CBSE Class 11 Entrepreneurship Chapter 4: Innovation and Problem Solving NCERT Solutions

(i) Two institutions are the National Institute for Entrepreneurship and Small Business Development (NIESBUD) and the Indian Institute for Entrepreneurship.

(ii) A social entrepreneur aims to create large-scale societal benefit, often targeting underserved populations.

(iii) Insurable risks are those related to life and property (e.g., fire, theft) that can be covered by insurance.

(iv) Non-insurable risks are those whose probability is hard to determine and cannot be insured against, like price fluctuations.

(v) An economic barrier arises when essential factors of production (land, labor, capital) are unavailable or inadequate for entrepreneurship.

(vi) Examples include Vinoba Bhave (founder of Bhudaan Andolan) and Ela Bhatt (founder of SEWA).

(i) Business incubation refers to programs that support the development of new ventures by providing resources like physical space, capital, coaching, and networking connections through an organized management team.

(ii) Business intelligence is an organization's capability to collect, maintain, and organize data effectively to gain insights and support decision-making.

(iii) The source document lists NZTE and Technology NZ as examples of incubation centres, though these are typically associated with New Zealand rather than India. Specific Indian examples would require further research beyond this text.

(iv) Two innovations leading to entrepreneurial ventures are:

Potato Chips: Accidentally created by chef George Crum in response to a customer's request for thinner, crispier potatoes, this innovation became a popular snack.

Pacemaker: Developed by electrical engineer John Hopps while experimenting with radio frequency heating, it was discovered that artificial stimulation could restart a stopped heart, leading to the creation of the pacemaker.

(v) The key differences are:

Objective: Entrepreneurship focuses on wealth creation, while social entrepreneurship prioritizes societal benefit, with profit being a means to that end.

Motive: Entrepreneurs are driven by profit and self-development, whereas social entrepreneurs are motivated by societal development and addressing social issues.

(i) Cloud computing involves using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer. The term originates from the use of cloud symbols in network diagrams.

(ii) The provided text does not contain information on how KFC began its operations. It focuses on general entrepreneurship concepts and specific innovations like potato chips and pacemakers.

(iii) External factors leading to business risk include economic conditions (like recessions or inflation), technological changes (obsolescence), political and legal factors (new regulations or instability), social and demographic shifts (changing consumer preferences), and natural calamities (disasters impacting operations or supply chains).

(iv) The provided text explains how incubators help start-ups in general but does not enumerate three specific ways they assist with funding. Typically, incubators help by:

Connecting startups with angel investors and venture capitalists through their network.

Assisting in preparing compelling pitch decks and business plans required for funding applications.

Sometimes providing seed funding or facilitating access to grants and loans.