Tag: entrepreneurship development

Questions Related to entrepreneurship development

All innovation begins with creative ideas

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

  1. True

  2. False

  3. Partly true

  4. None of above

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Correct Option: A

Modern observation states that though they are born entrepreneurs, they can be made by education and training.

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

  1. True

  2. False

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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 _____.

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

  1. improving standards of living

  2. development of managerial capabilities

  3. feasibility study

  4. creation of organisations

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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?

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

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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'?

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

  1. Perception of self-efficacy

  2. Knowledge or know-how

  3. Skills

  4. All of the above

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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.

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

  1. Efficiency Orientation

  2. Persistence

  3. Systematic Planning

  4. Commitment to Work Contract

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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 ________.

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

  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

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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?

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

  1. Market analysis

  2. Risk factors

  3. Executive Summary

  4. All of the above

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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.

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

  1. True

  2. False

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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.

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

  1. Managerial Development Programmes

  2. Entrepreneurship Development Programmes

  3. Industrial Development Programmes

  4. On-the job trainings

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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.