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
.
Exam Focus Enhancements
Exam Tips
For Entrepreneurship, focus on the differences between Entrepreneurs and Managers.
For HRM, clearly distinguish between Job Description and Job Specification.
Common Mistakes
Confusing 'Innovation' with 'Invention' in Unit-I.
Interchanging qualitative and quantitative dimensions in HR Planning.
MSME: Micro, Small and Medium Enterprises.
EDI: Entrepreneurship Development Institute.
HRM: Human Resource Management.
Answer Presentation Strategy
Use Tables for all 'Distinguish between' questions to score full marks.
Use Bulleted Lists for describing steps in a process, like the Business Plan.