Tag: organization of commerce and management

Questions Related to organization of commerce and management

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

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. Regional development

  2. Creative destruction

  3. Challenge accepted ways of doing things

  4. Revolutionising current patterns of production

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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?

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  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

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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.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. Creativity

  2. Self efficacy

  3. Leadership

  4. Risk-taking

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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 _________.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. creative

  2. conceptualization

  3. understanding environment

  4. all of the above

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Correct Option: D

Entrepreneur always keep their business _______.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. public

  2. secret

  3. leave for discussion.

  4. all of the above.

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Correct Option: B

What is true about entrepreneurs?

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. Entrepreneurs are made not born

  2. Anyone can start a business.

  3. Entrepreneurs are gamblers

  4. Age is not a barrier for Entrepreneurships

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Correct Option: D

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

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. role mode

  2. moral-support network

  3. professional support network

  4. support system.

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Correct Option: A

The primary motivating force behind entrepreneurs is ________.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. money

  2. fame

  3. achievement

  4. recognition.

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Correct Option: C

The primary reason entrepreneurs start companies is to _________.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. recover from a layoff

  2. create something new

  3. make money

  4. control their own lives.

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Correct Option: A

The business plan should be prepared by _________.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. entrepreneurs

  2. consultants

  3. engineers

  4. small business administration services

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Correct Option: A