DCM3201 ENTREPRENEURSHIP DEVELOPMENT

Description

SESSION	july-august 2024
PROGRAM	BACHELOR of COMMERCE (B.COM)
SEMESTER	VI
course CODE & NAME	DCM3201 & Entrepreneurship Development
CREDITS	04
nUMBER OF ASSIGNMENTS & Marks	02 30 Marks each

 

Set – 1^st

Questions

 

1. (i) Explain the role of agencies in assisting entrepreneurship.

Ans: Agencies play a crucial role in fostering entrepreneurship by providing resources, support, and infrastructure to help individuals and businesses succeed. Here’s how agencies assist entrepreneurship:

1. Access to Funding and Financial Support

• Grants and Loans: Agencies often offer grants, low-interest loans, or subsidies to help entrepreneurs secure the capital needed to start or expand their businesses.
• Investment Networks: They connect entrepreneurs with venture capitalists, angel investors, and

 

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(ii) Describe the various barriers to entrepreneurship in economic development.

Ans: Barriers to entrepreneurship in economic development are obstacles that hinder individuals or businesses from starting or growing entrepreneurial ventures. These barriers can arise from economic, social, political, or infrastructural factors. Here’s an overview of the most common barriers:

 

1. Economic Barriers

• Lack of Access to

 

 

2. (i) Elaborate any five creativity development techniques.

Ans: Creativity development techniques are structured approaches to enhance problem-solving, idea generation, and innovative thinking.

Here are five effective techniques:

 

1. Brainstorming

• What it is: A group-based idea-generation technique where participants freely propose ideas without fear of

 

 

(ii) Explain the documentation and procedures of setting up a business.

Ans: Setting up a business involves several steps and documentation processes to ensure legal compliance and operational readiness.

Here’s a comprehensive guide:-

 

1. Choosing a Business Idea and

 

 

3. (i) Explain the qualities of a mentor.

Ans: A mentor plays a vital role in guiding, advising, and inspiring mentees to achieve personal or professional growth. Effective mentors possess a combination of interpersonal, professional, and emotional qualities.

Here are the key qualities of a mentor:

 

 

(ii) Describe the different ways of generating business ideas.

Ans:

 

 

Set – 2^nd

Questions

 

4. Explain the components of a business plan.

Ans: A business plan is a detailed document outlining the goals, strategies, and operational framework of a business. It serves as a roadmap for the business and is often used to secure funding or guide growth.

Here are the main

 

5. (i) Discuss the meaning and importance of venture capitalists.

Ans: Meaning of Venture Capitalists

Venture capitalists (VCs) are investors or investment firms that provide funding to start-ups and small businesses with high growth potential in exchange for equity ownership. They typically invest in early-stage companies that may not have access to traditional financing options, such as bank loans, due to their risk profile. VCs play a critical role in fuelling innovation and entrepreneurship by offering not only financial support but also mentorship, industry connections, and strategic

 

 

(ii) Define partnership and explain its types.

Ans: Definition of Partnership

A partnership is a formal agreement between two or more individuals or entities to manage and operate a business together and share its profits, losses, and responsibilities. It is a popular business structure because it combines the resources, skills, and expertise of the partners to achieve mutual goals. Partnerships are governed by a partnership agreement and relevant legal frameworks

 

6. (i) Explain market segmentation and its types.

Ans: Market segmentation is the process of dividing a broad target market into smaller, more manageable subgroups, or segments, of consumers who have similar needs, preferences, or characteristics. This enables businesses to tailor their marketing strategies, products, and services to better meet the specific needs of each segment.

Types of Market Segmentation

Market segmentation can be

 

 

(ii) Discuss the concept and assumptions of lean entrepreneurship.

Ans: Lean Entrepreneurship is a methodology that applies lean principles (originally from lean manufacturing) to start-ups and new ventures, aiming to maximize product success and minimize waste. It focuses on creating businesses that are efficient, adaptable, and responsive to customer needs through continuous experimentation, rapid iteration, and validated learning.

Core Concept of Lean