IGNOU BCOS 135 Free Solved Assignment 2022
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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.
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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