DCM1205 B.Com FUNDAMENTALS OF ENTERPRENEURSHIP & INNOVATION

Description

 

SESSION	MARCH 2024
PROGRAM	BACHELOR OF COMMERCE
SEMESTER	II
COURSE CODE & NAME	DCM1205 FUNDAMENTALS OF ENTERPRENEURSHIP & INNOVATION

 

 

Assignment Set – 1

 

1. Critically analyze the ‘Risk Bearing Theory’ propounded by Frank H. Knight.

Ans 1.

Critically Analysis of Frank H. Knight’s Risk Bearing Theory

Frank H. Knight, one of the most influential economists of the early 20th century, made significant contributions to the understanding of risk, uncertainty, and profit in economics. His seminal work, “Risk, Uncertainty, and Profit,” published in 1921, forms the basis of what is now known as the Risk Bearing Theory. This theory posits that profit is the reward for assuming non-insurable risks in a business environment.

The Concept of Risk

 

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2. Discuss the meaning and concept of Entrepreneurial Behaviour. 4+6

The Meaning of Entrepreneurial Behavior

Entrepreneurial behavior refers to the actions, characteristics, and thought processes that define how entrepreneurs identify opportunities, evaluate risks, and initiate ventures. It encompasses the various attributes that enable individuals to create, innovate, and drive changes within markets. This concept is fundamental in understanding the dynamics of starting and managing new enterprises, as well as in fostering innovation within existing organizations.

At its core,

 

3. Discuss the various resources required by an entrepreneur to start an enterprise.

Ans 3.

Starting an enterprise is a multifaceted endeavor that requires a variety of resources. These resources are not just limited to financial capital but also include human capital, intellectual resources, and physical assets. Each type of resource plays a crucial role in the successful launch and sustainable operation of a new business.

Financial Resources

The most obvious and

 

 

Assignment Set – 2

 

 

4. Describe the contents of a well-structured Project Report.

Ans 4.

A well-structured project report is crucial for communicating the scope, progress, results, and conclusions of a project to stakeholders. It serves as a detailed record of the project from inception to completion, providing insight into its effectiveness and guiding future projects. Here’s a breakdown of the typical contents of a comprehensive project report:

Title Page

The title page includes the

 

5. Elucidate the various challenges faced by first generation entrepreneurs. 10

Ans 5.

Challenges Faced by First Generation Entrepreneurs

First-generation entrepreneurs, those who start a business without a familial or inherited business background, often face a unique set of challenges as they venture into the entrepreneurial world. These challenges stem from a lack of established networks, limited access to capital, gaps in business

 

6. Discuss in detail the role of entrepreneur in balanced regional development of industries.

Ans 6.

Role of Entrepreneurs in Balanced Regional Development of Industries

Entrepreneurs play a pivotal role in shaping the economic landscape of a region by driving industrial development, creating jobs, and fostering innovation. Their impact on balanced regional development is profound as they can initiate growth in less developed areas, reduce regional disparities, and contribute to a more equitable economic environment across different geographies.

Stimulating Local Economies: Entrepreneurs often act as catalysts for local economic development. By