Help and Support to Entrepreneurs

Important Note :The latest notes is available at class 11 Entrepreneurship

1. What are the characteristics of those entrepreneurs who are self-sufficient?

The following are the characteristics of the entrepreneurs who are self-sufficient.

  1. These are the entrepreneurs who just ‘get on with it’. They like to do things their way.
  2. They have enough courage and ego drive to go it alone.
  3. They do not need much help from others.
  4. The can
    1. initiate
    2. sustain
    3. and extend

    the process on their own way.

  5. They can overcome barriers with confidence.
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2. Who are the entrepreneurs that need help and support?

The following are the entrepreneurs that need help and support.

  1. Entrepreneurs who respond to help and support.
  2. Entrepreneurs who have to be pushed.

Both of these require help and support to the same entend. However, the extent of convincing needed by both of them varies.

While those who respond to help and support are naturally amenable to advice and intervention, those who need to be pushed need coaxing to realize their potential.

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3. Why should we help and support entrepreneurs?

We should help and support entrepreneurs for the following reasons.

  1. Entrepreneurs ignite economic growth of the society. By helping and supporting them, we’ll be contributing the economic growth of the country.
  2. When they get enough help and support from the society and government, this encourages other entrepreneurs to be motivated and attracts people towards entrepreneurship.
  3. When they get help and support, entrepreneurs incline towards innovating and introducing much better products and services.
  4. Encouraging entrepreneurs and helping them to sustain in the business creates more and more employment opportunities in the society.
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4. Discuss the different stages of growth of an enterprise?

The following are the different stages of growth of an enterprise.

Embrio Stage Nurture Stage Fledgling Stage Take off stage Viable Growing Enterprise.

  1. 1. Embrio Stage : In this stage the entrepreneur perceives an opportunity and decides to examine its commercial potential. He focuses on the vision.
  2. 2. Nurture Stage : In this stage the commercial potential is identified, and the resultant product or service is established with greater certainty. In this stage, the entrepreneur focuses on the opportunities to produce products and services effectively exploiting the opportunities.
  3. 3. Fledgling Stage : In this stage the product or service is released into the market and the enterprise will start trading the product. In this stage the focus is shifted from opportunities to products or services.
  4. 4. Take off stage : By this stage, the enterprise is grown. It becomes a viable venture reaching at least one break-even point. The focus will be on marketing and profitability.
  5. 5. Viable Growing Enterprise : In this stage, the enterprise becomes very well established. It will be ready to grow and expand. The profit generated by the enterprise will be adequate to meet all commitments and for reinvestment. The focus shifts to diversification and expansion of the enterprise.
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5. What are the three basic ‘types’ of education support available to prospective and practicing entrepreneurs?

The following three basic ‘types’ of education support available prospective and practicing entrepreneurs.

  1. Type I : Teach entrepreneurship as an academic subject, with emphasis on imparting a body of knowledge. These courses promote awareness among young people and kindle in them a strong need to develop entrepreneurial
    1. skills
    2. attitudes
    3. values

    These courses sow the seeds of self-employment in the minds of students.

  2. Type II : Teach a range of topics in entrepreneurship. Their main focus is to prepare the students with a viable business plan. Apart from entrepreneurship these courses also include
    1. marketing
    2. finance
    3. management
    4. business communication etc.

    These courses empower the entrepreneurs by updating their knowledge and upgrading their skills.

  3. Type III : R & D laboratories where in the research and development is performed in the area of Entrepreneurship where in the generation and promotion of the ideas is fostered and promoted. The commercial exploitation of the R & D laboratories is achieved through technology transfer.
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6. Discuss any four ways in which institutions extend help to entrepreneurs.

Institutions extend help to entrepreneurs in the following ways.(Write any four of the following)

  1. Assessing the business proposal to establish the potential of the identified opportunity for commercial exploitation.
  2. Guidance in the preparation of the project report.
  3. Providing information about difference financial institutions to raise capital.
  4. Consultancy services in meeting the legal and statutory requirements.
  5. Guidance to acquire infrastructure such as power, water etc.
  6. Providing technical know-how and support.
  7. Consultancy services for expansion and diversification programmes.
  8. Network support for training of personnel.
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7. Write a short note on ‘business incubator’.

Definition : A business incubator is an entrepreneurship support mechanism that helps in developing a business idea into a viable venture by providing technical support to the entrepreneur.

It consists of a unit of trained people. They help the entrepreneur to evaluate his business idea and guide him/her through information inputs. Usually the duration for which a business is associated with the incubator varies from 1 to 3 years. Once the business is matured, the entrepreneur will take it forward.

Once in a while conferences are conducted where in the entrepreneurs get an opportunity to meet the experts in the area and get help from them.

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8. How do governments provide incentives to entrepreneurs?

The government provide incentives to entrepreneurs by providing conducive conditions for entrepreneurial growth by providing facilities such as

  1. Tax holiday
  2. Subsidies
  3. Soft loans
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9. What is the legal support available ready-made to entrepreneurs?

Ready-made legal support is available to the entrepreneurs through the following laws.

  1. Company Law
  2. Employment Law (Labour Law)
  3. Patent Law etc.

The legislative sector through the following laws guide the entrepreneurs in legal matters relating to

  1. the status of the enterprise
  2. statutory requirements regarding hiring and maintaining labour
  3. the use of trade mark for products and services
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10. How do entrepreneurs contribute to social development?

Entrepreneurs contribute to social development through social uplifting programmes such as

  1. Administration of old age homes and orphanages
  2. Building colleges, schools and hospitals.
  3. Complete maintenance of museums and heritage sites
  4. Developing rural areas by providing employment
  5. Environment campaigns launch etc
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Other useful resource for your reference
Books & Other Material

  1. Entrepreneurship: Concept and Functions
  2. An Entrepreneur
  3. Entrepreneurial Journey
  4. Entrepreneurship as Innovation and Problem Solving
  5. Concept of Market
  6. Business Finance and Arithmetic
  7. Resource Mobilization
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