Tag: functions and role of an entrepreneur

Questions Related to functions and role of an entrepreneur

The Ministry oiSIdll Development and Entrepreneurship aims to skill on a large scale with speed and high standards in order to achieve its vision of a

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

  1. India Shining

  2. Garibi Hatao

  3. Skilled People

  4. Skilled India

Show answer
Correct Option: D
Explanation:

The Ministry of Skill Development and entrepreneurship aims to skill people on a large scale with speed and high standards training in order to achieve its vision of a skilled India. By providing with the required skills and vocational training, a skilled nation can be achieved.

The importance of environmental scanning was first recognised by life insurance firms in the late ____________.

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

  1. 1670s

  2. 1770s

  3. 1870s

  4. 1970s

Show answer
Correct Option: D
Explanation:

The importance of environmental scanning was first recognized in 1970s by life insurance firms

In his famous treatise Principles of Economics, Marshall asserts important factors of production as:
I. Land
II. Furniture
III. Labour
IV. Capital
V. Building
VI. Organization
VII. Plant & machinery
Select the correct answer from the options given below.

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

  1. I, V, III, IV

  2. IV, III, II, VII

  3. I, III, IV, VI

  4. IV, II, I, V

Show answer
Correct Option: C
Explanation:

According to the "Principles of Economics" the factors of production included four important inputs i.e Land, Labour, Capital and Organisation. Land refers to the Machines, Capital to the Money, Labour to human resources. With the time,many new factors has been added.

The __________ plan should contain control points to ascertain progress.

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

  1. Business

  2. Marketing

  3. Financial

  4. Operational

Show answer
Correct Option: D
Explanation:

An operational plan is a highly detailed plan that provides a clear picture of the main plan. It ascertain the progress of the work and any loopholes and control points for consideration so that the main objective or plan can be achieved.

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: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

  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

..............comes in a close second and is content with the personal satisfaction of simply being a business owner. It is derived from being optimistic.

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

  1. The hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The idealist entrepreneur

  4. Sustainer type of entrepreneurs

Show answer
Correct Option: B
Explanation:

Optimizer entrepreneur comes in a close second and is content with the personal satisfaction of simply being a business owner.

Everyone has a desire of becoming a business owner and if someone has such a desire then He/She falls in this category

................is the most common type of entrepreneur. He likes innovation and enjoys working on something new or creative. He is guided by more ideals while keeping in view the ideas that are formulated by him in order to pursue his innovation.

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

  1. The hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The idealist entrepreneur

  4. Sustainer type of entrepreneurs

Show answer
Correct Option: C
Explanation:

Idealist entrepreneur is the most common type of entrepreneur. He/she likes innovation and enjoys working on something new or doing something creative or meaningful. They are the person who put up their skills for achieving something unique.

..................... category includes persons who enjoy putting in long hours to build a larger and more profitable business. They like to challenge themselves and strive harder to attain the same. They reap the most rewards if the business turns out to be'a multi-million dollar enterprise.

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

  1. The hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The idealist entrepreneur

  4. Sustainer type of entrepreneurs

Show answer
Correct Option: A
Explanation:

The Hard worker entrepreneur category includes persons who enjoys putting in long hours to build a larger and more profitable business. They like to challenge themselves and strive harder to attain the same. Most successful entrepreneur are hard worker entrepreneur who love what they do.

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. User - familiar with marketing or end-use applications

  2. Research - experience of scientific development

  3. Opportunist - experience gained in a non-technical organization

  4. Consolidator - skills in linking technical and business aspects

Show answer
Correct Option: D
Explanation:

A technical entrepreneur is a person who uses technology be it an  app or software for its business purposes.

Consolidator is an example of technical entrepreneur  who uses his/her skills in linking technical and business aspects.

Sheetal is one of the newest and most successful entrepreneurs in the technology industry. She handles numerous dealings with other companies for the exchange of goods and services. Her primary goal is to ensure that all parties involved receive favourable and acceptable terms. Sheetal is most probably excellent at the entrepreneurial skill of_______.

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

  1. Negotiating

  2. Networking

  3. Leadership

  4. Alliance building

Show answer
Correct Option: A
Explanation:

Negotiation is a major part of any business activity. Negotiation is the process for reaching an agreement or conclusion. As Sheetal is good in dealings with her customers she is probably excellent at the entrepreneurial skill of Negotiating.