Subject: Entrepreneurship
Creativity and Business Idea Questions
Group A: Very Short Questions
1. (2023 Fall Q. No. 5, 2021 Spring Q. No. 9) Define e-commerce.
Answer: E-commerce refers to buying and selling goods and services over the Internet. It has become a vital part of modern business, allowing companies to reach a global audience.
2. (2023 Spring Q. No. 4) What do you understand by the term ‘Brain Writing’?
Answer: Brainstorming is a widely used technique for idea generation, where participants contribute ideas spontaneously. Here, participants write down their ideas about particular questions for a few minutes without talking.
3. ( 2023 Spring Q. No. 10) How is e-commerce being important in the post-COVID world?
Answer: E-commerce is crucial in the post-COVID world as it allows businesses to reach customers online, offering convenience and safety. It helps companies stay competitive by expanding their market and improving sales.
4. (2022 Fall Q. No. 6, 2021 Spring Q. No. 4) Differentiate creativity and innovation.
Answer: The differences between creativity and innovation are as follows:
| Aspect | Creativity | Innovation |
|---|---|---|
| Definition | The ability to come up with new and original ideas. | The process of turning creative ideas into practical solutions. |
| Focus | Generating ideas and concepts. | Implementing ideas to create value. |
| Nature | Conceptual and abstract. | Practical and actionable. |
| Outcome | New ideas, thoughts, or concepts. | New products, services, or processes. |
5. (2022 Fall Q. No. 2) Mention any three methods of idea generation.
Answer: The three methods of idea generation are as follows:
i. Brainstorming
ii. Focus Group
iii. Brainwriting
6. (2022 Fall Q. No. 3, 2021 Spring Q. No. 3) List out the various sources of business ideas.
Answer: The various sources of business ideas are as follows:
i.Customers
ii. Market Study
iii. Distributors and Suppliers
iv. Competitors
v. Personal Experience
vi. Research and Development
7. (2020 Fall Q. No. 4) Outline the stages of creativity.
Answer: The stages of creativity are as follows:
i. Preparation
ii. Incubation
iii. Illumination
iv. Verification
8. (2020 Fall Q. No. 10) Differentiate idea and opportunity.
Answer: The differences between idea and opportunity are as follows:
| Idea | Opportunity |
|---|---|
| A thought or concept that may have potential. | A real chance to turn an idea into a successful business. |
| It is a chance that an individual gains. | It is a chance that an individual gain. |
| Just the beginning of something new. | Can lead to success and profit. |
| Needs to be tested and developed. | Ready to be used or implemented. |
9. (2019 Spring Q. No. 5) Mention the types of creativity.
Answer: The types of creativity are as follows:
i. Deliberate & Cognitive Creativity
ii. Deliberate & Emotional Creativity
iii. Spontaneous & Cognitive Creativity
iv. Spontaneous & Emotional Creativity
10. (2019 Fall Q. No. 3) Outline the types of innovation.
Answer: The types of innovation are as follows:
i. Product Innovation
ii. Process Innovation
iii. Business Model Innovation
iv. Marketing Innovation
v. Organizational Innovation
11. (2019 Fall Q. No. 4) Explain the sources of new idea generation.
Answer: The sources of new idea generation are as follows:
i. Customers
ii. Market Study
iii. Competitors
iv. Research and Development
12. (2019 Fall Q. No. 7) Explain the contingency planning in entrepreneurship.
Answer: Contingency planning is the process of preparing for unexpected events or risks that could affect a business. It helps entrepreneurs find possible risks and make backup plans to reduce losses and keep the business running smoothly.
13. (2019 Fall Q. No. 10) Define the types of new products.
Answer: The types of new products are as follows:
i. Innovative product
ii. Modified product
iii. Imitative product
14. (2018 Spring Q. No. 8) Explain the different types of innovation in entrepreneurship.
Please see 2019 Fall Q. No. 3
15. (2018 Fall Q. No. 4) What do you mean by opportunity recognition? How this is done in entrepreneurship?
Answer: Opportunity recognition is the process of identifying and understanding new business chances that can lead to success. Entrepreneurs find gaps in the market, unmet customer needs, or new trends and turn them into profitable business ideas.
This is done by getting the idea, identifying the opportunity, developing the opportunity, evaluating the opportunity, and finally evaluating the team.
16. (2016 Fall Q. No. 9) What do you understand by creativity and innovation?
Answer: Creativity is the ability to develop new ideas and to discover new ways of looking at problems & opportunities. It is the process of thinking something new.
Innovation is the process of developing and implementing new ideas, products, services, or methods that add value or improve upon what already exists.
17. (2017 Fall Q,. No. 4) List out the methods of new idea generation.
Answer: The methods of new idea generation are as follows:
i. Brainstorming
ii. Reverse Brainstorming
iii. Brainwriting
iv. Gordon Method
v. Checklist Method
18. (2017 Fall Q. No. 6) Write any three sources of information.
Answer: The three sources of information are as follows:
i. Books
ii. Internet
iii. Experts and Professionals
19. (2017 Fall Q. No. 7) What do you mean by e-commerce?
Answer: E-commerce refers to buying and selling goods and services over the Internet. It has become a vital part of modern business, allowing companies to reach a global audience.
Group B: Descriptive Answer Questions
1. (2023 Fall Q. No. 15) Define creativity. Explain how finding a gap in the marketplace can create a business opportunity. – Answer (Click Here)
2. (2023 Spring Q. No. 14) Explain the creative process with suitable examples. – Answer (Click Here)
3. (2022 Fall Q. No. 13) Idea generation is the key to success for any entrepreneur. Discuss the various methods of generating ideas, Also, explain the various problem-solving methods. – Answer (Click Here)
4. (2021 Spring Q. No. 14) What is e-commerce? What are the benefits and challenges of e-commerce in the modern era? – Answer (Click Here)
5. (2019 Fall Q. No. 16) Define e-commerce and explain the challenges and opportunities of e-commerce practices in Nepal.
Please see 2021 Spring Q. No. 14
6. (2018 Spring Q. No. 16, 2017 Fall Q. No. 15) Define the product planning and development process. Explain. – Answer (Click Here)
7. (2017 Fall Q. No. 13) What are the sources of new ideas? How does an entrepreneur generate new ideas? Explain with examples. – Answer (Click Here)