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 economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

Business as an entrepreneurial hub is one of the major drivers identified by ________________.

  1. the Expert Committee on Innovation & Entrepreneurship

  2. innovative Start-ups

  3. incubation policy

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Business as entrepreneurial hubs is one of the major drivers identified by the Expert Committee on Innovation and Entrepreneurship with a view to give substantial boost to the innovation ecosystem and to catalyze the entrepreneurial spirit in the country.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

Social entrepreneurs act as the _____________________________.

  1. change agent for poor people

  2. change agent for government

  3. change agent for society

  4. change agent for nation
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Social entrepreneurs act as the change agents for society,seizing opportunities others miss and improving systems and creating solutions to change the society for better.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

Social entrepreneurs play the role of change agents in the social sector by _____________________. 

  1. adopting a mission to create and sustain social value recognizing and relentlessly pursuing new opportunities to serve that mission

  2. engaging in a process of continuous innovations, adaptations and learning.

  3. acting boldly without being limited by resources currently in hand

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

Social entrepreneurs are individuals who act as an agent to change the society for better. They can tackle social issues with innovative and creative methods. They also offer wide range of ideas and act boldly .

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

In a social enterprise model measurable impact is created by the generation of _______________.

  1. funding value

  2. service value

  3. economic value

  4. social value
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Social enterprise model gives the most preference to the social value. Social entrepreneurs upholds the social and ethical value like,providing affordable health care,basi foodstuffs etc.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

The funding of social entrepreneurs is essentially a problem of ________.

  1. availability of investment option

  2. financing structuring

  3. profits

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Social entrepreneurs usually are not profitable enough to access traditional financial markets,resulting in a financial-social gap. Thus, the funding of social entrepreneurs is essentially a problem of financing structuring.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

An entrepreneur must be ______ to foresee the changes in the market so that the production could be adjusted accordingly.

  1. careless

  2. farsighted

  3. negligent

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

An entrepreneur must be Farsighted to foresee the changes in the market so that the production could be adjusted accordingly. If a entrepreneur will have the awareness of future possibilities, he will do some adjustment according to it. 

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

The main functions of an entrepreneur are grouped categories including ______________.

  1. risk-bearing functions

  2. administrative and decision-making functions

  3. distributive functions

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

The entrepreneur brings the other 3 factors of production together in  order to  make a product or provide a service. 

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

An entrepreneur always attempts to bring change in terms of factor proportions which is called innovation. A manager is concerned only with day-to-day affairs of a going concern.

  1. True

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

An entrepreneur is a person with an idea who takes the risk to pursue the idea and turn it into reality.On the other hand,manager manages the operations and functions of the organizations.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

___________ is one of the most important functions of an entrepreneur.

  1. Entertainment

  2. Innovation

  3. Administration

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

Innovation is important for entrepreneur because an entrepreneur leads the rest of the firm and constant innovation is required for being competitive in the market and hence create more income for themselves and the country. 

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

An entrepreneur must have the qualities of __________.

  1. influencing the people

  2. win their confidence

  3. must understand human nature

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

An entrepreneur must have the capability to interact with the people. The entrepreneur should make the people happy and win their confidence. He should be able to understand the nature of the people. He should react according to the person's behaviour.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

What is the most important and specific function of an entrepreneur?

  1. Risk-bearing function

  2. Administrative function

  3. Decision-making function

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

An entrepreneur has to bear all types of risks connected with the business. The risk may be associated with production, investment, profit or loss of the company, technological and frequent changes in government policies. It is very important function of an entrepreneur.