Tag: functions and role of an entrepreneur

Questions Related to functions and role of an entrepreneur

What are the roles and functions of the entrepreneur in relation to the enterprise?

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

  1. Developing exchange relationships

  2. Political administration

  3. Management control

  4. All of the above

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Correct Option: D

"The entrepreneurship is essentially a creative activity or it is an innovative function" is said by _______.

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

  1. Schumpeter

  2. Kelsen

  3. Henry Maine

  4. Peter Drunker

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Correct Option: A

Mr. A is influencing an Entrepreneur's s career choice and style, Mr. A is a ________.

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

  1. role mode

  2. moral-support network

  3. professional support network

  4. support system

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Correct Option: A

Nearly two years ago, Amit launched a business that has just failed. As a typical Entrepreneur, what will he most likely do?

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

  1. Go to work for a major corporation.

  2. Try to learn from his failed venture so that he will not make the same mistake in the future.

  3. Give up on becoming a successful Entrepreneur.

  4. Spend the rest of his life wondering what happened to high business.

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Correct Option: B

An Entrepreneur should do a feasibility study for starting a new venture. Select the correct option.

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

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

  2. To identify possible sources of funds.

  3. To estimate the expected sales.

  4. To explore potential customers.

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Correct Option: A

The process which an individual uses to identify and describe competencies that are most critical to success in a work situation or work role is known as _____________.

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

  1. competence

  2. competency map

  3. competency mapping

  4. competency

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Correct Option: C

What is one of the main causes of business failure in developing nations?

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

  1. Entrepreneurs are unable to obtain sufficient funds

  2. Entrepreneur does not have skilled workers

  3. Entrepreneurs lack managerial skills

  4. None of the above

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Correct Option: C

Which statement is not true for entrepreneurs?

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

  1. They change the way businesses convert inputs into outputs.

  2. They are agents of adjustment.

  3. They apply innovative ideas

  4. They generally stick to the processes already in use.

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Correct Option: D
Explanation:

To be an Entrepreneur is a challenge in itself. It needs to have some important characteristics to be a successful entrepreneur. The traits are:-

1. Risk Taker
2. Innovator.
3. Motivator.
4. Capital provider
5. profit maker
6.Challenge Taker.
These are the common characteristic  a person needs to have to be an entrepreneur.

According to Jones-Evans which of the following is not an example of technical 'entrepreneur'?

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

  1. Consolidator-skills in linking technical and business aspects

  2. Research-doing experiments for scientific development

  3. User-friendly with marketing or end-use applications

  4. None of the above

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Correct Option: A

If a country desires to grow its GDP at 10% and its ICOR is 2.6, then what should be its Capital formation?

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

  1. 10% p.a.

  2. 26% p.a

  3. 12.6% p.a.

  4. None of the above

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Correct Option: B
Explanation:

ICOR stands for Incremental capital output ratio. It is measured by the following formula.

  ICOR = annual investment/ Annual increase in GDP
   2.6 =  X/ 0.10
    X = 2.6*0.10 = 26%.