NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Planning

NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Planning

NCERT Solutions for Class 12 Entrepreneurship Entrepreneurial Planning is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

Ans. General introduction and Business venture.

Ans. Any person(s) who wish to start a business venture can write the business plan

Ans. Three or four formats are available to design a successful business plan.

Ans. Shipping is a process that describes the flow of goods/services from production to the final consumers.

Ans. Proforma income statement is a projected net profit calculated from estimated revenue minus projected costs and expense.

Ans. The break even analysis is a process of determining a point where firm neither makes profit nor a loss. At this point the total revenue is equal to the total cost of a firm at the given level of capacity.

Ans. Target market refers to the specific group of potential customers whose needs the enterprise aims to fulfil.

Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.

Ans. (i) A business plan is a comprehensively written down document prepared by the entrepreneur describing formally all the relevant external and internal elements involved in starting a new venture.
(ii) It is a ‘road map’ required by the venture to evolve from an early start up to a mature business.
(iii) It workout all the relevant external and internal elements involved in starting a new venture and then running it successfully.
(iv) It is a formal statement of a set of business goals to be achieved by the enterprise.

Ans. Elevator pitch is a three minute summary of the business plan’s executive summary. This is used to awaken the interest of potential funders, customers, or strategic partners. It is common for start-ups to have three or four formats as follows for the same business plan and elevator pitch is one of it.

Ans. Production plan is the planning of industrial operations involves four considerations, namely, what work shall be done, how the work shall be done and lastly, when and by whom the work shall be done. Production being a highly complex and tedious process in nature, the manufacturing operations needs to be well planned through production plan.

Ans. Operation plan is affected by:
(а) Nature of venture
(b) Type of product/service
(c) Scale of operation, and
(d) Technology involved

Ans. Sources of funds for business for any enterprise are from:
(i) Owners i.e. Owner’s funds
(ii) Outsiders i.e. borrowed funds

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