Commerce Accountancy · General Awareness

Entrepreneurship and Innovation

993 Questions

Entrepreneurship and innovation questions address business management, economic development, and small scale industries. These topics are highly relevant for commerce students and competitive exams focusing on business administration. Review these questions to understand enterprise structures.

Small scale industriesWomen entrepreneurs enterpriseLegal risk mitigationMultinational corporationsKnowledge based industries

Entrepreneurship and Innovation Questions

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

A person within a company who takes a leadership role and is positioned to help ensure the success of an idea or innovation is often referred to as a __________.

  1. supporter

  2. champion

  3. leader

  4. evangelis
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A Champion is the person who is responsible or is able to achieve success. A person within a company who takes a leadership role and is positioned to help ensure the success of an idea or innovation is often referred to as a Champion.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Which of the following is a characteristic of intrepreneurship?
X. Intrapreneurship is a risk taking factor, which is responsible for the end result in the form of profit or loss
Y. It cultivates entrepreneurial skills
Z. Its followers are called managers.
Correct option is _________.

  1. X and Y

  2. Y and Z

  3. X and Z

  4. X, Y and Z
Reveal answer Fill a bubble to check yourself
B Correct answer
Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation, is an _________.

  1. intrepreneur

  2. entrepreneur

  3. manager

  4. improver
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

An intrapreneur (also spelled intrapreneur) is an employee within a large organization who takes direct responsibility for turning an idea into a profitable product through assertive risk-taking and innovation. Unlike entrepreneurs who start their own ventures, intrapreneurs work within existing corporate structures to drive innovation and new business development. The term combines 'intra' (within) and 'entrepreneur'.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

The distinction between an "Entrepreneur" and "small business owner" if made revolves around:

  1. Really nothing; they are truly one and the same

  2. The small business administration definitions

  3. Whether the business is an internet based one or not

  4. The risk taking or re-invention of a business VS. someone who "simply" starts a business or buys an existing one.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The primary distinction lies in the intent and approach: an entrepreneur focuses on innovation, risk-taking, and scaling a business model, whereas a small business owner typically focuses on operating a stable, existing business model.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

An intrapreneur needs to have a blend of: _______.

  1. Communication skills and intelligence

  2. Managerial skills and entrepreneurial skills

  3. Business skills and corporative skills

  4. Intrapersonal skills
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An inntrapreneur 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 intrapreneur needs to posses the both the skills. He like a manager has sometimes to manage the business he /she has set up

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

___ is the "inside entrepreneur".

  1. Shareholder

  2. Part time director

  3. Intrapreneur

  4. All of above
Reveal answer Fill a bubble to check yourself
C Correct answer
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. It is a combination of entrepreneurship and management skills.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Not every business needs an Entrepreneur, but every business needs an Intrapreneur.

  1. True

  2. False

  3. Partly true

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
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. Without the minor goals the major goals cannot be achieved. So, intrapreneur are important for a business

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Intrapreneur faces competition from -

  1. Entrepreneurs

  2. Managers

  3. Employees within the organization

  4. All the above
Reveal answer Fill a bubble to check yourself
C Correct answer
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. It is a combination of entrepreneurship and management skills.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

___ have to face rivalry within the organization they work.

  1. Entrepreneurs

  2. Owner

  3. Shareholder

  4. Intrapreneurs
Reveal answer Fill a bubble to check yourself
D Correct answer
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. It is a combination of entrepreneurship and management skills.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Research indicates that most successful entrepreneurs share certain personal attributes, including ___

  1. Leadership

  2. Passion

  3. Self confidence

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

An entrepreneur in order to be successful should posses some personal characteristics apart from the business idea he poses or the amount of capital he has to invest.

5 important personal traits are identified that an entrepreneur needs to poses. They are:-
Passion to do something.
Motivation/ determination to excel
Creativity to think differently.
Dedication to what they do.
Risk taker

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Key characteristic(s) of Intrapreneurship: __________.

  1. It promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities.

  2. Intrapreneurship projects are funded by large business organization and agreed percentage of profits are remitted to the fund provider/head quarters of the business.

  3. Intrapreneurship will cultivate entrepreneurial skills/culture within the corporate culture where managers will be motivated to accept more risk.

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Intrapreneurship is being an entrepreneur inside or within the organization. Intrapreneurship will cultivate entrepreneurial skills/culture within the corporate culture where managers will be motivated to accept more risk.

Ir promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities and intrapreneurship projects are funded by large business houses and agreed percentage of profits are remitted to the fund provider.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Which of the following can be treated as trait of entrepreneur?

  1. He is a moderate risk taker

  2. He is innovative

  3. He peruses the deviant pursuits

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
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.

Multiple choice commercial studies structure of business e-advertising, e-marketing and e-security introduction to internet and e-commerce emerging modes of services e-tailing e-commerce and mobile commerce

Fast growth plus relatively low market share means that there is still enormous opportunity for new players to outpace traditional industry leaders.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

True. 

IF the market is growing fast and the sellers have very low market share then it indicates that there are enormous opportunities for all the new players to compete with the traditional industry leaders and outpace them. 

Multiple choice brochure/leaflet/flyer/pamphlet writing english

Select the best option. 

If you are writing a brochure introducing a company or institution, you should include which of the following?

  1. only the biggest achievements of the company

  2. the financial growth pattern of the company

  3. the past, present, and future plans of the company

  4. the history and creation of the company
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Choice C is correct as telling everything about the company would be truthful and give information about what is planned in the future. Choice a is wrong as it would be giving partial information. Choice B is wrong as only financial information is not enough. Choice D is wrong as giving the history of the institution will not show how it has grown. 

Multiple choice long-term and short-term finance sources of business finance business studies

The ______________ of a business is a key determinant.

  1. cost

  2. financial strength

  3. legal status

  4. control
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The financial strength of a business is a key determinant as finance is the life blood of any business. Finances are required by a company to carry out various activities. They can be classified into long-term capital needs and working capital needs.