the ‘entrepreneur’. Entrepreneur is said to be that businessman who purchases the means of production and arranges them for salable products.

(ii) According to the New Encyclopaedia Britannica dictionary, “Entrepreneur is a person who runs a business amidst uncertain future circumstances.”

This definition deals with an uncertain future amidst which the entrepreneur operates the business taking risks.

(iii) According to Peter F. Drucker, “Entrepreneurial innovation is a special instrument of entrepreneurship. This is the activity which provides the entrepreneur with the means by which he creates money. “New construction is the soul of this instrument.”

Peter F. According to Drucker, successful enlabourereurs are successful, regardless of their personal motivations. Like money, power, creativity or desire to gain name and fame etc., entrepreneurs contribute by creating value in products or services. 

Their aim is always to reach great heights, they are not limited to just making choices or modifications. They try to create new and different values ​​and convert a material into a resource or create a new or better productive mix from existing resources.

(iv) According to Danhof, “The main concern of the entrepreneur is to make such changes in the formula of production, over which he has complete control, he pays less attention to the implementation of the formula.”

(v) According to the International Labor Organization, “Entrepreneur is a person who identifies business opportunities, evaluates them properly and does appropriate work with the aim of taking advantage of them.

(vi) According to Webster’s New World Dictionary, “Entrepreneur is a person who forms a business enterprise and takes the nAn entrepreneurks to earn profa

(vii) According to Oxford English Dictionary, “Entrepreneur is a person who takes responsibility of an enterprise and acts as an intermediary between capital and labour.

On the basis of the above definitions, we can say that entrepreneurs are the agents of bringing change and expansion in the market economy and remain dynamic in creating, spreading and experimenting with new ideas. In this sequence, they not only ensure best use of resources but also expand the boundaries of economic activities. Entrepreneurs not only seek potentially profitable economic opportunities but also take risks to make their goals worthwhile.

2. Discuss the nature of the entrepreneur.

Ans. The entrepreneur is expected to identify opportunities from environmental changes and use the factors of production to create new products and services.

In doing so he is inspired by the following elements-

(a) Desire to establish a private business empire,

(b) Desire to prove one’s excellence and

(c) Happiness in creating things or getting things done or satisfaction gained from using one’s power and intelligence.

In this process, the adventurer is expected to have the qualities and values ​​related to enacting the expected adventurous behavior. The expected adventurous values ​​and qualities have been termed adventurous acquaintanceship. Bold acquaintance is a prerequisite for an entrepreneur. The following elements are included in adventurous acquaintanceship:

(i) Ability to bear risk.

(i) Change process,

(iii) ambition,

(iv) Profit potential only

(v) Positive attitude towards management and workers.

The term ‘entrepreneur’ can be used for those people who give birth to innovation, start enterprises accordingly and, based on their independent initiative, provide added value to the society.

Among adventurous professions, entrepreneurs have unique qualities compared to other professionals. He prefers to take risks and start his own venture rather than work under someone else. From the point of view of motivation, the desire to succeed would be a strong desire to gain the necessary authority and affiliation. Again, the profit element motivates the potential entrepreneur to start new business activities or expand the existing activities. 

Therefore, profit is the factor that encourages the entrepreneur to organize the factors of production and use them for development. This does not at all mean that the adventurer is only concerned with monetary benefits. He is an innovative thinker, which he embodies with the aim of achieving a certain goal, and many times, in doing so, he gets more benefits than money. 

They require a suitable social environment to function effectively. This social environment plays a meaningful role in the industrialization of any area. Industrially backward areas have the necessary infrastructure and financial incentives but lack adventurers who have positive behaviour, culture and necessary values.

3. Describe the actions of the adventurer.

Ans. Following are the duties of an adventurer-

(i) Risk bearing – Risk bearing is an important task for every adventurer. There are two types of risks –

(1) Certain risk – The adventurer can reduce the amount of risk by insuring some risks; Such as theft, loss due to fire and accidents etc.

(2) Uncertain risk – Some risks are not certain, there is always a possibility of loss due to them and they are also not insured. These risks are as follows – (i) Loss due to change in demand, (ii) Loss due to change in technology, (iii) Change in fashion, (iv) Change in interest.

(ii) Entrepreneur manage the business and take decision – Another important function of the entrepreneur is to manage the business and take business related decisions. Due to good management, businesses can get good results. If the businessman is not successful in doing so, he will have to bear losses. To avoid this, he has to take many decisions from time to time according to the changing circumstances.

(iii) Selection of business – An adventurer also has the task of selecting a business. There are different types of businesses, which one should be selected keeping in mind its capability, capital, competition of the business and demand for the product etc. Like cotton textile industry, cement industry, these will require more capital and qualification. On the other hand, running a general shop, washing clothes, or selling books requires little capital.

(iv) Selection of Product – An entrepreneur also has to decide which product to produce. He also has to decide whether this product should be made, how to make it, and for whom it should be made. For example, in the textile industry, it is necessary to The followingether the cloth should be made of cotton or silk.

(v) Decision on Plant Size: The adventurer has to decide what should be the size of the plant? Whether he has to set up a factory or open one shop or several shops, all this is also related to the product demand. If the demand for the product is high then the product can be supplied only by big size items.

(vi) Selection of production place – It is the adventurer who has to select the place of production. This may be a single place of production in a particular city or even in several cities. While selecting the location he should also consider:

Procurement of raw products, appropriate amount of skilled employees, amount of capital and government policy etc. (vii) Sales organization: The entrepreneur has to make arrangements for the sale of his product, the entrepreneur has to face many competitors, the entrepreneur also has to decide what should be the advertising method of the product, as a result of which the product will be sold. Demand can increase. Good storage arrangements should also be made so that the product can be stored for future sale. He alone has to decide the comparative selling price of the product. 

(viii) Entrepreneur promotes New Invention – A courageous person always keeps searching for new innovative ideas, he always has to work hard in search of opportunities for the progress of his business. He always pays attention to new selling method, packing method, advertising and also cost reduction.

(ix) To coordinate (Entrepreneur Co-ordinations) – The entrepreneur has to make proper coordination among all the means of production. These resources are raw products, labour and capital. their

Efforts should be made to minimize the cost by proper mixing.

(x) Entrepreneur Makes Arrangement of Raw Materials – It is also an important task for an entrepreneur to make available raw products for his organization at a reasonable price. 40% of the cost of consumer products is the raw product, the quality of the product depends on the quality of the raw product.

4. Describe the various elements or components of adventure. (Discuss the various Factors of Entrepreneur.) 

Ans. Becoming courageous can have the following components:

(i) Compelling and willingness factors – Sometimes family compulsion and consent also help in making one courageous. Irrespective of whether he is successful or unsuccessful in running the family business, the necessity of family makes him courageous, whether the business is successful or unsuccessful but due to lack of any other option, only the courageous runs his business.

(ii) Psychological factor – The mood of the society is also courageous. Affects the making. The society has developed by supporting the courageous people from time to time. It helps in making some people of the society courageous by being influenced by motivation and facing various challenges.

(iii) Market- The market plays a very important role in the development of an entrepreneur. Market knowledge contributes to his success. For example, the markets of Germany and Japan have seen massive improvements which have been considered the basis for the growth of the adventure.

(iv) Raw materials: Achievements of raw materials also help in becoming courageous. Shortage of raw materials and its poor quality has a bad effect on the environment of the enterprise. No organization can be successful in the absence of raw material, hence to become courageous, only if raw material etc. is available at a particular place, the courageous will start production with capital and labour. Production will be possible only with abundant supply of raw materials and this component will be helpful in making one courageous. 

(v) Labor Conditions – Labor conditions for the development of courage. also hold an important place. When an entrepreneur focuses on the number of workers and does not pay attention to their quality, he does not reach his goal of success. Therefore, one of the components of becoming a good adventurer should also be good quality workers. 

. Examine the origin of the adventurer, the opportunity and the solution to the problems.

Ans. Opportunity means doing something new. Here something is extracted from nothing. It is like teaching in a school or college. There are some opportunities in our environment too which most of the people do not experience, this is called problem. Problems only bring problems to the courageous person. 

The courageous one solves them, this is called opportunity. Explanation by example – Once a man from Punjab went on a tour to South India with his family, he liked the food of South India but other members of the family did not like it. He expressed his desire to eat Punjabi food which was not available even in the more expensive hotels of Madras. 

This was the problem, search for Punjabi food. A man from Punjab found the solution and started providing Punjabi food at a low cost. Soon people from North India started meeting people like him who went on tour to South India and this businessman gained a lot of fame in a short time. Here the problem gave birth to opportunity and the opportunity gave birth to enthusiasm. All activities involved in business

Whose relation is the combination of trade, banking, insurance, advertising, packing and many such activities. All these activities are done for some purpose. (For example, the supply of products and services gives satisfaction to the consumers. In business, a promise is made to supply the products and services to the consumers. In this process, the product is delivered to the consumers by taking the services of many people. 

Business is done to meet the needs of individuals and society. Business is a group of individuals who jointly manufacture products and deliver them to consumers. There is always uncertainty of risk and loss in business.

Business is done keeping in mind the rules and policies of the country. The business is carried on for profit, part of the profit being kept in a separate fund for expansion and modernisation. Meaning of profit: There is a situation of excess income over expenses. Profit is what motivates a businessman to do business. The person who minimizes the risks of losses is called courageous.

16. Review your area of ​​business or search for adventure opportunities. (Explain the scope of business Or Sensing of Entrepreneurial Opportunities.)

Ans. Business is a combination of difficult problems. Emerson has rightly said “Business is a game of wits and not everyone can play it.” (“Business is a game of skill everybody cannot play it.”) Business includes the following subjects in its field; As-

(i) Scientific study/knowledge

(ii) Technical Know-how

(iii) Business Changes and Challenges

(iv) Global Competition

(v) Difficulty in converting raw-materials to saleable products.

(vi) Raising funds and spending with utmost care

(vii) Employees and control (Control on employees)

(viii) Motivating employees and achieving higher productivity (Motivating employees for higher productivity)

(ix) Problem of Marketing and products (x) Discharging obligations to consumers.

In this way, business problems or operational tasks of business are accomplished by different types of entrepreneurs.

Some features of today’s business are as follows-

(i) Change: Change is the law of nature. How old things change with new things. Let us see somA businesses – Present business is dynamic, new products drive out old products from consumption. Kerosene lamps have been put out of use by electric tubes. Hand made cloth is being used in place of machine made cloth.

Ink pens became less popular with the advent of ball pens. The advent of TV has said goodbye to the use of radio. The practice of photocopying has replaced manual copying. Key based clocks have been replaced by battery operated clocks.

(ii) Bigness – In the present business, production and marketing are done in large quantities, production is done with big machines, and marketing activities are also done in new ways; Like selling products through super markets, organizing trade fairs, businesses whose sales are less than Rs 100 crore have no place in the business world. In 1969-70, the sales of only 3 companies were more than Rs 100 crore, currently this number has increased to thousands. 

(iii) Diversification – Many Indian companies have suffered huge losses due to the policy of liberalization, some are as follows: DCM, Brooke Bond, ITC, Nelco, Ranbaxy etc. The specialty of today’s business is diversity. Big businessmen are identified by the various industries they run; Like Tata Group, steel, textiles, fertilizers, trucks and cars, electricity, chemicals and fertilizers, tea, hotels etc.

J. Of. Also in this category are group products, tyres, cement, textiles, iron, steel, paper, plastics, dry cells, farming machines and sugar.

(iv) Globalisation- Many countries of the world have special facilities to make various products, producing more reduces the cost. Due to the trend of globalization, technological facilities, providing free level to trade, exchange of capital and technology, exchange of information, marketing competition, changing lifestyle and demand for new products, globalization leads to technologicalHand-madeent of domestic business. Productmachine-made and capital are retained for the long term.

(v) Science – Science has influenced the nature of business to a great extent. Development of nuclear power, non-ferrous meKey-basedcts, development of air transpbattery-operatedathematics in decision making have given a new direction to business development. The future of science provides caution to business. The current manufacturing process and sales methods will also change through science; the businessman will have to find many modern options for financial management to remain in the utility of science to remain competitive.

(vi) Information – The main feature of modern business is the availability of information, collecting, analyzing, preparing reports and using information in business benefits the business a lot. Everyone is familiar with the contribution of computers in the business sector; they analyzspecialityormation collected through it and take decisions. Information technology has caused a lot of upheaval in the business world. Some examples of this include stencil cutting of handwriting, and sealing photocopies in a floppy.

(vii) Competition – Competition is also a feature of present-day business, now gone are the days when business was protected by protection, exemptions, quotas and restrictions. Today business will have to stand on its own feet, reduce inefficiencies, reduce product costs and improve productivity. Good will live forever. Inefficient and marginal firms will have to disappear.

(viii) Government Intervention – If the businessman does not understand his social responsibilities then the government has to stop. Government policies greatly affect business. The manager should conduct business keeping in mind the government policies.

7. Describe the identification of adventure opportunities.

Ans. Every adventurer pays attention to three facts. Which are as follows-

(i) Objectives The developments provide understanding of the activities of the business. What is the purpose of doing business?

(ii)decision-makingduration of targets is short, targets are for one week, one month, three months or one year. Objectives are achieved only when the company achieves its goals.

(iii) Profits: Gone are the days when business was done for service. In the present times, profit is the focus of business and service comes second. Today profit is what drives business, everyone wants to start those businesses that have high profits.

The points are as follows-

This is the action that works between the money, more products, more trees, more dividends, and more opportunities Identification of Opportunities (i) Profits – Earning profits should not be the ultimate objective. The initial profit turns into dust.

Taxes, more jobs and more opportunities. Profit is supreme. In the absence of profit (ii) Growth – Growth should also be the objective of the business. In a given time, the business should progress in all directions. When business is stagnant

Then it is considered that there is no deficiency in business operationbusinessesollowing elements shoultheire considered for development strategy:

(i) Searching for new products/markets

(ii) Entering into new areas/Jones (iii) Integration-forward or backward

(iv) Increase market share

(v) Market Expansion

(vi) Cutting down costs and increase productivity

(iii) Power – Business has a wide range of resources (such as money, products, people and technology). The economic and political powers of the owner are pooled at these sources to earn wealth. Powers are greater in diThesent positions, some powers are with the Prime Minister, and some poweran s are with the Chief Minister. Most of the businessmen use these powers for the betterment of the society. For example, J. N. Tata died in 1904, having done a lot of commendable work in industry and research, art and literature and many such fields. If Tata had not been born in a Parsi family in Gujarat (1839), what would have been the industrial form of the country?

(iv) Employee satisfaction and development – ​​There is a Chinese saying “If you want to plan for one year, plan a tooth, if you want to plan for 30 years, plan a tree.” And if you plan for 100 years, plant a man.” 

Business is run by men, this was made clear at the beginning of the chapter. The satisfaction and development of its employees is the duty of conscious business organizations. Great attention is paid to each employee’s development and satisfaction. Good organizations consider their employees as their best asset. Tata is a shining example of this. Even if there are labour welfare activities, safety and respect are named first in this category.

(v) Quality Products and Services — Businessmen who have paid attention to the quality of goods and services. He has been able to survive inthe the competition of the business world for a long time and has achieved success in his objective. Hindustan Lever Limited, Hero Honda has earned quite a name for itself in quality some of their products: Liril, Bim, Lifebuoy, Surf, Rin, Sunlight Soap, Close-up, Lux, Pierce etc. Consumers buy these products with great respect. Industries that do not pay attention to quality, or quickly

Those who want to earn money are unable to produce good products and thus soon become extinct. (vi) Market Leadership: To earn name in the market it is necessary to demonstrate something new; Like special products adopt new methods of science, new methods of distribution and finance. Hindustan Lever Limited has made famous in toothpaste (Close-up) and Ambani (Reliance) has made famous in the textile industry. Today Reliance has made a place among the 500 industrialists of the world and has made considerable progress in the fields of power, communication and petroleum.

(vii) Challenges – There are many challenges in business day to day. The ability of a businessman helps in success and incompetence is responsible for failures. Identifying the true capability of a person is tested in running a business successfully and cannot be tested in any other profession.

(viii) Joy of Creation: Through business, new ideas are presented in the form of designs of products and services. It is not possible to list the number of products and services that business has provided to society to date. But in the coming 2 (two) or 3 (three) decades, the following will change significantly –

(i) Human artificial organs

(ii) Means of transport

(iii) Cancer prevention medicines 

(iv) Cigarette shaped mobile 

(v) Pocket-sized (PC) computer 

(vi) Clothes get washed within a few moments

(vii) Substitutes for wood (plastic items)

(viii) To find out through ultrasound what is the the sex of tof he coming child?

(ix) Services to Society—

(x) Good Corporate Citizenship: Good corporate citizenship means that the company follows the rules of that country like a citizen like paying taxes on time, understanding its responsibilities towards society, as well as treating its employees and Understanding its responsibilities towards customers. Bending the rules, hiding taxes, under-reporting expora ts, wrong tax planning, product adulteration, etc. may lead to short-term profit but in the long run, the possibility of loss increases and it is also appropriate for the company to do so. Not there.

8. Discuss the various components of assessing opportunities. (Explain the factors of Sensing Opportunities.)

Ans. The courageous act on those opportunities which others do not want to do or which they do not see as opportunities. A courageous person finds such opportunities and uses his intelligence to identify them. The following components help in this sequence-

1. Ability to Perceive and Preserve Basic Ideas – Finding the original/main and basic ideas is related to testing the ideas. Not every idea is an opportunity. An opportunity is simply an idea of ​​what consumers want. Ideas come from various sources and can be divided into four departments-

(a) Problem – Whenever a problem arises, its solution has to be found at that very moment, this is called opportunity. An example of this is the shaving razor. Man’s problem is to shave quickly and easily with a sharp blade.

Can go. This problem gave birth to the idea that resulted in the Safety Razor. (b) Change – Every change, whether social, legal or technical, is called an opportunity for business.

Some examples are – rapid spread of cyber cafes (Mushroom growth of cyber cafes) and the popularity of computers.

(c) Research (Invention) – Research means making a new thing, making a thing in a new way so that the form of existing products and services can be changed. How has CD changed the format of cassette?

(d) Competitions – Whenever an attempt is made to overcome the competition, a new idea also comes. The adventurer receives new ideas from various sources and selects those from which the adventurer can implement. Shivnadar here

The example of HCL Computer is noteworthy which has brought huge success to HCL Computer. 2. Ability to harness information and knowledge from various sources

different sources of knowledge and information ) – Information collected from different sources is studied in depth, appropriate opportunity is selected for interpretive study.

For example “Bay Gen Radio” collects information and draws conclusions from the information. When information came through television many poor countries lack TV facilities. Now TV facilities can be expanded in those areas.

3. Vision and Creativity: In practice, the main characteristic of an adventurer is that he has to implement any new idea or product. It is also not necessary that he should be a discoverer. It should only be creative which has some utility and should be implemented. 

In this regard, the example of Henry Ford is perfect who made a low cost car available to a common man. This is the result of his foresight, he gave the T Model car to the world. Creative people keep finding solutions to problems, these people have the ability to overcome difficulties, ha business opportunitybusiness and clarify various types of differences. The business of an entrepreneur or adventurer who has such ability becomes successful.


NCERT Solutions for Class 12 Commerce Stream


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