Question 2

(a) Great innovations start with addressing unmet needs of consumers, but
finding the right demand isn’t easy, Nielsen’s brand strategy suite of tools help
you to define where, how and what to play.

WHERE TO PLAY
Explore the consumer defined category boundaries across a broad market
landscape, identify on the broad landscape the categories that represent the
best opportunities for your brands. Identify, quantify and prioritize possible
whitespaces in the market.

HOW TO PLAY
Uncover consumer needs and drivers of brand choice, assess strengths and
weakness of competitors, discover unclaimed spaces and establish
opportunities for growth in a chosen category. Build brand and portfolio
growth strategies by uncovering unmet demand and prioritizing
innovation/renovation opportunities.

WHAT TO PLAY
Determine whether innovations demonstrate potential for launch and deliver
strategic priorities when evaluated throughout Nielsen BASES suite.

(B) A feasibility study includes an estimate of the level of expertise

required for a project and who can provide it, quantitative and
qualitative assessments of other essential resources, identification of
critical points, a general timetable, and a general cost estimate.
Whether a project is viable or not, i.e. whether it can generate an
equal or a higher rate of return during its lifetime requires a thorough
investigation of the investment per se as well as the level of current
expenditure. The preliminary design is the simple description of the
 conceived idea with an indication of the main factors to be
considered in the study.

Question 3

The entrepreneurial process stages that needs to happen to start a business

is not easy for anyone. Many people have reasons to be an entrepreneur,
many say the things that should be done, and a few are the ones who really
do what is needed to start. It is very common to see people who think, but a
few who act. The entrepreneurial process stages can be developed one step
at a time, but some entrepreneurs are the ones who continue on this lifestyle.
The entrepreneurial development of a person goes beyond education, which
requires various factors to take place this complex process. I added the
definition of William Bygrave, a professor at Babson College, about the
entrepreneurial process.
“The entrepreneurial process is a set of stages and events that follow
one another. These entrepreneurial process stages are: the idea or
conception of the business, the event that triggers the operations,
implementation and growth. A critical factor that drive the development
of the business at each stage as with most human behavior,
entrepreneurial traits are shaped by personal attributes and
environment.”
the stages of the model below is to simplify main points that an entrepreneur
should consider:

1. Idea generation
The entrepreneur begins to wonder why there is not available a product or
service, why not improve certain things, how to generate income to cover their
expenses, etc. Thousands of questions might rise, so them will help to identify
opportunities to meet the market needs. In previous years, there where not
enough amount of goods and services. It was a little bit easier to position a
business, however now it requires a search for information and market analysis
to see the possibility of success.It is possible that at this point in the
entrepreneurial process, there are many people, since the generation of ideas
can be much easier. However, the step towards a decision making is where
many can stop and perhaps even abandon the idea from the starting a
business.
2. Decision making and business planning
A critical point in the entrepreneurial process is deciding to start the project. Be
active and stay motivated are the main factors for the entrepreneur to start
landing his idea. Asking what resources are needed and where he will get them,
is vital to generate at least one way forward for the entrepreneur. The
development of the business plan will mark only a guide that can be used as
reference.
3. Project creation
The project is conducted when the entrepreneur decides to seek and obtain
resources. Getting financiation is difficult, and perhaps one of the main
obstacles to start a business. When the entrepreneur begins to invest the
resources and and begin operating, it is a point release of stress, as the
entrepreneur will see the first steps of his company.

4. Management and control

After having pass through the first months of operation, the company will see if
it decreases, maintains or increases in sales. The entrepreneur should strive to
maintain revenue growth before worrying about having a nice office. Managing
a business is not easy, but the experience that entrepreneurs acquire over time
will surely ease the handling of all resources.Perhaps one could say that the
entrepreneurial process ends here, but I think it is no longer an entrepreneur,
and he becomes a full businessman or businesswoman.

Question 4

In Indian economy small-scale and cottage industries occupy an important place, because of their
employment potential and their contribution to total industrial output and exports. Government of
India has taken a number of steps to promote them. However, with the recent measures, small-scale
and cottage industries facing both internal competition as well as external competition.

There is no clear distinction between small-scale and cottage industries. However it is generally
believed that cottage industry is one which is carried on wholly or primarily with the help of the
members of the family. As against this, small-scale industry employs hired labour. Moreover
industries are generally associated with agriculture and provide subsidiary employment in rural
areas. As against this, small scale units are mainly located in urban areas as separate establishments.

(i) Small-Scale Industries: These are the industrial undertakings having fixed investment in plant and
machinery, whether held on ownership basis or lease basis or hire purchase basis not exceeding Rs.
1 crore. (ii) Ancillary Industries: These are industrial undertakings having fixed investment in plant
and machinery not exceeding Rs. 1 crore engaged in or proposed to engage in, (a) The manufacture
of parts, components, sub-assemblies, tooling or intermediaries, or (b) The rendering of services
supplying 30 percent of their production or services as the case may be, to other units for
production of other articles. (iii) Tiny Units: These refer to undertakings having fixed investment in
plant and machinery not exceeding Rs. 23 lakhs. These also include undertakings providing services
such as laundry, Xeroxing, repairs and maintenance of customer equipment and machinery, hatching
and poultry etc. Located m towns with population less than 50,000.

Objectives of Small Scale Industries: The objectives of small scale industries are:

1. To create more employment opportunities with less investment.

2. To remove economic backwardness of rural and less developed regions of the economy.

3. To reduce regional imbalances.

4. To mobilise and ensure optimum utilisation of unexploited resources of the country.

5. To improve standard of living of people.

6. To ensure equitable distribution of income and wealth.

7. To solve unemployment problem.

8. To attain self-reliance.

9. To adopt latest technology aimed at producing better quality products at lower costs.

Question 5

An entrepreneur is the founder of the enterprise who identifies

opportunities, assembles skilled manpower and necessary resources for
the operation of the enterprise, attracts persons and financial Institutions
and takes psychological responsibility for managing the enterprise
successfully.
The word ‘Entrepreneur’ is derived from the French word “Entreprendre”
means, “to undertake.”
Entrepreneurs are action-oriented highly motivated individuals who take
risks to achieve goals.

Characteristics of an Entrepreneur
An entrepreneur is a person who is action-oriented and highly motivated to
take a risk and to achieve such a goal dot brings about a change in the
process of generating goods or services or re-initiates progress in the
advent of creating new organizations.
Therefore, experts have nine characteristics for the entrepreneur from
different conceptual viewpoints.

characteristics of an entrepreneur are;

1. Entrepreneur is an agent
An entrepreneur is perceived as an economic agent who assembles
materials for producing goods at a cost that ensures profits and re-
accumulation of capital.

2. Entrepreneur is a risk taker

Many experts – old and new, have emphasized this characteristic. Back
I955, Redlich pointed out that an entrepreneur is a person who identifies
the nature of risk and takes a decision.
3. Entrepreneur is a profit maker
An entrepreneur is an individual who establishes and manages the
business for the principal purpose of profit and growth.

4. Entrepreneur is an achievement motivator

David C. McClelland has initiated this concept of the entrepreneur by
calling him “as per sun with a strong desire for achievement.”
Later on, Meredith and others have expressed the same concept while they
termed “entrepreneurs are action-oriented, highly’ motivated individuals.”

5. Entrepreneur is a capital provider

Entrepreneur a person who operates a business by investing his or her
capital. Abbett first pointed out this characteristic in 1967.

6. Entrepreneur is the determinant of the nature of the

business
This characteristic /concept of the entrepreneur was promoted by Evans in
1957 It says that entrepreneur is the person or group of persons who
perform the task of determining the kind of business to the operated.

7. Entrepreneur is an innovator
Joseph A. Schumpeter {1934) characterized entrepreneur as an innovator
of new combination in the field of production Later on Robinson (1962) and
Hagen (1962) have described entrepreneur as a person who lakes a small
venture to the edge of success by his efforts, innovation and motivation.
8. Entrepreneur is a reward receiver
An entrepreneur is a person who creates something new of value by
devoting time and efforts and in tum receives monetary and personal
rewards.

9. Entrepreneur is a challenge taker

It perceives entrepreneur as a person who accepts challenges for
developing and exercising vigilance about success and failure to take a risk
and to generate products.

Question 7

Scope of SSI means….. The range of activities and the type of products that come under the SSI sector.

THE IMPORTANT ACTIVITIES THAT SSI’s are involved in are… :

THE IMPORTANT ACTIVITIES THAT SSI’s are involved in are… 1.Manufacturing activities 2.Public utilities
3.Financial Activities 4.Wholesale Business 5.Construction Activities 6.Service Activities 7.Retailing Activities

PRODUCTION EXCLUSIVELY FOR SSI :

PRODUCTION EXCLUSIVELY FOR SSI The Indian Government has made a list of 114 items which are
reserved for exclusive production in small sector. No Large Scale Industry can produce the items reserved in
favour of SSI’s. The main objective of this reservation policy is to insulate the small sector from unequal
competition from the large scale industries.

Some of the items reserved in the list of 114 are…. :

Some of the items reserved in the list of 114 are…. Leather Products Rubber products Natural essential oils Boat
making Stationery Item Sports Goods Pickles and Chutneys Khadi Products Electrical Goods Wooden Furniture

Role of ssi in economic development :

Role of ssi in economic development

employment :
employment Since SSI’s are more labour intensive and less sophisticated technologically, they provide
employment on a large scale. Since India has a large number of semi skilled and unskilled labour, such industries
would be an ideal place for their employment. SSI’s account for 75% of total employment in the Industrial sector.

Feeding lsi’s :
Feeding lsi’s SMALL SCALE INDUSTRIES COMPLEMENT THE LARGE INDUSTRIES BY PROVIDING THEM
PARTS, COMPONENTS, SUB ASSEMBLIES, ACCESSORIES, SERVICES ETC..
PROMOTION OF EXPORTS :
PROMOTION OF EXPORTS SSI’s help improve India’s balane of payments in two ways: First, they do not
require importing of sophisticated equipment thus saving foreign exchange Second,they export their goods and
earn foreign exchange. SSI’s account for 25% of India’s total exports.

Promoting regional development :

Promoting regional development Since SSI’s can be set up in Rural and Semi urban areas of the country, they
help promoting a balanced regional development.

INSPIRING NEW ENTREPRENEURS :

INSPIRING NEW ENTREPRENEURS Existing and successful small scale industries inspire many more
entrepreneurs to start on their own which improves competition which in turn helps the cause of Indian economy.