Tag: small business and enterprises

Questions Related to small business and enterprises

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

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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

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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

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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

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.

_____like entrepreneurs are the people with great willingness and efficient leadership. He inspires others. He has an incredible will and ability to lead the world and the business through any challenge. He is the essence of entrepreneurship and can assemble great companies.

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

  1. Hero

  2. Healer

  3. Superstar

  4. Juggler

Show answer
Correct Option: A
Explanation:

As the name suggests hero  is a person who is appreciated  for their courage, achievements and good qualities. A Hero like entrepreneurs are the people with great willingness and efficient leadership. He inspires other. He has an incredible will and ability to lead the world and the business through any challenge.He is the essence of entrepreneurship and can assemble great companies.

"A person within a large corporation who take direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation is_______".

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

  1. An entrepreneur

  2. An intrapreneur

  3. An enterprise

  4. An inter manager

Show answer
Correct Option: B
Explanation:

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run.

____as the name suggest, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business.

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

  1. Hero

  2. Healer

  3. Superstar

  4. Juggler

Show answer
Correct Option: B
Explanation:

Healer is the person who can mend or repair things. Healer as the name suggests, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business

Which of the following types of people believe in consumer sovereignty where they indulge excessively in providing customer services_______.

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

  1. Visionary

  2. Artiste

  3. Superstar

  4. Advisor

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Correct Option: D
Explanation:

An advisor is a person with deep knowledge in a specific area. Advisor types of people believe in consumer sovereignty where they indulge excessively in providing customer services.