List of top Entrepreneurship Questions on Entrepreneurial Process

Read the following text carefully :

Arun runs a mid-sized bakery chain that is expanding into new cities. To manage operations smoothly, his management team needs a document that lays out production schedules, staffing requirements, raw material management, and daily operational processes. Since this document contains technical and internal information, it is not useful for outside investors or customers.

On the basis of the given information, identify and state the format of business plan discussed above.

The first stage in the 'Enterprise Process Diagram' is

Riya, a young entrepreneur, set up a venture to manufacture biodegradable food containers from agricultural waste. She first identified the features of the product, design, as well as the resources that will be needed, obtained the required resources and applied the resources to accomplish the plan by manufacturing the food containers. By doing all this, Riya has followed various elements/steps in the innovation process. The next element/step in this process is :

Two statements labelled as Assertion (A) and Reason (R) are given below. Read both the statements carefully and choose the correct option:
Assertion (A): There is no fixed content for a business plan.
Reason (R): The business plan varies according to the entrepreneur's goals and targeted audience.

The process of creativity involves the following five steps: (i) Idea germination, (ii) Incubation, (iii) Illumination, (iv) Preparation, (v) Verification. Identify the correct sequence of the steps from the options given below :

With rising awareness about environmental protection and harmful effects of chemical detergents, there is a growing demand for sustainable alternatives. Recognising this opportunity, Mohit plans to start an eco-friendly detergent manufacturing unit. For this, he prepares his business plan starting with its introductory profile. After that, he clearly states his 'mission statement' in the relevant section detailing the size, scope and nature of the enterprise. The component of the business plan after introductory profile which begins with the 'mission statement' is :

The process of creativity involves various steps. One of the steps is related to transition period, ‘where the entrepreneur starts thinking about the idea and implementation in his subconscious mind’. Explain the next three steps followed by this.

‘Carefully identifying the product or service features, design, as well as the resources that will be needed’ is an element in the innovation process. Explain its other three elements.