Small Business And Entrepreneurship

Creativity is important to entrepreneurship. Arrange the following in sequence to explain the process of creativity.
A. Incubation
B. Preparation
C. Verification
D. Idea germination
E. Illumination
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Spotting an idea often triggers the process of sensing an opportunity. The following are the sources which lead to emergence of basic ideas.
A. Problems
B. Change
C. Inventions
D. Vision of creativity
E. Economic idea
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A merger between companies dealing into completely unrelated products is known as_________.

A prospective entreprenuer has to find an opportunity which would be suitable for him/her in terms of customers to be served and profits expected. Suggest the correct sequence to convert idea into an enterprise.
(A) Identifying a product or service through innovation
(B) Setting up a project and nurturing it to success
(C) Opportunity spotting by analysing the needs and problems that exist in the Environment
(D) Evaluating the ideas received to from different sources find a creative solution
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Select the correct process- A process of converting an idea into an opportunity and then into an enterprise.

Identify the concept that helps an entrepreneur to enlarge the scope of thinking for streamlining the process of generation of idea awarding to ionvenient frames of ruefulness.

Match List-I with List-II.

List-I		List-II
(A)	Conglomerate	(I)	A merger occurring between companies in the same industry
(B)	Horizontal Merger	(II)	It takes place between 2 companies that deal in same products in separate market
(C)	Market Extension Merger	(III)	A merger between firms that are involved in totally unrelated business activity
(D)	Vertical Merger	(IV)	A merger between two companies producing different goods for one specific finished products

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Which of the following are the external expansion of the firm.
(A) Mergers
(B) Franchising
(C) Initial public offer
(D) Acquisition
(E) Internal Expansion
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Pranav is an entrepreneur producing LED lamps with brand name "Lavells". These lamps are in great demand. He finds that the cost of production per unit of lamp is 1600rs and he can sell the same at 2000rs per lamp. The competitors in the market are selling this type of lamp at the rate of 2400rs. Pranav's objective is not to earn profit in short run but to capture the largest market share. His expectation is that the customers will be attracted towards the new brand because of lower price. Identify the method of pricing adopted by Pranav to capture the substantial portion of the market.

Innovation is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value. Arrange the process of innovation in sequence. (A) Resource organisation
(B) Commercial Application
(C) Analytical Planning
(D) Implementation
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Jethalal started a business of readymade garments for women. In order to gain better insight on tastes and preferences of his target market, he started to approach his target market ie, ladies of age-group of 20-40 by using the platform of social media. Identify the 'Trend' followed by Jethalal.