OPTION-A: Fundamentals of Entrepreneurship
UNIT-I
1. Short Answers (Any Four) 1 x 4 = 4
- (a) The term 'entrepreneur' was first introduced by Richard Cantillon .
- (b) Innovation: The process of creating new products, services, or processes to meet market needs .
- (c) Risk-taking: The willingness of an entrepreneur to invest resources in a venture despite the uncertainty of success or failure .
- (d) A manager and an entrepreneur perform the same functions. False.
- (e) Characteristics: 1. Creativity; 2. Hard-working nature.
2. (a) Distinguish between an entrepreneur and a manager. 2
| Basis | Entrepreneur | Manager |
|---|---|---|
| Status | Owner of the enterprise. | Employee of the enterprise. |
| Risk | Bears all business risks. | Does not bear financial risks. |
(OR) (b) Importance of risk-taking. Risk-taking is vital as it allows for breakthroughs and high rewards that would not be possible in a standard employment structure
.3. (a) Discuss the various types of entrepreneurs. 8
Solution: Entrepreneurs can be classified based on various factors
:- Innovative Entrepreneurs: Those who introduce completely new products or techniques .
- Imitative Entrepreneurs: Those who adopt successful innovations introduced by others in their own context .
- Fabian Entrepreneurs: Cautious and skeptical individuals who change only when failure is imminent .
- Drone Entrepreneurs: Individuals who refuse to change even if they face losses .
(OR) (b) Significance of entrepreneurship in India. Entrepreneurship drives economic growth, creates jobs, and promotes balanced regional development in developing countries like India
.UNIT-II
6. (a) Describe various entrepreneurial competencies as prescribed by EDI. 8
Solution: The Entrepreneurship Development Institute of India (EDI) identifies several key competencies
:- Initiative: Taking action before being asked or forced by events .
- Persistance: Taking repeated actions to overcome obstacles .
- Information Seeking: Personally seeking info from clients and experts .
- Commitment to Work Contract: Placing high priority on fulfilling obligations .
- Efficiency Orientation: Concern for doing things faster and at less cost .
UNIT-III
9. (b) Describe the steps involved in writing a business plan. 8
Solution: A comprehensive business plan involves the following steps
:- Executive Summary: Overview of the business goals .
- Business Description: Details on the industry and target market .
- Market Analysis: Research on competitors and customer needs .
- Operational Plan: Logistics, location, and production details .
- Financial Projections: Forecasted income, balance sheets, and cash flow .
OPTION-B: Basics of Human Resource Management
UNIT-I
1. Short Answers 1 x 4 = 4
- (a) Function: Recruitment and Selection .
- (b) HR Policy: Equal Employment Opportunity Policy .
- (c) HRM: Human Resource Management .
- (d) Downsizing requirement: Clear communication to remaining staff .
- (e) e-HRM: Application of IT for human resource activities .
UNIT-II
6. (a) Distinguish between Job Description and Job Specification. 8
| Basis | Job Description | Job Specification |
|---|---|---|
| Content | Describes the tasks and duties of the role. | Lists the qualifications and skills required. |
| Focus | Focuses on the job. | Focuses on the job holder. |
UNIT-IV
12. (a) What is Performance Appraisal? 360° Appraisal justification. 2+6=8
Definition: Performance Appraisal is the systematic evaluation of an employee's performance in their job
.360° Appraisal: It is often considered superior because it gathers feedback from all directions—supervisors, peers, subordinates, and even customers—providing a holistic view of the employee
.