Entrepreneurship Solved Question Paper 2021 [Gauhati University BCom 3rd Sem]

Gauhati University, located in Guwahati, Assam, is one of the prominent educational institutions in Northeast India. It offers a wide range of undergraduate and postgraduate courses to students across various disciplines. The Bachelor of Commerce (BCom) program at Gauhati University is highly regarded for its comprehensive curriculum and focus on practical applications in the business world. In this article, we will explore the Gauhati University BCom 3rd Sem Entrepreneurship Solved Question Paper for the year 2021, Entrepreneurship Solved Question paper 2021 Gu in pdf shedding light on its importance and the Questions asked in Examinations.

2021

(Held in 2022)

COMMERCE

(Skill Enhancement Course)

Answer the Questions from any one Option.

OPTION-A

Paper COM-SEC-3014

(Entrepreneurship)

Full Marks : 50

Time: Two hours

The figures in the margin indicate full marks for the questions. 

1. Answer as directed :  1x4=4

(a) Who advocated the concept of innovation in entrepreneurship? 

Ans:- The concept of innovation in entrepreneurship has been advocated by various individuals and scholars. Some notable figures include Peter Drucker, Joseph Schumpeter, and Clayton Christensen.

(b) Suggest one measure to remove the problems of small businesses.

Ans:- One measure to remove the problems faced by small businesses is the implementation of supportive government policies and programs. These could include providing financial assistance, tax incentives, access to affordable loans, and training and mentoring programs for small business owners.

(c) Write the full form of DIC. 

Ans:- DIC Stand for District Industries Centre.

(d) Mention one component of Business Plan. 

Ans:- One component of a business plan is the marketing strategy. This section outlines the target market, customer segments, marketing channels, and promotional activities that will be employed to reach and attract customers. 

2.Write short answer : 2x3 = 6

(a) State two differences between Social entrepreneur and Business entrepreneur. 

Ans:- Two differences between a social entrepreneur and a business entrepreneur are:

1. Purpose: Social entrepreneurs are driven by a mission to create positive social or environmental change, whereas business entrepreneurs are primarily motivated by profit and financial success.

2. Focus: Social entrepreneurs focus on addressing social or environmental issues and aim to create sustainable solutions that benefit society as a whole. Business entrepreneurs, on the other hand, focus on identifying and capitalizing on market opportunities to generate revenue and achieve business growth.

(b) State two problems confronted by the small tea growers in Assam.

Ans:- Two problems confronted by small tea growers in Assam are:

1. Low Prices: Small tea growers often face the challenge of receiving low prices for their tea leaves. This can be due to various factors, including lack of bargaining power, limited access to markets, and the dominance of larger tea estates. Low prices make it difficult for small tea growers to cover their production costs and achieve reasonable profits.

2. Lack of Infrastructure and Technology: Small tea growers in Assam often lack adequate infrastructure and access to modern technology. This hampers their efficiency and productivity, leading to lower-quality tea and higher production costs. Limited access to irrigation systems, mechanized equipment, and modern processing facilities can hinder the competitiveness of small tea growers in the market.

(c) Mention two contents of a business plan. 

Ans:- Two contents of a business plan are:

1. Executive Summary: The executive summary provides an overview of the business plan and highlights key points, such as the business concept, target market, unique selling proposition, and financial projections. It is typically a concise summary designed to give readers a quick understanding of the business idea.

2. Market Analysis: The market analysis section of a business plan includes research and analysis of the target market, industry trends, and competitors. It provides information about the potential customer base, market size, growth opportunities, and market dynamics. This section also examines the competitive landscape and identifies the business's competitive advantages and positioning strategies.

3. Write answers to the following 5×2= 10 

(a) Write about five essential qualities of an entrepreneur.

Ans:- Five essential qualities of an entrepreneur:

1. Vision and Passion: Successful entrepreneurs possess a clear vision for their business and are deeply passionate about their goals. They have the ability to see opportunities where others may not and are driven by their passion to turn their ideas into reality.

2. Resilience and Perseverance: Entrepreneurship is often challenging and comes with numerous obstacles and setbacks. Entrepreneurs need to have the resilience to bounce back from failures, learn from them, and keep pushing forward. They demonstrate perseverance by staying committed to their goals even in the face of adversity.

3. Risk-taking and Initiative: Entrepreneurs are willing to take calculated risks and step outside their comfort zones. They understand that innovation and growth often require stepping into the unknown and embracing uncertainty. They are proactive in seeking opportunities and taking initiative to make things happen.

4. Adaptability and Flexibility: The business landscape is constantly evolving, and entrepreneurs need to be adaptable and flexible in order to thrive. They are open to change, willing to adjust their strategies, and able to pivot when necessary. They have a growth mindset and embrace learning and improvement.

5. Strong Leadership and Communication: Entrepreneurs are natural leaders who inspire and motivate others. They have the ability to effectively communicate their vision, build a strong team, and delegate tasks. They are skilled at networking, building relationships, and negotiating to forge partnerships and collaborations.

(b) Highlight five contributions of small and medium scale entrepreneurs in the development of Indian economy. 

Ans:- Five contributions of small and medium-scale entrepreneurs in the development of the Indian economy:

1. Employment Generation: Small and medium-scale entrepreneurs are significant contributors to job creation in India. They provide employment opportunities, particularly in rural and semi-urban areas where large industries may be less prevalent. This helps reduce unemployment rates and uplifts the standard of living for many individuals and their families.

2. Innovation and Entrepreneurship: Small and medium-scale entrepreneurs drive innovation in various sectors of the Indian economy. They often bring fresh ideas, new products, and services to the market, fostering competition and spurring economic growth. Their entrepreneurial spirit creates a dynamic business environment that encourages others to follow suit.

3. Regional Development: SMEs (Small and Medium Enterprises) play a crucial role in fostering regional development. By establishing businesses in smaller towns and rural areas, they contribute to the growth and development of these regions. They create economic opportunities, attract investment, and promote inclusive growth by reducing regional imbalances.

4. Export Promotion: Many small and medium-scale entrepreneurs are involved in export-oriented industries, contributing to India's export earnings. They produce and export a wide range of products, including textiles, handicrafts, electronics, and software services. Their efforts strengthen India's position in the global market, promote foreign exchange earnings, and increase overall exports.

5. Support to Large Industries: Small and medium-scale entrepreneurs often serve as suppliers and subcontractors to larger industries. They provide essential inputs, components, and services, supporting the growth and expansion of larger enterprises. This symbiotic relationship between SMEs and large industries contributes to the overall development and competitiveness of the Indian economy.

4. Write answers to the following: (any three) 10x3=30 

(a) What is Rural Entrepreneurship? What significant role can the rural entrepreneurs play in economic development of our country? Discuss. 2+8=10

Ans:- Rural entrepreneurship refers to the process of starting and running a business in rural areas, where the economic activities are primarily based on agriculture, natural resources, and small-scale industries. It involves identifying and exploiting opportunities for economic growth and development within rural communities.

Rural entrepreneurs play a significant role in the economic development of a country in several ways:

1. Job Creation: Rural entrepreneurship generates employment opportunities in areas where job opportunities may be limited. By starting businesses, rural entrepreneurs create jobs not only for themselves but also for local residents. This helps reduce unemployment and poverty levels in rural communities, leading to improved living standards.

2. Income Generation: Rural entrepreneurship enables individuals to generate income and improve their economic well-being. By starting businesses that cater to local needs and preferences, rural entrepreneurs tap into market demand and create income-generating opportunities. This helps in the redistribution of wealth and reduces income disparities between rural and urban areas.

3. Value Addition and Diversification: Rural entrepreneurs often introduce value-added activities and diversify the rural economy beyond traditional agriculture. They engage in activities such as food processing, agribusiness, handicraft production, and tourism, which add value to raw materials and create higher-paying jobs. This helps to strengthen the rural economy and reduce dependence on agriculture alone.

4. Innovation and Technology Adoption: Rural entrepreneurs often bring innovation and technology to rural areas, which leads to increased productivity and competitiveness. They introduce new techniques, machinery, and processes to improve agricultural practices, enhance production, and reduce post-harvest losses. This facilitates the modernization of rural sectors and contributes to overall economic development.

5. Local Development: Rural entrepreneurs contribute to the development of their local communities. They invest in infrastructure, such as roads, communication networks, and storage facilities, which benefit not only their businesses but also the entire community. Additionally, they support local schools, healthcare facilities, and other social services, which improve the overall quality of life in rural areas.

6. Sustainable Development: Rural entrepreneurs often adopt sustainable business practices that focus on environmental conservation, resource optimization, and social responsibility. They promote organic farming, renewable energy solutions, and eco-tourism, contributing to sustainable rural development. This ensures the long-term viability of rural economies while preserving the natural environment.

7. Market Linkages: Rural entrepreneurs help bridge the gap between rural producers and urban markets. They act as intermediaries by connecting local farmers and artisans with larger markets, both domestic and international. By establishing supply chains, distribution networks, and marketing channels, rural entrepreneurs enable rural producers to access larger customer bases, obtain fair prices for their products, and expand their market reach. 

(b) State five characteristics to understand the nature of small enterprises. Give five types of small enterprises with their characteristics. 5+5=10

Ans:- Characteristics of Small Enterprises:

1. Limited resources: Small enterprises often operate with limited financial and human resources compared to larger organizations. They may have fewer employees, smaller budgets, and restricted access to capital.

2. Localized operations: Small enterprises tend to operate within a specific geographic area, serving local markets rather than global markets. Their customer base is often limited to the immediate vicinity of their location.

3. Flexibility and agility: Small enterprises have the advantage of being nimble and adaptable. They can quickly respond to market changes, customer needs, and emerging trends due to their streamlined decision-making processes.

4. Close owner involvement: Small enterprises are often closely tied to their owners, who actively participate in the day-to-day operations. This close involvement allows for quick decision-making, personalized customer service, and a stronger connection to the business.

5. Entrepreneurial spirit: Small enterprises are typically driven by the entrepreneurial vision of their founders. They are characterized by innovation, risk-taking, and a desire to create value and make a positive impact in their communities.

-Types of Small Enterprises with Characteristics:

1. Retail Store: A small retail store typically sells goods directly to customers. It may offer a limited range of products, cater to a specific niche or target audience, and provide personalized customer service.

2. Restaurant/Cafe: Small restaurants or cafes serve meals and beverages to customers. They often have a cozy ambiance, a locally-inspired menu, and a focus on quality ingredients and personalized dining experiences.

3. Home-Based Business: Home-based businesses are operated from the owner's residence. They can include various types of services such as freelance writing, graphic design, consulting, or online retailing. They offer flexibility, low overhead costs, and the convenience of working from home.

4. Artisanal/Handcrafted Business: Artisanal or handcrafted businesses produce unique, handmade products. They often emphasize quality craftsmanship, attention to detail, and use of sustainable materials. These businesses cater to niche markets and may have a strong online presence.

5. Professional Services: Small enterprises offering professional services such as accounting, legal, or consulting services. They provide expertise and specialized knowledge to clients and often have a small team of professionals offering personalized solutions tailored to each client's needs.

(c) What is Business Group ? What is Family Business? What are the major features of family business? 2+2+6=10 

Ans:- A business group refers to a collection or conglomerate of companies that are interconnected through ownership and control. It typically consists of a parent company and its subsidiaries, which operate in various industries or sectors. The parent company exercises control over its subsidiaries either through direct ownership or through significant influence.

A family business, on the other hand, refers to a business entity that is owned, managed, and operated by members of a single family. It involves the passing down of ownership and management responsibilities from one generation to the next. Family businesses can range from small, local enterprises to large multinational corporations.

-The major features of a family business are as follows:

1. Family ownership and control: Family businesses are owned and controlled by members of a single family. They often maintain a long-term perspective and a strong sense of identity and tradition.

2. Succession planning: Family businesses face the challenge of succession planning, which involves the smooth transition of leadership and ownership from one generation to the next. Maintaining family harmony and ensuring a competent successor are critical aspects of this process.

3. Emotional attachment: Family businesses often have a strong emotional attachment and sense of loyalty among family members. This can be both a strength and a challenge, as personal relationships can influence decision-making and interpersonal dynamics within the business.

4. Informal communication: Communication within family businesses tends to be informal, relying on trust and personal relationships. This can foster a sense of unity and cohesion but may also lead to challenges in formalizing processes and implementing professional management practices.

5. Long-term orientation: Family businesses often prioritize long-term sustainability and generational continuity over short-term gains. They may be willing to make decisions that prioritize the long-term interests of the business and the family over immediate profitability.

6. Values and legacy: Family businesses often have a strong connection to the values and legacy of the founding family. These values can shape the business's culture and decision-making processes and may be a source of competitive advantage.

(d) What is understood by business incubators? Write about the features and functions of business incubators. 2+8=10 

Ans:- Business incubators are organizations or programs designed to support and nurture the growth of early-stage startups and entrepreneurial ventures. They provide a range of resources, guidance, and mentorship to help these companies succeed. The features and functions of business incubators can be summarized as follows:

1. Physical Infrastructure: Business incubators typically provide physical space, including office facilities, shared workspaces, meeting rooms, and sometimes even laboratories or manufacturing spaces. This infrastructure offers startups a professional and collaborative environment to work and interact with like-minded entrepreneurs.

2. Business Support Services: Incubators offer various business support services to help startups overcome challenges and accelerate their growth. These services may include business planning, market research, product development guidance, access to professional networks, legal and accounting assistance, and help with securing funding and investment.

3. Mentorship and Coaching: One of the critical functions of business incubators is to provide mentorship and coaching to startups. They connect entrepreneurs with experienced mentors who have industry knowledge and expertise. These mentors offer guidance, share their insights, and help entrepreneurs make informed decisions throughout their journey.

4. Access to Funding: Incubators assist startups in accessing funding by connecting them with potential investors, venture capitalists, or angel investors. They often organize pitching events or investor showcases to facilitate these connections and increase the chances of securing financial support.

5. Networking Opportunities: Business incubators foster an environment that encourages networking and collaboration among entrepreneurs. They organize events, workshops, seminars, and networking sessions where startups can meet industry experts, potential partners, and other entrepreneurs. This facilitates knowledge sharing, idea exchange, and the formation of valuable business connections.

6. Training and Workshops: Incubators offer training programs and workshops tailored to the specific needs of startups. These sessions cover a wide range of topics, such as business management, marketing strategies, financial planning, intellectual property rights, and technology adoption. By enhancing the skills and knowledge of entrepreneurs, incubators contribute to the overall growth and success of startups.

7. Community and Peer Support: Being part of a business incubator provides startups with a supportive community of peers facing similar challenges. This community fosters a sense of camaraderie, allowing entrepreneurs to share experiences, learn from each other's successes and failures, and provide mutual support during the ups and downs of building a business.

8. Time-Limited Support: Business incubators typically provide support for a fixed period, usually ranging from six months to several years. This time-limited support is intended to provide startups with the necessary resources and guidance during their early stages, after which they are expected to graduate from the incubator and continue their growth independently.

(e) What is plant location ? What is plant lay-out? Plant lay-out aims to achieve certain objectives. What are those?  2+2+6=10

Ans:- 1. Plant Location:

Plant location refers to the process of selecting a suitable site or area where a manufacturing facility or industrial plant can be established. It involves identifying and evaluating various factors such as geographical location, availability of resources, proximity to markets and suppliers, transportation facilities, labor availability, infrastructure, legal and regulatory considerations, and other relevant factors. The goal of plant location is to find an optimal site that enables efficient operations, cost-effectiveness, and overall success of the plant.

2. Plant Layout:

Plant layout refers to the arrangement and organization of various departments, workstations, equipment, machinery, and other facilities within a manufacturing plant. It involves designing the physical layout of the plant in a way that optimizes workflow, minimizes material handling costs, ensures smooth movement of goods and people, and enhances productivity and efficiency. The layout considers factors such as the sequence of operations, flow of materials, ergonomic considerations, safety regulations, and future expansion plans. The goal of plant layout is to create a well-organized and functional workspace that maximizes utilization of resources and facilitates smooth production processes.

Objectives of Plant Layout:

1. Optimal Space Utilization: One of the primary objectives of plant layout is to make efficient use of available space within the plant. By arranging departments, workstations, and machinery in an organized manner, plant layout aims to minimize wastage of space and ensure maximum utilization of the available area.

2. Improved Workflow: Plant layout aims to optimize the movement of materials, components, and workers within the plant. By strategically placing different workstations and departments in a logical sequence, the layout minimizes unnecessary movement, reduces material handling time, and ensures a smooth and efficient workflow.

3. Increased Productivity: A well-designed plant layout can enhance productivity by reducing bottlenecks, minimizing production delays, and improving overall efficiency. It can help in streamlining processes, eliminating unnecessary steps, and creating an environment that promotes productivity and effective utilization of resources.

4. Enhanced Safety: Plant layout takes into account safety considerations by ensuring the placement of safety equipment, emergency exits, fire suppression systems, and other safety measures. An effective layout helps in creating a safe working environment and reduces the risk of accidents or injuries.

5. Flexibility and Adaptability: Plant layout should be designed with the future in mind, allowing for flexibility and adaptability to accommodate changes in production processes, technological advancements, and business requirements. It should be capable of accommodating expansion, reconfiguration, or modifications without significant disruptions to operations.

6. Cost Efficiency: An efficient plant layout minimizes material handling costs, reduces production delays, optimizes resource utilization, and improves overall operational efficiency. This leads to cost savings in terms of time, labor, energy consumption, and material wastage.

(f) What is Resource Mobilisation? Categorise the resources needed to start up a business.  2+8=10

Ans:- Resource mobilization refers to the process of acquiring and organizing resources to support the operations and growth of an organization or business. It involves identifying, acquiring, and effectively utilizing various resources to achieve the desired goals and objectives. In the context of starting up a business, there are several types of resources that are typically required. Here are eight categories of resources needed to start up a business:

1. Financial Resources: These include the capital needed to launch the business, such as initial investments, loans, grants, or personal savings.

2. Human Resources: This category includes the people involved in the business, such as founders, employees, consultants, and advisors. Human resources are crucial for the various functions and operations of the business.

3. Physical Resources: These encompass tangible assets required for the business, such as office space, manufacturing facilities, equipment, machinery, vehicles, and inventory.

4. Intellectual Property: Intellectual property resources include patents, trademarks, copyrights, and trade secrets that may be necessary to protect the business's unique products, services, or ideas.

5. Technological Resources: This refers to the technology infrastructure and tools needed to operate the business efficiently, such as computers, software, hardware, telecommunications, and internet connectivity.

6. Informational Resources: Informational resources are data, market research, industry reports, and other information sources that provide insights into the target market, customer preferences, and competitive landscape.

7. Network Resources: This includes the business's professional network, industry contacts, partnerships, alliances, and relationships with suppliers, distributors, and customers.

8. Time and Energy: Starting a business requires a significant investment of time and energy from the founders and team members. While not a tangible resource, it is crucial to allocate sufficient time and effort to ensure the business's success.

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