DCM3201 ENTREPRENEURSHIP DEVELOPMENT

Description

SESSION	JULY-AUG 2025
PROGRAM	BACHELOR OF COMMERCE (B.COM)
SEMESTER	VI
COURSE CODE & NAME	DCM3201 ENTREPRENEURSHIP DEVELOPMENT

 

 

Set – 1

 

1. Discuss the essential skills of a successful entrepreneur. How do these skills influence the sustainability and growth of new ventures? 5+5

Ans 1.

Entrepreneurship is the process of identifying opportunities, organizing resources, and creating value through innovation. To thrive in this dynamic landscape, entrepreneurs require a unique blend of skills that enable them to make strategic decisions, manage challenges, and sustain growth. These skills collectively shape the trajectory of the business, from its inception to long-term success.

Essential Skills of a Successful Entrepreneur

A successful

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2. Explain the creativity process and analyze various techniques used to enhance creativity among entrepreneurs. 10

Ans 2.

Creativity lies at the heart of entrepreneurship. It empowers entrepreneurs to identify unmet needs, develop innovative solutions, and establish a distinct competitive advantage. The creativity process involves generating new ideas and transforming them into practical outcomes that drive business success. To nurture creativity, entrepreneurs adopt structured techniques that stimulate imagination and encourage innovation.

Understanding the Creativity Process

The creativity process generally involves four key stages:

1. The first is

 

 

3. Describe the entrepreneurial decision-making process. How do personal, social, and environmental factors shape the final venture choice? 5+5

Ans 3.

Entrepreneurial decision-making is a complex and dynamic process that involves identifying opportunities, evaluating risks, and choosing the best possible venture path. It combines rational analysis with intuition, shaped by personal traits, social interactions, and environmental conditions. The quality of decision-making determines whether a business idea can be transformed into a successful venture.

Entrepreneurial Decision-Making Process

• Opportunity Recognition The process begins with opportunity recognition, where the entrepreneur identifies an unmet market need or an area for improvement. Creativity, experience, and observation play a vital role in this stage.
• Data Collection and Evaluation The next step is data collection and evaluation, which involves gathering information about customer preferences, competitors, and financial viability.

 

Set – 2

 

4. Explain the importance of new venture financing. Discuss the role of venture capital and ownership securities in supporting innovative start- ups. 5+5

Ans 4.

Financing is the backbone of every new business venture. A brilliant idea or innovative product cannot transform into a successful enterprise without adequate financial resources. New venture financing refers to the process of obtaining funds required to start, operate, and grow a business. It helps entrepreneurs acquire essential assets, hire skilled personnel, and sustain operations until the venture becomes profitable.

Importance of

 

5. “A business plan is a roadmap to entrepreneurial success.” Analyze this statement. 10

Ans 5.

A business plan is a comprehensive document that outlines an entrepreneur’s vision, objectives, strategies, and financial projections. It serves as a roadmap guiding the entrepreneur from idea conception to execution and growth. The statement that “a business plan is a roadmap to entrepreneurial success” is accurate because it provides structure, direction, and clarity to the entire entrepreneurial journey.

Importance of a Business Plan

A well-crafted business plan helps entrepreneurs define their mission and goals. It outlines the purpose of the business, target market, and unique selling proposition, ensuring that every decision aligns with long-term objectives. This clarity prevents resource misallocation and reduces the chances of

 

6. What is intellectual property? “Protecting intellectual property is important for a new venture”. Analyse. 2+8

Ans 6.

Intellectual Property (IP) refers to creations of the human mind, such as inventions, literary works, artistic designs, symbols, names, and images used in commerce. Intellectual property is protected through laws that grant creators exclusive rights over their innovations for a specified period. Common forms of IP include patents, trademarks, copyrights, industrial designs, and trade secrets.

The Importance of Protecting