 NAME : SONAL SANJAY KAMBLE

 STD. : SYBBI
 SUB. : ENTREPRENEURSHIP MANAGEMENT
 ROLL NO. :05

Q.1 Discuss the characteristics of entrepreneurship.

Answer:
Concept of Entrepreneurship :
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise,
along with any of its uncertainties in order to make a profit. The most prominent example of
entrepreneurship is the starting of new businesses. In economics, entrepreneurship connected with
land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is
defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed
in an ever-changing and more competitive global marketplace. •
Definition : “ Is the process of creating something different with value by devoting the necessary
time and effort, assuming the accompanying financial, physic, social risks and receiving the
resulting rewards of monetary and personal satisfaction and independence”.
• Characteristics of entrepreneurship :
1. Innovation
2. High achievement
3. Managerial skill and leadership management
4. Group activity
5. Organization building
6. Relationship between size of business and level of entrepreneurship
7. Gap filing function
8. Problem solving ability
9. Combination of social ,political and economic structure
10. Continuous process.
Q no. 2 ). What are the different factors affecting to the growth of entrepreneurship

Ans ). Definition of entrepreneurship :-

“ Entrepreneurship is the process of creating something different with value

by devoting the necessary time and effort , assuming the accompanying financial, psychic ,
social risk and receiving the resulting rewards of monetary & personal satisfaction and
independence “ .

There are 2 factors affecting the growth of entrepreneurship

1 . Economic factors 2 . Non – Economic factors

1 Economic factors :-

a) Capital

b) Labour

c) Raw material

d) Market

e) Infrastructure

2. Non – Economic factors

a) Education

b) Attitude of the society

c) Cultural value

Q no .3 ) explain the principle of entrepreneurs

Ans ). Definition of entrepreneurship :-

“ Entrepreneurship is the process of creating something different with value

by
devoting the necessary time and effort , assuming the accompanying financial, psychic ,
social risk and receiving the resulting rewards of monetary & personal satisfaction and
independence “ .

There are 6 principal of entrepreneurship

1. Reinventing the vision,

2. Success with persistent opportunism ,

3. Surrender soverginity,

4. Become your compititors worst nightmare,

5. Nurture the entrepreneurial spirit,

6. Teamwork.

Q no. 4 ). Discuss the theory of Schumpeter

Ans). Introduction :-

“ Joseph Schumpeter's innovation theory of entrepreneurship (1949)

holds an entrepreneur as one having 3 major characteristics : innovation , foresight , and
creativity.

Entrepreneurship takes place when the entrepreneur :

a) Create anew product.

b) Introduce a new way to make a product.

c) Discovers a new market for a product.

d) Finds a new sources of raw material.

e) Finds new way to making things or organization

Schumpeter’s innovation theory , however, ignores the entrepreneur's. Risk taking ability &
organizational skills , & place undue importance on innovation . This theory applies to large
scale businesses , but Economic conditions force the small entrepreneurs to imitate rather
than innovate
Q no. 5 ). What are the different types of entrepreneurs.

Ans). Introduction :-

Entrepreneurs are people who have a passion for creating change in

the world. They need a certain set of skill to be effective leaders & innovation . Since
there are so many types of businesses , there are so many kinds of entrepreneurship .

What are the types of entrepreneurship? :-

Though entrepreneurship is the overall process of developing, launching

& running a business , there are many different types of entrepreneurship . People have
varying aspirations and good vision for the kind of businesses they want to create . Everyone
operates their business based on their own personality, skills , and characteristics .some
people think that with hard work they can find success, while others may use capital to help
them get there. For some entrepreneurs , profits are less important than providing a social
good .

Following is the most common 9 type of entrepreneurship .

Nine different types of entrepreneurship :-

1. Small business entrepreneurship

2. Large company entrepreneurship

3. Scalable startup entrepreneurship

4. Social entrepreneurship

5. Innovation entrepreneurship

6. Hustler entrepreneurship

7. Imitator entrepreneurship

8. Research entrepreneurship

9. Buyer entrepreneurship.
Q no . 6) Discuss the merits & limitations of sole proprietorship .

Ans) Introduction :-

Sole proprietorship is a form of business that is owned and managed by a

single individual . That single individual has to supply capital or borrowed to the business

As ownership belong to one individual , it is both the prerogative & the

responsibility of that individual to manage the affairs of business . He has to take decisions
managerial, technical , financial , other to ensure efficient , effective , and profitable conduct
of his business .

This form is also known as the proprietorship , single proprietorship , individual

proprietorship, sole ownership , individual enterprise , and sole trader .

Merits of sole proprietorship :-

1. Ease of formation & dissolution

2. Simplicity of operation & flexible management

3. Sole claim on profits

4. Favourable credit standing

5. Preferential treatment by government

6. Social usefulness

7. Tax advantage

8. Quick action .

Limitations of sole proprietorship :-

1. Limitations of management

2. Unlimited liability

3. Lack of continuity

4. Limitations of size.
Q no.7). State & explain the critical factor for starting a new enterprises

Ans). Introduction :-

There are multitude of legal issues to think about when it comes to starting
your business. Everything from your business name to its structure to its operation has legal
implications . Some of the legal concerns are :-

1) Business Name .

2) Business structure .

3) Business licenses .

4) Non – Disclosure Agreements .

5) Zoning.

6) Regulatory Requirements .

7) Environment

Q no. 8 ). What are the contents of project reports .

Ans ). Introduction :-

The project report is a summary of project planning . It is prepared

by experts after completing the project planning . It serves as a base for feasibility
studies and actual execution of project .

The report deals with the different aspects of the proposed project . It is
generally prepared by a team of experts including engineers , technicians and financial experts
.

Project report contains details regarding technical , financial , marketing

and the managerial aspects of a project . The purpose of project reports is to place all
necessary data for consideration of experts . Financial institutions such as IDBI , ICICI, need
comprehensive project report because the lending institutions desires to study the soundness
of proposed project before granting a loan .
Contents of Project Reports :-

1) Name , address and other details of the sponsoring agency .

2) Brief history and summary of the proposed project .

3) Technical details of the project which includes details of plant , layout ,

location , manufacturing process , products , etc .

4) Cost of production and profitability .

5) Manpower requirement of the project .

6) Financial aspects of the project , Which includes cost of project , fixed assets ,
working capital requirements and sources of finance .

7) Total income, operative profit and net profit .

8) Importance regarding Marketing .

9) Importance of the project to national economy , export promotion , etc .

10) Salient features of the project which will have a bearing on the successful
implementation with reference to land , building , plant and machinery , raw material ,
availability of labour , etc .

Q no. 9 ) Discuss the stages of a new product development .

Ans ). The following are the different steps / stages in new product development.

1) Idea Generation : - Every organization has set certain goals, objectives and missions. It
also has its own capabilities and growth plans. The type of new product will depend on them.
By defining the new product strategy the organization will be in a better position to begin
generating specific ideas. The ideas can be generated through to internal as well as external
sources both formally and informally. The internal sources include collecting ideas from staff,
Front-line employees as well as market research department. A suggestion box maybe kept in
in which HG the employees may drop their ideas and suggestion.
2) Testing the concept : - testing of new ideas can be done using market research. In
product marketing this can be effectively undertaken with the help of tangible elements.
Usually concept testing is done through presenting the idea to a panel of consumer with the
help of broucher.

3) Business analysis : - the main focus is on estimation of demand, future growth,

major competitor price elasticity to demand, cost -volume -profit analysis, and the external
environmental factors that are likely to affect profits.

4) Product development : - the business proposal must be converted into the

actual product that will be delivered to the customer. For this the product should be
designed.

5) Market testing : - market testing helps the form to “remix” the marketing-mix
elements in order to reduce the risk of “launch”.

6) Launch : - the final stage of the new product development crosses is launching the
services. The life cycle of the product begins. The new product will now start earning
revenue for the firm.

Q no. 10) Briefly explain the concept of marketing mix ?

Ans ) Definition :

According to Philip Kotler, “Marketing mix is the mixture of controllable

marketing variables that the firm uses to pursue the sought level of sales in the target
market”.

According to William Stanton, “Marketing mix is the term used to describe the combination of
the four inputs which constitute the core of a company’s marketing system: the product, the
price structure, the promotion activities and the distribution system”.
Elements of marketing mix : marketing mix is a systematic and balanced combination of
product price, place( physical distribution) and promotion. The marketing man is a decider
and an artist – a mixer of ingredients, who sometimes follows a recipe prepared by others;
sometime prepare his own recipe as he goes along; sometimes adapts a recipe to the
ingredients immediately available and sometimes invents some new ingredients.

Marketing mix variables/ four PS of marketing.

1) Product

2) Promotion

3) Price

4) Place

Q no. 11 ) Describe the provisions of payment of wages act .

Ans ). Wages are the return paid to the employees for their work done for the organization.
Constitution of India has framed various laws for setting of provisions for safeguarding
employees for any injustice caused to them by employer by depriving them of their wages.
Payment of Wages Act, 1936 regulates the payment of wages to certain classes of people
employed in industry and its importance cannot be under-estimated. The Act guarantees
payment of wages on time and without any deductions except those authorized under the
Act. The Act provides the responsibility for payment of wages, fixation of wage period, time
and mode of payments of wages, permissible deduction as also casts upon the employer a
duty to seek the approval of the Government for the acts and permission for which fines
may be imposed by them. This Act does not apply to persons whose wage is Rs. 10000[1] or
more per month.

Provision for timely payment of

wages Wages needs to be paid-

Before the expiry of the 7th day after the last day of the wage period, where there are less
than 1000 workers employed and in rest case on the 10th day;

In current coin or currency notes and by cheques or by crediting the wages in the employee’s
bank account after obtaining his written authority;
On a working day;

Before the expiry of the second day, to the person whose employment is terminated.

Responsibility for payment of wages

Every employer shall be responsible for the payment of all wages required to be paid
under this Act to persons employed by him and incase of persons employed-

In the case of contractor, a person designated by such contractor who is directly under
his charge;

A person designated by the employer as a person responsible for complying with the
provisions of the Act

Deductions from wages

The following mentioned are the main deductions that are allowed under the Act-

Fines;

Deduction for the actual period of absence

Deduction for the damage or loss of goods expressly entrusted to the employed person;

Deduction for house accommodation;

Deduction for the amenities and service supplied by employer with agreement to the

employee; Deduction for recovery of advances and interest, and adjustment of

overpayment;

Deductions for recovery of loans from any fund constituted for the welfare of labour as
agreed between employer and employee;

Deduction for income tax;

Deduction on orders of a court or other authority;

Deduction for subscription and repayment of advance from any Provident Fund;

Deduction for payments to cooperative societies as agreed between employer and

employee;

Deduction of premium for LIC policy on written authorization of the employed person;
or any other investment for Post Office Saving Schemes;

However, as mentioned in section 7 of the Act, the total amount of deductions should
not exceed 75% of wages of the employee in any wage period if whole or part of the
deductions is
meant for the payments to cooperative societies. In other cases it should not exceed
50%.

Employers have compulsorily to maintain following registers in the prescribed forms-

. Register of wages;

. Register of fines;

. Register of deduction for damages or loss

. Register of advances.

. Penalties

For contravention of Section 5, 7 8, 9, 10, 11, 12 and 13, which mentions timely
payment of wages, payment of wages in current coins and currency, fines, deductions
for damage/loss or recovery of advances and loans. In such case fine not less than Ra.
1000 which may extent to Rs. 5000. On subsequent conviction fine not less than Rs.
5000 may extend to Rs. 10000.

For failing to maintain registers, willfully refusing or without lawful excuse neglecting to
furnish information or refusing to answer or willfully giving a false answer to any
question necessary for obtaining any information required to be furnished under this
Act. For such offences fine which shall not be less than Rs. 1000 and may be extended
to Rs. 5000. For second or subsequent conviction fine not less than Rs. 5000 and may
extend to Rs. 10000.

For willfully obstructing an Inspector in discharge of his duties and on refusal to

produce of any register or other documents fine not less than Rs. 1000 extendable upto
Rs. 5000. On subsequent conviction fine not less than Rs. 5000 and may be extended
upto Rs. 10000.

On conviction for any offence and again guilty of contravention of same provision.
Failing or neglecting to pay wages to any employee punishment of imprisonment not
less than one month which may extend upto six months and fine not less than Rs. 2000
extendable upto Rs. 15000 may be done. Additional fine upto Rs. 100 for each day

Q no. 12) Define social entrepreneurs discuss is responsibilities ?

Answer Definition :- According to Steiner George, “social responsibility is to

understand public consensus, to recognize it, and to co-operate in achieving this ,
each business has responsibilities in some way commensurate with its power”.
According to Howard R. Bowen, social responsibility means, obligations of business pursue
those policies, to make those decisions or to follow those lines of action which are desirable
in terms of the object use and values of our society.

Responsibility of entrepreneur :-

1) Factors responsible for popularity of social responsibility concept :-

A) Growing expectations.

B) Favorable image.

C) Threat of stict social control.

D) Professional management.

E) Fast changing business environment.

F) Organised labour force.

Realisation of long term benefits.

2) Arguments for social responsibility.

A) Growing public Expectations of business.

B) Creating favourable environment for business.

C) Creating public image.

D) Better use of surplus resources.

E) Interdependency social system.

F) Complexity of society problems.

G) Prevention is better than curve.

H) Application of principle of Trusteeship.

3) Arguments against social responsibility.

A) Businesses lacks social skills.

B) Violation of the rule of profit maximization.

C) Social responsibility at society cost.

D) Charity degrades human dignity.

E) Economically irrational.

F) Divided support.

G) Social overhead cost.

H) Business and socially oriented activities are opposite.

Q no. 13) Define intrapreneur explain its characteristics ?

Ans ) Definition : -

An intrapreneur is defined as “ any of the dreamers who do”. Those who

take hand on responsibility for creating innovation of any kind within the organisation. The
intrapreneur may be a creator or inventor but he is always a dreamers who finds out how to
turn an idea into a profitable reality. Without them innovation remain merely a potential for
the future.

Characteristics of an Intrapreneur : -

1) Self – motivated : - Intrapreneurs are not only self motivated and goal oriented but
also responds to corporate recognition and rewards. They need freedom and access to
corporate resources.

2) Self – confident and courageous : - many intrapreneurs are cynical about the
system, but Optimistic about their ability to outwit it. They are bold, self – confident and
courageous.
3) Freedom : - Intrapreneurs considers traditional status symbol as a joke but he
treasures symbols of freedom.

4) Education : - He is often highly educated particularly in technical fields but

sometimes not.

5) Systems : - the intrapreneur dislikes systems but learns to manipulate it. He works
out the problems within the systems, or bypasses it without learning .

6) Very like an entrepreneur.

7) Focus on customers.

8) Patient and willing to compromise.

9) Better relation with others but still stormy.

10) Transaction within hierarchy.

Q no.14) Write down the various approach to managerial ethics ?

Ans ) Definition :-

Managerial ethics usually address to to separate areas : principal and

policies. Principle- based ethics outline what is considered fair and ethical in the scope of
the workplace and might include information about departmental boundaries or use of
company equipment. Policy- based managerial ethics refers to conflicts of interest, the right
response to gift from vendors for or business partners, or the handling of proprietary
information.

Violation : the need to reference managerial ethics arises when a conflict of values is
presented. Enron is a perfect example of violation of managerial ethics.

Establishing : managerial ethics helps to guide decision-making and regulate internal and
external behavior. Ethical dilemmas typically arise from a conflict between an individual or
group and the company, division or department as a whole. Companies establishing a set of
values and norms that are acknowledged by mangers and consistently referenced during the
work day have created an ethical platform by which managers can operate and make decisions.
Training managers on the specifics of managerial ethics by role play, case study and group
discussion may set the stage for Ethical behaviour.

Q no. 15) Explain the key features of national policy on skill development
and entrepreneurship 2015 ?

Ans ) Introduction :-

The objective of the national policy e on skill development and

entrepreneurship, 2015 will be to meet the challenge of skilling at scale with speed and
standard (quality). This policy will link skills development to improved employability and
productivity.

KEY FEATURES : -

• Educate and equip potential at an early stage entrepreneurs across India.

• Connect entrepreneurs to peers, mentors and incubators.

• Support entrepreneurs through entrepreneurship Hubs (E-Hubs).

• Catalyse a culture shift to encourage entrepreneurship.

• Encourage entrepreneurship among under- represented groups.

• Promote entrepreneurship amongst women .

• Improve ease of doing business.

• Improve access to finance.

• Foster Social entrepreneurship and grassroots innovations.