DCM1205 FUNDAMENTALS OF ENTERPRENEURSHIP AND INNOVATION MARCH 2025

Description

SESSION	MARCH 2025
PROGRAM	BACHELOR OF COMMERCE (B.COM)
SEMESTER	II
COURSE CODE & NAME	DCM1205 FUNDAMENTALS OF ENTERPRENEURSHIP AND INNOVATION

 

 

Set – 1

 

 

Q1. Critically analyse the Risk Bearing Theory propounded by Frank H. Knight.       10

Ans 1.

Critically Analyse the Risk Bearing Theory Propounded by Frank H. Knight

Risk-Bearing Theory

The Risk-Bearing Theory of profit was introduced by Frank H. Knight, an American economist, in his work “Risk, Uncertainty and Profit” published in 1921. Knight’s theory revolutionized the understanding of entrepreneurship by linking profit to risk-bearing ability. According to him, profit is the reward for taking risks that are not insurable or quantifiable. This theory distinguishes between measurable risks and unmeasurable uncertainties, placing

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Q2. Throw light on the role of Entrepreneurship Development Programme (EDP) in entrepreneurial growth of the country. Also, list the problems faced by these EDPs in India 4+6           

Ans 2.

Role of Entrepreneurship Development Programme (EDP) and Its Challenges in India

EDPs

Entrepreneurship Development Programmes (EDPs) are structured interventions aimed at enhancing entrepreneurial skills, knowledge, and mindset among potential and existing entrepreneurs. These programs are typically conducted by government agencies, educational institutions, or private organizations to promote self-employment and enterprise creation. In India, EDPs play a significant role in fostering entrepreneurship, especially among youth,

 

 

Q3. Discuss few of the initiatives implemented by the Indian Government aimed at fostering entrepreneurship. 10       

Ans 3.

Government Initiatives to Foster Entrepreneurship in India

Introduction to Entrepreneurship Promotion

Entrepreneurship is a key driver of economic development, innovation, and job creation. Recognizing its importance, the Indian government has undertaken several initiatives to foster entrepreneurship and support startups. These initiatives aim to create a favorable environment for business creation, provide financial and technical assistance, and reduce bureaucratic barriers. These programs address diverse segments such as youth, women, rural entrepreneurs, and high-growth startups.

Start-Up India Initiative

Launched in 2016, the Start-Up India initiative is one of the flagship programs to promote

outreach, and collaboration with private stakeholders can ensure sustainable entrepreneurial growth in the country.

 

 

Set – 2

 

Q4. Discuss the legal requirements for the establishment of a new unit that are essential for an entrepreneur to focus upon while promoting an enterprise.            10       

Ans 4.

Legal Requirements for Establishing a New Enterprise

Establishing a new business unit in India involves compliance with various legal, regulatory, and procedural requirements. These legal obligations ensure that the business operates lawfully and ethically while also protecting the interests of stakeholders. An entrepreneur must understand and fulfill these requirements to avoid legal complications and build a foundation for sustainable operations. Legal compliance also enhances credibility among

 

 

Q5. Discuss in detail the role of entrepreneur in balanced regional development of industries.            10       

Ans 5.

Role of Entrepreneur in Balanced Regional Development of Industries

Balanced regional development refers to the equitable growth of all regions within a country, minimizing economic disparities and creating uniform industrial opportunities. Entrepreneurs play a crucial role in achieving this balance by setting up enterprises in backward or underdeveloped areas. Through innovation, resource utilization, and employment generation, they contribute to the inclusive growth of remote and rural regions, which helps in bridging

 

 

Q6. “The barriers are not the same for all individuals in the society.”  Justify the statement illustrating the entrepreneurial journey of any first-generation entrepreneur of India. 10

Ans 6.

Barriers Are Not the Same for All – First-Generation Entrepreneur Journey

Social and Economic Barriers

Entrepreneurship is often seen as an opportunity to create wealth and independence. However, the journey is not equally accessible to all. The barriers to entrepreneurship vary based on factors such as socio-economic background, gender, caste, education, and geographic location. First-generation entrepreneurs, in particular, face unique challenges since they lack the financial, social, and knowledge capital often inherited by those from business families. This statement is best illustrated by the real-life story of Kalpana Saroj, a