4 Most VSAQ’s of Entrepreneurship Chapter in Inter 2nd Year Commerce (TS/AP)

2 Marks

VSAQ-1 : Innovation. (OR) What is Innovation? (OR) What do you mean by Innovation?

Innovation refers to the process of introducing something new or unique, whether it’s a product, service, process, or approach, that creates value and addresses a specific need or problem. For entrepreneurs, innovation is a critical aspect of their role. It involves staying attuned to changing customer preferences and market dynamics, as well as constantly seeking opportunities for improvement and differentiation. Innovation can manifest in various forms, including the creation of new products, the development of novel organizational structures, the exploration of new markets, or the introduction of innovative distribution channels. According to economist Joseph Schumpeter, innovation is a primary function of entrepreneurs and is essential for driving economic growth and competitiveness.

VSAQ-2 : Adoptive Entrepreneur. (OR) Define Adoptive Entrepreneur. (OR) Explain Adoptive Entrepreneur.

Adoptive or imitative entrepreneurs are individuals who exhibit a willingness to follow and replicate successful innovations introduced by other entrepreneurs. These entrepreneurs are not necessarily the originators of new ideas or technologies; instead, they focus on emulating and implementing innovations that have proven successful. Imitative entrepreneurs often observe and learn from the techniques and technologies created by others and apply them to their own ventures. They are commonly found in underdeveloped or emerging economies where the adoption of existing successful practices can lead to business growth and development.

VSAQ-3 : What is Enterprise?

The term “enterprise” has two primary meanings

  1. Enterprise as a Business or Firm: In this context, an enterprise refers to a business entity or firm engaged in economic activities. It is an organization that is typically established with the goal of producing goods or providing services to meet market demand and generate profits. Enterprises can vary in size and scope, ranging from small startups to large multinational corporations.
  2. Enterprise as Initiative and Risk-Taking: In a broader sense, enterprise also refers to the qualities and actions associated with entrepreneurship. It encompasses the initiative and willingness to take risks to start and operate a business venture. An enterprise involves the innovative and proactive efforts of individuals or groups to create and manage businesses, often with the aim of achieving success and financial rewards.

VSAQ-4 : Drone Entrepreneur. (OR) Write about Drone Entrepreneurs.

Drone entrepreneurs are risk-averse and resistant to change. They prefer stability, rely on traditional methods, and are hesitant to adopt new technologies or business models. They may shut down their businesses rather than adapt to market disruptions.