Business Ideas
ICSE · Class 11 · Entrepreneurship
Flashcards for Business Ideas — ICSE Class 11 Entrepreneurship. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a business idea?
Answer
A business idea is a well-developed concept that identifies a market need and proposes a product or service to fulfill it in a profitable manner. It is not a random thought; it is a practical and feas…
Why is a business idea called the foundation stone of entrepreneurship?
Answer
A business idea is the starting point of every enterprise. It guides planning, strategy, and growth. Without a clear idea, business activities become confused, and the chance of success becomes weak.
What key questions should a good business idea answer?
Answer
A good business idea should answer five main questions: what product or service will be offered, who the target customers are, why customers will prefer it, how revenue will be generated, and how the …
What is the importance of a strong business idea?
Answer
A strong business idea forms the foundation of the enterprise, guides business planning and strategy, attracts investors and financial institutions, reduces uncertainty and risk, and helps decide futu…
What happens when a business idea is weak or unclear?
Answer
A weak or unclear business idea leads to poor planning, confusion in execution, and ultimately business failure. Clear thinking at the start is necessary for better results later.
What is brainstorming in business idea generation?
Answer
Brainstorming is a systematic creative technique used to generate a large number of ideas in a short period of time. It encourages free thinking and prevents early criticism.
What is the purpose of brainstorming?
Answer
The purpose of brainstorming is to explore all possible alternatives before selecting the best one. It helps in finding creative and practical solutions by opening the mind to many options.
What are the main objectives of brainstorming?
Answer
The main objectives of brainstorming are to encourage creative thinking, generate diverse ideas, promote teamwork, and discover innovative solutions.
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