IGNOU BCOS 135 Free Solved Assignment 2022

 

IGNOU BCOS 135 Free Solved Assignment 2022

IGNOU BCOS 135 Free Solved Assignment 2022, BCOS 135 Solved Assignment 2022, BCOS 135 Assignment 2022, FREE BCOS 135 Assignment, IGNOU Assignments 2022- Gandhi National Open University had recently uploaded the assignments of this session for the year 2022. Students are recommended to download their Assignments from this webpage itself. IGNOU BCOS 135 Free Solved Assignment 2022 They don’t need to go anywhere else when everything regarding the Assignments are available during this text only.

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BCOS 135

ENTREPRENEURSHIP

Programme: BAG/2021/2022

Course Code: BCOS 135

Max. Marks: 100

BCOS 135 Free Solved Assignment

Note: Attempt all the questions.

Section – A

Q-1 “There are multiple theories which form the basis of conceptual domain of entrepreneurship.” Enumerate. (10)

1. Innovation Theory

Joseph A. Schumpeter is the propounder of innovation theory. The assumptions are: The entrepreneur is born with the desire to establish his own industry, also He desires to do something new. Takes pleasure of creativity and earning experiences of skills for doing various tasks.

2. Theory of Need of Achievement

The need for achievement theory was propounded by McClelland. His assumption is that the Desire of high achievements obtaining specific achievements, making the best performance, touching the heights of excellence, developed Entrepreneurial tendencies in the individuals. But, for that, the entrepreneur should have adequate capacity of imaginations, thinking and developing new combinations. IGNOU BCOS 135 Free Solved Assignment 2022 For that, the feelings for achievements are inculcated in him, from the very beginning and thereafter it is especially attempted that he may become a successful entrepreneur.

IGNOU BCOS 135 Free Solved Assignment 2022


McClelland has recognized the desire to achieve the major factor in entrepreneurship development. He has suggested conducting motivational training programmes for development of the entrepreneurs. Entrepreneurship is the act of setting out on your own and starting a business instead of working for someone else in his business. IGNOU BCOS 135 Free Solved Assignment 2022 While entrepreneurs must deal with a larger number of obstacles and fears than hourly or salaried employees, the payoff may be far greater as well.

Entrepreneurs must deal with a larger number of obstacles and fears than hourly or salaried employees, but the payoff may be far greater. Good entrepreneurs have interest and vision, the skills to start a business and the willingness to invest. Interest and Vision The first factor for entrepreneurial success is interest. IGNOU BCOS 135 Free Solved Assignment 2022 Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her. Otherwise, she will not be able to maintain a high level of work ethic, and she will most likely fail. This interest must also translate into a vision for the company's growth. Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not enough for success unless she can turn this interest into a vision of growth and expansion. This vision must be strong enough that she can communicate it to investors and employees.

Q-2 What is Idea Generation? Discuss the different techniques of Idea Generation. (10)

Idea generation is the creative process or procedure that a company uses in order to figure out solutions to any number of difficult challenges. It involves coming up with many ideas in a group discussion, selecting the best idea or ideas, working to create a plan to implement the idea, and then actually taking that idea and putting it into practice. IGNOU BCOS 135 Free Solved Assignment 2022 The idea can be tangible, something you can touch or see, or intangible, something symbolic or cultural.

18 idea generation techniques besides brainstorming

1. Reverse brainstorming

While the process of brainstorming is the generation of ideas to identify problem-solving methods, reverse brainstorming starts with thinking about the causes of that problem. Focusing on the causes of the problem may sometimes be more efficient than focusing on the solution. By finding potential causes, you can work proactively to resolve or prevent the cause of the problem. Often, teams use reverse brainstorming to improve products and services.

2. Brainwriting

A brainwriting activity is typically most effective in a group setting. Start by writing a topic on a piece of paper. IGNOU BCOS 135 Free Solved Assignment 2022 Then, pass the paper around the group so that everyone has a turn to write on it and contribute their ideas to the central topic or question. The ideas of one group member can inspire the ideas of another, or someone may choose to improve upon an existing one.

3. Brain netting

Brain netting involves the use of cloud-based documents or programs for groups to share and collaborate. This form of brainstorming can be quite interactive with the addition of links, videos and images to provide visual representations and context. Using an online program also works when working with a team either live or remotely, which could be beneficial for those collaborating within different time zones.

4. Forced relationships

The forced relationships method introduces two random and seemingly unrelated items and forces you to create a connection between them. This technique encourages innovative thinking in order to build those relationships and possibly develop a new product. You can conduct forced relationship activities in group settings or individually.

Q-3 What is a Start-up? Enumerate the reasons for failure of Start-ups and the measures to overcome them. (10) .

The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. IGNOU BCOS 135 Free Solved Assignment 2022 These companies generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.

9 reasons why startups fail & steps you can take to avoid the same:

1) Lack of innovation

According to a survey, 77% of venture capitalists think that Indian startups lack innovation or unique business models. A study conducted by IBM Institute for Business Value found that 91% of startups fail within the first five years and the most common reason is – lack of innovation. Although India is said to have the third-largest startup ecosystem, it doesn’t have meta-level startups such as some of the big names like Google, Facebook, and Twitter. Indian startups are also known for replicating global startups, rather than creating their own startup models.

2) Lack of funds

In 2018, bike rental startup, Tazzo, shut shop. The reason, as given by one of its funding partners, was a failed product-market fit that led to drying up of funding. Even though the startup had raised a considerable amount of funds, the lack of a profitable business model led to the startup shutting down. There are millions of startup ideas floating around. IGNOU BCOS 135 Free Solved Assignment 2022 But to turn ideas into reality requires finance. Those that do procure funding need scalable and profitable models to make the startup grow. Lack of funding is one of the key reasons why startups fail.

Q-4 What are non-financial resources? Discuss the different types of non-financial resources required for setting up and growth of business enterprises. (10)

A nonfinancial asset is an asset that derives its value from its physical traits. Examples include real estate and vehicles. It also includes all intellectual property, such as patents and trademarks. The classification of possessions as nonfinancial assets is important to businesses as these items appear on a company's balance sheet and determine a multitude of factors, such as a company's market value and debt profile.

· A nonfinancial asset is determined by the value of its physical traits and includes items such as real estate and factory equipment.

· Intellectual property, such as patents, are also considered nonfinancial assets.

· Nonfinancial assets play an important role in determining a company's market value and ability to borrow.

· Financial assets, such as stocks, are the opposite of nonfinancial assets. They are easier to value and more liquid.

Types of Non-Financial Assets

Non-financial assets are classified into two types – produced assets and non-produced assets – based on how they came into existence.

1. Produced assets

Produced assets come into existence through the production or manufacturing process. The assets come with a residual value, which is realized when they are no longer needed and are available for sale. IGNOU BCOS 135 Free Solved Assignment 2022 Produced assets are not necessarily fixed assets in that fixed assets take on a useful life of more than one year, and they are capitalized in the balance sheet. On the other hand, other produced assets can be written off in the year of purchase or manufacturing.

2. Non-produced assets

Non-produced assets are the assets that come into existence through means other than the process of production but may be used in the production of goods and services. Examples of non-financial nonproduced assets include natural resources (minerals, water resources, virgin forests, etc.) leases and licenses. Non-produced assets may be classified into tangible assets and intangible assets. Tangible non-produced assets are natural assets that are capable of bringing economic benefits to their owners, and that are subject to effective ownership. Natural resources whose ownership rights cannot be established are excluded from non-produced assets.

Q-5 What do you mean by Family Business? Discuss the importance of family business in India and the major challenges faced them. (10)

A family business is a commercial organization in which decisionmaking is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals.They are closely identified with the firm through leadership or ownership. IGNOU BCOS 135 Free Solved Assignment 2022 Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multigenerational dimension and family influence that create the unique dynamics and relationships of family businesses.

Challenges and problems faced by Indian Family Businesses Lack of succession planning – Indian family businesses is facing major challenge of succession planning. Succession means change from one generation to another. IGNOU BCOS 135 Free Solved Assignment 2022 It means change of leadership.

It also involves set of emotional issues, accepting new responsibilities, change of leadership issues. It is a revolution in which the culture of the organization is restructured by the next generation, who brings with them new ideas about how business should be run, how to develop new working practices, new staff, new loyalties etc.

So succession represents a major transition with the fortunes of the firm resting on how successfully it is to be negotiated. Many times due to lack of succession planning it breaks family business causing to uncertainty among staff, suppliers, customers and family.

Sibling Rivalry – One of the greatest challenge family businesses faces is sibling rivalry. This happens mainly because of sharing in the family business each members get. This happens particularly when the business starts flourishing and expanding over the period. Rivalry with each other often amounts to pull each other down at the cost of the organizational resources. IGNOU BCOS 135 Free Solved Assignment 2022 It leads to feeling of unjust and undue favouritism. If rivalry is not resolved well in time, it may lead to split in the family businesses e. g. The sibling rivalry of Ambani Brothers destroyed their whole family business. According to Ravichandran (2009) family businesses are found to split up like amoeba as they grow and very few of them survive beyond three generations. Women of the family joining the Family Businesses – Indian family businesses are still male dominated.

Section – B

Q.6 Discuss the key elements of business process. (6)

The previous chapters gave an insightful introduction into the various facets of Business Process Management. We now share a rich understanding of the essential ideas behind designing and managing processes for organizational purposes. We have also learned about the various streams of research and development that have influenced contemporary BPM. As a matter of fact, BPM has become a holistic management discipline. IGNOU BCOS 135 Free Solved Assignment 2022 As such, it requires that a plethora of facets needs to be addressed for its successful und sustainable application. This chapter provides a framework that consolidates and structures the essential factors that constitute BPM as a whole. BCOS 135 Free Solved Assignment 2022 Drawing from research in the field of maturity models, we suggest six core elements of BPM: strategic alignment, governance, methods, information technology, people, and culture. These six elements serve as the structure for this BPM Handbook.

Q.7 Discuss the factors influencing entrepreneurial ecosystem. (6)

Factors of an Entrepreneurial Ecosystem

Quality of life: good lifestyle, good weather, security and good cost of living. It is one of the most important factors when you are planning to move your business to a specific area. This strategic decision can decrease your fix cost since there is no need to pay high salaries and it is also attractive in order to recruit and attract talent.

University: if a region has good Universities, companies can attract a well-educated and talented workforce. Also, it is a good way to recruit foreign students which are needed in our globalized world.

University - Private Sector Collaborations: These collaborations grant to transfer R+D+i to the companies with innovative solutions that fit their current needs and make them more profitable and efficient.

Diversity: Recent studies say that startups with more diversity within their team trend to have a big growth, are far more innovative and get access to new markets in an easier way. For that reason, it is very important to have different professional profiles, not only in the educational sense but also culturally.

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Investment:  IGNOU BCOS 135 Free Solved Assignment 2022 This is a key point for a start-up that wants to start, grow or scale-up their business. But investment is not only a matter of money but also a matter of resources. At the beginning, it is better to get a good tester that validates your MVP than to have millions of $ that finally will be burnt in a fail business.

Entrepreneurial spirit: Entrepreneurial rates in a region are according to the entrepreneurial education the population has received. For that reason, it is quite important to promote an entrepreneurial education across schools, colleges and Government Institutions (such as the Chamber of Commerce) throughout action plans and strategies that make easier to set-up a new business and become the risk into a great opportunity.

Tax System: In a country, the tax structure needs to be fair, competitive and designed to make companies feel welcome. Texas is one of only a handful of states with no individual income tax (a very attractive environment for transferring employees).Taxes are totally necessary, but Government needs to set different criteria in order to grant new companies to reach their break even and once they are getting profit, they will be able to pay taxes according to the revenue generated. That way, the government can collect more funds.

Q.8 Discuss the importance of Project Feasibility Analysis. (6)

The preliminary analysis outlined a governance framework for future decision-making. The study involved researching the most effective governance framework by interviewing experts and stakeholders, reviewing governance structures, and learning from existing high-speed rail projects in North America. As a result, governing and coordinating entities were developed to oversee and follow the project if approved by the state legislature.

A strategic engagement plan involved an equitable approach with the public, elected officials, federal agencies, business leaders, advocacy groups, and indigenous communities. The engagement plan was designed to be flexible, considering the size and scope of the project and how many cities and towns would be involved. IGNOU BCOS 135 Free Solved Assignment 2022 A team of the executive committee members was formed and met to discuss strategies, lessons learned from previous projects and met with experts to create an outreach framework.

Feasibility studies help project managers determine the viability of a project or business venture by identifying the factors that can lead to its success. The study also shows the potential return on investment and any risks to the success of the venture.

A feasibility study contains a detailed analysis of what's needed to complete the proposed project. The report may include a description of the new product or venture, a market analysis, the technology and labor needed, as well as the sources of financing and capital. IGNOU BCOS 135 Free Solved Assignment 2022 The report will also include financial projections, the likelihood of success, and ultimately, a go-or-no-go decision.

Q.9 Explain the factors which play an important role in the choice of a suitable source of finance. (6)

The amount of money needed: This is the amount of finance the organisation wants to raise. Not all sources of finance provide all amounts of funds. Some sources are notable to raise large amounts of funds whereas others are not flexible enough to put up for the small sum of money the business requires. Therefore it is necessary to identify the amount of money needed by the company to choose a suitable source of finance. For example borrowing a commercial loan for a small and short-term cash-flow problem is unwise because loans may have a minimum amount that can be borrowed so taking a bank overdraft would be wise where money can be borrowed in small sums and bank overdrafts can be paid back quickly.

Therefore the amount of money required is a key factor in choosing a source of finance. The urgency of funds: This refers to the amount of time the business can spend on collecting funds. If the business has plenty of time before its financial needs need to be met then it can spend time searching for cheap alternatives of sources of finance.

On the other hand if the business wants the money as soon as possible then it would have to make some cost sacrifices and accept a source of finance that may even cost higher. The urgency of funds needs to be identified also because certain sources of finance need more time to be raised than other sources of finance. For example issuing shares is a very long and complex process where there are legal requirements and then the potential shareholders have to be informed (advertising) and after all these the money is collected through the process of application and allotment which takes more time.

Q.10 Discuss the role of MSMEs in the development of entrepreneurship in India. (6)

MSME

In India, MSMEs contribute nearly 8% of the country’s GDP, around 45% of the manufacturing output, and approximately 40% of the country’s exports. It won’t be wrong to refer them as the ‘Backbone of the country.’

The Government of India has introduced MSME or Micro, Small, and Medium Enterprises in agreement with Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily engaged in the production, manufacturing, processing, or preservation of goods and commodities. MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socio-economic development. BCOS 135 Free Solved Assignment 2022 It not only generates employment opportunities but also works hand-inhand towards the development of the nation’s backward and rural areas. According to the annual report by the Government (2018-19), there are around 6,08,41,245 MSMEs in India.

MSMEs Redefined

A proposal was made to redefine MSMEs by the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018, to classify them as manufacturing or service-providing enterprises, based on their annual turnover.

Highlights of new MSMEs

‘Atma Nirbhar Bharat Abhiyan’ or the Self-Reliant India Scheme of 2020 by the Government of India has given a new definition for MSMEs.

Following are a few highlighting features of new MSMEs –

· A provision of Collateral Free Loans to MSMEs

· An arrangement of loans to MSMEs worth of Rs. 3 lac crores

· An offer for MSMEs to get a Moratorium period of 12 months

· Consideration of Manufacturing and Service MSMEs as the same entities

· MSM is a granted a repayment Tenure of 48 months

· MSMEs are assured a 100% Credit Guarantee

· Reclassification of MSMEs will benefit approximately 45 Lac units

Section – C

Q.11 Write short notes on the following:

(a) Detailed Project Report

Detailed Project Reports (DPRs) are the outputs of planning and design phase of a project. DPR is a very detailed and elaborate plan for a project indicating overall programme, different roles and responsibilities, activities and resources required for the project. To be more precise, A DPR is a final, detailed appraisal report on the project and a blue print for its execution and eventual operation. It provide details of the basic programme the roles and responsibilities, all the activities to be carried out and the resources required and possible risk with recommended measure to counter them.

(b) Interpersonal Skills .

Interpersonal skills are the skills we use every day when we communicate and interact with other people, both individually and in groups. They include a wide range of skills, but particularly communication skills such as listening and effective speaking. They also include the ability to control and manage your emotions. Interpersonal skills are traits you rely on when you interact and communicate with others. They cover a variety of scenarios where communication and cooperation are essential.

Some examples of interpersonal skills include:

· Active listening

· Teamwork

· Responsibility

· Dependability

· Leadership

· Motivation

· Flexibility

· Patience

· Empathy

Q.12 Differentiate between the following:

(a) Social Entrepreneurs and Cultural Entrepreneurs

To paraphrase Stanford Social Innovation Review (SSIR) [1], cultural entrepreneurship focuses on reimagining social roles and motivating new behaviors while social entrepreneurship doesn’t. Cultural entrepreneurs often rely heavily on tools like Twitter and Kickstarter. They use persuasive communications and peer influence to shift attitudes, beliefs, and behavior. Their aim is to change the world for the better. SSIR suggests that cultural entrepreneurship is social entrepreneurship’s little sister. In their own words, social entrepreneurs solve problems by disrupting existing systems for social benefit. Examples include as microfinance and solar powered lights.

(b) Urban Market Research and Rural Market Research

Urban and rural communities have historically had different demographics, interests and opportunities. While the communications boom of the internet is blurring the lines somewhat, there are still broad differences. These differences often necessitate varied marketing strategies for companies wishing to sell to both markets.

Rural and urban America have many cultural characteristics in common, yet some differences apply. An ad featuring a popular country music star would be more favorably received in rural markets, as an ad featuring jazz would likely be well-received as an urban marketing idea. An ad using words like "dependable," "traditional" and "values" might resonate best with rural consumers, while words such as "innovative," "fresh" and "new" might have more appeal to an urban consumer. Marketing that blends in with the cultural norms of each community is more likely to result in sales.

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