JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD B. Tech IV Year PRINCIPLES OF ENTREPRENEURSHIP Previous Question Paper (July/August - 2022 - R18)
Answer any five questions. All questions carry equal marks.
Main
What is meant by entrepreneurship and entrepreneur? List the characteristics of an entrepreneur. Highlight the key differences between an entrepreneur and a manager.
Answer
Entrepreneurship is the process of identifying, developing, and bringing a vision to life. It involves creating value by innovating, taking calculated risks, and organizing resources to transform an idea into a profitable business venture. An entrepreneur is the individual who undertakes this process, acting as an innovator and source of new ideas, goods, services, and procedures.
The key characteristics of an entrepreneur include:
- Risk-taking ability: Willingness to face uncertainty and potential failure for the sake of potential reward.
- Innovation: A constant drive to introduce new products, processes, or markets.
- Vision and Goal Orientation: Possessing a clear long-term objective and the persistence to achieve it.
- Self-Confidence: Strong belief in one's own abilities and decision-making skills.
- Leadership and Team Building: Ability to inspire others and organize human and financial resources effectively.
The differences between an entrepreneur and a manager are summarized below:
| Feature | Entrepreneur | Manager |
|---|---|---|
| Focus | Innovation and creation | Execution and administration |
| Risk | Takes risks and bears uncertainty | Avoids or minimizes risks |
| Motivation | Profit and achievement | Salary and career progression |
| Decision Making | Intuitive and creative | Logical and analytical |
| Ownership | Owner of the venture | Employee of the organization |
Explain in detail the following sources of ideas for entrepreneurship:
Consumers
Answer
Consumers are the most vital source of entrepreneurial ideas because they are the ultimate users of products and services. Entrepreneurs can identify potential business opportunities by observing consumer behavior, conducting surveys, or listening to complaints and feedback. When consumers express dissatisfaction with existing solutions or indicate unmet needs, they provide a direct signal for innovation. By analyzing these pain points, entrepreneurs can develop products that offer better value, convenience, or efficiency, ensuring that the final output aligns with actual market demand.
Existing products and services
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Research and development
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Differentiate between internal and external funds. Explain in detail the following sources of funds:
Personal funds
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Venture capital
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What is meant by financial control? How should an entrepreneur design the organization? List some methods to motivate the employees.
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Brief on new ventures expansion strategies.
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What is a District Industry Center (DIC)? Discuss the role and functions of District Industry Centers in promoting entrepreneurship.
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Describe the functions of Technical Consultancy Organization (TSO).
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What are the objectives of Small Industries Development Bank of India (SIDBI)? Discuss in detail its key functions. What are the products offered under SIDBI?
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What is meant by inventory? Why is inventory control important? Discuss some methods of inventory control.
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Describe the thrust areas of production management.
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Discuss in detail the salient features of Factories Act, 1948. Explain the main provisions of Industrial Dispute Act, 1947.
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