PM&E Unit 1 Part 3 Long Answers

AnswerA. Financial Institutions i. DIC ii. TCO a. TCO stands for Technical Consultancy Organization and help SSI to project expression, perpetration and give consultancy on operation. iii. SFC a. District diligence Centre( DIC) provides help to prepare design report and help to give specialized support services. iv. SISI a. Small diligence Service Institute( SISI) prepare designs and layouts of the products for SSIS. a. State Financial Corporation( SFC) give loan to SSIS. b. These pots give loan for setting up a SSI or for addition or for its expansion also. v. NSIC a. National Small diligence Corporation( NSIC) help the workers on operation of ultramodern ministry and help to import the raw accoutrements . 1. b. These institutes also train the workers of the SSI and give them specialized guidance to maintain quality norms. vi. SIDO a. Small diligence Development Organisation( SIDO) help SSI in product and marketing of the product and give consultancy on quality control. vii. NABARD 2 a. National Bank for Agriculture and Rural Development( NABARD)) help and give capital to SSI in pastoral areas. Que1.18. Explain different types of EDPs launched by government. Answer Different types of EDPs launched by government are Startup India Startup India is a action of the Government of India, intended to make a strong eco- system for nurturing invention and Startups in the country that will drive sustainable profitable growth and induce large scale employment openings. Atal Innovation Mission( AIM) AIM’s ideal is to develop new programmes and programs for adding invention in different sectors of the frugality, give platforms and collaboration openings for different stakeholders, and to oversee the invention and entrepreneurship ecosystem of the country. 3. Support to training and employment programme for women( STEP) STEP Scheme aims to give chops that give employability to women and to give capabilities and skill that enable women to come tone- employed/ entrepreneurs. 4. 5. National Skill Development Mission The National Skill Development Mission launched by the Ministry of Skill Development and Entrepreneurship on July 15, 2015, aims to produce confluence across sectors and States in terms of skill training conditioning. 6. Pradhan Mantri Kaushal Vikas Yojana( PMKVY) PMKVY is skill grounded training scheme started by the government of India. Indian citizens can join skill- grounded training course and pursue education with free of cost. Trade Affiliated Entrepreneurship backing and Development( TREAD) traipse Scheme for Women. This scheme prevision profitable commission of women by furnishing credit, training, development and conditioning related to trades, products,services.etc. Que1.19. Explain colorful problems faced by EDP’s. Answer EDPs in India are affected with a number of problems which are responsible for low position of success of the programmes. Some of the problems faced by EDPs are as follows No Clear Policy at the National Level In lack of proper policy the growth of entrepreneurship stopped due to the unsupportive station of the agencies like banks, fiscal institutions and other supporting agencies. ii. No Clear objects Majority of institutions engaged in EDP are themselves not convinced and certain about the task they’re supposed to perform and objects to achieve. iii. Poor Follow- up Institutions furnishing EDPs don’t show important concern for objective identification and selection of entrepreneurs. iv. Non- vacuity of Infrastructural installations EDPs aren’t successful due to non- vacuity of acceptable infrastructural installations needed for the conduct of EDPs. Lack of Commitment and Involvement by the Commercial Sector Corporate sector shows lower concern for the successful conduct of EDPs. They warrant of commitment and involvement in EDPs. Answer 4. Que2.1. of invention in entrepreneurship? What’s meant by the term invention? What’s the part A Innovation 1. Innovation is the practical perpetration of ideas that affect in the preface of new goods or services or enhancement in offering goods or services. 2 Innovation also implies a value system which seeks to decide a positive outgrowth from the inventive act. 3. For a business, invention is a product, process, or business conception, or combinations that produce gains and growth for the association. True invention is an advancement of what’s done typically. thus, commodity is an invention not because it’s new, but because it’s useful. 4.B. Role of Innovation in Entrepreneurship 1. Creative Development Innovation enhances the nature, creativity, and design thinking process of an organisation. 2 Persistent Improvement Innovation gives continuity to organisation. when you’re making continuously advancements in products and services. 3 buttressing Your Brand The process of development in branding helps an entrepreneur to learn different ways of being more innovative. Making the stylish of your being products We know that for an entrepreneur, it’s important to introduce new products but further than that, to maintain the invention culture making the stylish of old product is more important. 5. Responding to Trends and Competition With the help of invention in entrepreneurship, responding to unborn trends can help an entrepreneur’s business to come with results to make their business grow more. 6. Having a Unique Selling Point Consumer generally consider invention societies as commodity that adds some intriguing values to its products. inventions in entrepreneurship can add advantage that can help the company to get positive exposure. Que2.2. Answer 1. 3. 4. 2. Technology Innovation New technologies can also lead to the birth of numerous other inventions. The stylish illustration is Internet, which is itself an invention but also lead to other inventions in colorful fields. 5. What are different types of invention? Explain. Following are the different types of inventions Product & Product Performance Innovation In this type of invention either a new product is developed or the performance of an being product is bettered. Business Model Innovation Using different channels, technologies and new requests can lead to new possible business models which can produce, deliver and capture client value. Organizational Innovation Managing and participating coffers in a new way can also be an invention. Reuse Innovation Possible process inventions involve product, delivery, or client commerce. Innovation in the processes can ameliorate the effectiveness or effectiveness of being styles. Que2.3, What are different types of inventions on the base of change in request and technology? Answer On the base of degree of novelty( change) of request and technology invention classified as 2007 1. Incremental Innovation Incremental Innovation utilizes your being technology and increases value to the client( features, design changes,etc.) within your being request. Que2.8. entrepreneur? 1 2 3. Answer Having directorial chops is important for an entrepreneur is important due to following reasons To optimize the use of scarce coffers. For icing effective leadership. To motivate workers by creating a safe and secure terrain. 4 For promoting synchronization amongst diligence and their relations. 5. For strategizing towards the achievement of primary pretensions of an association. 6. 7 8. Why having directorial chops is important for an 1. For easing experimental openings to boost morale and help upgrade chops. Que2.9. bandy the directorial chops that are needed to come a successful entrepreneur. 4. To give knowledge and moxie to expand productivity. To regulate competition in the request. Answer The directorial chops needed to come a successful entrepreneur are Time Management It’s vital to get further work done in lower quantum of time by barring interruptions, prioritizing tasks and adding effectiveness as well as productivity. 2 Business Planning Every entrepreneur needs to develop a business plan that facilitates the entrepreneurs to make their business fit into the assiduity, identify their target request and plan to capture them. 3. Hand operation Successful entrepreneurs should know how to motivate the workers in order to work effectively. client operation An entrepreneur must know how to manage his relationship with being guests with a focus on creating fidelity towards his business.

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