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Opportunities for an entrepreneur - class-XI

Description: opportunities for an entrepreneur
Number of Questions: 103
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Tags: entrepreneurship small business and entrepreneurship entrepreneurship development organization of commerce and management small business and enterprises business studies
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Modern observation states that though they are born entrepreneurs, they can be made by education and training.

  1. True

  2. False


Correct Option: A
Explanation:

No one is born as an entrepreneur. Some posses some skills for being an entrepreneur whereas some don't. The entrepreneurial skills can be developed within an individual. This process refers to entrepreneurship development.Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual.

After the idea generation, the next process in entrepreneurship that follows is _____.

  1. improving standards of living

  2. development of managerial capabilities

  3. feasibility study

  4. creation of organisations


Correct Option: C
Explanation:

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

Which of the following describes the Entrepreneurship development?

  1. It is the process of enhancing entrepreneurial skills and knowledge.

  2. It aims to enlarge the base of entrepreneurs.

  3. It focuses on individuals who wish to start or expand business.

  4. All of the above


Correct Option: D
Explanation:

Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual. This is done through various processes like classroom training, other programmes etc. Now, even the school curriculum insludes chapter for entrepreneurship developments.

Collectively, these are referred to as competencies. What are 'they'?

  1. Perception of self-efficacy

  2. Knowledge or know-how

  3. Skills

  4. All of the above


Correct Option: D
Explanation:

To be an entrepreneur there need to be some competencies. Collectively perception that means the ability to do something or achieve anything with the help of forecasting the future, Knowledge and proper skills help in building an entrepreneur.

One of the competencies, laid down by EDI states that breaking the complex whole into parts, close examination of the parts and inferring about the whole, contributes toward entrepreneurial performance and success. Identify the competency.

  1. Efficiency Orientation

  2. Persistence

  3. Systematic Planning

  4. Commitment to Work Contract


Correct Option: C
Explanation:

An entrepreneur always does systematic planning. An entrepreneur plans for what he/she expects from a business. He breaks down a large business tasks in to small parts. Systematic Planning is one of the competencies,laid down by EDI states that breaking the complex whole in to parts,close examination of the parts and inferring about the whole,contributes towards entrepreneurial performance and success.

The major objectives of the Entrepreneurship Development Programmes (EDPs) are to ________.

  1. analyse environmental set up relating to small industry and small business

  2. acquire the necessary managerial skills required to run a small-scale industry

  3. enable to communicate clearly and effectively

  4. all of the above


Correct Option: D
Explanation:

Entrepreneurship Development Programmes aims at building or developing the entrepreneurship skills and potentials among an individual. The major objectives of the EDPs program are to anable to communicate clearly and effectively, to acquire the necessary managerial skills required to run a small scale industry and to analyse environmental set up relating to small industry and small business.

A Business Plan consists of which of the following?

  1. Market analysis

  2. Risk factors

  3. Executive Summary

  4. All of the above


Correct Option: D
Explanation:

A business plan consists of the details of activities or small plans that need to  be carried out to achieve the business main plan. It consists of market analysis, risk factors that can affect the business and executive summary. Market analysis helps to analyse the factors affecting the business, risk factors helps in knowing the risks that a business will face and executive summary helps in knowing the overall plan in brief.

Entrepreneurship Development Institute of India (EDI), is a national resource institution in the area of entrepreneurship education research and development, in India.

  1. True

  2. False


Correct Option: A
Explanation:

Entrepreneurship development Program aims at building or developing entrepreneurship skills and potentials within an individual. Entrepreneurship Development Institute of India is a premier institute and is a National Institution in the area of entrepreneurship education research and development in India.

___________ assist in accelerating the pace of industrialization in the backward areas and reduce the concentration of economic power in the hands of a few.

  1. Managerial Development Programmes

  2. Entrepreneurship Development Programmes

  3. Industrial Development Programmes

  4. On-the job trainings


Correct Option: B
Explanation:

Entrepreneurship Development Programmes aims at building or developing the entrepreneurship skills and potentials among an individual. They assist in accelerating the pace of industrialization in the backward areas and reduce the concentration of economic power in the hands of a few.

Entrepreneurship is the incubator of the innovation.

  1. True

  2. False


Correct Option: A
Explanation:

Entrepreneurship is the process of bringing something new in to existence whether its a business, idea,process or product. Bringing something new means innovation.Entrepreneurship is the incubator of the innovation.Innovation means bringing in to existence something new may be a product, service,idea or solution. Innovation is the process of bringing the best ideas in to reality, which triggers a creative idea, which generates a series of innovative events.

To _______, an entrepreneur is one who brings resources, labour, materials, and other assets together to make value greater than before.

  1. a psychologist

  2. an economist

  3. a businessman

  4. a customer


Correct Option: B
Explanation:

An economist Alferd Marshall was the one who brought in the concept of entrepreneurship for the first time in 1890s. To An economist, an entrepreneur is one who brings resources,labour,materials and other assets together to make value greater than before.

Identify the personality factor(s) that affect entrepreneurship.

  1. Irrational monetary and fiscal policies

  2. Lack of Persuasion

  3. Unfair trade practices

  4. Sophisticated technology


Correct Option: B
Explanation:

Lack of persuasion is the personality factor that affects entrepreneurship. Lack of persuasion leads to lack of communication and creates hindrance in influencing others.

______ is the pioneering zeal that provides prosperity in every arena of human life- economic, technological and cultural.

  1. Industrial development

  2. Entrepreneurship

  3. Government

  4. Customers


Correct Option: B
Explanation:

Entrepreneurship means setting up a business with some innovative ideas and creative thinking by assuming financial and other risks. The process by which individuals pursue opportunities without regard to resources they currently control. It is the pioneering zeal that provides prosperity in every arena of human life be it economic, technological and cultural.

Which of the following factors acts as fuel to feed the nations entrepreneurial fire?

  1. Greater opportunities for Entrepreneurial education

  2. The shift from an industrial economy to a service economy

  3. Increasingly powerful technological advancements that is available at affordable prices.

  4. All of the above


Correct Option: D
Explanation:

The increasing advancement in technology at affordable prices have made working of various businesses available to entrepreneurs. This is a shift from industrial economy to a service economy of entrepreneurs providing numerous services, leading to a greater knowledge and education for developing entrepreneurial skills.

Individuals who help the entrepreneur in business activities are  _________.

  1. role modes

  2. professional-support network

  3. employees

  4. all of the above


Correct Option: B
Explanation:

Professional support network is the team of professionals who work under the guidance of an entrepreneur to work and carry out business activities for smooth fuctioning of the business.

Why it is said that there are better odds of winning if you be an Entrepreneur because _________.

  1. you start a new business

  2. you do what you love to do

  3. passion is the fuel for success

  4. both b and c


Correct Option: D

Which of the following is not true about an entrepreneur?

  1. An entrepreneur is creative, innovative and risk taker

  2. An entrepreneur is independent

  3. An entrepreneur is not future oriented

  4. None of the above


Correct Option: C
Explanation:

Characterstics of entrepreneurs:
1) Entrepreneur are Person who owns and develops his business
2) Entrepreneurs have Talent
3) Entrepreneurs have a way of thinking in innovative ways about ordinary things that leads to their ability to create new value
4) Entrepreneurs have an ability to acquire the necessary skills and expertise to push their new ventures forward
5) Entrepreneurs have strong urge to be independent
6) Entrepreneur is commonly seen as a business leader
7) Entrepreneurs have a ability to fight competitiveness

Which type of entrepreneur is lead by charisma, charm and high energy?

  1. Superstar

  2. Fireball

  3. Juggler

  4. Hero


Correct Option: A
Explanation:
Superstar- Here the business is centred around the charisma and high energy of the Superstar CEO. This personality often will cause you to build your business around your own personal brand.

Which type of entrepreneur is full of life, energy and optimism?

  1. Fireball

  2. Healer

  3. Juggler

  4. Optimiser


Correct Option: A
Explanation:
Fireball- A business owned and operated by a Fireball is full of life, energy and optimism. Your company is life-energizing and makes customers feel the company has a get it done attitude in a fun playful manner.

Amongst all which are the challenges that are NOT to be faced by an Entrepreneur?

  1. Rules that protect employers

  2. Global competition

  3. Changes around the globe

  4. Delayed payments


Correct Option: A

What type of entrepreneur do not do new things?

  1. Superstar

  2. Fireball

  3. Jugglers

  4. Sustainers


Correct Option: D
Explanation:
Sustainer-The sustainers entrepreneur category consists of people who like the thought of the balancing work and apersonal life. Most often they do not wish the business to grow too large where it will cut into their personal life too much. They do not do new things.

Which of the following is not a type of entrepreneur?

  1. Villain

  2. Artiste

  3. Fireball

  4. Superstar


Correct Option: A
Explanation:
Following are the types of entrepreneurs
(i)Idealist
(ii)Optimiser
(iii)Hard workers
(iv)Sustainers
(v)Improver
(vi)Advisor
(vii)Superstar
(viii)Artiste
(ix)Visionary
(x)Analyst
(xi)Fireball
(xii)Jugglers
(xiii)Hero
(xiv)Healer.
 Villian is not a type of enterpreneur.


For developing a successful environment for an Indian Entrepreneur which of the following things are required?

  1. A comfortable environment of start the business

  2. An access to capital

  3. Knowledge of emerging markets

  4. All of the above


Correct Option: D

Bills gates is considered which of the type of entrepreneur ________.

  1. visionary

  2. superstar

  3. sustainer

  4. idealist


Correct Option: A
Explanation:
Visionary-Visionaries are entrepreneurs driven by a desire to change the world - and the capacity to imagine how to do so. Bill gates drive to change the world.

Possible changes in technology; leads to _______ type of challenge for an Entrepreneur.

  1. achievement oriented

  2. risk oriented

  3. involves management skills

  4. none of the above


Correct Option: B

Which of the following receives highest investment?

  1. High potential venture

  2. Foundation firm

  3. Life style

  4. A limited company


Correct Option: A

Focus area for Indian entrepreneurship development are ________.

  1. right skill

  2. smart capital

  3. right environment

  4. all of the above


Correct Option: D

For an entrepreneur what is required?

  1. Availability of demand

  2. Scarcity of supply

  3. Opportunity

  4. All of the above


Correct Option: D

It is proved that most business failed because of improper planning of an/a _________.

  1. investor

  2. marketer

  3. entrepreneur

  4. consultant


Correct Option: C

Why entrepreneurship is regarded as a human motivation?

  1. New knowledge is converted into products

  2. Leads to economic growth

  3. Both a and b

  4. None of the above


Correct Option: C

Components of creativity do not include __________.

  1. expertise

  2. creative thinking

  3. motivation

  4. self efficacy


Correct Option: D

Which statement is wrong about a business plan?

  1. Preparing business plan is a forward looking activity

  2. Preparing business plan is useful only for big organisation

  3. Business plan assist in periodical review of actual-results

  4. Past data is useful in preparing business plan


Correct Option: B
Explanation:
As soon as a company initiates development strategy and planning activities, the time is right to start thinking about the creation of a business plan. Developing a business plan is an intense and time consuming process and yet can have many significant benefits both for small as well as large enterprises.

According to Mcclelland's need theory. Entrepreneur possess which of the following needs?

  1. Need for achievement

  2. Need for power

  3. Need for affliation

  4. Need for esteem


Correct Option: A

Which of the following is not true for social entrepreneurs?

  1. Overwhelming sense of social conscience and social responsibility

  2. Deep desire to improve upon or fundamentally change prevailing and detrimental socio-economic, educational environmental or health conditions

  3. Fierce ambition to alter the present reality of conditions she/he deems unacceptable or inhuman

  4. Driven to engage in certain activities because of the promise of political career


Correct Option: D
Explanation:
Social entrepreneurs are individuals with innovative solutions to society's most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change.

Which according to Joseph Schumpeter is not a vital function performed by the entrepreneurs?

  1. Regional development

  2. Creative destruction

  3. Challenge accepted ways of doing things

  4. Revolutionising current patterns of production


Correct Option: B
Explanation:
Schumpeter describes the act of new innovations replacing old innovations replacing old innovations as "creative destruction". This process is driven by the inevitable copying of new innovations, which cause profit margins to become low ans creates a new incentive to seek out new innovations. This is the essential idea behind capitalism as Schumpeter describes it.

Which one of the following is correct about business plan?

  1. Business plan is necessary only for big companies

  2. Business plan lays down the best growth path and strategy

  3. Business plan is substitute for strategic planning

  4. Business plan should emphasize on ideas and concept only


Correct Option: B
Explanation:
Business plan lays out the best growth path and strategy. Developing a business plan is an intense and time-consuming  process and yet can have many significant benefits for all enterprises.

_________ is a person's belief in his/her ability to succeed in a particular situation.

  1. Creativity

  2. Self efficacy

  3. Leadership

  4. Risk-taking


Correct Option: B
Explanation:
Self-Efficacy-it is the believe in himself or herself. self-efficacy is self-confidence based on an individual's perceptions of their own skills and abilities. They are the people with strong efficacy then characteristic is must for entrepreneur because the environment is very difficult and even hostile for entrepreneurs.

The Entrepreneur must possess the abilities _________.

  1. creative

  2. conceptualization

  3. understanding environment

  4. all of the above


Correct Option: D

Entrepreneur always keep their business _______.

  1. public

  2. secret

  3. leave for discussion.

  4. all of the above.


Correct Option: B

What is true about entrepreneurs?

  1. Entrepreneurs are made not born

  2. Anyone can start a business.

  3. Entrepreneurs are gamblers

  4. Age is not a barrier for Entrepreneurships


Correct Option: D

Mr. A is influencing an Entrepreneur's s career choice and style. Mr. A is a _______.

  1. role mode

  2. moral-support network

  3. professional support network

  4. support system.


Correct Option: A

The primary motivating force behind entrepreneurs is ________.

  1. money

  2. fame

  3. achievement

  4. recognition.


Correct Option: C

The primary reason entrepreneurs start companies is to _________.

  1. recover from a layoff

  2. create something new

  3. make money

  4. control their own lives.


Correct Option: A

The business plan should be prepared by _________.

  1. entrepreneurs

  2. consultants

  3. engineers

  4. small business administration services


Correct Option: A

Entrepreneurial experience becomes increasingly important as ____________.

  1. work load increases

  2. complexity of venture increases

  3. complexity of work increases

  4. none of the above.


Correct Option: B

Personal characteristics to be a successful entrepreneur includes ________.

  1. understanding environment

  2. creating management options

  3. encourage open discussion

  4. all of the above.


Correct Option: D

Nearly two years ago. Amit launched a business that has just failed. As a typical Entrepreneur, what will he most likely do?

  1. Go to work for a major corporation.

  2. Try to learn from his failed venture so that he will not make the same mistake in the future.

  3. Give up on becoming a successful Entrepreneur.

  4. Spend the rest of his life wondering what happened to high business.


Correct Option: B

What has not been associated with entrepreneur's success?

  1. Commitment and determination.

  2. Creativity, self-reliance and ability to adapt

  3. Leadership

  4. Motivation to fail.


Correct Option: D

As per the report of Mckinsey and company Nasscom report, India needs at least ________ new business.

  1. 8000

  2. 9000

  3. 10000

  4. self-sufficient.


Correct Option: A

Which one of the following has the primary motive of independence and ability to advance in the corporate rewards?

  1. Traditional managers

  2. Entrepreneurs

  3. Intrapreneurs

  4. Administrative managers


Correct Option: C

According to our discussion, what is the best way a government can support entrepreneurs?

  1. Ensure for access to smart capital

  2. Provides advice and information at one stop shop

  3. Have access to right skill

  4. All of the above


Correct Option: D

Entrepreneurs _________.

  1. recognize that their fear of failure outweighs their excitement for building a new business.

  2. see failure for what it really is: an opportunity to learn what doesn't work.

  3. recognize that failure is a natural part of the creative process.

  4. both (b) and (c)


Correct Option: D

Is it necessary to focus on establishment of networks for entrepreneurs development?

  1. Yes

  2. Partially yes.

  3. Completely false

  4. Can't say about it.


Correct Option: A

In an international perspective, which of the following decisions are not covered under strategic planning of an entrepreneur?

  1. What are unique characteristics of each market?

  2. Who should be involved in marketing decisions?

  3. What customers benefits are provided by the products?

  4. What are the company's major strengths and weaknesses?


Correct Option: A

A business plan is _______.

  1. a plain document

  2. a document that summarizes the operational objective of organization

  3. a document that summarizes the financial objectives of a business

  4. Both (b) and (c)


Correct Option: D

The primary motivating force behind entrepreneurs is ____________.

  1. fame

  2. money

  3. recognition

  4. achievement


Correct Option: D
Explanation:
According to McClelland's Theory of Achievement Motivation entrepreneurs are the people who do things in a better way and makes decisions in times of uncertainty. The dream to achieve big things overpowers monetary or other external incentives.

If a business is very complex, it will only grow successfully if the entrepreneur ________.

  1. is comfortable giving up control to professional management

  2. keeps everything under his control

  3. uses the classic entrepreneurial management style

  4. is a craftsman


Correct Option: A

Who suggests that the process of innovation is actually of spontaneous "undeliberate learning"?

  1. David Ricardo

  2. Kirzner

  3. Adam Smith

  4. John Stuart Mill


Correct Option: B
Explanation:

Kirzner suggests that the process of innovation is actually of spontaneous "Undeliberate Learning" (1985). Thus, the necessary characteristics of entrepreneurship is alertness and recognizing the upcoming opportunities.

Ongoing scanning at an almost unconscious level is ________.

  1. indirect scanning

  2. passive scanning

  3. active scanning

  4. directed scanning


Correct Option: B
Explanation:

Scanning of opportunities is emerging as an important area in the topic of entrepreneurship. Continuous scanning of the operating environment needs to be done in order to stay competitive.

        Ongoing scanning at an almost unconscious level is called Passive Scanning. No effort is made to select a particular information to scan. It is a continuous process.

Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

  1. New business model

  2. Anatomization

  3. None of the given options

  4. Creative destruction


Correct Option: D
Explanation:

Creative Destruction is the process referred to in by economist Joseph Schumpeter to the process of entrepreneurs developing new products that over time make current products obsolete.

          New and better ways of doing business has taken over the old and established ways of doing business and hence has proved them obsolete.

Which of the following is first step in market assessment?

  1. Analysis of the situation

  2. Competitive rivalry

  3. Suppliers power

  4. Defining the problem


Correct Option: D
Explanation:

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.
Then follows the analysis of the situation

What is the logical order for stages of development in entrepreneurial firm?
(i) Corporate
(ii) Start up
(iii) Established
(iv) Seed stage
(v) Early growth

  1. (i) (ii) (iii) (iv) (v)

  2. (v) (iii) (iv) (ii) (i)

  3. (iv) (ii) (v) (iii) (i)

  4. (v) (iv) (iii) (ii) (i)


Correct Option: C
Explanation:

Any type of business starts with an Idea. So the first step of entrepreneurial firm is seed stage means having a business idea. The second step follows with the establishment of a start up business with the idea generated in the first step.  Every business has an early stage which becomes the third stage. After sustaining every ups and downs in the early stage, the business gains an established phase and then it converts in to a corporate.

Which of the following is not a common motivation of an entrepreneur?

  1. desire for independence.

  2. search for personal and professional growth.

  3. desire to maintain the status quo.

  4. search for more rewarding work.


Correct Option: C
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

To leverage upon the extraordinary talent pool of the potential entrepreneurs, it is essential to create the right environment by ensuring that _________.

  1. entrepreneurs have access to the right skill

  2. entrepreneurs have access to smart capital

  3. enable networking and exchange

  4. all of the above


Correct Option: D
Explanation:

Creating Entrepreneurs focuses on four main areas.

1. Creating the right environment for success:- Entrepreneurs should find it easy to start a business. Creating a proper environment renders it easy for them to start something new.
2.Should have access to the Right Skill:- Some skills needs to be developed in a person to be a successful entrepreneur. Many campaigns and curriculum has been designed to build this skill among the people.
3. Have access to smart capital:- Entrepreneurs should have access to all time source for capital investment. Lack of money will act as  biggest hindrance to growth of a business.
4. Enabling Networking and Exchange:- Entrepreneurs learn from experience theirs and that of others. 

Increase in supply or productivity of factors such as financial, labour and material is called _________.

  1. resource innovations

  2. expansion

  3. factor innovations

  4. innovations planning


Correct Option: C
Explanation:

Factor Innovations means procurement of capital, labour and old material from new source or new type.

Who suggests that the process of innovation is actually of spontaneous " undeliberate learning"?

  1. Knight

  2. Kirzner

  3. John Stuart Mill

  4. David Ricardo


Correct Option: B
Explanation:

Knight claims that an entrepreneur will be able to bear the risk of a new venture if he believes that there is a significant chance of profits.

People become creative when they feel motivated primarily by the -
(W) Interest
(X) External pressures
(Y) Satisfaction
(Z) Challenge of the situation
Select the correct answer from the options given below-

  1. (W), (X) & (Z)

  2. (Y), (W) & (X)

  3. (W), (Z) & (X)

  4. (Z), (W) & (Y)


Correct Option: D
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

Which of the following statement is correct in relation to 'Creativity'?

  1. Creativity is not a process.

  2. Creativity is not ability to create out of nothing but the ability to generate new ideas by combining, changing, or reapplying existing ideas.

  3. Creativity does not require passion and commitment.

  4. All of above


Correct Option: B
Explanation:

Creativity is bringing in to existence something new or innovative. It is the ability to create something new by using the existing ideas. By combining or changing or mixing the existing ideas and bringing in to life something new is ceativity.

Which of the following statement is correct in relation to 'Creativity'?

  1. Creativity does not require passion and commitment.

  2. Creative people work hard to improve ideas and solutions, by making continuous and gradual alterations and refinements to their works.

  3. Creativity is not a process.

  4. All of above


Correct Option: B
Explanation:

Creativity is bringing in to existence something new or innovative. It is the ability to create something new by using the existing ideas. By combining or changing or mixing the existing ideas and bringing in to life something new is creativity. 

 _________ is the drive and desire to do something, an inner passion and interest.

  1. Expertise

  2. Creative thinking skills

  3. Motivation

  4. Direction


Correct Option: C
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

___________  comes in a close second and is content with the personal satisfaction of simply being a business owner. It is derived from being optimistic.

  1. The had workers entrepreneur

  2. The optimizer entrepreneur

  3. The Idealist entrepreneur

  4. Sustainer type of entrepreneur


Correct Option: B
Explanation:

Optimizer entrepreneur comes in a close second and is content with the personal satisfaction of simply being a business owner.

Everyone has a desire of becoming a business owner and if someone has such a desire then He/She falls in this category.

As the meaning of the word itself implies, sustain is to maintain; the ________________  comprise of people who like to maintain a balance between work and a personal life. Most often, they do not wish the business to grow too large where it will cut into their personal life. these people just need enough to survive.

  1. the hard workers entrepreneur

  2. the optimizer entrepreneur

  3. the Idealist entrepreneur

  4. sustainer type of entrepreneurs


Correct Option: D
Explanation:

Sustainer type of entrepreneur compromise to sustain. As the meaning of the word itself implies, sustain is to maintain. They comprise of people who like to maintain a balance work and a personal life. Most often, they do not wish the business to grow too large where it will cut in to their personal life. These people just need enough to survive.

The marketing assessment process involves: __________.

  1. defining the problem

  2. analysis of the situation

  3. obtaining data that is specific to the problem

  4. all of above


Correct Option: D
Explanation:

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.
Then follows the analysis of the situation and obtaining data that is specific to the problem.

____________ are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

  1. The hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The Idealist entrepreneur

  4. Sustainer type of entrepreneurs


Correct Option: C
Explanation:

The idealist entrepreneur likes innovation and enjoys working on something new or something meaningful. They are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

It should be noted that the word 'motivation' has its origin in the Latin word 'movere', meaning "____________"

  1. to stop

  2. to move

  3. do not move

  4. all of above


Correct Option: B
Explanation:

The word "Motivation" has its origin in the Latin word Movere which means to move.

The word 'motivation' has its origin in the Latin word ____________, meaning "to move".

  1. more

  2. movere

  3. most

  4. maximum


Correct Option: B
Explanation:

The word "Motivation" has its origin in the Latin word Movere which means to move.

After defining the problem, analyzing the situation, obtaining data specific to the problem the next step in relation to a market assessment is to _________.

  1. data analysis and interpretation

  2. fostering ideas and problem solving

  3. designing a marketing plan

  4. obtaining data specific to the problem


Correct Option: A
Explanation:

After the problem has been defined, situation has been analyzed and data specific to the problem has been obtained, the next step comes as data analysis and interpretation.

The data which has been obtained must be analyzed to verify whether it is accurate for the problem under consideration and interpretations regarding it can be made.

The first step in relation to a market assessment is to _________.

  1. obtaining data specific to the problem

  2. analyzing the situation

  3. data analysis and Interpretation

  4. defining the problem


Correct Option: D
Explanation:

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.

Which of the following is way of funding social entrepreneurs?
I.   Loan Guarantees
II.  Quasi-equity debt
III. Pooling
Select the correct answer from the option given below -

  1. I

  2. II

  3. III

  4. All


Correct Option: D
Explanation:

The innovative methods used in social enterprises to broaden the access of capital includes:-

Loan Guarantee:- It is a type of finance in which one party promises to assume the debt obligation of the borrower if the borrower defaults.
Quasi- equity Debt:- It is a type of financing which posses both the characteristics of debt and equity.
Polling:- It is a type of financing where there is grouping of resources for the purpose of maximum advantage or minimum risk.

Social entrepreneurs play the role of change agents in  the social sector by -

  1. Adopting a mission to create and sustain social value recognizing and relentlessly pursuing new opportunities to serve that mission

  2. Engaging in a process of continuous innovating, adaptation and learning.

  3. Acting boldly without being limited by resources currently in hand

  4. All of the above


Correct Option: D
Explanation:

Social entrepreneurs play the role of change agents in the social sector by Acting boldly without being limited by resources currently in hand, Engaging in a process of continuous innovating,adaptation and learning, adopting a mission to create and sustain social value recognizing and relentlessly pursuing new opportunities serve that mission.

National Skill Development Corporation (NSDC) operates through partnership with  

  1. Private Sector

  2. Central Ministries

  3. State Government

  4. All of the above


Correct Option: D
Explanation:

National Skill Development Corporation is a non profit organisation set up as a public private  company in order to create and fund vocational training and skill training. It operates through partnership with private sector,state government and central ministries.

Among the following which are to be considered as a type of entrepreneur?
(i) Idealist (ii) Optimisers (iii) Hard workers (iv) Sustainers (v) Improver (vi) Advisor (vii) Superstar (viii) Artiste (ix) Visionary (x) Analyst (xi) Fireball (xii) Jugglers (xiii) Hero (xiv) Healer

  1. (i),(iv), (vi), (ix), (xii), (xiv)

  2. (ii), (iii), (vii), (xi), (xiii)

  3. (v), (viii), (x), (xi), (xii)

  4. All of the above


Correct Option: D

For the economic and industrial development Micro, Small and Medium Enterprise play an important role such as
(1) They have the capacity to absorb skilled and
unskilled labour available in the country.
(2) Such institution provide lots of employment and  allow income to get concentrated  in few hands        or in few areas.
(3)They help in eradication of poverty by providing  self-employment opportunities.

  1. Only (1)

  2. Only (2)

  3. Only (3)

  4. Only (1) & (3)


Correct Option: D

In an international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur?

  1. What are unique characteristics of each market?

  2. Who should be involved in marketing decisions?

  3. What customer benefits are provided by the product?

  4. What are the company's major strengths and weaknesses?


Correct Option: A

Entrepreneurship is characterized by the following features viz _______.

  1. essence of entrepreneurship is the willingness to assume risk arising out of the creation and implementation of new ideas

  2. entrepreneurship involves a continuous search for new ideas

  3. entrepreneurship is a process, a journey, not the destination; a means, not an end

  4. all of the above


Correct Option: D
Explanation:

Entrepreneurship is the process of developing some new process, business,ideas from the existing one by applying skills and potentials. It is characterized by the following features:- entrepreneurship is a process, a journey, not the destination; a means, not an end, it involves a continuous search for new ideas and the essence of entrepreneurship is the willingness to assume risk out of the creation and implementation of new ideas.

____ are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute to a noble cause.

  1. The hard workers entrepreneur

  2. The idealist entrepreneur

  3. The improver types of entrepreneur

  4. The optimizer entrepreneur


Correct Option: B
Explanation:

The idealist entrepreneur likes innovation and enjoys working on something new or something meaningful. They are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

Answer is B.

What led to development of Entrepreneurship in India?

  1. Growing concern for economic development

  2. Increase in population

  3. Too many professionals in India.

  4. Both (a) and (b)


Correct Option: A
Explanation:

The 1991 economic liberalization in India led to Entrepreneurship as a catalyst in growth of business and economic development, that transformed India from a struggling economy to one of the best economies in the world.

Generally micro entrepreneurs operate ____________.

  1. for their choice

  2. for their need

  3. for their luxury

  4. none of the above


Correct Option: A
Explanation:
Those who startup microenterprises are usually referred to as micro entrepreneurs. They start up the enterprises by their choice.

The typical corporate culture has a climate and reward system that favors Conservative decision-making. Often there are individuals who want to come out of it. Which one of the following is the first step in the Entrepreneurial process?

  1. Developing successful business ideas

  2. Deciding to become an Entrepreneur

  3. Growing the Entrepreneurial firm

  4. Moving from an idea to an Intrapreneur


Correct Option: B

Identify which of the following statement is true.
(W) Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is that they are gap - fillers.
(X) Kirzner suggests that the process of innovation is actually of spontaneous "undeliberate learning".
(Y) Knight claims that an entrepreneur will be able to bear the risk of a new venture if he believes that there is a significant chance of profits.
(Z) Marshall, however, implies that people can be taught to acquire the abilities that are necessary to be an entrepreneur.
Select the correct answer from the options given below -

  1. (W) & (X)

  2. (Y) & (Z)

  3. (W), (X) & (Z)

  4. (W), (X), (Y) & (Z)


Correct Option: D
Explanation:

All the statements regarding an entrepreneur are true. These statements represent the various characteristics of an entrepreneur.

Marshall stated that people can be taught to acquire the abilities that are necessary to be an entrepreneur by providing them with proper training and skills.
Knight claims that an entrepreneur will be able to bear the risk of  a new venture if he believes that there is a significant chance of profits. Every entrepreneur has to bear some risk for achieving some profits.
 Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is taht they are gap fillers.

Innovation creates new demand and entrepreneurs bring the innovations to the market. This destroys the existing markets and creates new ones, which will in turn be destroyed by even newer products or services. ____________ calls, this process, 'creative destructions'.

  1. Dr. Marshall

  2. Schumpeter

  3. Drucker

  4. John


Correct Option: B
Explanation:

Schumpter viewed entrepreneurship as a force of "creative Destruction". The entrepreneurs carry out "new combinations", thereby helping render old industries obsolete. Established ways of doing business are taken over by innovations and new ideas.

_________ requires a fresh way of looking at things an understanding of people, and an entrepreneurial willingness to take risks and to work hard.

  1. Inability

  2. Development

  3. Innovation

  4. Training


Correct Option: C
Explanation:

Innovation is the process of bringing in to existence something new by applying or combining the existing ideas. It involves risk and hard work. It requires a fresh way of looking at things an understanding of people and an entrepreneurial willingness to take risks and to work hard.

As per the report of Mckinsey & company NassCom report, India needs at least _______New Business.

  1. 8000

  2. 9000

  3. 10000

  4. Self-sufficient


Correct Option: A

In the 20th century, economist ___ focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change.

  1. Schumpeter

  2. Joseph Schumpeter

  3. Peter Drucker

  4. Dr. Marshal


Correct Option: B
Explanation:

In 20th century, Joseph Schumpeter focused on how entrepreneur's drive for innovation and improvement creates upheaval and change. He  viewed Entrepreneurship as a force for "Creative Destruction". Entrepreneurs by developing new ideas render old ideas obsolete which creates competition

Which of the following is not a common motivation of an entrepreneur?

  1. Desire for independence.

  2. Search for personal and professional growth.

  3. Desire to maintain the status quo.

  4. Search for more rewarding work.


Correct Option: C
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

_____like entrepreneurs are the people with great willingness and efficient leadership. He inspires others. He has an incredible will and ability to lead the world and the business through any challenge. He is the essence of entrepreneurship and can assemble great companies.

  1. Hero

  2. Healer

  3. Superstar

  4. Juggler


Correct Option: A
Explanation:

As the name suggests hero  is a person who is appreciated  for their courage, achievements and good qualities. A Hero like entrepreneurs are the people with great willingness and efficient leadership. He inspires other. He has an incredible will and ability to lead the world and the business through any challenge.He is the essence of entrepreneurship and can assemble great companies.

"A person within a large corporation who take direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation is_______".

  1. An entrepreneur

  2. An intrapreneur

  3. An enterprise

  4. An inter manager


Correct Option: B
Explanation:

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run.

____as the name suggest, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business.

  1. Hero

  2. Healer

  3. Superstar

  4. Juggler


Correct Option: B
Explanation:

Healer is the person who can mend or repair things. Healer as the name suggests, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business

Which of the following types of people believe in consumer sovereignty where they indulge excessively in providing customer services_______.

  1. Visionary

  2. Artiste

  3. Superstar

  4. Advisor


Correct Option: D
Explanation:

An advisor is a person with deep knowledge in a specific area. Advisor types of people believe in consumer sovereignty where they indulge excessively in providing customer services.

An informal group of innovative employees who are permitted to digress temporarily from their regular tasks to develop new ideas are referred to as:

  1. Underground

  2. Skunkworks

  3. Yahoos

  4. Intrapreneurs


Correct Option: B
Explanation:

A skunkworks is a work developed by a loosely structured group small group of people who rsearch and develop work primarily for the sake of radical innovation. It is an informal group of innovative employees.

___________should prevail over realism.

  1. Optimism

  2. Pessimism

  3. Optimism or pessimism

  4. Optimism and pessimism


Correct Option: A
Explanation:

Optimism means being hopeful and confidence about the future or success of something.

__________ may be defined as analysis and interpretation of the future conditions in relation to operations of the enterprises.

  1. Planning

  2. Forecasting

  3. Decision making

  4. Directing


Correct Option: B
Explanation:

Forecasting means analyzing the future or about the future. It may be defined as analysis and interpretation of the future conditions in relation to operations of the enterprise.

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