Tag: entrepreneurship: an introduction, nature, importance and problems

Questions Related to entrepreneurship: an introduction, nature, importance and problems

Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. Focus group

  2. Brain storm

  3. Reverse brain storming

  4. Problem inventory analysis

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Correct Option: A

Which one of the following is the way by which an Entrepreneur can enter into international business? 

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. Export

  2. Non equity arrangements

  3. Direct foreign investment

  4. All of the given options

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Correct Option: D

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. Manufacturing process

  2. Product price

  3. Names of suppliers of raw materials

  4. Physical plant

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Correct Option: B
Explanation:

The administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff and other necessary items are procured and ready to create finished products according to the schedule specified is production planning plan, focus is on inputs and process, i.e., plant and machinery used, material to be used, suppliers details, process of manufacturing.

Thus product pricing is not a part of production planning.

An Entrepreneur should do a feasibility study for starting a new venture. Select the correct option.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. To see if there are possible barriers to success.

  2. To identify possible sources of funds.

  3. To estimate the expected sales

  4. To explore potential customers

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Correct Option: A

OPPORTUNITY analysis is ________.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. a method of evaluating the entire venture.

  2. a business plan

  3. both a and b

  4. a derision to act or not to act on an opportunity

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Correct Option: D

Which of the following is the fruitful source for identifying business opportunities?

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. Business associates.

  2. Technical people

  3. Consumers.

  4. All of the above

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Correct Option: D

As per international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur? Select correct option.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  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?

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Correct Option: A

Entrepreneur's role of a disturbance handler, allocator of resources and negotiator's role are ______ roles that the manager has to perform.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. interpersonal

  2. decisional

  3. international

  4. none of the above.

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Correct Option: B
Explanation:

According to Henery Mintzberg, a managers work role has three phases -
(i) Interpersonal Role
(ii) Informational Role
(iii) Decisional Role Entrepreneur, disturbance handler, resource allocator, negotiator.

Personal characteristics to be a sucessful Entrepreneur includes _______.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. understanding environment

  2. creating management options

  3. encourage open discussion

  4. all of the above.

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Correct Option: D

An Indian entrepreneur as per Mckinsey and company lacks _________.

organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  1. identify funding person

  2. talent pool

  3. potential to become Entrepreneur

  4. none of the above.

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Correct Option: A