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Vipin Taneja has completed his master’s degree in computer science from IIT, Delhi. He
thought of an attractive economic idea which could be implemented to create a business, earn
profits and ensure further growth. The idea was to link the different restaurants with the
Indian railway network so that while travelling, the railway passengers can order food as per
their liking. List any two elements of the concept discussed above.
Identify and explain the environmental factor which acts as an active consultant for
entrepreneur.
Air India is planning to expand its flights to Pakistan and Afghanistan over the next five years.
Enumerate any two political factors that it should consider as per the ‘PESTEL’ model for the
same.
Apart from the verbal information from the customers, wholesalers, retailers, distributors, and
consultants, state any other four sources of collecting information for scanning the
environment.
Scanning of opportunity is the link between 'sensing opportunities' and 'entrepreneurial
success'. Explain this statement with a suitable example.
Understanding lifestyle changes and attitude towards work and leisure, Flizon India Ltd. started
an online shopping portal offering same day delivery to its customers without any extra charge,
on orders above 500. The company also installed an online payment security system where
there is end-to-end encryption of the banking details of the customer. Identify and state the
two environmental factors discussed above.
Ram is living in a rural area where there is no school and people are illiterate. He decides to
open a retail outlet of computer accessories. As an entrepreneur, do you think his decision is
correct? Give reason in support of your answer stating the relevant environmental factor.
Drew Stevens, a St. Louis professional speaker and consultant who works with entrepreneurs
to quickly understand whether their product or service will make it in the current environment,
once said in his conference, "This analysis means the analysis of strengths of your industry,
weaknesses of your product and potential threats. It enables you to understand the strengths
and flaws from internal such as bureaucracy, product development and cost to external factors
such as foreign exchange rates, politics, culture, etc."
Earlier this week, the world bank, released its Global Economic Prospects Report. It expect
India’s Gross Domestic Product (GDP) to contract by 3.2% in 2020-21. There will be a moderate
recovery to 3.1% growth in 2021-2022. This means that 2021-22 GDP will be less than what it
was in 2019 – 20. To be sure, India is not the only country which will face this predicament.
The East Asian region seems to be the only exception. Source: Hindustan times. 14th June
2020. Identify and explain the environmental factor stated in the above article.