Question 5 OR (i) part i
Entrepreneurship and innovation (short note)
5 marks
- Time to write
- About 10 minutes
From an older CBCS paper
Question
Question 5 OR (i) part i · 5 marksWrite short notes on any three:
- Entrepreneurship and Innovation
Reworded from the university paper; the task is the same. The original paper belongs to the University of Delhi. See DU's question bank.
Before you write
Read off the question and its marks
Read from the question
- any threeThe paper asks for any 3, and this is one of them. Only 3 are marked: a fourth earns nothing.
- short notesA note opens with the meaning, then two or three key points. No long introduction.
Write it in this order
- Read; underline the asks; jot your points 1 min
- 1 Entrepreneurship: meaning and features 2 marks 3 min
- 2 Innovation: meaning and forms 1½ marks 2 min
- 3 The link between the two, with an example 1½ marks 2 min
- Check: every ask answered, key terms underlined 2 min
Easy marks
- Steps 1 and 2 opens with the meaning: a one-line definition, the quickest mark in each.
Short on time? Trim steps 1–3 evenly rather than skip one: each is capped at its own marks.
Try it first. About 10 minutes for 5 marks. Write it out, then open the solution.
Solution
Hover or tap a marked figure, like 72,000, to see how it is made and where else it appears.
Entrepreneurship is the choice to set up and run a business of one's own, as against working for an employer or practising a profession. Two words are paired here: the entrepreneur is the founder, and the enterprise is the business unit the founder creates. What the role demands can be acquired. The temperament, skills and knowledge it calls for are built up through formal education, vocational courses and experience at work, so the common belief that entrepreneurs are born and not made does not hold; entrepreneurship is a purposeful activity carried out in planned stages. A Jaipur graduate who learns costing on a short course and spends a year in a block-print workshop before opening her own studio shows how. Its value also reaches beyond the founder's own livelihood: taken as a whole, entrepreneurship does much to create and widen opportunities for employment and for the professions, which is why it counts for so much in a country's economic development.
Innovation is the creative side of entrepreneurship. It covers bringing out new products, opening up new markets and discovering new sources of supply. An innovation need not be a laboratory invention: a new way of reaching customers, or a cheaper source of a raw material, counts as much as a new product.
Innovation is what gives an entrepreneur's venture its reason to exist, and entrepreneurship is the vehicle that takes an idea to the market. A start-up is the clearest case: it is an entrepreneurial venture built on developing, improving and innovating products, processes and services for its target customers. A pair of engineering graduates in Kochi who design a low-cost solar dryer for fish and spice farmers, raise money, hire technicians and sell through farmer cooperatives are doing both at once: the dryer is the innovation, and building the firm that makes and sells it is the entrepreneurship. For an established company, the same spirit appears as new product lines and new ways of working that keep it ahead of rivals.
Where the 5 marks sit
| # | Component | Marks |
|---|---|---|
| 1 | Entrepreneurship: meaning and features | 2 |
| 2 | Innovation: meaning and forms | 1.5 |
| 3 | The link between the two, with an example | 1.5 |
| Total | 5 |
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