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 organization of commerce and management employment opportunities in commerce outsourcing employment opportunities in insurance sector and capital market emerging service business in india

The most uncommon reason why companies outsource is ___________________.

  1. better manage the costs of internal processes

  2. more market exposure

  3. tap outside sources of expertise

  4. reduce headcount and related expenses
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The most uncommon reason why companies outsource is to reduce headcount and related expenses as outsourcing is cost effective and helps the organisation in focusing mainly on core activities.

Multiple choice organization of commerce and management employment opportunities in commerce outsourcing employment opportunities in insurance sector and capital market emerging service business in india

The structure of these businesses will be ________ and the problem they face will be ________ as a result, of the difference.

  1. different, same

  2. same, different

  3. different, vary

  4. same, same
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The structure of outsourcing business are different and the results vary upon the different structure of the outsourcing 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

Which of the following is not a type of entrepreneur?

  1. Sustainer

  2. Explorer

  3. Improver

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

Sustainer, Improver, and Fireball are recognized types of entrepreneurs in various business textbooks. 'Explorer' is not a standard classification in this specific context.

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

What did Leibenstein thought about entrepreneur indicate?

  1. He is a innovator

  2. He is a gap-filler

  3. He is a person of no ordinary skill

  4. He improved the production.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Harvey Leibenstein's theory of entrepreneurship focuses on the entrepreneur as a 'gap-filler' who identifies and fills gaps in the market to achieve efficiency.

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

In your text various classification of entrepreneur are given except ________.

  1. improver entrepreneur

  2. advisor entrepreneur

  3. classic entrepreneur

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

Common entrepreneur classifications include Improver, Classic and various other types. Advisor entrepreneur is not a standard category in typical entrepreneur typologies.

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 resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing _________.

  1. administrative domain

  2. managerial domain

  3. intrapreneurship

  4. entrepreneurship
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.

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

Superstar type of entrepreneur is lead by  __________.

  1. charisma

  2. charm

  3. high energy

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

Superstar type of entrepreneur is lead by high energy levels, charisma and charm. The business of the company revolves around the charisma and show of high level energy and charm.

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 entrepreneur could be a manager but a manager cannot be an entrepreneur".

  1. True

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

An entrepreneur could act as a manager. He posses leadership skills who manages the business he started. But a manager cannot be an entrepreneur because he does not assumes any risk.

Multiple choice organisation of commerce and management micro, medium and small enterprises (msmes) nabard and kvic funding and assistance to small businesses privileges and other promotional measures for msmes world bank

SIDBI Start-Up Mitra is the digital initiative that facilitates the entrepreneurs to engage with incubators, investors, mentors etc.

  1. True

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

True

SIDBI Startup Mitra
SIDBI Start-Up Mitra is a digital initiative that address gaps in the start-up ecosystem. The portal was launched by the Hon’ble President of India on March 17th, 2016. It acts as a virtual platform to bring together all stakeholders, start-up entrepreneurs, incubators, investors (Angel networks / Venture Capital Funds), industry bodies, mentors /advisors and banks to meet the financing and developmental needs of the early stage start-ups and enterprises

The portal also facilitates entrepreneurs to engage with incubators, investors, mentors and spreads awareness about the government schemes for start-ups in India by becoming the knowledge partner for State and Central Governments. The portal is supported by the Department of Science and Technology [DST], Govt. of India and currently boasts of more than 10,245 start-ups, 118 incubators and 90 investors as registered members on the platform

Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Franchising is the practice of using another firm's successful business model.

  1. True

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

Franchising is based on a marketing concept which can be adopted by an organization as a strategy for business expansion. Where implemented, a franchiser licenses its know-how, procedures, intellectual property, use of its business model, brand, and rights to sell its branded products and services to a franchisee

Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Characteristic(s) of franchising include(s) ______.

  1. It is a replication of some successful business format

  2. It takes place in case of businesses with a good track record of profitability

  3. It applies to business which are easily duplicated and replicated

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

There are five key characteristics that, more than any others, determine success as a franchisee. They are Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk.

To see if franchising will suit you check out these nine characteristics:
  • Strong desire to improve business skills.
  • Likes to use proven systems/structure.
  • Believes that customers must be highly valued.
  • Some entrepreneurial spirit.
  • Open to change and feedback.
  • Real ambition to grow a business.
  • Committed to the power of a brand.
Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Franchising enables the franchiser to increase his goodwill and reputation by expanding his network.

  1. false

  2. partly false

  3. true

  4. partly true
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A franchise is a business opportunity that allows the franchisee to start a business by legally using the franchiser's expertise, ideas, and processes. This helps the franchiser to grow his business in the market and increases the goodwill of the franchiser.

Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Compared to licensing, franchising is a more advantageous entry mode because __________.

  1. it generates economies of scale in marketing to international customers

  2. it is low-risk and low-cost

  3. it offers greater control

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

Franchising is a more advantageous entry mode as it helps in expansion of business and also generates economies of scale and also offers greater control to an organisation at a low risk and at low cost.

Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Franchiser helps the franchisee on setting up business or not?

  1. Yes

  2. No

  3. Partly yes

  4. Can't say
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Yes, franchiser helps the franchisee on setting up a business as it provides know-how, training to the franchisee regarding its business and also give him the rights to sell its products in the market.

Multiple choice commerce emerging service business in india franchising outsourcing and franchising recent trends of business employment opportunities in commerce

Which of the following statement is not correct in relation to 'Franchise'? 

  1. Franchising is the practice to use the another firm's successful business model.

  2. It is the business relationship between two organisations where a franchiser, who is the owner of a brand name, product or system of a business, permits a franchisee to use its brand, product or business process for a free.

  3. The franchisor provides training and continuous assistance to the franchisee.

  4. Franchiser shares all business and trade secrete with franchisee.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
  • Franchising is a “form of licensing in which a parent company (the franchisor) grants another independent entity (the franchisee) the right to do business in a prescribed manner. This right can take the form of selling the franchisers products, ‘using its name, production and marketing technique, or general business approach.” Donald W. Hackett
  • Franchising is the practice to use the another firm's successful business model.
  • The franchiser provides training and continuous assistance to the franchisee.
  • Franchiser need not share all business and trade secrete with franchisee.