Chapter 1 of 6
NCERT Solutions
Entrepreneurial Opportunity
CBSE · Class 12 · Entrepreneurship
NCERT Solutions for Entrepreneurial Opportunity — CBSE Class 12 Entrepreneurship.
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Review Crossword Puzzle
Across-1The recipient of a service/product obtained from a seller.Show solution
Answer: CUSTOMER
A customer is the person who receives a product or service from a seller in exchange for money or other consideration.
A customer is the person who receives a product or service from a seller in exchange for money or other consideration.
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Across-3Someone who organizes a business venture and assumes the risk for it.Show solution
Answer: ENTREPRENEUR
An entrepreneur is an individual who organizes, manages, and assumes the risks of a business enterprise.
An entrepreneur is an individual who organizes, manages, and assumes the risks of a business enterprise.
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Across-6Set of circumstances that make it possible to do something.Show solution
Answer: OPPORTUNITY
An opportunity is a set of favourable circumstances that creates a need for a new product, service, or business.
An opportunity is a set of favourable circumstances that creates a need for a new product, service, or business.
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Across-9Process through which something becomes different.Show solution
Answer: CHANGE
Change refers to the process through which something becomes different from what it was before.
Change refers to the process through which something becomes different from what it was before.
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Across-12Make changes in something established, especially by introducing new methods.Show solution
Answer: REFORM
To reform means to make changes in something established, especially by introducing new methods, ideas, or products.
To reform means to make changes in something established, especially by introducing new methods, ideas, or products.
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Across-13Synonym for feasible.Show solution
Answer: VIABLE
Viable is a synonym for feasible, meaning something that is capable of working successfully.
Viable is a synonym for feasible, meaning something that is capable of working successfully.
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Across-14The ability to plan the future with wisdom/imagination.Show solution
Answer: VISION
Vision is the ability to think about or plan the future with imagination or wisdom.
Vision is the ability to think about or plan the future with imagination or wisdom.
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Down-2Synonym of inventiveness.Show solution
Answer: CREATIVITY
Creativity is the synonym of inventiveness — the use of imagination or original ideas to create something new.
Creativity is the synonym of inventiveness — the use of imagination or original ideas to create something new.
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Down-4An economic or productive factor required to accomplish an activity.Show solution
Answer: RESOURCE
A resource is an economic or productive factor required to accomplish an activity, such as land, labour, or capital.
A resource is an economic or productive factor required to accomplish an activity, such as land, labour, or capital.
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Down-5A sum of money saved or made available for a particular purpose.Show solution
Answer: FUND
A fund is a sum of money saved or made available for a particular purpose.
A fund is a sum of money saved or made available for a particular purpose.
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Down-7Financial gain.Show solution
Answer: PROFIT
Profit is the financial gain obtained when the revenue earned exceeds the costs incurred in a business.
Profit is the financial gain obtained when the revenue earned exceeds the costs incurred in a business.
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Down-8The ability to do something well; expertise.Show solution
Answer: SKILL
Skill refers to the ability to do something well, acquired through training or experience.
Skill refers to the ability to do something well, acquired through training or experience.
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Down-9Synonym of rivalry.Show solution
Answer: COMPETITION
Competition is the synonym of rivalry — the activity of competing against others in the market.
Competition is the synonym of rivalry — the activity of competing against others in the market.
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Down-10Something that can be offered to a market that might satisfy a want or need.Show solution
Answer: PRODUCT
A product is anything that can be offered to a market to satisfy a want or need.
A product is anything that can be offered to a market to satisfy a want or need.
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Down-11Amount invested in business.Show solution
Answer: CAPITAL
Capital refers to the amount of money or assets invested in a business to generate income.
Capital refers to the amount of money or assets invested in a business to generate income.
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Let's Revise — A. Very Short Answers
A1What is a business opportunity?Show solution
Given: We need to define business opportunity in not more than 15 words.
Answer: A business opportunity is a favourable set of circumstances that creates a need for a new product, service, or business, offering the potential for profit.
Answer: A business opportunity is a favourable set of circumstances that creates a need for a new product, service, or business, offering the potential for profit.
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A2What factors are involved in the process of sensing an entrepreneurial opportunity?Show solution
Answer: The key factors involved in sensing an entrepreneurial opportunity are:
1. Ability to perceive and identify a need or problem.
2. Knowledge of the environment (market, technology, society).
3. Creativity and innovative thinking.
1. Ability to perceive and identify a need or problem.
2. Knowledge of the environment (market, technology, society).
3. Creativity and innovative thinking.
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A3Define the term environment scanning.Show solution
Answer: Environment scanning is the process of gathering, analysing, and interpreting information about the external and internal environment to identify opportunities and threats that may affect a business.
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A4List the environmental factors affecting external environment.Show solution
Answer: The environmental factors affecting the external environment are:
1. Political factors
2. Economic factors
3. Social factors
4. Technological factors
5. Environmental (ecological) factors
6. Legal factors
(These are collectively known as the PESTEL factors.)
1. Political factors
2. Economic factors
3. Social factors
4. Technological factors
5. Environmental (ecological) factors
6. Legal factors
(These are collectively known as the PESTEL factors.)
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A5What is the meaning of trend spotting?Show solution
Answer: Trend spotting means identifying and recognising emerging patterns or changes in the market, society, or technology that can be converted into a business opportunity before they become mainstream.
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A6What is required to convert an idea into opportunity?Show solution
Answer: To convert an idea into an opportunity, an entrepreneur requires:
- A genuine market need or problem.
- Feasibility (technical and financial viability).
- Adequate resources and creative thinking to develop the idea into a viable business proposition.
- A genuine market need or problem.
- Feasibility (technical and financial viability).
- Adequate resources and creative thinking to develop the idea into a viable business proposition.
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A7What is Idea generation?Show solution
Answer: Idea generation is the creative process of identifying, developing, and communicating new concepts or solutions. It is the first step in entrepreneurship where potential business ideas are produced through observation, research, brainstorming, or experience.
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Let's Revise — B. Short Answers (up to 50 words)
B1What is the purpose to scan the environment?Show solution
Purpose of Environment Scanning:
The purpose of environment scanning is to:
- Identify business opportunities and potential threats in the external environment.
- Help entrepreneurs make informed decisions.
- Understand market trends, customer needs, competition, and regulatory changes.
- Enable the entrepreneur to align business strategies with the changing environment for sustainable growth.
The purpose of environment scanning is to:
- Identify business opportunities and potential threats in the external environment.
- Help entrepreneurs make informed decisions.
- Understand market trends, customer needs, competition, and regulatory changes.
- Enable the entrepreneur to align business strategies with the changing environment for sustainable growth.
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B2What are the factors involved in sensing opportunities?Show solution
Factors Involved in Sensing Opportunities:
1. Ability to perceive change – Recognising shifts in market, technology, or society.
2. Knowledge and experience – Prior industry knowledge helps spot gaps.
3. Creativity – Thinking of new solutions to existing problems.
4. Environment scanning – Systematic analysis of external factors (PESTEL).
5. Networking – Interactions with people reveal unmet needs.
1. Ability to perceive change – Recognising shifts in market, technology, or society.
2. Knowledge and experience – Prior industry knowledge helps spot gaps.
3. Creativity – Thinking of new solutions to existing problems.
4. Environment scanning – Systematic analysis of external factors (PESTEL).
5. Networking – Interactions with people reveal unmet needs.
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B3Draw the enterprise process diagram.Show solution
Enterprise Process Diagram:
The enterprise process can be represented as follows:
Explanation of steps:
- Idea Generation: Creative thinking to produce new ideas.
- Opportunity Sensing: Evaluating which ideas represent real market opportunities.
- Feasibility Study: Checking technical, financial, and market viability.
- Business Plan: Detailed plan for execution.
- Resource Mobilisation: Arranging finance, manpower, and materials.
- Enterprise Launch: Starting the business.
The enterprise process can be represented as follows:
Explanation of steps:
- Idea Generation: Creative thinking to produce new ideas.
- Opportunity Sensing: Evaluating which ideas represent real market opportunities.
- Feasibility Study: Checking technical, financial, and market viability.
- Business Plan: Detailed plan for execution.
- Resource Mobilisation: Arranging finance, manpower, and materials.
- Enterprise Launch: Starting the business.
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B4What is PESTEL model? Explain it.
Let's Revise — C. Short Answers (up to 75 words)
C1Enlist the various sources which lead to the emergence of basic ideas.
C2Write the meaning of product identification in terms of business opportunity.
C3What are the factors an entrepreneur has to keep in mind whilst assessing the market?
C4What are the various ways in which an entrepreneur spots trends?
Let's Revise — D. Long Answers (up to 150 words)
D1"An opportunity may be derived from the needs and problems of the society." Comment.
D2"Sensitivity to environmental factors is essential for an entrepreneur." In light of above statement explain the importance of environment scanning.
D3Entrepreneurship does not emerge and grow spontaneously. Rather it is dependent upon several various environmental factors. Explain them.
D4Explain creative process.
D5What is Innovation and explain the elements of innovation process?
Let's Revise — E. Very Long Answers (up to 250 words)
E1Elaborate the factors involved in sensing opportunities.
E2Examine the sources from where business ideas emerge.
E3Discuss the steps involved in the investigation of ideas.
E4What do you understand by Trend Spotting? What are the ways by which entrepreneurs can spot trends?
E5Explain in detail Idea Fields.
Let's Revise — F. Higher Order Thinking Skills (HOTS)
F1Aditi started her boutique business near an industrial area and she was not getting clients as she had expected. What are the factors which have been ignored before starting the boutique? Suggest the various factors that she has to look into before venturing into business.
F2Mr. Raghav had always wanted to manufacture an innovative, energy efficient fan. He was looking into various options and has finally narrowed it down to one option. He understands that the entire idea would have to follow a process. Identify and explain the process.
F3These are 'convenient frames of reference for streamlining the process of generation of ideas.' Identify them and explain any three briefly.
F4Varun decided to start his own venture and was looking into various ideas. Explain to him various sources from where he can get some good business ideas.
Let's Revise — G. Evaluation and Multi-Disciplinary Questions
G1'Environmental factors exert influence upon each other and do not operate in isolation.' Discuss.
G2"If you don't adapt, you don't endure." Evaluate the validity of the statement.
Let's Revise — H. Application-Based Questions
H1Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
Let's Revise — I. Activities
I1Interview an entrepreneur, ask him/her the keys to successful entrepreneurship. Also ask him/her whether he/she attributes the success of his business to luck or hard work.
I2Conduct a survey in your colony by asking people if they face any particular problem and see if you can find a solution to that problem.
I3Think of an innovative product and conduct a survey in your colony and analyse whether it will be accepted in your neighbourhood. (For example, new Idea for waste disposal)
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What are the important topics in Entrepreneurial Opportunity for CBSE Class 12 Entrepreneurship?
Key topics in Entrepreneurial Opportunity include Entrepreneurial Opportunity - Complete Concept Map, Entrepreneurial Opportunity Framework, Entrepreneurial Opportunity Concept Map. These are the concepts CBSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Entrepreneurial Opportunity — CBSE Class 12 Entrepreneurship?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.
Where can I get free NCERT Solutions for Entrepreneurial Opportunity Class 12 Entrepreneurship?
This page has free step-by-step NCERT Solutions for every exercise question in Entrepreneurial Opportunity (CBSE Class 12 Entrepreneurship) — written the way examiners award marks: given, formula, working, answer.
Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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