CHAITANYA BHARATHI INSTITUTE OF TECHNOLOGY

(Autonomous)
B.E. & B. Tech VII Sem (Main) Examination January 2022
KEY to Entrepreneurship (Common to, ECE& EEE )
1. An entrepreneur is someone who undertakes innovation, finance, and business acumen in
an effort to transform innovation into economic goods.
2. Entrepreneurial culture can be described as an environment where someone is motivated to
innovate, create and take risks. In a business, an entrepreneurial culture means
that employees are encouraged to brainstorm new ideas or products.
3. Entrepreneurs boost economic growth by introducing innovative technologies, products, and
services. Increased competition from entrepreneurs challenges existing firms to become
more competitive.
4. New and improved products, services, or technology from entrepreneurs enable new
markets to be developed and new wealth to be created. increased employment , better
utilization of local resources and improved infrastructural facilities.
5. Profitability analysis is an analysis of the profitability of an organisation's output. Profitability
analyzes company's ability to earn profits from its sales or operations, balance sheet
assets, or shareholders' equity. Profitability indicate how efficiently a company generates
profit and value for shareholders.
6. There are four main customer needs that an entrepreneur or small business must consider.
These are price, quality, choice and convenience.
7. For the successful execution of a project, a satisfactory human relation is must without such a system
other systems of project management do not work well. Kind of authority,orientation,motivation and
group functioning are the important aspects of project management.
8.
PERT CPM
PERT is a project management CPM is a statistical technique of
technique, used to manage project management that
uncertain activities of a project. manages well defined activities
of a project.
A technique of planning and A method to control cost and
control of time. time.
Event-oriented Activity-oriented
Evolved as Research & Evolved as Construction project
Development project
Probabilistic Model Deterministic Model
Three time estimates One time estimate

9. Significant motives of an entrepreneur are

1.Making a difference in the world
 2. Becoming wealthy
3. .Find personal meaning from building a business
4. Satisfaction of doing something great
5. Personal growth and accomplishment.
6. Seeing the real value of one's beliefs

10.The main difference between values and attitudes is that the values are built upon
one's moral attributes while the attitudes are the standpoints one has regarding
various issues. Values are a part of a person's character while attitudes are a part of
a person's personality.

PART B
11A. Entrepreneurs are senior management personnel who take on the effective
organization and management of land, capital, labor and other production factors with
the spirit of adventure and innovation. The quality of entrepreneurs is not innate but it
can be acquired through the training and experience which should include four aspects:
the first is visionary. It means that you can find opportunities to make money which are
not easy for other people to find. The Second is to have the courage and to dare to make
a decision. The third is the organizational ability to combine various production factors
together of high efficiency. The fourth is a sense of social responsibility. Thus, it could be
seen that the quality of the entrepreneurs is a comprehensive quality and it is a
comprehensive evaluation of the strategic management capabilities of entrepreneurs. The
quality of the entrepreneurs is not born, let alone the corporate leaders would naturally
have this quality.

Today, the “myth” that “entrepreneurs are born” has been denied by more and more
people. Everyone can choose to do pioneering work and become an entrepreneur as the
career, but the motivation to make such a choice for everyone is not the same, at least it
is not determined by something, certain feature or certain character. Everyone has a great
entrepreneurial potential to become an entrepreneur, but also hides the “dark side” of
entrepreneurship which plays a hindering role. So, the key is how to tap and give full play
to the potential so as to balance the two-sided effect (Hall, and Wailes, 2009).
Entrepreneurs are not inherent to own endowment different from ordinary people. Half a
cup of water in their view is half-full rather than half-empty and failure for them is just a
resting place rather than the quagmire that they could not get out just because they learn
to face problems optimism.
 11B. The steps in the development of entrepreneur are the following

 Discover – Any new process begins with fresh ideas and objectives, wherein the entrepreneur
recognizes and analyzes business possibilities. The analyzing of opportunities is a risky task,
and an entrepreneur looks out for inputs from other persons, including channel partners,
employees, technical people, consumers, etc. to reach an ideal business opportunity.
 Evaluation – The evaluation of an opportunity can be done by asking several questions to
oneself. For instance, questions like whether it is worth taking a chance and investing in the
idea, will it attract the consumer, what are the competitive advantages and the risk linked with
it are asked. A reasonable and sensible entrepreneur will also analyze his skills and whether it
matches his entrepreneurial objectives or not.
 Developing a plan – After the identification of an opportunity, an entrepreneur has to build a
complete business plan. It is the most important step for new business as it sets a standard
and the assessment criteria and sees if a company is working towards the set goals.
 Resources – The next step in the process of entrepreneurial development is resourcing. Here,
the entrepreneur recognizes the source of finance and from where the human resource can
be managed. In this step, the entrepreneur also tries to find investors for his new business.
 Managing the company – After the hiring process and funds are raised now its time to start
the operation to accomplish the desired goals. All the entrepreneur will decide on the
management structure that will be assigned to resolve the operational problems whenever it
occurs.
 Harvesting – The last step in this process is harvesting, where an entrepreneur
determines the future growth and development of the business. Here, real-time
development is compared with the projected growth, and then the business
security or the extension is initiated accordingly.

12A.Qualities of entrepreneurs are

1. Resolute motivation and passion

The first and foremost quality of a successful entrepreneur is passion.

No one can achieve anything if they do not have the passion for reaching that goal. As a
result of this absolute passion, motivation starts to create in an entrepreneur’s mind as
he takes on new tasks and learns new things in order to reach that goal.

Motivation keeps blood running, helping an entrepreneur to keep hope and overcome
obstacles as he or she advances towards the goal. This is why a successful entrepreneur
is passionate and motivated in a whole new demeanor.
2. Self-discipline

This is one of the most essential characteristics of a successful entrepreneur.

If an entrepreneur is able to accomplish essential tasks (whether he is feeling up to it or

not), then he will be able to achieve higher success .
Self-discipline basically means to master the inner self and inner emotions to generate a sense
of responsibility of getting the job done, which fosters self-direction.

3. Risk-taking ability

Entrepreneurship is all about taking risks. Entrepreneurs have the ability to take greater risks to
achieve greater success, but not all risk-takers are successful entrepreneurs.

A successful entrepreneur knows when to take risks and which risks will be beneficial or harmful
to the company or himself.

All entrepreneurs plan before taking risks and make a plan B (in case of any loss of mishap) and
establish a suitable ground for the results of the risks.
4. Creative thinking

A successful entrepreneur is a creative thinker with loads of ideas constantly flowing through
her mind. This drastic ability to think of a wide range of new ideas helps an entrepreneur to
initiate different types of business in a unique, creative way.
5. Persistence

Persistence is the most basic and essential quality of a successful entrepreneur because even
good entrepreneurs experience failures and hurdles. But with persistence, you’re able to pick
yourself back up and keep moving towards your goals.

These five qualities will help you become the successful entrepreneur you aim to be. Look for
these qualities in yourself, and continue to progress each day for the benefit of yourself and
your company.

12B. The definition of an idea is a thought, belief, opinion or plan

Idea generation takes place through
 Brainstorm product issues. ...
 Use your research and development (R&D) processes. ...
 Review your quality assurance (QA) processes. ...
 Review your customer complaint records. ...
 Review your research. ...
 Talk to your suppliers and other business partners. ...
 Research and understand your competition.
 Focus groups
 Keeping track of government policies
 Understanding Changing trends
 Understanding Changing life styles

Idea screening:
With your list of potential new product ideas, you now need to decide which ideas to
pursue and which to discard. Consider your competition, your existing products, their
shortcomings, and the needs of your market. Draw on the customer needs list you have
developed, and the areas for product improvement you have identified.

Develop a set of criteria to evaluate your ideas against. Your criteria might include:

 most prominently identified customer needs

 product improvements most needed
 the benefits to your target market
 the technical feasibility of the idea
 the level and scope of research and development required
 the profitability of the idea. What is its potential appeal to the market? How would you
price it? What are the costs in bringing it to market — overall and per unit?
 where the product fits in the market. Is there a gap? How close is it to competitor
products?
 the resources it will require in development
 the marketing potential of the idea
 the fit with your business profile and business objectives.

13A.The objectives of the small scale industries are:

 To create more employment opportunities.

 To help develop the rural and less developed regions of the economy.
 To reduce regional imbalances.
 To ensure optimum utilisation of unexploited resources of the country.
 To improve the standard of living of people.
 To ensure equal distribution of income and wealth.
 To solve the unemployment problem.
 To attain self-reliance.
 To adopt the latest technology aimed at producing better quality products at lower costs.
13B. The District Industry Center (DIC) under the Directorate of Industries and commerce offers
a subsidy loan scheme for young professionals under the guidance of the Ministry of Social
Justice and Empowerment. Established in 1978, District Industries Centers’ program was
initiated by the central government to promote tiny, cottage, village, and Small Scale Industries
(SSIs) in smaller towns and their particular areas to make them available with all the basic
needs, services, and facilities.

DIC’s primary focus is to generate employment in rural regions of India. District Industries
Centers are managed and operated at the district level to provide all the necessary support
services to entrepreneurs or first-time business owners to start their own Micro Small and
Medium Enterprises (MSMEs). DICs also promote the Registration and Development of
Industrial Cooperatives.

DIC’s make available comprehensive information on all matters including

policies/schemes of. Central/State Governments, Banks/Financial Institutions/
Incentives from State / Central. Governments and Regulatory framework of Industries
and Service Providers

14A. Sole-proprietorship One Man show

• Who is the recipient of all profits and bearer of all risks.

• Most suitable form for small businesses, especially in their initial years of operation

• Every Big Business Started Small •

The one-man control is the best in the world if that man is big enough to manage everything." –
W.R. Basset

Partnership:

The inherent disadvantage of the sole proprietorship in financing and managing an expanding
business paved the way for partnership as a viable option.

• A partnership is an association of two or more persons to carry on, as co-owners, a business

and to share its profits and losses. The inherent disadvantage of the sole proprietorship in
financing and managing an expanding business pave d the way for partnership as a viable
option.

• A partnership is an association of two or more persons to carry on, as co-owners, a business

and to share its profits and losses.

14B. The industries which make parts and components used by big industries to
assemble their final products are known as ancillary industries. For example: -
Industries which manufacture automobiles, railway engines, tractors, etc. are
ancillary industries.

Innovation: Due to the existence of ancillary units the heavy industries save much
time for doing innovation in their products rather than simply making smaller units.
Specialization: When parts or components are made by ancillary units, they are
specialized in that product but if this part is to be made in the parent company it
will be only its sideline operation.
No storage needed: The storage problem is solved as it is in the hands of heavy
industries to order only when they require.
Suppliers can be changed easily: Heavy industries can easily change the suppliers
(ancillary industries or units) of components or small parts if quality of product
decreases which is not easy in case they are made on their own. Also, if there is a
need to change their requirement, they can easily change their suppliers.
Capital diversification: Heavy industries can use capital saved from while taking off
small parts from ancillary industries to research work in their product and thus
make more profit as that product will not be available in scarcity as compared to
smaller units.

15A.

1. The Need

The old saying, “If it ain’t broke, don’t fix it” applies here. It’s wise to be conservative
when using funds to implement more technology. Aside from the standard costs of
buying the product, there are many others, including the time and other expenses
of integration and implementation. While the outcome may be worth the costs,
you’ll usually only want to go through the process if there is a real need for
improvement.

2. Time, Money, and Productivity

Another cost of implementing new software can be a temporary decrease in
workflow. Are the eventual savings of time and money, along with the increase in
productivity, large enough to justify the upfront inconvenience? Figuring this out
may take some calculations, but you don’t want to jump in without knowing the
numbers for sure.

3. Credibility

It doesn’t usually pay off to be an early adopter, so due diligence is important. Are
other respectable companies using similar solutions? Do they have positive things
to say about the services and outcomes? These can be signs of stability and
longevity. You may want to use the same software so you aren’t left behind the
competition.

4. Customizability, Adaptability, and Scalability

Agile innovation is required in these fast-evolving days of doing business. Does the
software company use the latest technology and release updates regularly? Can the
software integrate seamlessly with your other systems? Will it be able to grow with
your business and adapt to its changing needs?

5. Employee Buy-In

Whenever change is introduced, expect some resistance from employees. However,

you can reduce it if you have buy-in from the majority of those whom the change
will affect. Solicit opinions and listen to suggestions. Ultimately, it’s not their choice
to make, but involving them in the process will not only make it run smoother but
also grant invaluable insight that otherwise may have been overlooked.

6. The Cost and Time for Training

Even if you have employee buy-in, the cost and time it takes to train on new
technology can be significant. This hidden cost must be accounted for so you can
have a budget and backup plan ready. Optimum efficiency takes time and may
require ongoing training to gain the full benefits from new software.

7. Transition and Tech Support

Having the vendor’s support during the transition and after implementation is
crucial. You’ll need help with installation, upgrades, troubleshooting, and security.
This should be provided through training and support to your staff as well as
support to your IT department.

16A. Market analysis helps to identify the key players in the markets.
Moreover, it allows you to know the problems with the products you are selling.
Knowing the customers helps you to get success in the business. Also, you will
know what kind of products are preferred by the customers

 Knowing the competitors before approaching the market

The competitors are always trying to take your customers. They try to do company
research ahead of you to know what the customers want. And it would help if you
did the same to stay in the game. Market analysis helps to identify the key players
in the markets. Moreover, it allows you to know the problems with the products
you are selling.

Knowing the customers helps you to get success in the business. Also, you will
know what kind of products are preferred by the customers.

 Testing of the products before launching

Testing of products is so necessary before getting into the world of business. You
have to know if the product is worth standing in the markets. Secondly, by testing
the products, you will be saving money on the additional expenses. And you will be
protecting yourself from delivering bad products in the markets.

You will not if the product is 100% good for the market and connect to potential
customers. But with surveys and testing of products, you will know if the customers
will like the product. With research, you will also see the marketing approach you
can take for the products.

 Understand your customers better

Who is going to buy the products? What are their needs and wants? These are some
questions to ask your customers before launching products. Similarly, with more
questions, you will know the customer's needs better. It will keep you ahead of your
competitors. It is also best to understand your competitors in the process.

Market analysis helps to provide a complete map of the customers and what they
want. Knowing the customers will also help to determine the market size. You can
also gain valuable insights like gender, income, age, etc., in helping you get the
pricing campaigns.

 Helps in the growth of the business

Market analysis helps in comprehending the needs of the customers. Further, it

helps you in knowing the perfect marketing campaign to keep track of the
organization. Likewise, it helps to classify all the trends to reach out to the target
audience.

If you want the business to grow, finding out mistakes is the crucial part. Secondly,
with useful analysis, you can predict the loopholes in business. This way, you can
save money. Provide solutions turning out to be excellent market fit so that it helps
the customers also. Company research is done to reduce risks and find out cost-
effective strategies for business.

 Research helps to save your business.

All the big brands stay in the market because they know the proper way of
company research. For instance, Nokia failed to understand the customer needs
and couldn't survive in the market. Apple and Netflix could do their research right
and utilized all the gaps they could.

To make the business stay relevant, choose to go with the change. Know the trends
well and learn about tech advancement also. Also, know about the price changes
and make the market research as good as possible.

16B. Demand analysis involves understanding the customer demand for a

product or service in a particular market. Companies use demand analysis
techniques to determine if they can successfully enter a market and generate
expected profits to advance their business operations.

The analysis of demand theory is very much important in the business decision.
Demand analysis helps firm forecast the market which is of importance in the
modern business activities. It helps to design the appropriate pricing policy.

In the present global market, it is not at all possible for a firm to exist without
adequate knowledge on consumer behavior. Consumer behaviour informs
determines demand for a commodity in the market. The importance of demand
analysis is below.
1) Pricing Policy:

The importance of demand analysis in business decision is that it helps firms

design their pricing policy. Firm can choose either to lower or raise a product’s price
by observing trend of consumer demand for that product. Producers can’t fix price
for their products without first understanding the market demand for them.

2) Investment Policy:

Demand analysis helps firm adopt appropriate investment policy. Based on

the nature of demand for a particular product in a particular market, firms can
make their investment decisions.

3) Market forecast:

Demand analysis helps business firms in their investment decisions, based

on the prevailing response of consumers towards a particular commodity, firm can
foresee the demand. This in turn helps them in investing on an appropriate
industry.
18A . Network analysis is a system which plans the projects by analyzing the
project activities. ... Network analysis helps designing, planning, coordinating,
controlling and in decision-making in order to accomplish the project economically
in the minimum available time with the limited available resources.

Step 1: Specify Each Activity

Using the work breakdown structure, you need to identify each activity (or task)
involved in the project. This activity specification list should only include higher-level
activities. When detailed activities are used, the critical path analysis may become
too complex to manage and maintain.

A work breakdown structure breaks down projects into manageable sections.

The first step is to identify the main deliverables of a project. Then you can start
breaking down the high-level activities into smaller chunks of work.
You can choose how to display your work breakdown structure. Some people use a
tree structure, while others use lists or tables. An outline is one of the easiest ways
to represent a work breakdown structure.

Step 2: Establish Dependencies (Activity Sequence)

Some activities will depend on the completion of others. Listing the immediate
predecessors of each activity will help you identify the correct order. To correctly
identify activities and their precedence, ask yourself these three questions for each
activity on your list from step one:

 Which task should take place before this task happens?

 Which tasks should be finished at the same time as this task?
 Which tasks should happen right after this task?

Step 3: Draw the Network Diagram

Once you have identified the activities and their dependencies, you can draw the
critical path analysis chart (CPA), known as the network diagram. The network
diagram is a visual representation of the order of your activities based on
dependencies.

This critical path diagram used to be drawn by-hand, but there are now software
programs that can create this diagram for you.

Step 4: Estimate Activity Completion Time

Using past experience or the knowledge of an experienced team member, you

must now estimate the time required to complete each activity. If you are managing
a smaller project, you will most likely estimate time in days. If you are working with
a complex project, you may have to measure time in weeks.

Step 5: Identify the Critical Path

There are two ways you can now identify the critical path. You can eyeball your
network diagram and simply identify the longest path throughout the network --
the longest sequence of activities on the path. Be sure to look for the longest path
in terms of longest duration in days, not the path with the most boxes or nodes.
You can also identify critical activities with the Forward Pass/Backward Pass
technique, identifying the earliest start and finish times, and the latest start and
finish times for each activity.

If you have multiple critical paths, you will run into network sensitivity. A project
schedule is considered sensitive if the critical path is likely to change once the
project begins. The more critical paths in a project, the higher the probability of a
change in schedule.

18B. Total Float is a concept within the Critical Path Method which tells the project
manager how much a task can be delayed without impacting the project
completion date. Float is the final product of the project network diagram.

Float project management is very useful because it helps identify which tasks are
able to be impacted by delay or restructuring without affecting your overall
project. It also helps you stop critical path tasks from being held back or moved which
then stops your project from missing the deadline

Float or slack is the amount of time a project or task can be delayed without it
impacting the overall deadline or other tasks in the project. Calculating them can
help you validate your project schedules and make sure you understand whether
you’ll be able to deliver projects on time.

If you find you already have a good way of managing the tasks that make up a
project but struggle with resource management or resource scheduling, float
project management can be a great way to balance your team’s time more
purposefully and stop projects missing their deadlines.

.
19 A. Fortitude

This involves building resilience to drawbacks. You should see the inevitable failures that
happen when you are innovating, or attempting to change, as opportunities to learn and
improve. Cultivate a determination to succeed, and a mindset that sees setbacks as
occasions to pivot in new directions.

Ambition

This involves more than personal advancement. It includes being motivated by

benefiting your community and society. When the objectives of work exceed the desire
for greater salaries, further promotions, and the appreciation of colleagues and peers,
and instead extend into making a difference and giving back to society, that work is likely
to be more rewarding and sustainably useful.

Craft

This is the ability to design and make artefacts, and deliver services in complex and
uncertain circumstances. It is the way solutions to problems are shaped by combining
thought and data with experience and intuition. Having the ability to craft ideas into
realities, based on education and practical experience, is extremely attractive in a rapidly
changing and uncertain world.

Grace

This is an absence of hubris, and a generosity and warmth towards others. It is key to
being able to build a loyal and productive team. As collaboration is such an important
element of contemporary work, the ability to demonstrate respect and consideration
towards others, and help unlock their potential, is an enduring need. As US President
Harry Truman said, it is amazing what you can accomplish if you do not care who gets
the credit.

The future of employment will continue to be uncertain for many. The key to satisfactory
and rewarding work will be to cultivate behaviours which address, rather than fear, those
uncertainties. It will involve nurturing skills distinctive from the abilities of algorithms and
machine learning, involving creative insights, intuition and risk-taking. Entrepreneurs
hold many lessons for surviving and thriving in the modern world of work, especially
those adept at what we call play. As Plato said in the fourth century BC, “life must be
lived as play”.

Learning from the mistakes

We have yet to meet entrepreneurs that haven't made a boatload of mistakes and
unwise-in-retrospect decisions. "We made all the mistakes we could have, and learned a
lot from them," Steve told us. On a daily basis, entrepreneurs make dozens of decisions,
large and small, about their business, knowing all the while that some of those decisions
will backfire.
 Without believing in themselves and their vision for Brightbox, Billy and Steve might not
have persevered, but that is not enough. The key, as Steve noted, is learning from the
setbacks. The best entrepreneurs set up their businesses as learning laboratories. They
deliberately run tests and experiments on their products and customers. They have a
disciplined process to evaluate those tests and reorient the business around what they
learned.

19B. Affinity for technology: When your professional world exists online, you need a
working knowledge of what goes on behind the scenes. How do the moving parts
interface? What technology optimizes your efforts? What tools will track what's working
and enable you to correct what's not?

Having an aptitude for digital technology or being a quick study will serve you well. In
fact, some might say it's a prerequisite. In my experience with budding brands, the best
e-commerce leaders have an affinity for technology.

Embracing change.

My company has served e-commerce businesses since 2000, and one thing that's
remained true since the earliest days is that the industry exists in a state of perpetual
transformation, perhaps more so than any other. As all the moving parts shift--
technology, trends, business, people--it requires leaders to be comfortable with pivoting
quickly.

Good managers do this; great managers inspire their team to follow suit. The energy
surrounding change should be positive, signifying that not only adapting to it but
celebrating it is encouraged and rewarded.

20A. urgency addiction.

Answer: It is a self-assessment of peoples’ stress-creating mindsets and habits. This

tool can assist people to identify mindsets and habits that may contribute to unwanted
stress, discern where urgency is a default habit or a considered response to real
pressure, create motivation to change stress-inducing habits, and create a baseline
against which to measure progress in reducing stress. The urgency addiction:

 Creates predictable, reliable sensations

 Becomes the primary focus and absorbs attention
 Temporarily eradicates pain and other negative sensations
 Provides artificial self-worth, power, control, security, and accomplishment
 Exacerbates the problems and feelings it is sought to remedy
 Worsens functioning, creates loss of relationships

20 B. Time Management Matrix.

Answer: The tendency of doing things varies from person to person. Therefore, this
means that everyone does things according to their perception. As a result, the pace of
doing things and results vary accordingly. It is human nature that we prefer doing things
that are urgent regardless of foreseeing their fruitfulness. The priority and order of doing
tasks are sometimes overlooked. It does have its consequences eventually, and that’s
why it is super important to be aware of the 4 quadrants of the time management matrix.

Urgent matters are usually visible. They press on us; they insist on action. They’re often
popular with others. They’re usually right in front of us. And often they are pleasant,
easy, fun to do. But so often they are unimportant! Importance, on the other hand, has to
do with results. If something is important, it contributes to your mission, your values, your
high priority goals. We react to urgent matters. Important matters that are not urgent
require more initiative, more proactivity. We must act to seize opportunity, to make
things happen. If we don’t practice Habit 2, if we don’t have a clear idea of what is
important, of the results we desire in our lives, we are easily diverted into responding to
the urgent.

Quadrant I is both urgent and important. It deals with significant results that require
immediate attention. We usually call the activities in Quadrant I “crises” or “problems.”
We all have some Quadrant I activities in our lives. But Quadrant I consumes many
people. They are crisis managers, problem-minded people, deadline-driven producers.
As long as you focus on Quadrant I, it keeps getting bigger and bigger until it dominates
you. It’s like the pounding surf. A huge problem comes and knocks you down and you’re
wiped out. You struggle back up only to face another one that knocks you down and
slams you to the ground. Some people are literally beaten up by problems all day every
day. The only relief they have is in escaping to the not important, not urgent activities of
Quadrant IV. So when you look at their total matrix, 90 percent of their time is in
Quadrant I and most of the remaining 10 percent is in Quadrant IV, with only negligible
attention paid to Quadrants II and III. That’s how people who manage their lives by crisis
live.