NIOS Class 10 Entrepreneurship Chapter 10 Idea Generation Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Entrepreneurship Chapter 10 Idea Generation and select need one. NIOS Class 10 Entrepreneurship Chapter 10 Idea Generation Question Answers Download PDF. NIOS Study Material of Class 10 Entrepreneurship Notes Paper 249.
NIOS Class 10 Entrepreneurship Chapter 10 Idea Generation
Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Entrepreneurship Chapter 10 Idea Generation, NIOS Secondary Course Entrepreneurship Solutions for All Chapters, You can practice these here.
Idea Generation
Chapter: 10
Intext Questions 10.1
State whether the statements given below are true or false.
(a) Needs, wants and demand are one and the same thing.
Ans: False.
(b) Wants, when not satisfied, challenge the survival of the person.
Ans: False.
(c) Needs are not only physiological but also include social security and cultural needs of a person.
Ans: True.
(d) Needs are unlimited whereas wants are limited.
Ans: False.
(e) A mobile phone is a need for all.
Ans: False.
(f) Buying Nike shoes is a want.
Ans: False.
Intext Questions 10.2
State whether the statements below are true or false:
(a) There is only one way of idea generation.
Ans: False.
(b) Brainstorming involves prompting a huge number of solutions addressing a unique problem.
Ans: True.
(c) In Brainstorming, people can voice their ideas freely without fear of criticism.
Ans: True.
(d) The Focus group is not facilitated by a moderator to have an open in depth discussion.
Ans: False.
(e) Gap analysis is to work alone and to discuss what the gaps between the present state and the desired future state are.
Ans: False.
(f) Nilkamal collaborated with Hello.
Ans: False.
(g) The UN recommends 20 litres of water per person per day but because of the challenges associated with water collection, most rural consumers have access to 10 litres per day.
Ans: False.
Intext Questions 10.3
Fill in the blanks:
(a) At the end of the day, it is not just the idea or its uniqueness that attracts funding but the overall ________ and_____________ instead.
Ans: Overall execution and feasibility instead.
(b) All successful companies, products, or services enhance the lives of their ______ by eliminating a problem.
Ans: Customer problem.
(c) Figure out where your _________ will fit into the market and in the lives of people.
Ans: Solution.
(d) ___________ act as support, a sounding board for your ideas, and provide evidence to others that you actually have a good idea.
Ans: Business partner.
(e) Once you’re satisfied with your ________, begin moving into planning the first phase of your business.
Ans: Financial model.
(f) Some attainable sources of funding are __________, money from people you know (friends and family), credit cards, or loans.
Ans: Self – funding.
(g) People will question your ideas and your business, but if they do not believe in your ability to overcome it, they are ___________into you.
Ans: Perpetuating their negativity.
| Terminal Questions |
1. Differentiate between needs, wants and demands.
Ans:
| Basic for comparison | Needs | Wants | Demand |
| Meaning | Needs refers to an individual’s basic requirement that must be fulfilled, in order to survive. | Wants are described as the goods and services which an individual likes to have. | Demand refers to the willingness and ability of consumers to purchase a given quantity of a goods and service. |
| Nature | Limited | Unlimited | Desire for goods and service. |
| Represents | Necessity | Desire | Demand represents the buyer’s in a market. |
| Survival | Essential | Inessential | Struggle to stay in the market. |
| Change | May remain constant over time. | May change over time. | A change in demand is an increase or decrease in the desire and ability of consumers to purchase a product at a given price. |
| Non – Fulfilment | May result in onset of disease or even death. | May result in disappointment. | Consumer dissatisfaction, lost revenue, and opportunities for competitors etc. |
2. Write short notes on.
(a) Brainstorming.
Ans: This technique means using the brain or thinking deeply to dwell on various aspects of the issue/problem. Brainstorming usually boils down to generating a number of ideas to be considered for the dealing of the issue/problem.
The technique to be effective needs to follow four basic principles:
(i) Generate as many ideas as possible.
(ii) Be creative and imaginative.
(iii) Extend or combine earlier ideas.
(iv) Withhold criticism of others’ ideas.
It involves prompting a huge number of solutions addressing a unique problem (idea) with focus on a number of ideas. There is no assessment of the idea. People can voice their ideas freely without fear of criticism. Brainstorming generally is done in a group of 5 to 10.
(b) Gap analysis.
Ans: Gap analysis is a useful tool to help a team establish their current situation and establish a future desired state. Gap analysis helps explore what is missing and what needs to be done to bridge the gap which has been identified.
How to use Gap Analysis:
(i) Work with the team to identify the future desired state (use any process that will help identify how the group wants to be in the future).
(ii) Discuss with the group the present situation in terms of what has come out of the discussion about the future.
(iii) Focus on the Gaps – ask team members to work in pairs to discuss (a) what are the gaps between the present state and the desired future state
(b) What are the barriers.
(iv) Ask the pairs to share their ideas on the ‘gaps’ and post these on a flipchart between the two original flipcharts.
(vi) Once the whole group reaches an agreement on the identified gaps, the gaps are evenly divided between the groups and they work together to solve the problem.
3. Elucidate how you can convert your ideas into business opportunity.
Ans: These are the eight steps to turn your idea into a functioning business:
(i) Figure out what problem is being solved: When you strip a company down to its core function, you find that it solves a problem. Initially you are focused on your idea and on the solution it provides. Amazon, for instance, solved how e-commerce was, at one time, expensive and inconvenient. Today, it has more customers and sales than its brick-and mortar competition.
(ii) Find your market: Picture who your ideal user is. This is the first step to actually figuring out where your idea fits into a sea of consumers. They all have different habits and needs to fulfil, yet are facing the same problem. Figure out where your solution will fit into the market and in the lives of people. One of the biggest mistakes start-ups make is the failure to get people to understand and want the product or service.Not complain instead try to figure out what they find compelling, or what it will take to get them to want something different than what they already have.
(iii) Find your support: Having business partners has several benefits, especially when you’re first starting out. They can act as support, a sounding board for your ideas, and provide evidence to others that you actually have a good idea. Besides building a team, having relationships with other entrepreneurs will give you invaluable knowledge. Find seasoned entrepreneurs and spark conversations with them.
(vi) Create a financial model and plan the first phase: Once you are satisfied with your financial model, begin moving into planning the first phase of your business. This plan is simple: Get your ideas out. For discussion purposes among your team and mentors, map out your mission, objective, keys to success, target market, competitive advantage, and basic strategies. It ensures that everyone involved is on the same page and set to proceed into the next stages.
(v) Figure out your source of capital: Entrepreneurs generally do not start out just for the money, but money is still needed to get the business off the ground. Some attainable sources of funding are self-funding, money from people you know (friends and family), credit cards, or loans. Depending on the amount you need, a more helpful source can be angel investors and venture capitalists looking to back your mission for a slice of the profits and room for decision-making.
(vi) Build the MVP: The MVP, or minimal viable product, provides you with the feedback you need before putting your idea on the market. After all, it’s of no use to anyone if you build a product customers don’t want. Minimal does not necessarily mean “basic.” The point is not to build a minimal product, but a product that is already great (viable), yet has room to improve (minimal).
(vii) Find the pivot: The information gathered from your early adopters helps you figure out what works and what garnered the most response from your audience. You might find that their feedback is entirely different than what you expected and planned for. This can lead you to “pivot” your business model, or change a fundamental part of it. Changing direction doesn’t mean you failed entirely; it actually helps to prevent failures you may have encountered.
(viii) Stay positive: They say misery loves company. Ensure there is no misery involved with your new business. Self-doubt and questioning if something will go wrong will only hold you back from taking necessary risks. When you stay above the negativity and stay positive, it will make it easier if you do make a mistake or face an obstacle. Both are inevitable. Your journey to building a sustainable business will not be like most processes, simply because there is no guarantee for success. All you can do is adapt your idea and see what works. If at first you do not succeed, try and try again until you do.
4. What are the tools and techniques used for generation of idea?
Ans: The tools and techniques for generating ideas are:
(i) Brainstorming: This technique means using the brain or thinking deeply to dwell on various aspects of the issue/problem. Brainstorming usually boils down to generate number of ideas to be considered for the dealing of the issue/problem.
The technique to be effective needs to follow four basic principles:
(i) Generate as many ideas as possible.
(ii) Be creative and imaginative.
(iii) Extend or combine earlier ideas.
(iv) Withhold criticism of others’ ideas.
(ii) Focus Groups: This group consists of six to 12 members belonging to various socio- economic backgrounds. They are formed to focus on some particular matter like a new product idea. The group is facilitated by a moderator to have an open in depth discussion. The comments from other members stimulate group discussion and conceptualise and develop new product ideas to meet the market requirement.
(iii) Gap Analysis: Gap analysis is a useful tool to help a team establish their current situation and establish a future desired state. Gap analysis helps explore what is missing and what needs to be done to bridge the gap which has been identified.
(iv) Opposite/reverse Thinking: It is a technique that can help you question long-held assumptions related to your business. It’s a useful tool to consider if you feel your team is stuck with the conventional mindset and coming up with those “out-of-the-box ideas” seems to be difficult. It is reversing the process of adopting the logical, normal manner of looking at a challenge e.g. How can I ensure punctuality? Can change into, how do I make sure that no student reaches late for an exam? Negative challenges get quicker responses as the desired outcome is clearly defined because it’s a fun way of discovering ideas.
(v) Brainstorm cards: They are a useful tool for coming up with dozens of new ideas related to whatever challenge or problem you are currently working with. Brainstorm cards help you consider external factors such as society, new technology, and regulation in the context of your business.
(vi) Analogy Thinking: It is a technique for using information from one source to solve a problem in another context. Often, one solution to a problem or opportunity can be used to solve another problem. Analogy thinking can, for example, be used for analysing a successful business, identifying what makes it great, and then applying those same principles to your business.
(vii) Empathy User Research: This requires entrepreneurs to observe prospective customers in everyday situations. This helps in developing customer profile and launching customised products e.g. McDonald and Pizza Hut offer customised region specific menus e.g. aloo tikki burgers were launched in India looking at the customer needs.
5. List out the importance of ideation.
Ans: The importance of ideation are discuss below:
(i) Stay relevant.
(ii) Make positive change happen in your organisation.
(iii) Perhaps your organisational goal is to improve your and your team’s efficiency or you need new ideas for making your product better?
(iv) Regardless of your goals or the types of ideas you are looking for, the purpose of new ideas is to improve the way you operate.
(v) On a larger scale, economies depend on innovation to drive growth and increase well-being. Innovation creates new technologies and businesses, which provide new jobs for people.
6. What is the concept of idea generation?
Ans: Ideas are the key to innovation. New ideas are necessary for making any kind of change for improvement. Most of the ideas are generated from surroundings, culture, problems faced and experiences. Ideas may be tangible or intangible, structured or unstructured and risky or conservative. It is obvious that ideas alone will not make innovation happen, as you need to be able to build a systematic process for managing those ideas as well as executing them. The point of ideation is not just about the quantity you generate but also paying attention to the quality of the idea.
