IGNOU MTTM 8 Solved Assignment 2024-25

MTTM 8 Solved Assignment 2024-25

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Course Code: MTTM 8

Assignment Code: MTTM 8 ASST/TMA/2024-25

Marks: 100

NOTE: All questions are compulsory

Note: Attempt all the questions and submit this assignment to the Coordinator of yourstudy centre. Last date of submission for July 2023 session is 31st October, 2023 and for January 2024 session is 30th April 2024.

Q1. What are the major entrepreneurial competencies? Explain how these competencies can be developed through systematic training?

Entrepreneurial competencies encompass a range of skills, traits, and abilities that enable individuals to successfully create, manage, and grow ventures. Some of the major entrepreneurial competencies include:

Opportunity Recognition: The ability to identify opportunities in the market or environment and capitalize on them.

Creativity and Innovation: The capacity to think outside the box, generate novel ideas, and develop innovative solutions to problems.

Risk Management: The skill to assess and manage risks associated with ventures, including financial, operational, and strategic risks.

Networking and Relationship Building: The capability to build and maintain relationships with various stakeholders such as customers, suppliers, investors, and partners.

Adaptability and Resilience: The capacity to adapt to changing circumstances and bounce back from setbacks and failures.

Leadership and Vision: The ability to inspire and motivate others, set clear goals, and articulate a compelling vision for the venture.

Financial Management: The proficiency in managing finances, including budgeting, forecasting, and financial analysis.

Marketing and Sales: The expertise in understanding customer needs, developing effective marketing strategies, and closing sales.

Problem-Solving and Decision-Making: The capability to analyze complex problems, evaluate alternative solutions, and make sound decisions.

Self-Confidence and Persistence: The belief in one's abilities and the determination to persevere in the face of challenges and obstacles.

These competencies can be developed through systematic training approaches that combine theoretical knowledge with practical experiences. Here's how:

Formal Education: Entrepreneurship education programs offered by universities and business schools provide foundational knowledge in various aspects of entrepreneurship. These programs often include courses on opportunity recognition, innovation, finance, marketing, and strategy.

Experiential Learning: Hands-on experiences such as internships, apprenticeships, or participating in startup accelerators provide opportunities to apply theoretical knowledge in real-world settings. This could involve working on business projects, interacting with entrepreneurs, and learning from both successes and failures.

Mentorship and Coaching: Engaging with experienced entrepreneurs as mentors or coaches can offer valuable insights, guidance, and feedback. Mentors can share their experiences, provide advice on decision-making, and help navigate challenges.

Networking Events and Workshops: Attending networking events, workshops, and seminars allows aspiring entrepreneurs to expand their professional networks, learn from industry experts, and stay updated on emerging trends and best practices.

Simulation Exercises: Simulated business scenarios or case studies can help develop problem-solving skills and decision-making abilities in a risk-free environment. These exercises enable participants to practice analyzing situations, making strategic choices, and evaluating outcomes.

Continuous Learning and Reflection: Entrepreneurship is a lifelong learning journey. Encouraging individuals to seek ongoing learning opportunities, stay curious, and reflect on their experiences fosters continuous improvement and growth in entrepreneurial competencies.

By combining these approaches in a structured and systematic manner, individuals can develop and enhance their entrepreneurial competencies, thereby increasing their chances of success in starting and managing ventures.

Q2. Define market orientation. Explain why an entrepreneur should go for market assessment.

Q3. Explain why product or service design is important to any organization. Discuss the various stages involved in product design.

Q4. ‘Small Scale Enterprises have many characteristics which make them pivotal in accelerating economic growth’. Discuss with examples.

Q5. Discuss the role of important financial institutions rendering promotional assistance & credit facilities assistance to small scale industrial units/enterprise.

Q6. What do you mean by Business Plan? What type of location would you go for if you are in the tourist transport business.

Q7. What do you mean by Proprietorship? What are the advantages and disadvantages of Proprietorship?

Q8. Describe the various stages of growth in the life of a small-scale enterprise. Support your answer with examples from the tourism industry.

Q9. What are the various financial ratios that are commonly used by entrepreneurs to assess their own performances. Give a detailed check list to assess oneself.

Q10. Discuss some of the commonly employed management practices in family business. Discuss the positive aspects of family business.

MTTM 8 Handwritten Assignment 2024-25

MTTM 8 Solved Assignment 2024-25: We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. We are genuinely work in this field for so many time. You can get your assignment done - 8130208920

Important Note - You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.

Submission Date :

31st March 2023 (if enrolled in the July 2024-25 Session)

30th Sept, 2023 (if enrolled in the January 2024-25 session).

IGNOU Instructions for the MTTM 8 Assignments

MTTM 8 MANAGING ENTREPRENEURSHIP AND SMALL BUSINESS IN TOURISM Assignment 2024-25 Before ate mpting the assignment, please read the following instructions carefully.

1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.

3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).

4. Use only foolscap size paper for your response and tag all the pages carefully

5. Write the relevant question number with each answer.

6. You should write in your own handwriting.

GUIDELINES FOR IGNOU Assignment MTTM 24-25

MTTM 8 Solved Assignment 2024-25 You will find it useful to keep the following points in mind:

1. Planning: Read the questions carefully. Go through the units on which they are based. Make some points regarding each question and then rearrange these in a STATISTICS IN PSYCHOLOGYal order. And please write the answers in your own words. Do not reproduce passages from the units.

2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.

3. Presentation: Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

IGNOU Assignment Front Page

The top of the first page of your response sheet should look like this: Get IGNOU Assignment Front page through. And Attach on front page of your assignment. Students need to compulsory attach the front page in at the beginning of their handwritten assignment.

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MTTM 8 Handwritten Assignment 2024-25

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