BCOS 185 Entrepreneurship Free Solved Assignment 2024 – 2025
BACHELOR OF COMMERCE (GENERAL)
CHOICE BASED CREDIT SYSTEM
BCOS – 185: ENTREPRENEURSHIP
ASSIGNMENT: 2023-24
Valid from 1st July 2024 to 30th June 2025
Dear Students,
As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this Course. The assignment has been divided into three sections. Attempt all the three sections.
Assignment is given 30% weightage in the final assessment. To be eligible to appear in the Term-end examination, it is compulsory for you to submit the assignment as per the schedule.
Before attempting the assignments, you should carefully read the instructions given in the Programme Guide.
1. Those students who are appearing in December 2024 exams. They should download the new assignment and submit the same latest by 15 October 2024.
2. Those students who are appearing in June 2025 Term End Examination they have to submit latest by in 15 March 2025.
You have to submit the assignment of all the courses to the Coordinator of your Study Centre.
TUTOR MARKED ASSIGNMENT
COURSE CODE: BCOS – 185
COURSE TITLE: ENTREPRENEURSHIP
ASSIGNMENT CODE: BCOS – 185/TMA/2024-25
COVERAGE: ALL BLOCKS
Maximum Marks: 100
Note: Attempt all the questions.
Section – A (Attempt all the questions. Each question carries 10 marks.)
Q.1 Explain the importance of entrepreneurship in a developing country. (10)
Ans: ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
The entrepreneur is the key to the creation of new enterprises that energise the economy and rejuvenate the established enterprises that make up the economic structure. Entrepreneurs initiate and sustain the process of economic development in the following ways:
1. Capital formation: Entrepreneurs mobilise the idle savings of the public through the issues of industrial securities. Investment of public savings in industry results in productive utilisation of national resources. Rate of capital formation increases which is essential for rapid economic growth. Thus, an entrepreneur is the creator of wealth.
2. Improvement in per capita income: Entrepreneurs locate and exploit opportunities. They convert the talent and idle resources like land, labour and capital into national income and wealth in the form of goods and services. They help to increase net national product and per capita income in the country, which are important yardsticks for measuring economic growth.
3. Improvement in living standards: Entrepreneurs set up industries which remove scarcity of essential commodities and introduce new products. Production of goods on mass scale and manufacture of handicrafts, etc., in the small scale sector help to improve the standard of life of a common man. These offer goods at lower costs and increase variety in consumption.
4. Economic independence: Entrepreneurship is essential for national self-reliance. Industrialists help to manufacture indigenous substitutes of hitherto imported products thereby reducing dependence on foreign countries. Businessmen also export goods and services on a large scale and thereby earn the scarce foreign exchange for the country. Such import substitution and export promotion help to ensure the economic independence of the country without which political independence has little meaning.
5. Backward and forward linkages: An entrepreneur initiates change which has a chain reaction. Setting up of an enterprise has several backward and forward linkages. For example, the establishment of a steel plant generates several ancillary units and expands the demand for iron ore, coal, etc. These are backward linkages. By increasing the supply of steel, the plant facilitates the growth of machine building, tube making, utensil manufacturing and such other units.
6. Generation of Employment: Entrepreneurship development training which helps in strengthening informal and unorganised sector is expected to motivate enterprising people to opt for self-employment and entrepreneurial career. It will therefore, help in solving the problem of increasing unemployment to some extent.
7. Harnessing Locally Available Resources and Entrepreneurship: India is considered to be very rich in natural resources. In spite of about five decades of planned development a large number of states have remained economically backward. A few large scale industries started by entrepreneurs from outside the state in an economically backward area may help as model of pioneering efforts, but ultimately the real strength of industrialisation in backward areas depends upon the involvement of local entrepreneurship in such activities: Increased activities of local entrepreneurs will also result in making use of abundantly available local resources.
8. Balanced Regional Growth: Medium and large scale industries can only be started with huge investment which is either available with well–established industrial houses or need to be drawn from public exchequer. Also, promotion of such industries does not help in reducing disparities of income and wealth. On the other hand, an important advantage of small scale enterprises is that they can be started with meager financial ‘resources and little or no previous experience or entrepreneurial background.
9. Reducing Unrest and Social Tension amongst Youth: Many problems associated with youth unrest and social tensions are rightly considered to be due to youth not being engaged in productive work. In the changing environment where we are faced with the problem of recession in wage employment opportunities, alternative to wage career is the only viable option. The country is required to divert the youth with latent entrepreneurial traits from wage career to self-employment career. Such alternate path through entrepreneurship could help the country in defusing social tension and unrest amongst youth.
10. Innovations in Enterprises: Business enterprises need to be innovative for their survival and better performance. It is believed that smaller firms have relatively higher necessity and capability to innovate. The smaller firms do not face the constraints imposed by large investment in existing technology. Thus they are both free and compelled to innovate: The National Science Foundation, an organisation in USA found that small companies produce four times more innovations per research dollar than do bigger companies. Entrepreneurship development programmes are aimed at accelerating the pace of small firm’s growth in India. Increased number of small firms is expected to result in more innovations and make the Indian industry compete in international market.
Q.2 Discuss the importance of innovation in Startup growth? What are the linkages between innovation application and entrepreneurial ecosystem? (10)
Ans: A Startup is a newly established company with a small team of founders and limited resources focused on developing and bringing a unique product, service, or business model to market. Startup India are typically characterized by their innovative and disruptive approach to solving problems, and their goal is usually to scale quickly and become a successful, profitable business. Startups are often associated with technology and digital innovation, although they can also be in other sectors such as biotech, fintech, or clean energy.
Importance of Innovation in Startup Growth
Innovation is the key for the success and long term sustainability of startups. It plays a important role in differentiating a Startup from its competitors, enabling it to create unique value for its customers. Some the key importance of innovation in growth of Startups are given below:
1. Competitive Advantage: Innovation allows startups to offer something new or better than existing products or services in the market, which provides them advantage over their competitors.
2. Market Penetration: Innovation helps in capturing new market. Through innovative products or services, startups can establish themselves in new markets by solving problems of their prospective customers.
3. Customer Satisfaction: Innovation helps in solving existing problems in a better way, leading to higher customer satisfaction and loyalty.
4. Sustainability: Continuous innovation helps Startups adapt to changing market conditions, ensuring their long-term survival and success.
5. Attract Investment from angel investors: Due to high potential for growth and profitability, Innovative startups are more appealing to angel investors.
6. Scaling Up: Innovation is often the driver for scaling a Startup, as it can lead to the development of new revenue streams, improved operational efficiency, and better market positioning.
Linkages Between Innovation Application and Entrepreneurial Ecosystem
The application of innovation is deeply intertwined with the entrepreneurial ecosystem, which consists of various stakeholders, resources, and conditions that support or hinder entrepreneurial activities. Linkage between Innovation Application and Entrepreneurial Ecosystem can be understand with the following headings:
1. Technical Infrastructure: A well-developed technical infrastructure, provides startups with the necessary resources to experiment and innovate. These entities often offer mentorship, networking opportunities, and technical support, all of which are crucial for innovation.
2. Market Access: The entrepreneurial ecosystem facilitates access to markets, both domestic and international, allowing startups to scale up their innovative product. Market access is necessary for the commercial success of innovative products and services.
3. Government Supportive Policies: Government policies that encourage research and development (R&D) activities, provide tax incentives, Production Linked Incentive (PLI) and reduce regulatory barriers create a conducive environment for innovation. Such policies are part of the entrepreneurial ecosystem that supports innovation.
4. Access to Finance: Adequate finance is must for setting any business. A great entrepreneurial ecosystem provides startups with access to finance through venture capital, angel investors, and other funding sources. Financial resources are essential for the R&D activities that drive innovation.
5. Human Capital: Entrepreneurs need skilled and creative workforce that can generate new ideas and bring them to market. The availability of skilled and creative talent within the entrepreneurial ecosystem is essential for innovation.
6. Cultural Factors: There is greater chances of failure in any new business. An entrepreneurial culture that celebrates risk-taking, tolerates failure, and rewards innovation is a key element of the ecosystem. Such a culture encourages entrepreneurs to pursue innovative ideas without the fear of failure.
Q.3 Discuss the various elements of business plan. (10)
Ans: A business plan is a roadmap that provides directions so a business can plan its future and helps in the smooth functioning of the business. It is a plan which outlines goals and details about how to achieve those goals. The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources.
Elements of Business Plan:
1. Introductory page: This is the title or cover page that provides a brief summary of the business plan’s contents. The introductory page should detail about the name and address of the company and the entrepreneur(s), telephone number, e-mail address, and Web site address if available. It should also describe the nature of the business in brief. The amount of financing needed and a statement of the confidentiality of the report should also be provided in this section.
2. Executive Summary: The executive summary lays out all the vital information about your business within a relatively short space; typically, two-three pages or less. It is a high-level look at everything and summarizes the other sections of your plan. It should stimulate the interest of the potential investor and other stakeholders. It must be clear concise and compelling so that people will read further.
3. Industry Analysis: The entrepreneur should analyse the environmental and industrial environment to be updated about the current status and future trends and changes in the market at both domestic and international level that may impact the working of the business. Any climate change, current government policies, changes in policies, economic trends to understand the purchasing power of target market, cultural and technological changes etc. are analysed and their impact on the products or services may be understood.
4. Business Description: In this section, the description of the venture is to be detailed by the entrepreneur. It should begin with describing mission and vision of the firm. It should give clear idea about the scope and size of the firm to the investors. The new venture should be thoroughly described, along with its proposed potential operations.
5. Production Plan: A production plan is necessary for the manufacturing business. Entrepreneur needs to describe the physical layout of his production plant, the machinery and equipment needed to perform the manufacturing operations; raw materials and suppliers’ names, addresses, and terms; costs of manufacturing and any future capital equipment requirements.
6. Operations Plan: This section begins with describing what needs to be done to get the business underway. Every type of business, whether manufacturing- non manufacturing should include operations plan. It describes the production of goods and services and the flow of goods and services from producers to customers.
7. Marketing Plan: The general marketing activities and approach that the company would follow should be outlined in this section. It describes how the product(s) or service(s) will be distributed, priced, and promoted. Marketing strategy which is developed by conducting market research should be discussed here.
Q.4 Why is it important to conduct Market feasibility analysis? Describe the components of market feasibility analysis. (10)
Ans: Coming Soon
Q.5 “Entrepreneurs may miss opportunities if they are not able to communicate effectively”. Elaborate. (10)
Ans: Coming Soon
Section – B (Attempt all the questions. Each question carries 6 marks.)
Q.6 Explain ASPIRE scheme by the Ministry of MSME. (6)
Ans: Coming Soon
Q.7 What are the sources of funds available for new investors? (6)
Ans: Coming Soon
Q.8 What do you understand by the mobilisation of non-financial resources? (6)
Ans: Coming Soon
Q.9 Discuss the role MSMEs play in the economic development of a developing country like India. (6)
Ans: Coming Soon
Q.10 Discuss any two successful and affluent family business groups in India. (6)
Ans: Coming Soon
Section – C (Attempt all the questions. Each question carries 10 marks.)
Q.11 Write short notes on the following: (5×2)
a) Heritage and tourism Entrepreneurship
b) Test marketing
Test marketing is the final stage before commercialization of any product. The objective is to test all the variables in the marketing plan including elements of the product. Test marketing represents an actual launching of the total marketing program, done on a limited basis. Initial product testing and test marketing are not the same. Product testing is totally initiated by the producer. He or She selects the sample of people, provides the consumer with the test product, and offers the consumer some sort of incentive to participate.
In product testing, there are two types of tests which are conducted called alpha and beta testing. In alpha testing, the product is subject to checking of the product’s standards/ specifications and is done in the laboratory. In Beta testing, the product is put to test in a simulated situation. If the product passes through all the tests when the product is made available for actual use that shows that product is free from all technical problems because of which the product may fail in the market place. For example, in case of car the car is subject to alpha testing, by checking the controls on the apparatuses in the laboratory and once the whole car is ready then the speed of the car, RPM of the engine, breaking power, etc. is all an outcome of simulation test called beta testing and a sticker is placed on the car titled “PDI done” i.e. pre delivery inspection completed.
Q.12 Distinguish between: (5×2)
a) Urban and rural market research
b) Letter of Credit and Discounting of bill
Ans: