Tag: organization of commerce and management

Questions Related to organization of commerce and management

Entrepreneurship is characterized by the following features viz _______.

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

  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

Show answer
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.

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

  1. The hard workers entrepreneur

  2. The idealist entrepreneur

  3. The improver types of entrepreneur

  4. The optimizer entrepreneur

Show answer
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?

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

  1. Growing concern for economic development

  2. Increase in population

  3. Too many professionals in India.

  4. Both (a) and (b)

Show answer
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 ____________.

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

  1. for their choice

  2. for their need

  3. for their luxury

  4. none of the above

Show answer
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?

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

  1. Developing successful business ideas

  2. Deciding to become an Entrepreneur

  3. Growing the Entrepreneurial firm

  4. Moving from an idea to an Intrapreneur

Show answer
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 -

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

  1. (W) & (X)

  2. (Y) & (Z)

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

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

Show answer
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'.

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

  1. Dr. Marshall

  2. Schumpeter

  3. Drucker

  4. John

Show answer
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.

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

  1. Inability

  2. Development

  3. Innovation

  4. Training

Show answer
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.

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

  1. 8000

  2. 9000

  3. 10000

  4. Self-sufficient

Show answer
Correct Option: A

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

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

  1. Schumpeter

  2. Joseph Schumpeter

  3. Peter Drucker

  4. Dr. Marshal

Show answer
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