Tag: entrepreneurship

Questions Related to entrepreneurship

Why entrepreneurship is regarded as a human motivation?

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

  1. New knowledge is converted into products

  2. Leads to economic growth

  3. Both a and b

  4. None of the above

Show answer
Correct Option: C

Components of creativity do not include __________.

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

  1. expertise

  2. creative thinking

  3. motivation

  4. self efficacy

Show answer
Correct Option: D

Which statement is wrong about a business plan?

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

  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

Show answer
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?

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

  1. Need for achievement

  2. Need for power

  3. Need for affliation

  4. Need for esteem

Show answer
Correct Option: A

Which of the following is not true for social entrepreneurs?

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

  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

Show answer
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?

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

Show answer
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

Show answer
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

Show answer
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

Show answer
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.

Show answer
Correct Option: B