303- Startup And New Venture Management

Small Scale Enterprises refers to small businesses that are typically privately owned and have a limited number of employees. These businesses operate on a smaller scale compared to large corporations and often cater to local markets. They play a crucial role in the economy by creating employment opportunities, promoting innovation, and contributing to the overall growth and development of a region. Therefore, the answer "a small business" accurately describes Small Scale Enterprises.

An entrepreneur is a person responsible for setting up a business. Entrepreneurs are individuals who take the initiative to start a new venture, whether it be a small business or a larger enterprise. They are responsible for identifying opportunities, developing innovative ideas, and organizing resources to turn those ideas into successful businesses. Entrepreneurs often take on risks and challenges in order to create value and generate profits. They play a crucial role in driving economic growth and innovation in society.

The correct answer is steel because the question states that CEO Lakshmi Mittal's company is producing something, and out of the given options, steel is the only product that is commonly associated with his company, ArcelorMittal. Mittal is known for being the CEO of one of the world's largest steelmaking companies, so it is logical to assume that his company produces steel.

Intellectual property refers to intangible creations of the mind, such as inventions, artistic works, and symbols, which are protected by patents, copyrights, and trademarks. Tangible assets, on the other hand, are physical assets that can be touched and seen, such as buildings, equipment, and inventory. Therefore, the statement that "tangible assets" is incorrect for intellectual property is correct because tangible assets are not considered intellectual property.

FDI stands for Foreign Direct Investment. This term refers to the investment made by a company or an individual from one country into a business located in another country. It involves the establishment of a lasting interest in the foreign country, typically through the acquisition of a significant ownership stake in a company. FDI plays a crucial role in the economic development of countries by promoting job creation, technology transfer, and overall growth.

A patent is a legal document that grants the inventor of a new invention the exclusive right to make, use, and sell their invention for a limited period of time. It provides protection and prevents others from using or selling the invention without the inventor's permission. Therefore, the correct answer is "an exclusive right granted for an invention."

Economic factors refer to various elements that influence the production, distribution, and consumption of goods and services. These factors include capital, which represents the financial resources necessary for investment and business operations, labor, which refers to the human effort involved in production, raw materials, which are the basic materials used in manufacturing, and the market, which represents the demand and supply dynamics of goods and services. These factors are essential in understanding and analyzing economic activities and their impact on society and the overall economy.

The selection of a product is the first step towards success in setting up a business. This is because choosing the right product is crucial for attracting customers, generating revenue, and ultimately achieving success. It involves market research, identifying target customers, understanding their needs and preferences, and selecting a product that meets those requirements. By starting with a well-chosen product, entrepreneurs can lay a strong foundation for their business and increase their chances of achieving success in the long run.

When entering a new market or industry, it is important to evaluate all the factors associated with the business concept. This includes considering the quality parameters, cost factors, and any other relevant factors that may impact the success of the entry strategy. By evaluating all these factors, businesses can make informed decisions and develop effective entry strategies.

Management oversight during the basic planning stages is a correct statement for product failure. This means that if there is a lack of proper management oversight during the initial planning stages of a product, it can lead to failure. This oversight can result in poor decision-making, inadequate resource allocation, and a lack of proper risk assessment, which can ultimately lead to the failure of the product.

SIDO stands for Small Industries Development Organization. This organization focuses on the development and promotion of small industries. The acronym "SIDO" represents the organization's purpose and objective, which is to support and facilitate the growth of small industries.

District Industries Centres (DICs) are established in each district. These centres are responsible for promoting, developing, and supporting small-scale industries and entrepreneurship at the district level. DICs provide various services such as providing information and guidance to entrepreneurs, facilitating access to finance and credit, assisting with infrastructure and land acquisition, and offering skill development and training programs. By locating DICs in each district, the government aims to decentralize industrial development and ensure that the benefits of industrialization reach every part of the country.

The Khadi and Village Industries Corporation/Board is formed by the government of India. This indicates that it is a national-level organization and not specific to any particular state or local government body. The government of India is responsible for establishing and overseeing the operations of the Khadi and Village Industries Corporation/Board, which promotes and supports the development of khadi and village industries in the country.

To become a professional manager, acquiring knowledge is essential. This is because knowledge provides the necessary skills and understanding of various management principles and practices. It enables individuals to make informed decisions, effectively communicate with team members, and handle complex situations. Acquiring knowledge also helps managers stay updated with industry trends and advancements, allowing them to adapt and innovate in their roles. Therefore, by continuously learning and expanding their knowledge base, individuals can develop the expertise required to become successful professional managers.

The theory of an entrepreneurial organizational structure was developed by McGill and Henry Mintzberg. This theory suggests that organizations can be structured in a way that promotes innovation, risk-taking, and creativity. It emphasizes the importance of empowering employees to make decisions and take ownership of their work. This entrepreneurial structure allows organizations to adapt quickly to changes in the market and seize new opportunities. Mintzberg's research on organizational structures has had a significant impact on management and has influenced the way many companies operate today.

A project report is a document that focuses on and communicates a company's business plan. It outlines the objectives, strategies, and goals of the company, providing a clear direction for its operations. The report may include details on market research, financial projections, and implementation strategies. It serves as a comprehensive guide for stakeholders, investors, and employees, helping them understand the company's vision and how it plans to achieve its goals.

The Industrial Disputes Act, 1947 is the correct answer because it is a legislation in India that aims to prevent unfair labor practices and promote industrial peace. It provides for the resolution of industrial disputes, regulation of conditions of employment, and protection of the rights of workers and employers. The Act establishes mechanisms for conciliation, arbitration, and adjudication of disputes between employers and employees. It also includes provisions for the prohibition of unfair labor practices such as unfair dismissals, discrimination, and victimization of workers. Therefore, this Act is specifically designed to prevent unfair labor practices.

A trademark is a sign that can differentiate the products or services of one company from those of other companies. It is a unique symbol, design, word, or phrase that helps consumers identify and associate it with a specific brand or business. Trademarks are essential for establishing brand identity and protecting intellectual property rights.

The first step in conducting a feasibility study is conducting a preliminary analysis. This involves gathering and analyzing relevant information to determine the potential success and viability of a project or idea. It helps to identify any potential challenges, risks, and opportunities that may arise during the study. By conducting a preliminary analysis, researchers can gain a better understanding of the project's feasibility and make informed decisions moving forward.

A cost-benefit analysis is conducted to assess the economic feasibility of a project or decision. It involves comparing the costs involved in implementing the project or decision with the expected benefits that will be gained. By analyzing the economic aspects, such as the potential return on investment and financial viability, the cost-benefit analysis helps determine whether the project or decision is financially viable and beneficial. Therefore, the correct answer is economic feasibility.