NIOS Class 12 Employability Skills Chapter 18 Know Your External Environment

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NIOS Class 12 Employability Skills Chapter 18 Know Your External Environment

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 12 Employability Skills Solutions in English, NIOS Senior Secondary Course Employability Skills Notes in English Medium for All Chapter, You can practice these here.

Know Your External Environment

Chapter: 18

Module – IV: Be Your Own Boss

INTEXT QUESTIONS 18.1 

1. Write down full form of: 

(i) GST.

Ans: Goods and Services Tax.

(ii) SME.

Ans: Small and Medium Enterprise.

2. List down the key schemes launched by the Government of India for the welfare of entrepreneurs in India and to strengthen the economy of the country.

Ans: Make in India, Skill India and Digital India.

INTEXT QUESTIONS 18.2 

With reference to the example cited above about Dr Rao, answer the following: 

1. Circle the right answers from the given options. 

(i) Using Bindu to implicate Dr Rao in a false case is an example of Legal/ Political/Economic factor which is a facilitator/ inhibitor. 

Ans: Political, Inhibitor.

(ii) The setting up of the cooperative is an example of Legal/Political/ Economic factor which is a facilitator/inhibitor. 

Ans: Legal, Facilitator.

(iii) Lack of education and awareness in the milk-selling villagers is a Social /Economic Inhibitor/Environmental factor which is a facilitator/ inhibitor. 

Ans: Social, Inhibitor.

2. Give two social factors that were considered inhibitors but actually facilitated the setting up of the cooperative in the above story. 

(i) ________________________________.

(ii) ________________________________.

Ans: Poverty, illiteracy and caste bias.

TERMINAL QUESTIONS

1. What do you mean by external business environment? Analyse the external business environment with the help of PESTEL analysis. 

Ans: The external business environment refers to all the outside factors and forces that affect a business but are beyond its control. These include political, economic, social, technological, legal, and environmental (PESTLE) factors.

PESTEL analysis is a strategic tool used to understand the external business environment by examining six key factors that influence a business. 

Here’s a breakdown:

(i) Political Factors: Political factors consist of study of laws, policies and regulations made by the government. Stable political environment creates confidence in citizens and companies investing or planning to invest in a particular country. Political decisions made,  strongly influence the social and cultural environment of a country. Decisions taken by politicians can promote or slow down the pace of new technology adoption within the country.

(ii) Social Factors: These include cultural trends, population demographics, lifestyle changes, education levels, and customer preferences.

(iii) Economic Factors: Economic factors can be defined as factors affecting business including all the important trends in the economy that can help or hinder the company in achieving its objectives. Economic factors commonly affecting businesses include consumer behaviour and employment factors. Suppose the consumers have the purchasing power and are willing to spend money and buy new products, but there is not enough supply then the business gets affected.

(iv) Technological Factors: It involves understanding factors which are related to technological advancements and the rate at which technology gets obsolete. For–example, the operating system in mobile phones, automation and innovation.

(v) Environmental Factors: These factors include the availability of natural resources, weather and climatic condition, location aspect, topographical factors, etc. Business is greatly influenced by the nature of natural environment. Further, government’s policies to maintain ecological balance, conservation of natural resources etc. put additional responsibility on the business sector.

(vi) Legal Factors: Legal factors are the external factors which refer to how the law affects the way businesses operate and customers behave. Product transportation, profit margins and viability of certain markets are all examples of things which may be influenced by legal factors. The legal environment affects all companies.

2. What is the difference between facilitating and inhibiting factors? 

Ans:

Facilitating factor	Inhibiting factor
Facilitating factors are those positive influences in the external business environment that support, encourage, or promote the growth and success of a business.	On the other hand, inhibiting factors are the negative influences that restrict, hinder, or create obstacles in the smooth operation or growth of a business.

3. Explain various government schemes that facilitate the budding entrepreneurs in India.

Ans: Government Schemes: They can be defined as any plan, programme or policy officially adopted and followed by the government. Under the Ministry of Micro, Small and Medium Enterprises and joint collaboration between different departments,various schemes for entrepreneurs have been initiated. These schemes motivate and encourage young minds to innovate to women entrepreneurship and to promote self-employment. Government of India offers various schemes for entrepreneurs in sectors such as agricultural, chemicals and fertilizers, finance, commerce and industry, communication and information technology, corporate affairs, culture, food processing, housing and urban poverty alleviation, and science and technology etc. Under these schemes, entrepreneurs get financial assistance, insurance, subsidy, training, early stage technology set up, business loans.