Tag: functions and role of an entrepreneur

Questions Related to functions and role of an entrepreneur

Which of the following is not an example of means of finance?

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

  1. Issue of equity

  2. Goods on credit

  3. Loan against shares

  4. All of these

Show answer
Correct Option: C
Explanation:
An entrepreneur should firstly allocate the resources from where he can get finance. It could be loans, self finance, issue of equity, goods on credit, etc. Loans against shares cannot be considered as finance. As he is pledging the shares against a loan 

When an entrepreneur introduces a new product or service to meet the need of old market it is called ________.

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

  1. allocation of new source

  2. product development

  3. diversification

  4. market expansion

Show answer
Correct Option: C
Explanation:

Diversification is the term which usually used to mean the introduction of a new product or service to meet the need of an old market. Diversification is an expansion of the range of product. Offerings of an existing product or service in a new market; a new product in to an established market and a new product in a new market.

Common reasons for entrepreneurial failure include all but which one of the following? 

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

  1. Poor implementation

  2. Lack of capital

  3. Adequate financial support

  4. Ineffective human resources

Show answer
Correct Option: C
Explanation:

There can be many reasons for failure of an entrepreneurship. The idea of the business may be wrong considering the environment in which to operate.

The implementation phase may prove bad.
There can be short supply of capital or inconsistent supply of capital. 
There can be ineffective human resources having lack of skills and ability.
The risk taking ability of the entrepreneur may be less.

Why should an entrepreneur do a feasibility study for starting a new venture?

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

  1. To identify possible sources of funds

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

  3. To estimate the expected sales.

  4. To explore potential customers.

Show answer
Correct Option: B
Explanation:

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

Within every individual, creativity is a function of: ____________

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

  1. Four components - leadership, direction, co-ordination & planning

  2. Three components - expertise, hard work, ability to predict the future

  3. Two components - decision making & motivation

  4. Three components - expertise, creative thinking skills, motivation

Show answer
Correct Option: D
Explanation:

Creativity results in innovation. within any individual, creativity is the function of three components:- expertise, creative thinking skills and motivation. Without possessing the requisite expertise and to be able to think differently, creativity isn't possible. Time to time motivation is also required for creativity.

Which types of entrepreneurs excel at problem solving in a systematic way?  

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

  1. Artiste

  2. Analyst

  3. Superstar

  4. Advisor

Show answer
Correct Option: B
Explanation:

An analyst understand how business is structured and how it operates. Analyst types of entrepreneurs excel at problem solving in a systematic way.

An entrepreneur needs to have a blend of ___________.

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

  1. communication skills and intelligence

  2. managerial skills and enterprenurial skills

  3. business skills and cooperative skills

  4. intrapersonal skills

Show answer
Correct Option: B
Explanation:

An entrepreneur is a person who with his/her innovative ideas set a business while a manger is the person who is administered with the responsibility for running the  business. An entrepreneur needs to posses the both the skills. He like a manager has sometimes to manage the business he /she has set up.

Susan B.Anthony fought for women's right in United States, including -

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

  1. the right control property and helped spearhead adoption of the 19th Amendment.

  2. hospital condition for women

  3. Family planning movement efforts around the world.

  4. None of the above

Show answer
Correct Option: A
Explanation:

Susan B.Anthony  was an american social reformer  and women's right activist  who played a pivotal role in ensuring women's right in United states. She also fought for the right control property and helped spearhead adoption of the 19th amendment.

Social entrepreneurs acts as the ___________.

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

  1. Change agent for poor people

  2. Change agent for government

  3. Change agent for society

  4. Change agent for nation

Show answer
Correct Option: C
Explanation:

A social entrepreneur is a person who develops or establishes an enterprise with the aim of solving social problems. They aim for bringing a change in the society. They act as the change agent for society's good.

NSDA means  

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

  1. National Small Development Agency

  2. National Skill Development Area

  3. National Skill Durable Agency

  4. National Skill Development Agency

Show answer
Correct Option: D
Explanation:

NSDA  which stands for National Skill Development Agency was set up as an autonomous body which was created with the mandate to co ordinate and harmonize the skill dvelopment activities in the country. It is a part of the Ministry of Skill Development and Entrepreneurhip .