Tag: entrepreneurship

Questions Related to entrepreneurship

Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

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

  1. New business model

  2. Anatomization

  3. None of the given options

  4. Creative destruction

Show answer
Correct Option: D
Explanation:

Creative Destruction is the process referred to in by economist Joseph Schumpeter to the process of entrepreneurs developing new products that over time make current products obsolete.

          New and better ways of doing business has taken over the old and established ways of doing business and hence has proved them obsolete.

Which of the following is first step in market assessment?

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

  1. Analysis of the situation

  2. Competitive rivalry

  3. Suppliers power

  4. Defining the problem

Show answer
Correct Option: D
Explanation:

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.
Then follows the analysis of the situation

What is the logical order for stages of development in entrepreneurial firm?
(i) Corporate
(ii) Start up
(iii) Established
(iv) Seed stage
(v) Early growth

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

  1. (i) (ii) (iii) (iv) (v)

  2. (v) (iii) (iv) (ii) (i)

  3. (iv) (ii) (v) (iii) (i)

  4. (v) (iv) (iii) (ii) (i)

Show answer
Correct Option: C
Explanation:

Any type of business starts with an Idea. So the first step of entrepreneurial firm is seed stage means having a business idea. The second step follows with the establishment of a start up business with the idea generated in the first step.  Every business has an early stage which becomes the third stage. After sustaining every ups and downs in the early stage, the business gains an established phase and then it converts in to a corporate.

Which of the following is not a common motivation of an entrepreneur?

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

  1. desire for independence.

  2. search for personal and professional growth.

  3. desire to maintain the status quo.

  4. search for more rewarding work.

Show answer
Correct Option: C
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

To leverage upon the extraordinary talent pool of the potential entrepreneurs, it is essential to create the right environment by ensuring that _________.

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

  1. entrepreneurs have access to the right skill

  2. entrepreneurs have access to smart capital

  3. enable networking and exchange

  4. all of the above

Show answer
Correct Option: D
Explanation:

Creating Entrepreneurs focuses on four main areas.

1. Creating the right environment for success:- Entrepreneurs should find it easy to start a business. Creating a proper environment renders it easy for them to start something new.
2.Should have access to the Right Skill:- Some skills needs to be developed in a person to be a successful entrepreneur. Many campaigns and curriculum has been designed to build this skill among the people.
3. Have access to smart capital:- Entrepreneurs should have access to all time source for capital investment. Lack of money will act as  biggest hindrance to growth of a business.
4. Enabling Networking and Exchange:- Entrepreneurs learn from experience theirs and that of others. 

Increase in supply or productivity of factors such as financial, labour and material is called _________.

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

  1. resource innovations

  2. expansion

  3. factor innovations

  4. innovations planning

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Correct Option: C
Explanation:

Factor Innovations means procurement of capital, labour and old material from new source or new type.

Who suggests that the process of innovation is actually of spontaneous " undeliberate learning"?

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

  1. Knight

  2. Kirzner

  3. John Stuart Mill

  4. David Ricardo

Show answer
Correct Option: B
Explanation:

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.

People become creative when they feel motivated primarily by the -
(W) Interest
(X) External pressures
(Y) Satisfaction
(Z) Challenge of the situation
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) & (Z)

  2. (Y), (W) & (X)

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

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

Show answer
Correct Option: D
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

Which of the following statement is correct in relation to 'Creativity'?

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

  1. Creativity is not a process.

  2. Creativity is not ability to create out of nothing but the ability to generate new ideas by combining, changing, or reapplying existing ideas.

  3. Creativity does not require passion and commitment.

  4. All of above

Show answer
Correct Option: B
Explanation:

Creativity is bringing in to existence something new or innovative. It is the ability to create something new by using the existing ideas. By combining or changing or mixing the existing ideas and bringing in to life something new is ceativity.

Which of the following statement is correct in relation to 'Creativity'?

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

  1. Creativity does not require passion and commitment.

  2. Creative people work hard to improve ideas and solutions, by making continuous and gradual alterations and refinements to their works.

  3. Creativity is not a process.

  4. All of above

Show answer
Correct Option: B
Explanation:

Creativity is bringing in to existence something new or innovative. It is the ability to create something new by using the existing ideas. By combining or changing or mixing the existing ideas and bringing in to life something new is creativity.