Read the following case study and answer questions.

What do you need to be a business person? Was the opening question the anchor of a television interview asked to an eminent business personality. "Cash" she heard and thought that her interview is going to be a spoil. For it was an answer so obvious and exhaustive that there was not anything else to talk and or this is what she thought.

The entrepreneur saved her day "young lady" he continued "you seem to have got it wrong. What I meant was not c_a_s_h = cash but K_A_S_H= KASH!"

Interview was off to a flying start. And the interviewer went onto elaborate what he meant K= Knowledge, A=Attitude, S= Skill and H= Habits.

Thus Entrepreneur should be confident enough having attitudes related to innovation, persuasion, research etc. He/She is the person who takes risk about future which is uncertain so he must have the required competencies to contribute to the development of the nation.

Role of Entrepreneurs in relation to their Enterprise does not include:

Identification of general product offering

The correct answer is option 4- Identification of general product offering.

Role of Entrepreneurs in relation to their Enterprise does not include identification of general product offering.

Role of Entrepreneurs in relation to their Enterprise includes-

• Opportunity Scouting: Entrepreneurial opportunities have to be actively searched for. One may rely on personal observation, discovery or invention. Personal/professional contacts/networks and experience or may also help in identifying business opportunities. Alternatively, one may rely on published reports, surveys and the like. Narayan Reddy of Virchow Laboratories relied on the personal discovery of the molecule during his employment with a pharmaceutical company. As observation means seeing/hearing/smelling with a purpose, opportunity spotting presupposes tendency to look at the things and phenomenon from an entrepreneurial mindset. Most of us have a consumer’s mindset. If we see any object of desire, may be a pen, laptop, latest model of the mobile phone or somebody eating pizza or burger, we crave to have the same thing for ourselves. The entrepreneurial mind, on the other hand starts working out, what would be the market size, where to procure it from and at what price, will I able to woo the customers from the existing players and how– by selling it cheaper, by providing more value or by better service and so on. Entrepreneurial opportunities may also be identified through a process of research of international, domestic, sectoral/ industrial analysis.

• Identification of Specific Product Offering: While the environment scan leads to the discovery of more generalised business opportunities, there is a need to zero in on to a specific product or service idea.

• Feasibility Analysis: The product offering idea must be technically feasible, that is it should be possible with the available technology to convert the idea into a reality. And this should be possible at a cost that can be covered by the price it will fetch; in other words, the idea must be economically feasible too. The project cost should be within the resources available and the resource providers should be reasonably sure of an appropriate return on (profit) and return of (safety and liquidity) of their investments. That is, the idea must be financially viable as well. There should be enough sales in the immediate and the prospect of growth in the foreseeable future; there should be adequate assurance on the commercial viability of the chosen product offering. Now a day, it is also important to be sure that there aren’t any environmental and other legal restrictions/necessity of prior approvals for setting up the business. It is also to be decided as to whether the business will be organised as a proprietary concern/partnership firm/ company or cooperative entity.