JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD B. Tech IV Year PRINCIPLES OF ENTREPRENEURSHIP Previous Question Paper (February/March - 2022 - R18)

The Creative Problem Solving (CPS) model developed by Alex Osborn and Sidney Parnes is a structured process for generating innovative solutions. It consists of six distinct stages grouped into three main phases:

• Objective Finding: Identifying the broad goal or the challenge that needs to be addressed.
• Fact Finding: Gathering all relevant data, observations, and information related to the challenge to understand the context thoroughly.
• Problem Finding: Narrowing down the focus by defining the specific problem statement that, when solved, will achieve the objective.
• Idea Finding: Using divergent thinking techniques like brainstorming to generate a wide range of potential solutions without immediate criticism.
• Solution Finding: Evaluating the generated ideas against specific criteria, selecting the most promising ones, and refining them into actionable plans.
• Acceptance Finding: Developing an implementation plan, identifying potential obstacles, and securing the necessary support to put the solution into practice.

A Business Plan is a formal document that outlines the objectives of a business and the strategies for achieving them. Writing an effective plan involves the following key components:

• Executive Summary: A concise overview of the business, its mission, and the value proposition.
• Company Overview: Details about the business structure, history, and the specific problems it solves for customers.
• Market Analysis: Research on the target audience, industry trends, and a competitive analysis to identify market gaps.
• Organization and Management: An outline of the organizational structure and the key personnel leading the venture.
• Product or Service Line: A detailed description of the offerings, including their benefits, lifecycle, and intellectual property status.
• Marketing and Sales Strategy: The approach for acquiring and retaining customers through pricing, promotion, and distribution channels.
• Financial Projections: Forecasts including income statements, cash flow analysis, and balance sheets to demonstrate financial viability and funding requirements.

Writing a plan requires clarity, objective analysis, and a focus on the feasibility and scalability of the venture to attract stakeholders and guide internal decision-making.