Tag: small business and enterprises

Questions Related to small business and enterprises

Entrepreneurship is the incubator of the innovation.

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

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

Entrepreneurship is the process of bringing something new in to existence whether its a business, idea,process or product. Bringing something new means innovation.Entrepreneurship is the incubator of the innovation.Innovation means bringing in to existence something new may be a product, service,idea or solution. Innovation is the process of bringing the best ideas in to reality, which triggers a creative idea, which generates a series of innovative events.

To _______, an entrepreneur is one who brings resources, labour, materials, and other assets together to make value greater than before.

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

  1. a psychologist

  2. an economist

  3. a businessman

  4. a customer

Show answer
Correct Option: B
Explanation:

An economist Alferd Marshall was the one who brought in the concept of entrepreneurship for the first time in 1890s. To An economist, an entrepreneur is one who brings resources,labour,materials and other assets together to make value greater than before.

Identify the personality factor(s) that affect entrepreneurship.

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

  1. Irrational monetary and fiscal policies

  2. Lack of Persuasion

  3. Unfair trade practices

  4. Sophisticated technology

Show answer
Correct Option: B
Explanation:

Lack of persuasion is the personality factor that affects entrepreneurship. Lack of persuasion leads to lack of communication and creates hindrance in influencing others.

______ is the pioneering zeal that provides prosperity in every arena of human life- economic, technological and cultural.

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

  1. Industrial development

  2. Entrepreneurship

  3. Government

  4. Customers

Show answer
Correct Option: B
Explanation:

Entrepreneurship means setting up a business with some innovative ideas and creative thinking by assuming financial and other risks. The process by which individuals pursue opportunities without regard to resources they currently control. It is the pioneering zeal that provides prosperity in every arena of human life be it economic, technological and cultural.

Which of the following factors acts as fuel to feed the nations entrepreneurial fire?

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

  1. Greater opportunities for Entrepreneurial education

  2. The shift from an industrial economy to a service economy

  3. Increasingly powerful technological advancements that is available at affordable prices.

  4. All of the above

Show answer
Correct Option: D
Explanation:

The increasing advancement in technology at affordable prices have made working of various businesses available to entrepreneurs. This is a shift from industrial economy to a service economy of entrepreneurs providing numerous services, leading to a greater knowledge and education for developing entrepreneurial skills.

Individuals who help the entrepreneur in business activities are  _________.

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

  1. role modes

  2. professional-support network

  3. employees

  4. all of the above

Show answer
Correct Option: B
Explanation:

Professional support network is the team of professionals who work under the guidance of an entrepreneur to work and carry out business activities for smooth fuctioning of the business.

Why it is said that there are better odds of winning if you be an Entrepreneur because _________.

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

  1. you start a new business

  2. you do what you love to do

  3. passion is the fuel for success

  4. both b and c

Show answer
Correct Option: D

Which of the following is not true about an entrepreneur?

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

  1. An entrepreneur is creative, innovative and risk taker

  2. An entrepreneur is independent

  3. An entrepreneur is not future oriented

  4. None of the above

Show answer
Correct Option: C
Explanation:

Characterstics of entrepreneurs:
1) Entrepreneur are Person who owns and develops his business
2) Entrepreneurs have Talent
3) Entrepreneurs have a way of thinking in innovative ways about ordinary things that leads to their ability to create new value
4) Entrepreneurs have an ability to acquire the necessary skills and expertise to push their new ventures forward
5) Entrepreneurs have strong urge to be independent
6) Entrepreneur is commonly seen as a business leader
7) Entrepreneurs have a ability to fight competitiveness

Which type of entrepreneur is lead by charisma, charm and high energy?

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

  1. Superstar

  2. Fireball

  3. Juggler

  4. Hero

Show answer
Correct Option: A
Explanation:
Superstar- Here the business is centred around the charisma and high energy of the Superstar CEO. This personality often will cause you to build your business around your own personal brand.

Which type of entrepreneur is full of life, energy and optimism?

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

  1. Fireball

  2. Healer

  3. Juggler

  4. Optimiser

Show answer
Correct Option: A
Explanation:
Fireball- A business owned and operated by a Fireball is full of life, energy and optimism. Your company is life-energizing and makes customers feel the company has a get it done attitude in a fun playful manner.