Chapter 15 Solutions — From Ideas to Startups

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1. 1.
   Explain why a business can fail even with a great idea if one functional area [finance, human resources (HR), operations, or marketing] is weak. If you were running a bakery, which functional area would you prioritise first and why?
2. 2.
   Do you think innovation alone is enough to make a business successful? Why or why not?
3. 3.
   "A business plan is a dynamic roadmap for a startup." Explain this statement with suitable examples. When should one change the business plan?
4. 4.
   Do you think every entrepreneur should think about the impact of their goods or services on society and the environment? Explain using relevant examples.
5. 5.
   In 1931, two brothers, Digambar and Govind Dandekar, started a small business in South Mumbai selling ink powder. They began with limited resources, using recycled glass bottles to sell liquid ink. At first, they faced financial problems and struggled to convince customers to trust their products. Instead of giving up, they focused on providing good-quality stationery at affordable prices. As…
6. 6.
   How do you think entrepreneurship is important for India's goal of becoming a developed nation by 2047?
7. 7.
   Choose a product or service and develop a business plan for it using the following template: Business name, Business idea, Target customers, Product/service and price, Marketing idea, Basic cost and expected profit.
8. 8.
   Find out about various government schemes to promote entrepreneurs in India. Learn about the eligibility requirements of these schemes. Prepare a write-up and discuss in the class.
9. 9.
   Take any popular brand and identify:

   • (a) The problem it tackles,
   • (b) Its initial target customers,
   • (c) How it differentiated itself from other competitors or brands,
   • (d) The resources it may have started with.
10. 10.
    Over the next week, observe your daily routine at school and home. Identify 2–3 problems or inconveniences you or others face. For each problem, answer the following questions in a tabular format: Who faces this problem? How often does it occur? Why hasn't it been solved yet? What business idea could solve it? Would people pay for your solution?
11. 11.
    Think of your startup idea and fill in the business plan template given below:

    • (a) Business idea — Name, Product/service, Tagline;
    • (b) Entrepreneur profile — Founder(s), Why this idea, What problem it solves;
    • (c) Target customers;
    • (d) Market research;
    • (e) Product or service description;
    • (f) Resources required;
    • (g) Operations plan;
    • (h) Marketing plan;
    • (i) Financial plan;
    • (j) Risks and challenges…