Fundamentals of Entrepreneurship questions with answers – 2023 Spring (BBA/TT/BHM)

Fundamentals of Entrepreneurship questions with answers – 2023 Spring (BBA/TT/BHM)

Section”A”

Very Short Answer Questions

1.List out any five types of entrepreneurs.
Answer: Five types of entrepreneurs are:

• Innovative entrepreneurs (focus on new ideas and products),
• Imitative entrepreneurs (copy existing successful ideas),
• Social entrepreneurs (focus on solving social issues),
• Trading entrepreneurs (buy and sell goods for profit), and
• Agricultural entrepreneurs (engage in farming and related activities).

2. How does an entrepreneur differ from an intrapreneur? List out any three differences.
Answer: Entrepreneurs start and own their businesses, while intrapreneurs work within a company to develop new ideas. Entrepreneurs take full financial risks, whereas intrapreneurs face limited risks. Entrepreneurs have complete independence, while intrapreneurs operate under company policies.

3. List three techniques of risk reduction strategy.
Answer: Three risk reduction techniques are:

• Diversification (investing in multiple areas),
• Insurance (protecting against potential losses), and
• Market research (understanding customer needs to reduce uncertainty).

4. What do you understand by the term ‘Brain Writing’?
Answer: Brain writing is a group creativity technique where participants write their ideas silently before sharing them. It helps avoid interruptions and encourages everyone to contribute.

5. How is a turnkey project different from a licensing agreement?
Answer: In a turnkey project, a company builds a facility and hands it over fully operational, while licensing is when a company gives another party the right to use its intellectual property in exchange for a fee or royalty.

6. Differentiate between licensing and franchising briefly.
Answer: Licensing allows a company to use another company’s intellectual property, while franchising includes a broader agreement to run a business under a brand’s name with guidelines and support.

7. What are the major elements of a business plan?
Answer: The major elements of a business plan are:

• Executive summary,
• Business description,
• Market analysis,
• Organizational structure, and
• Financial projections.

8. What do you understand by social entrepreneurship?
Answer: Social entrepreneurship involves using business methods to address social problems, like poverty or environmental issues, while also aiming to make a profit.

9. Entrepreneurs lead to balanced economic development. Mention any two points.
Answer: Entrepreneurs create jobs, which reduce unemployment, and they bring innovation, leading to the growth of industries and better use of resources.

10. How is e-commerce being important in the post-COVID world?
Answer: E-commerce became essential during COVID-19 as people preferred online shopping. It offers convenience, supports contactless transactions, and helps businesses reach global customers.

Section”B”

Descriptive Answer Questions

11. Define entrepreneurship. Explain the various traits of a successful entrepreneur. – Answer (Click Here)
12. Differentiate between entrepreneur, manager, and inventor. – Answer (Click Here)
13. Explain the various merits and demerits of new entry opportunities. – Answer (Click Here)
14. Explain the creative process with suitable examples. – Answer (Click Here)
15. What are the strategies for expansion and growth of business in the global arena? – Answer (Click Here)
16. Define patent rights. Discuss the procedures for obtaining patent rights in Nepal as mentioned in the Patent, Design, and Trademark Act 2022. – Answer (Click Here)
17. Under which circumstances can business plans fail? – Answer (Click Here)

Section “C”

Case Analysis

18. Read the case situation given below and answer the questions that follow:

Finding buyers and growing a business are the major challenges for young women entrepreneurs in the country. It is always difficult to sell a new product or service, and lack of capital makes life hard for women wanting to start their own business, women entrepreneurs said.
The number of young women entrepreneurs is increasing compared to a few years ago. They are engaged in different sectors such as agriculture, food and medicine, and they come with innovative concepts. Women entrepreneurs with new ideas face many challenges in society while doing business, they said.

Nabina Subedi, co-founder of The She Thing, a monthly period subscription box, said, “Since menstruation is still taboo in our society, running a business related to it is itself challenging.” Males think that it’s a women’s thing, and women also do not show interest in menstrual hygiene. For this reason, it is difficult to make them understand and sell the product.

Sharing her experience, Nikita Acharya, co-founder of e-commerce platform Urban Girl, said that very few people showed interest in investing in startup ideas. “Getting business investment is a huge challenge for women entrepreneurs in the country.”

While pitching business ideas in front of investors, trust issues arise for women entrepreneurs, said Sabi Singh, CEO of Online Aushadhi which sells medicines online.
Investors do not believe women entrepreneurs and ask whether there is a male founder in the business. “I have been asked many times, ‘Are you the man of your organization?’”

Acharya said that even after you have started a business, it is difficult to make it grow. Though banks and financial institutions are providing special services for women entrepreneurs, it is always a hassle to obtain them, she said. “We have to do a lot of running around to get the special loan schemes provided to women entrepreneurs.” According to her, loan schemes provided to women entrepreneurs are also male-oriented due to which Women entrepreneurs remain on paper only.

Eeda Rijal, co-founder of Sochware, feels that government offices give priority to her male counterparts.
“When I visit government offices with my male partners, the officials tend to speak to them and ignore me,” she said. Sometimes, one’s physical problems like having your period also make it challenging when you have to work for long hours, she said.
“Doing business also requires spending long hours at work and reaching home late, which our society frowns upon.” Bhintuna Jayapoo, owner of Bhav Products, a shop which sells handmade stationery, said it was difficult to find a market for products and services which have a new concept and are produced by women.

“In the early days, I sensed the different ways people treat men and women entrepreneurs,” she said.
Another woman entrepreneur, Singh, said that balancing business and family was a major challenge, especially when you have kids and you have just started your business. She has to rush home after 5 pm due to which she could not attend networking events after that time.

“It is difficult to look after home and business.” Singh has attended several networking events and never found a female investor. She also said that 90 percent of the participants at these networking events were men.

Questions:
a) What kinds of new policies can we bring forward to encourage women entrepreneurs? Provide thoughtful answers considering its relation to economic growth and social stability.
b) Shed light on the various issues that are inhibiting women from becoming entrepreneurial.

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