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GAUHATI UNIVERSITY B.COM FYUGP SEMESTER – III
2024
NEW VENTURE PLANNING
(SEC030603)
Full Marks: 45
Time: 2 Hours
1. Answer the following as per direction: 1×5 = 5
a) FDD stands for ____________.
Answer: Floppy Disk Drive
b) When a brand name is legalised and registered, it is known as ____________.
Answer: Trademark
c) The 2013 Indian Companies Act introduces a new type of entity to the existing list apart from forming a public or private limited company is ____________.
Answer: One Person Company (OPC)
d) Venture Capital in India is regulated by SEBI. (Write True or False)
Answer: True
e) Market research is concerned with:
i. Collection of information only
ii. Interpretation and Communication of Information
iii. Both (i) and (ii)
iv. None of the above
Answer: iii. Both (i) and (ii)
2. Answer any five from the following questions: 2×5 = 10
a) What do you mean by Creativity?
Answer: Creativity means the ability to think of new ideas or find new ways to solve problems. It helps in making something original and useful.
b) What is Brainstorming?
Answer: Brainstorming is a group activity where people share ideas freely to solve a problem or come up with new plans. All ideas are accepted without judging.
c) Define Partnership.
Answer: Partnership is a type of business where two or more people agree to run a business together and share profits and losses.
d) What is an Angel Investor?
Answer: An angel investor is a person who gives money to a new business at an early stage in exchange for ownership or shares in the company.
e) What is Venture Capital?
Answer: Venture capital is money given by investors to small or new businesses that have high growth potential but also high risk.
f) What is Sales forecasting?
Answer: Sales forecasting means predicting how much of a product or service will be sold in the future based on past data and market trends.
g) What is Business incubator?
Answer: A business incubator is an organization that helps new businesses by giving office space, advice, and support to grow.
h) Write any two features of Intellectual Property.
Answer:
i) It gives legal protection to inventions, designs, or creations.
ii) It helps the creator to earn money or get credit from their work.
i) What is Crowdfunding?
Answer: Crowdfunding is a way to raise money for a project or business by collecting small amounts from many people, usually through the internet.
j) Write any two features of Limited Liability Partnership.
Answer:
i) The partners have limited liability, meaning they are not fully responsible for business debts.
ii) It is a separate legal entity, different from its partners.
3. Answer any four of the following questions: 5×4 = 20
a) Explain the role of Creative Thinking.
Answer: Creative thinking plays a very important role in the success of any business or organization. It helps to generate new and unique ideas that can solve problems in a better way. In today’s competitive world, businesses need new and improved products, services, and marketing strategies. Creative thinking allows entrepreneurs to think differently and find opportunities where others see problems.
It also helps in decision-making by giving many possible solutions to one problem. Creative thinkers can come up with new ways to improve customer satisfaction or reduce costs. It encourages innovation, which is necessary for business growth. For example, successful companies like Apple or Google use creative thinking to stay ahead in the market. So, creative thinking is essential for new ideas, innovation, and long-term success.
b) Explain the impediments to creativity.
Answer: There are many obstacles or barriers that stop a person from being creative. These are called impediments to creativity. One major impediment is fear of failure—people avoid sharing new ideas because they are scared that others may laugh or reject them. Another barrier is rigid thinking. When a person always thinks in the same way or follows rules strictly, they stop thinking creatively.
Lack of confidence is also a big problem. If a person feels their ideas are not good enough, they don’t try to be creative. Negative environment like lack of support from others, discouraging teachers or managers also blocks creativity. Some people do not have enough knowledge or experience, so they are not able to think of new ideas. Finally, pressure of time and stress can also reduce a person's ability to think creatively. To overcome these, we need to create a free and positive environment.
c) Explain the advantages of acquiring an ongoing venture.
Answer: Acquiring an ongoing venture means buying a business that is already running. There are many advantages of doing this. First of all, the business is already established in the market, so the new owner doesn’t need to start everything from zero. It already has customers, employees, and suppliers.
Secondly, it becomes easier to get bank loans or funding, because the business has a proven record. The buyer also gets ready infrastructure like office, machines, and trained staff, which saves time and money. Another benefit is that the buyer can earn profit from the first day, unlike a new business which may take months to grow. The risk is also less because the business model is already tested.
However, it is important to check the business properly before buying, to avoid hidden problems. But overall, it is a safer and faster way to become a business owner.
d) Write a Short note on Franchising.
Answer: Franchising is a business model where one party (called the franchisor) gives the right to another party (called the franchisee) to run a business using its brand name, products, and business system. The franchisee pays a fee and agrees to follow the rules of the franchisor.
A common example is McDonald's. Many of its outlets are owned by franchisees who use the McDonald’s brand and system to run the business. Franchising is helpful for both parties. The franchisor can expand its brand without spending too much money, and the franchisee gets a ready-made business with a known brand, training, and support.
It is a good option for people who want to start a business but with less risk and more guidance. However, the franchisee must follow the franchisor's rules and may have less freedom to make changes. Still, franchising is one of the most popular methods of business expansion in modern times.
e) Explain the advantages of Partnership.
Answer: Partnership is a form of business where two or more persons come together to run a business and share profits and losses. It has many advantages:
i) Easy to start: A partnership business is easy to form with fewer legal formalities compared to a company.
ii) More capital: Since more than one person invests, the partnership has better financial strength than a sole proprietorship.
iii) Better decision-making: Partners bring different skills and ideas, which helps in taking better business decisions.
iv) Sharing of risk: In a partnership, the risk of loss is shared among all partners, so the burden is not on one person only.
v) Flexibility: The business can be easily adjusted or changed as per the partners’ mutual agreement.
Therefore, partnership is suitable for small and medium-sized businesses where teamwork and trust are important.
f) Write a short note on State Financial Corporations (SFCs).
Answer: State Financial Corporations (SFCs) are financial institutions set up by state governments in India to provide financial support to small and medium enterprises (SMEs). They were established under the State Financial Corporations Act, 1951.
SFCs give loans for purchasing land, building, machinery, or for working capital needs. They mostly support businesses in their own state and focus on promoting industrial growth. SFCs help in reducing regional imbalance by encouraging industries in backward areas. Some examples of SFCs are Assam Financial Corporation and West Bengal Financial Corporation.
SFCs also provide guidance and technical help to new entrepreneurs. So, they play an important role in the development of local industries.
g) Write the advantages of Sales Forecasting.
Answer: Sales forecasting means predicting future sales based on past data and market trends. It has many advantages:
i) Helps in planning: Businesses can plan their production, purchase of raw materials, and manpower according to expected sales.
ii) Better inventory management: It avoids overstocking or understocking of goods.
iii) Financial planning: Accurate sales forecasting helps in estimating revenue, profits, and setting budgets.
iv) Improves customer service: When a business is ready with enough products, customers get timely service.
v) Helps in setting targets: It becomes easier to set sales targets for the team and measure performance.
Thus, sales forecasting helps in smooth functioning and growth of the business.
h) Write any five benefits of a Business Plan.
Answer: A business plan is a written document that explains what the business will do and how it will achieve its goals. It has many benefits:
i) Guides the business: It acts like a roadmap and helps in taking correct business decisions.
ii) Helps in getting funds: Banks and investors ask for a business plan before giving loans or investment.
iii) Identifies risks: It helps to find possible problems in advance and prepare solutions.
iv) Sets clear goals: It helps in setting targets for sales, growth, and profits.
v) Improves communication: It clearly explains the business idea to employees, investors, and partners.
A good business plan increases the chances of success of a new business.
4. Answer any one of the following questions: 10×1 = 10
a) What is a Patent? Explain the procedure for filing a Patent.
Answer: A patent is a legal right granted by the government to an inventor for a new invention. It gives the inventor exclusive rights to make, use, sell, or distribute the invention for a certain period, usually 20 years from the date of filing. During this time, others cannot use the invention without the inventor’s permission.
The main purpose of a patent is to encourage innovation by rewarding inventors with legal protection. It also helps the economy by promoting research and development.
Features of a Patent:
i) It must be novel (new).
ii) It must have industrial use.
iii) It must involve an inventive step (not obvious).
iv) It must be fully and clearly explained in the application.
Procedure for Filing a Patent in India:
The procedure of filing a patent in India involves several steps. The process is governed by The Patents Act, 1970 and administered by the Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM).
Patent Search: Before filing, the inventor should do a patent search to check if a similar invention already exists. This helps to avoid duplication and wasting time or money.
Drafting of Patent Application: Prepare a Patent Specification, which includes:
Title of the invention
Background of the invention
Complete description
Claims (what is new in the invention)
Drawings (if any)
There are two types of applications:
Provisional: Filed when the invention is not fully ready. It gives the applicant 12 months to file the complete application.
Complete: Filed when the invention is fully developed.
Filing the Application: The application is filed at the Indian Patent Office online or offline using Form 1 along with the necessary fees and documents.
Publication: The patent application is published in the official patent journal after 18 months from the date of filing. The applicant can request for early publication using Form 9.
Request for Examination: The application will not be examined unless the applicant submits Form 18 for a Request for Examination (RFE) within 48 months. The patent examiner checks whether the invention meets all legal requirements.
Examination Report: The examiner may issue a First Examination Report (FER) with objections or clarifications. The applicant must reply to the objections within 6 months.
Grant of Patent: If all objections are cleared, the patent is granted and the details are published in the patent journal. The inventor now has legal rights over the invention.
Renewal: The patent must be renewed every year by paying renewal fees. The maximum protection period is 20 years from the filing date.
b) What is Market Research? Explain the techniques of Market Research.
Answer: Market Research is the process of collecting, analyzing, and interpreting information about a market, including information about potential customers, competitors, and industry trends. It helps businesses understand what products customers want, how much they are willing to pay, where they prefer to buy, and what features they value the most.
It is an important tool for decision-making. Companies use market research before launching new products, entering new markets, or changing their pricing or promotional strategies.
Objectives of Market Research:
i) To identify customer needs and preferences
ii) To know about competition and market trends
iii) To reduce risks in business decisions
iv) To improve customer satisfaction
v) To evaluate marketing strategies
Types of Market Research:
Primary Research – Data collected directly by the business through surveys, interviews, etc.
Secondary Research – Data collected from existing sources like reports, journals, websites, and newspapers.
Techniques of Market Research:
1) Surveys and Questionnaires: This is the most common method. A set of questions is prepared and asked to a sample of customers. It can be done through face-to-face interviews, online forms, or phone calls. Surveys help collect information about customer opinions, preferences, and satisfaction levels.
2) Focus Groups: A group of selected people is invited to discuss a product, service, or idea. A moderator leads the discussion. This method gives in-depth insights into customer behavior, feelings, and reactions.
3) Observation: In this method, researchers observe customer behavior directly—how they shop, what they prefer, or how they use a product. It helps understand real customer behavior without asking questions.
4) Interviews: These are one-to-one conversations with customers to get detailed opinions. Interviews can be structured (with a set of questions) or unstructured (free discussion).
5) Experiments or Test Marketing: A product is launched in a limited area to study customer response. Based on the results, the company decides whether to launch the product on a larger scale. This method reduces risk.
6) Online Analytics: Modern businesses also use tools like Google Analytics or social media insights to track customer behavior online—what they search for, how long they stay on a page, etc.
Importance of Market Research:
i) Helps in launching successful products
ii) Improves marketing strategies
iii) Identifies opportunities and threats
iv) Enhances customer satisfaction
v) Helps in business growth and profitability
c) Explain the different elements of a Business Plan.
Answer: A Business Plan is a written document that describes the goals of a business, the strategy to achieve them, and the financial background of the business. It acts as a roadmap for the business and helps in guiding its operations, attracting investors, and securing loans.
A good business plan includes several key elements. Each of these elements plays a vital role in showing the potential of the business and how it will succeed.
Different Elements of a Business Plan:
1. Executive Summary: This is the first section of the business plan, but it is usually written last. It provides a quick overview of the business, its mission, product/service, goals, and a summary of financial information. It should be clear and attractive to grab the attention of investors or readers.
2. Business Description: This section gives detailed information about the business. It includes the nature of the business, type of industry, structure (sole proprietorship, partnership, company), and business history if any. It also explains the mission, vision, and objectives of the business.
3. Market Analysis: This part includes research about the market in which the business will operate. It shows information about target customers, market size, trends, customer needs, and buying behavior. It also includes competitor analysis, explaining who the competitors are, their strengths and weaknesses, and how the new business will stand out.
4. Organization and Management: This section explains the business structure and introduces the owners, managers, and key team members. It includes an organizational chart, roles and responsibilities of each person, and their qualifications. If any advisory board is present, it is mentioned here.
5. Product or Service Line: This part describes the product or service the business offers or plans to offer. It explains how the product benefits the customers and what makes it unique. It may also include details of the product life cycle, intellectual property (like patents), and future product development plans.
6. Marketing and Sales Strategy: This section explains how the business will attract customers and increase sales. It includes pricing strategy, promotion and advertising plans, distribution channels, and sales process. Online and offline marketing methods may be discussed in detail.
7. Funding Request (if needed): If the business is seeking funding, this section tells how much money is needed, how it will be used, and what kind of funding is being requested (loan, equity, etc.). It may also show future funding plans.
8. Financial Projections: This is one of the most important sections for investors. It includes future financial statements like income statement, balance sheet, and cash flow statement for at least 3 to 5 years. It also includes break-even analysis, sales forecast, and profit estimates. This section proves whether the business idea is financially viable or not.
9. Appendix: The appendix includes any additional documents or information that support the business plan. This may include resumes of key team members, product images, legal agreements, detailed market research data, and technical details.
Conclusion: A well-structured business plan helps the entrepreneur stay focused and organized. It is also a powerful tool to convince banks, investors, and partners. Each element of the business plan works together to present a clear picture of the business's potential and how it will succeed in a competitive market.
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