Commerce Accountancy · General Awareness

Entrepreneurship and Innovation

1,063 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 classification of busniess activities concept and types of commerce and industry nature of industries and commerce operative activities in business business as an activity meaning and types of trade trade and aids to trade

Premises which are absolutely beyond the clutch of business enterprises are ________________.

  1. Non-controllable

  2. Controllable premises

  3. Avoidable premises

  4. (B) or (C)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Non-controllable premises refer to external environmental factors, such as government policy or natural disasters, which a business cannot influence or control.

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

What are the projects that Chamber of Commerce needs to take for smooth trade?

  1. Marketing Projects

  2. Financial Projects

  3. Investment Projects

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

Investment Project - An investment project is a detailed proposal of an expenditure of liquid resources, with the objective of taking actions that will lead to future profits. - An investment project is made before the investment itself.

Multiple choice elements of business fundamentals of business activities factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Which of the following does not characterise business activity?

  1. Production of goods and services

  2. Presence of risk

  3. Sale or exchange of goods and services

  4. Salary or wages
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Business activity is an activity which is an engaged in primary purpose of making a profit, salary and wages are expenses to a business. Hence it is not a primary business activity. 

Multiple choice elements of business fundamentals of business activities factors affecting business interrelationship between industry, commerce and trade other aspects of a business

A __________ is also essential if a new venture is a manufacturing concern. 

  1. market analysis

  2. operation plan

  3. bank loan

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

If a new venture is an manufacturing concern it should have operational plan because operational plan consists of raw material requirement, manufacturing requirement , output and all things related to manufacturing.


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

Internprenueship is a combination of ____________.

  1. entrepreneurship

  2. management skills

  3. entrepreneurship and management skills

  4. none 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

" 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 ____________".

  1. an entrepreneur

  2. an intrapreneur

  3. an enterprise

  4. an inter manager
Reveal answer Fill a bubble to check yourself
B 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.

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 charcteristic(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 organisation 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

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

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