Class 12 Entrepreneurship: Entrepreneurial Opportunity
Chapter 1: Entrepreneurial Opportunity — learn how to sense entrepreneurial opportunities through environment scanning, the PESTEL framework, problem identification, idea fields, creativity and innovation, and opportunity assessment. CBSE Class 12 Entrepreneurship notes covering 6 topics: Introduction to Entrepreneurial Opportunity, Sensing Opportunities and Environment Scanning, PESTEL Framework, Problem Identification and Idea Fields, Creativity and Innovation, and Assessing and Selecting Opportunities.
Topics(6)
Introduction to Entrepreneurial Opportunity
Meaning of business opportunity, its five essential elements, the distinction between ideas and opportunities, and real-world case studies of La Opala and TravelKhana. CBSE Class 12 Entrepreneurship notes
Sensing Opportunities & Environment Scanning
The enterprise process from problem to project, factors involved in sensing opportunities, environment scanning, SWOT analysis framework, and sources of environmental information. CBSE Class 12 Entrepreneurship notes
PESTEL Framework
The PESTEL model for macro environment analysis: Political, Economic, Social, Technological, Ecological, and Legal factors with practical business examples. CBSE Class 12 Entrepreneurship notes
Problem Identification & Idea Fields
How problems become business ideas, objectives and uses of problem identification, and the six idea fields with Indian business examples. CBSE Class 12 Entrepreneurship notes
Creativity & Innovation
Meaning of creativity and innovation, barriers and steps in the creative process, and techniques for generating creative business ideas. CBSE Class 12 Entrepreneurship notes
Assessing & Selecting Opportunities
Evaluating and selecting the right opportunity, feasibility analysis, and the process of converting an opportunity into a successful enterprise. CBSE Class 12 Entrepreneurship notes
Questions by Textbook
Study Simplify Special
Frequently Asked Questions
What is meant by 'Environment Scanning'?
The first three steps in the process of creativity are: idea germination, preparation and incubation. List the remaining two steps in the order in which they are followed.
"As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding as to how best to address them." Which way of trend spotting does this indicate?
Ramesh starts his day by reading all newspapers and has a keen interest towards all business news and articles. He connects the articles with the observations he has made over the years which he knows will eventually lead to business-boosting insights. Identify the way of trend spotting at this level.
'Safe for Women'- SFW has been a known brand among working women as the company keeps introducing various new innovative products for the safety of women. Their latest product is a pen which can be used as a pocket knife. The product is in huge demand. Which point of importance of scanning the environment does this news indicate?