Practicing Success

Target Exam

CUET

Subject

Entrepreneurship

Chapter

Entrepreneurial Opportunity

Question:
Abdul Kareem, a native of Thrikkakara, came up with 'rocket stove', which provides a sustainable twist to traditional cooking methods.  'Rocket stove' a new cooking facility which does not require LPG or electricity, is becoming the new trend among families in the city. It uses firewood, coconut shells and waste paper as fuel, while reducing the emanation of smoke up to 80 per cent compared to traditional kitchen stoves. The stove provides a water heating facility and doubles up as an oven. “With four decades of experience in making furnaces, boilers, kitchens and other industrial materials, Rocket stove was developed out of my curiosity. Thanks to Covid-induced lockdown, I managed to finalise the design around six months ago and this was my transition period, said Kareem. All types of vessels including terracotta pots can be used on it. Compared to traditional units, a rocket stove will release only 10 to 20 per cent of smoke during its operation. It can be easily used in the balconies of flats without creating any disturbances to the neighbours, he said. We have run many quality tests to ensure efficiency in the last six months. Besides, we have ensured that the product meets all safety standards. Depending on the demand for the product, we will move to large scale production soon said Kareem. From the case study above identify the concept.
Options:
Environment scanning
Problem and product identification
Market assessment
Trend spotting
Correct Answer:
Problem and product identification
Explanation:
Problem identification: A problem is a roadblock in a situation, something that sets up a conflict and forces you to find a solution. When an entrepreneur identifies such a road block, he/she is said to have identified the problem.
Product identification :After opportunity spotting and scanning of the environment, an entrepreneurial idea should lead to a definite product.