UNIT-II: Syllabus:

Entrepreneurial Opportunities: Opportunities. Discovery/ creation, Pattern identification and recognition for venture
creation: prototype and exemplar model, reverse engineering.

PART – A (SHORT ANSWER QUESTIONS): Lower Order Thinking Level: Remembering

Blooms Course
Q. No. Questions
Taxonomy Level Outcome

1 ______________ refers to the identification of potential avenues for Remembering CO1

entrepreneurial ventures.

Pattern identification involves recognizing _______________ or

2 Remembering CO1
_______________ that may indicate opportunities for business
innovation.

3 The prototype model in venture creation involves developing a Remembering CO1

_______________ version of a product or service to test its viability.

Reverse engineering in entrepreneurship involves analyzing existing

4 Remembering CO1
products or processes to _______________ and identify potential
opportunities for improvement or innovation.

Successful entrepreneurs often possess a keen eye for

5 Remembering CO1
_______________ and are adept at recognizing opportunities where
others may see challenges.

The exemplar model in venture creation involves emulating the success

6 Remembering CO1
of _______________ or _______________ in a similar market to
inform the development of a new venture.

Opportunity creation involves actively _______________ new ideas or

7 Remembering CO1
concepts that have the potential to fulfill unmet needs or address market
gaps.

8 Pattern recognition can help entrepreneurs anticipate _______________ Remembering CO1

and capitalize on emerging trends or market shifts.

9 Entrepreneurs who excel at _______________ are often able to identify Remembering CO1
opportunities where others may see obstacles or problems.

The identification of entrepreneurial opportunities is a

10 Remembering CO1
_______________ process that requires creativity, market insight, and
strategic thinking.
 11 Remembering CO1
Define "entrepreneurial opportunities".

12 What are the two main methods for identifying entrepreneurial Remembering CO1
opportunities?

13 Name one technique for pattern identification in entrepreneurial Remembering CO1

opportunities.
14 Remembering CO1
Define "reverse engineering" in the context of entrepreneurship.

15 List two factors that may influence an entrepreneur's ability to recognize Remembering CO1
opportunities effectively.

PART – B (LONGANSWER QUESTIONS): Lower Order Thinking Level: Understanding

Blooms Course
Taxonomy Outcom
S. No Question Level e

1 Explain the difference between opportunity discovery and opportunity Understand CO2
creation. Provide examples to illustrate each concept.

2 Briefly describe how reverse engineering can be applied in the process Understand CO2
of opportunity identification.

3 What role does pattern recognition play in recognizing opportunities for Understand CO2
entrepreneurship?

4 What is the primary goal of pattern identification in entrepreneurial Understand CO2

opportunities?

5 Explain how the reverse engineering approach differs from traditional Understand CO2
problem-solving methods in entrepreneurship.

6 Describe the prototype model in venture creation. How does it facilitate Understand CO2
the development and testing of new products or services?

Discuss the significance of pattern identification in recognizing

7 Understand CO2
entrepreneurial opportunities. Provide real-world examples of how
pattern identification has led to successful business ventures.
8 Understand CO2
How can entrepreneurs utilize reverse engineering to identify market
gaps and create innovative solutions? Provide a detailed explanation
 with examples.

Describe the exemplar model in venture creation. How does it involve

9 Understand CO2
emulating the success of existing products or businesses? Provide
examples of successful ventures that have utilized the exemplar model.

Compare and contrast the entrepreneurial opportunities discovered

10 through pattern identification with those identified through reverse Understand CO2
engineering. Provide examples to illustrate the differences between
these approaches.

PART – C (PROBLEM SOLVING – Similar): Lower Order Thinking Level: Applying

Blooms Course
S. No Question Taxonomy Outcom
Level e
Given a scenario where a startup is struggling to identify
1 potential market opportunities, propose two methods the Apply CO2
entrepreneur could use to discover potential business ideas.

Imagine a situation where a small business is facing stiff competition

2 from larger corporations. Suggest three strategies the entrepreneur could Apply CO2
employ to overcome this challenge and remain competitive.

Consider a scenario where a startup is struggling to secure funding for

3 its expansion plans. Recommend two alternative sources of financing Apply CO2
that the entrepreneur could explore to address this issue.

In a hypothetical case where a new product launch is met with low

4 Apply CO2
customer interest, suggest three tactics the entrepreneur could
implement to increase product visibility and attract more customers.

Suppose an entrepreneur is faced with the challenge of limited resources

5 for marketing their new service. Offer two cost-effective marketing Apply CO2
strategies that the entrepreneur could utilize to promote their business
effectively.
 PART – D (Problem Solving and Critical Thinking: Different- Not in Text Book): Higher Order Thinking Level: Analyze

Blooms
Taxono Course
S. No Question
my Outcome
Level

Analyze the potential risks and rewards associated with pursuing an

1 unconventional business opportunity that has not been explored in the
Analyze CO3
market. Consider factors such as market demand, competition, and
regulatory challenges in your analysis.

Analyze how cultural, social, and economic factors influence the identification
and exploitation of entrepreneurial opportunities in different regions or
2 Analyze CO3
countries. Consider examples from diverse cultural contexts to support your
analysis.

Analyze the impact of government policies and regulations on the

3 identification and exploitation of entrepreneurial opportunities. Consider CO3
how regulatory frameworks can both enable and hinder innovation and
entrepreneurship in various sectors. Analyze