Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

Exam Questions Class 12

Please refer to the Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions provided below. These questions and answers for Class 12 Entrepreneurship have been designed based on the past trend of questions and important topics in your class 12 Entrepreneurship books. You should go through all Class 12 Entrepreneurship Important Questions provided by our teachers which will help you to get more marks in upcoming exams.

Class 12 Entrepreneurship Exam Questions Entrepreneurial Opportunities

Class 12 Entrepreneurship students should read and understand the important questions and answers provided below for Entrepreneurial Opportunities which will help them to understand all important and difficult topics.

VERY SHORT ANSWER TYPE QUESTIONS

Question: What is required to convert an idea into opportunity?
Answer: Sensing entrepreneurial opportunities is only a process of converting an idea into an opportunity and then into an enterprise.

Question: What is the meaning of trend spotting?
Answer: It is an immediate identification of new trends like fashions, activities, designs, assumptions, etc.

Question: What is Idea Generation?
Answer: The process of creating, developing, and communicating ideas which are in an abstract, concrete, or visual form. It includes the process of constructing through the idea, innovating the concept, developing the process, and bringing the concept to realit

Question: What factors are involved in the process of sensing an entrepreneurial opportunity?     2
Answer: 

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

SHORT ANSWER TYPE QUESTIONS –

Question: What is the purpose to scan the environment?
Answer: The main purpose of environmental scanning is to know the rapid changes occurring in the environment by which organizations gather information on changing conditions and incorporate those observations into a process where necessary changes can be made.

Question: Draw the enterprise process diagram.   
Answer:

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

SHORT ANSWER TYPE QUESTIONS 

Question: Write the meaning of product identification in terms of business opportunity.
Answer: So the first step is to obtain a concept of the product or service suggested bone idea. We should also see whether this product is already available in the market or not. If it is, then we should identify the reason for introducing the same product or service in the market. For example, innovating a new pen drive especially for teachers which will have a built in antivirus and which can be worn like a watch. So, it minimises the problem of losing the pen drive.

Question: What are the various ways in which an entrepreneur spot trends?
Answer: (i) Read trends:
(a) Entrepreneurs regularly read the leading publications and websites affecting their business.
(b) Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers.
(c) They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there is a sunami of information available. They use tech-tools like RSS feeds, e-mail newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided.

(ii) Talk trends:
(a) Talking to people is an equally important trend-spotting tactic. They get involved in specific industry’s trade association and attending events both online and offline.
(b) From social networking tools like social network websites and forums.
(c) They even start or join groups on the networks and see what people are buzzing about the latest trends to customers regarding what customers thinking, buying, doing, etc. what customers are saying about the business, but what they’re saying about the competitor’s business.

(iii) Watch trends:
(a) Watching and observing the customers in the market place.
(b) If the customers are teenagers, in the local mall.
(c) If they are business class people, it might be restaurant or office park restaurant center.
(d) The entrepreneur spends some time simply watching and observing, what people are eating, doing, wearing, using.

(iv) Think trends:
(a) As an entrepreneur begins gathering all these information regularly, they will start to develop a “trend-spotter mind.”
(b) They collect from what they read, heard and observed, and they start to making connections and observations that will lead to business-boosting insights.

 LONG ANSWER TYPE QUESTIONS

Question:“Sensitivity to environmental factors is essential for an entrepreneur.” In light of above statement explain the importance of environment scanning.
Answer: Importance of Environment: Sensitivity to environmental factors is crucial for an entrepreneur. If a company is able to adapt to its environment, it would succeed in the long run. For example, Sony is failing to understand the changing trends in mobile phones and therefore losing its market share. The benefits of understanding the relevant environment of business are:

(i) Identification of opportunities to get first mover advantage: An entrepreneur must be keen and alert and must be aware of all the changes in the external environment, so that he can identify opportunities and find strategies to capitalise on the opportunities at the earliest. For example, Volvo, the Swedish brand, has 74% share in the luxury bussegment as it had entered India earlier.

(ii) Formulation of strategies and policies:
An entrepreneur must be capable of formulation of strategies and policies which is really going to help in identifying threats and opportunities in the market.

(iii) Tapping useful resources: If an entrepreneur has complete and a thorough knowledge of the external environment, then easily he can tap raw materials, technology and even financial resources from the market at economical prices, at the right time.

(iv) Better performance: Proper understanding of the various elements of the external environment is necessary to take timely action to deal with threats and avail opportunities for the purpose of improvement in the performance of the firm.

(v) Sensitisation of entrepreneurs to cope up with rapid changes: A keen watch on the trends in the environment would help sensitise the entrepreneur to changing technology, competition, government policies and changing needs and taste of the customers. For example, trends in clothing, outdoor celebration of family events. Showing more interest in fast food, changing fitness trend.

(vi) Image building: If a company is sensitive to the external environment, it will come out with new products and services to meet the requirements of the customers. This would build the image or reputation of the firm in the eyes of the general public. For example, call-radio taxis with additional features like GPS systems, online booking, etc.

Question: Entrepreneurship does not emerge and grow spontaneously. Rather it is dependent upon several various environmental factors. Explain them.
Answer: Yes,itiscorrecttosaythat“Entrepreneurship does not emerge and grow spontaneously.” It is dependent upon several factors , like economic, social, political, legal and other factors. The basic PESTEL analysis includes four factors:
Political factors are basically to what degree the government intervenes in the economy. Various political factors include areas are:

(i) Taxation Policy, Trade Regulations, Tariffs policy, Policy regarding export and import.
(ii) Government Affairs: Government in power, attitude of government towards different groups of the societies, Government Stability, Policy changes implemented by changed government, Labour laws, Unemployment policy.
(iii) Goods and services which the government wants to produce and how much quantity to be produced.
(iv) It also influences the health, education, and infrastructure of a nation.

 VERY LONG ANSWER TYPE QUESTIONS

Question:  What do you understand by Trend Spotting? What are the ways by which entrepreneurs can spot trends?
Answer: Trend spotting refers to identification of new trends which helps an entrepreneur to understand the market and produce goods or provide services in sync with the market trends.
(i) Read trends:
(a) Entrepreneurs regularly read the leading publications and websites affecting their business.
(b) Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers.
(c) They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there’s a tsunami of information available. They use tech-tools like RSS feeds, e-mail, newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided.

(ii) Talk trends:
(a) Talking to people is an equally important trend-spotting tactic. They get involved in specific industry’s trade association and attending events both online and offline. (b) From social networking tools like social network websites and forums.
(c) They even start or join groups on the networks and see what people are buzzing about the latest trends. To customers regarding what customers thinking, buying, doing, etc. What customers are saying about the business, but what they’re saying about the competitor’s business.

(iii) Watch trends:
(а) Watching and observing the customers in the market place.
(b) If the customers are teenagers, in the local mall.
(c) If they are business class people, it might be restaurant or office park restaurant center.
(d) The entrepreneur spends some time simply watching and observing what people are eating, doing, wearing, using.

(iv) Think trends:
(а) As an entrepreneur begins gathering all these information regularly, they will start to develop a “trend-spotter mind.”
(b) They collect from what they read, heard and observed, and they start to making connections and observations that will lead to business-boosting insights.

Question: Examine the sources from where business ideas emerge.
Answer: Basic ideas emerge from various sources. These ideas can be categorized as follows:

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

Question:  Explain in detail Idea Fields.
Answer:
Idea fields are well defined frames of reference that guide the generation of ideas. Various idea fields are examined below:
(i) Natural resources: The idea for a product or service can be derived from the available natural resources like
(a) Agricultural
(b) Breeding and Caring of animals (animal husbandry)
(c) Cultivation or Horticulture
(d) Human (e) Mineral or Soil
(f) Solar
(g) Tidal
(h) Wind
Entirely new products or service related ideas can be generated from these resources or ideas to supplement these natural resources can be derived.

(ii) Current products or services:
It requires careful analysis of the existing products or services and put the expertise and imagination to improve the current products or services. The demand for a product or service or the need to tackle the competition will also help in origination of a new idea. As the value addition to the existing product or service is as good as inventing a new product, the existing products or services also act as a good source of new ideas.

(iii) Demand or Market: Conducting a research in the market to procure the information relation to the gap between demand and supply, changing consumer preferences, trends, technology helps in the generation of new ideas for products or services. The data gathered is analyzed using business intelligence and helps as a good sources of new ideas.In addition to this, the demand prevailing in the market will also help in generation of new ideas. The analysis of the products and services offered by the competitors will also act as a valuable source for generating a new idea.

(iv) Trade: As the globalization has expanded the scope of business to the entire world, a careful analyis of the prevailing trades and methods will act as a good source of idea generation. Earlier the trading was limited to local distribution network or grocery stores. However the trade has expanded from the local market to import and export of goods. The most recent revolution in the trade is e-commerce and has broadened the scope of trading globally and is not time bound. Thus it became a valuable, most effective, less risk prone area for originating new ideas.

(v) Service sector: As the society is becoming more educated and as there is tremendous growth in information and technology, it opened up new challenges and opportunities and became a great source for generation of new ideas in various entrepreneurial sectors. Few of the sources are in the (a) Service of home appliances (b) Automobile servicing (c) Fast food (d) Cool drink outlets (e) Ice cream outlets (f) Tourism (g) Personal grooming (h) Career counseling (i) Emigration services

(vi) Creativity: Creativity being one of the most important competency of an entrepreneur plays a vital role in getting an idea for a new product or service or improving an existing product or service. Most often it is noticed that the need to solve a problem triggers creativity to come up with new ideas. It helps in (a) Adding additional value to an existing product or service (b) Innovate a new product or service (c) Innovate a new methodology or material to produce a product (d) Expand the demand and market for the current product or service (e) Expand the usability of an existing product or service

HIGHER ORDER THINKING SKILLS

Question:  Mr. Raghav had always wanted to manufacture an innovative, energy efficient fan. He was looking into various options and has finally narrowed it down to one option. He understands that the entire idea would have to follow a process. Identify and explain the process.
Answer:
 The process is idea and opportunity assessment.

(i) Product identification: An idea should lead the entrepreneur to a definite product/service which he can sell. So the first step is to obtain a concept of the product or service suggested by one idea. We should also see whether this product is already available in the market or not. If it is, then we should identify the reason for introducing the same product or service in the market. For example, innovating a new pen drive especially for teachers which will have a built in antivirus and which can be worn like a watch so it minimises the problem of losing the pen drive.

(ii) Application and use: Ideas should be examined for their real life use and application. If it already exists in the market we will have to find out its present use, then we may think of modifying it for better use. In the above mentioned example, we can clearly see that even though there are lot of companies manufacturing pen drives, the latest will be in consonance with the upcoming trends.

(iii) Level of operation: This is a crucial test for product/service identification. Depending on the use of the product/ service the entrepreneur will produce it in a cottage industry or a small scale industry or a large scale industry.

(iv) Cost: What is the per unit cost of the product at particular level of operation? Whether this cost is comparable with that of other competitive products? These are some of the questions that have to be answered. Thiswill ultimately decide the sale price. (v) Competition: Any product or service will face market competition at some stage. So market competition should be assessed through a study of the trends in demand and supply.

(vi) Technical complexity: What type of technology is required to produce the product? Whether training and application of such technology will be locally available or will it have to be supported from other places? What would be the position of supply of plant and machinery for such a technology? These are important issues that have to be resolved.

(vii) Annual turnover and profit margin: Ideas should also have to be examined on the basis of expected annual turnover. This will also indicate the market share of the product or service. Once the entrepreneur has assessed the opportunities on these basis he should go ahead and assess the market also.

Question:  Aditi started her boutique business near an industrial area and she was not getting clients as she had expected. What are the factors which have been ignored before starting the boutique? Suggest the various factors that she has to look into before venturing into business.
Answer:  Aditi started her boutique business near an industrial area and she was not getting clients as she had expected because selection of a product or service will depend upon many factors. They are:
(i) Demand
(ii) Supply and Nature of Competition
(iii) Cost and Price of Product
(iv) Project Innovation and Change Here, the main factor which had been ignored before starting the boutique is DEMAND of the product. It is to be suggested to Aditi that while assessing the market, an entrepreneur has to prepare details on the following lines:
(i) Demand:
(a) The demand assessment will be based on the size of market being targeted.
(b) The different types of markets are local markets, market at state level or national/international market.
(c) It involves a detailed study of the target groups of consumers, their preferences, tastes and other related variables.

(ii) Supply and nature of competition:
(a) Supply position refers to the complete picture of quantities of the product made available in the market by all the existing players.
(b) It should take into account future supplies from possible entrants in the field.

(iii) Cost and price of product:
(a) It is important to determine the cost of the product and its comparison with available products in the market.
(b) Cost variable of competitors in terms of transportation delays, wastage, storage etc., have to be studied to spot cost advantage. This will influence the delivery mechanism of the identified product or service.

(iv) Project innovation and change:
(a) Market assessment will require a study of prevailing innovations and changes being carried out by existing entrepreneurs. (b) Technological advancements in the field have to be analysed because they may change the quality and influence the cost and price ultimately.

 EVALUATION AND MULTI-DISCIPLINARY QUESTIONS

Question: “If you don’t adapt, you don’t endure”. Evaluate the validity of the statement.
Answer: Yes, it is correct. The business environment is increasingly becoming uncertain and complex due to political realignments, economic crises, terrorism threats, technological innovations and natural disasters. In rapidly changing environments, one rule of thumb applies: If you don’t adapt, you don’t endure. It is the core idea behind environmental scanning, which refers to the means by which organizations gather information on changing conditions and incorporate those observations into a process where necessary changes are made.

The right information, combined with the right adaptations, can determine an organization’s future viability. Environmental scanning can help you identify the trends that are most likely to directly affect the organisation and product. Then an entrepreneur can craft a strategy that will help him take advantage of various changes occurring and get through the success and at the same time if he is not aware of what the environment surrounding his business he is sure to fail.

(i) E.g., HMT watches lost its market to Titan;
(ii) Sony failing to understand the changing trends in mobile phones and therefore losing it’s market share.

Value Points:
(i) Spirit of Enquiry
(ii) Services to others
(iii) Initiative
(iv) Self-existent
(v) Awareness of responsibility of citizenship
(vi) Social service
(vii) Endurance
(viii) Tolerance
(ix) To protect national property.

APPLICATION-BASED QUESTION

Question: Vinay was a young entrepreneur who wanted to start a new businesswith an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
Answer: Vinay is a young entrepreneur and wanted to start a new business with some initial investment, accordingly he can follow different sources of business idea ways for generating ideas. Sources of business ideas
(i) Vinay must examine his own skill set for business ideas
(ii) Keep up with current events and be ready to take advantage of business opportunities
(iii) Invent a new product or service
(iv) Add value to an existing product
(v) Investigate others markets
(vi) Improve an existing product or service
(vii) Get on the band wagon.

 VERY SHORT ANSWER TYPE QUESTIONS 

Question: How an entrepreneur is different from others?
Answer: The entrepreneurs perceive opportunities, synthesize the available information and analyse emerging patterns that escape the attention of other people. They are people with vision, capable of persuading others such as customers, partners, employees and suppliers to see the opportunity, share and support it. 

Question: Who is a trend spotter?
Answer: A trend spotter refers to someone who specializes in identifying new market trends and make the changes possible. He is a keen observer, alert and notices on new fashions, changing habits, activities in the market. He can be forecaster, business leader, politician, stock analysist, futurist who identify trends and talk about the future to transmit a story into value for others. In short, the role of a trend spotter is to tell persuasive stories about the present and the future to influence others. 

Question: When is the illumination period starts for an entrepreneur?
Answer: Illumination starts when an entrepreneur re-surfaces the idea in realistic way and entrepreneur comes out with viable plan to give practical shape and implement an idea.

Question: What should an entrepreneur do, “if the opportunity looks promising”?
Answer: When the opportunity looks promising, an entrepreneur should look into the environmental factors before choosing the best opportunity.

Question: Kartik wants to start a new ready made garments shop in his colony. He knows that it is the best opportunity for him and it is going to
give him high rate of promising returns. How do you agree with Kartik that he has selected a right opportunity?
Answer: Kartik should look into various factors before deciding on the opportunity. Even if the opportunity looks promising, he must took into the environmental factors (PESTEL) before choosing the best opportunity.

Question: State few cost variable of competitors which have to be studied to spot cost advantage.
Answer: Cost variable of competitors in terms of transportation delays, wastage, storage, etc., have to be studied to spot cost advantage.

Question: What do you understand by supply position?
Answer: Supply position is the complete picture of quantities of the product made available in the market by all the existing players.

Question: Although not mandatory, some entrepre¬neurs may file part I of entrepreneurs memorandum district Industries Centre. Why?
Answer: This may be necessary for claiming certain incentives/subsidies and for certain formalities at the state level. 

Question: State two main objectives of environment study by an entrepreneur.
Answer: (i) To get familiar with environment (ii) To get .stability in the environment

Question: Why creativity is important to entreprneurs?
Answer: Creativity is important to entrepreneurs because it is the first stage in the process of innovation, providing the stimulus for opportunity discovery and new venture creation. 

Question: “A trend is a description of a change taking place in the long term or short term”. Comment. Or What do you understand by the term trend?
Answer: Atrend can be short term manifestations, e.g. a fashion, design, assumption. A trend can also be a long term mega trends, which typically has a minimum of 30-50 years relevance, e.g. globalization, individualization, digitalization. 

Question: What do you understand by market research?
Answer: Market research is a process of working on various trends in market, it gives an organized effort to gathering information about target markets or customers. Marketing research is the means by which the necessary information necessary to run a business is obtained. It is the gathering, recording, and analysis of all facts about problems relating to the transfer and sale of goods and services from producer to consumer.

Question: Who are called Professional trend-spotters?
Answer: Professional trend-spotters are some entrepreneurs who spot the trends themselves and charge big money for reports and industry trend updates..

Question: What do you understand by created opportunities?
Answer: Opportunity lies in our surroundings. Successful entrepreneurs are always looking for opportunities to help others by providing creative solutions to their problems and needs. In business, entrepreneur always look for new ways to market our business, reach to target market and he creates opportunities by attending networking events, conferences, twitter chats, etc. for potential clients, meeting new people to refer business to or to grow our community.

Question: Give examples of created opportunities.
Answer: Invention of radio, telephone, etc.

Question: Name one important component of business strategy.
Answer: Market research is one of the important component of business strategy.

Question: Give the alternative name used for verification stage.
Answer: The alternative given for verification stage is validation stage or testing stage.

Question: Name the factor which relate to rules and regulations.
Answer: Political Factors.

Question: Give two examples of Service-sector idea fields.
Answer: Transportation, communication, banking, courier services, event management, etc. 

Question: Give one example showing that both economic and social factors can affect business idea together.
Answer: Selling of flowers during festive season. Here, festival is a social factor whereas demand for flowers is a economic factor. 

Question: Give the meaning of‘Legal Environment.
Answer: It covers all such areas such as taxation, employment, law monopoly, legislation and environmental protection laws.

Question: Give the meaning of ‘Ecological Environment.
Answer: Ecological Environment’ considers the ways in which the organisationcan produce its goods or services with minimum environmental damage.

Question: Since her college days Mehak, loved the thrill of adventure sports. She was an avid reader which helped her to keep track of various new adventure sports taken up all around the world. She had recently read an article on increasing trend towards ‘space tourism and adventurous holidays’. Using her personal experiences and her passion for adventure sports she decided to start a company called ‘YOLO’. For the same purpose she also decided to collect statistics to see how much of these sports were accepted in our country. Identify the ways in which she was able to spot the trend.
 Answer: Following are the ways by which she can able to spot the trend:
(a) Entrepreneurs regularly read the leading publications and websites affecting their business.
(b) Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers.
(c) They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there’s a tsunami of information available. They use tech-tools like RSS feeds, e-mail, newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided.

Question: ‘ For a viable venture to be born, a entrepreneur is required to apply his knowledge strategically to market’. Identify the requirement to be complied with by these factors for successful processing of an idea into opportunity.
Answer: Strategic positioning is the positioning of an organization in the future, while taking into account the changing environment, plus the systematic realization of that positioning. 

Question:Balwant Singh of Bikaner thought of air- conditioned houses which do not require electricity. He wanted to explore the idea of construction of such eco-friendly houses which will remain cool in summers and warm in winters. He conceived the idea in 2010 but the final productcould take shape in 2014. name the stage in ‘The Creative Process’ described in the above lines.
Answer:
 Idea germination stage of ‘The Creative Process’ is described in the above lines.

Question: What is an opportunity?
Answer: It may be a chance to do something new. When a problem is solved by an entrepreneur in a challenging way, they find opportunities

LONG ANSWER TYPE

Question: How an environment offers the firm/ entrepreneur numerous opportunities in changing the needs of customers and market? Give two examples.
Answer:
(i) Examples:
(a) When an entrepreneur notices that the people in the neighbourhood are complaining about : the lack of availability of chemist shop. So he opens a chemical shop. As we know that entrepreneur search for an opportunity in an environment, and he converts it into a reality.
(b) The growing demand of AC has attracted many new comers (GE Godrej and LG Electronics). It is the environment that decides his choice of business venture. An entrepreneur keeps constant interaction between human factors and other developmental factors prevailing in the environment at any given time that why a study of environment factor become important for entrepreneurship.

Question: State the various sources of idea generation.
Answer:

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

Question: State five elements of business opportunity. 
Answer: A business opportunity has five elements which are as follows:
 

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

Question: Enumerate the sources from which information for environmental scanning can be collected by an entrepreneur.
Answer: Information for environmental scanning can be collected from several sources. These include:
(i) Verbal communication and time to time information from: customers, wholesalers, retailers, distributors, consultants, stakeholders, etc.
(ii) Complete records of companies.
(iii) Government publications and information.
(iv) Publications by various financial institutions and related organisations.
(v) Formal studies conducted by strategic planners.

Question:‘The process diagram shows different stages environment means surroundings’. State the difference.
Answer: When an entrepreneur looks outside for business idea he often sees that business opportunities exist in the environment. First Stage: Spotting an opportunity by analyzing the needs and problems that exist in the environment.
(i) Busy life work schedules, frequent corporate travelling created the need for fast banking services and hence the ATM, credit card, debit card and telephone banking came in popularity.
(ii) With the increase in number of murders and other crimes taking place in big cities entrepreneurs can tap the niche of households for installing security systems like alarms, CCTVs, cameras and other safety gadgets, etc.

Second Stage: Evaluating the ideas received from different sources to find a creative solution.

Third Stage: After evaluating each ideas received, selecting the best ideas to start a business venture.
Fourth Stage: Setting up a project and nurturing success.

Question: What are the five ways in which creative ideas can be generated?
Answer: Creativity is an important and key component of the talents and abilities needed for an entrepreneur. Creativity can be applied to develop new products and services. There are basically five ways as given below:
(i) Develop a new product or service.
(ii) Improve an existing product or service.
(iii) Find a new use for a product or service.
(iv) Find a new process or resource for manufacturing a product.
(v) Find new markets for existing products or services.

Question:  How business environment can be classified into different categories?
Answer: Business environment can be classified into two major categories:   

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions

Question:“ Creative products and services are born as results of problemsolving”. Explain with the help of an example.
Answer: Creativity is an important key component of the talents and abilities needed for an entrepreneur. Often he can apply it to develop new products and services and creative products and services are born as results of problem solving. For example,
(i) Someone found that while tightening screws, over tightening often resulted in damage to the fixtures. Here was a problem and the solution came in the form of a self-adjusting screwdriver which prevented over tightening.
(ii) When doctors found monitoring of dosage of medicine to be given to patients on a regular basis by using traditional methods using a syringe cumbersome, by looking into a problem of most of the patients a pharmaceutical firm developed a new process of implanting the dosage of medicine required the patient for even discharge of in time and required dosage into the blood stream.

Entrepreneurial Opportunities Class 12 Entrepreneurship Exam Questions