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.

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Entrepreneurship and Innovation Questions

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which of the following describes the Entrepreneurship development?

  1. It is the process of enhancing entrepreneurial skills and knowledge.

  2. It aims to enlarge the base of entrepreneurs.

  3. It focuses on individuals who wish to start or expand business.

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

Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual. This is done through various processes like classroom training, other programmes etc. Now, even the school curriculum insludes chapter for entrepreneurship developments.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

One of the competencies, laid down by EDI states that breaking the complex whole into parts, close examination of the parts and inferring about the whole, contributes toward entrepreneurial performance and success. Identify the competency.

  1. Efficiency Orientation

  2. Persistence

  3. Systematic Planning

  4. Commitment to Work Contract
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

An entrepreneur always does systematic planning. An entrepreneur plans for what he/she expects from a business. He breaks down a large business tasks in to small parts. Systematic Planning is one of the competencies,laid down by EDI states that breaking the complex whole in to parts,close examination of the parts and inferring about the whole,contributes towards entrepreneurial performance and success.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

A Business Plan consists of which of the following?

  1. Market analysis

  2. Risk factors

  3. Executive Summary

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

A business plan consists of the details of activities or small plans that need to  be carried out to achieve the business main plan. It consists of market analysis, risk factors that can affect the business and executive summary. Market analysis helps to analyse the factors affecting the business, risk factors helps in knowing the risks that a business will face and executive summary helps in knowing the overall plan in brief.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Entrepreneurship Development Institute of India (EDI), is a national resource institution in the area of entrepreneurship education research and development, in India.

  1. True

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

Entrepreneurship development Program aims at building or developing entrepreneurship skills and potentials within an individual. Entrepreneurship Development Institute of India is a premier institute and is a National Institution in the area of entrepreneurship education research and development in India.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Entrepreneurship is the incubator of the innovation.

  1. True

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

Entrepreneurship is the process of bringing something new in to existence whether its a business, idea,process or product. Bringing something new means innovation.Entrepreneurship is the incubator of the innovation.Innovation means bringing in to existence something new may be a product, service,idea or solution. Innovation is the process of bringing the best ideas in to reality, which triggers a creative idea, which generates a series of innovative events.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

To _______, an entrepreneur is one who brings resources, labour, materials, and other assets together to make value greater than before.

  1. a psychologist

  2. an economist

  3. a businessman

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

An economist Alferd Marshall was the one who brought in the concept of entrepreneurship for the first time in 1890s. To An economist, an entrepreneur is one who brings resources,labour,materials and other assets together to make value greater than before.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Identify the personality factor(s) that affect entrepreneurship.

  1. Irrational monetary and fiscal policies

  2. Lack of Persuasion

  3. Unfair trade practices

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

Lack of persuasion is the personality factor that affects entrepreneurship. Lack of persuasion leads to lack of communication and creates hindrance in influencing others.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which of the following factors acts as fuel to feed the nations entrepreneurial fire?

  1. Greater opportunities for Entrepreneurial education

  2. The shift from an industrial economy to a service economy

  3. Increasingly powerful technological advancements that is available at affordable prices.

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

The increasing advancement in technology at affordable prices have made working of various businesses available to entrepreneurs. This is a shift from industrial economy to a service economy of entrepreneurs providing numerous services, leading to a greater knowledge and education for developing entrepreneurial skills.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Individuals who help the entrepreneur in business activities are  _________.

  1. role modes

  2. professional-support network

  3. employees

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

Professional support network is the team of professionals who work under the guidance of an entrepreneur to work and carry out business activities for smooth fuctioning of the business.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Why it is said that there are better odds of winning if you be an Entrepreneur because _________.

  1. you start a new business

  2. you do what you love to do

  3. passion is the fuel for success

  4. both b and c
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The question asks about why entrepreneurs have better odds of winning. The reasoning combines two key aspects: (B) entrepreneurs do what they love, and (C) passion fuels success. Both factors contribute to entrepreneurial success, making D the correct answer.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which of the following is not true about an entrepreneur?

  1. An entrepreneur is creative, innovative and risk taker

  2. An entrepreneur is independent

  3. An entrepreneur is not future oriented

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

Characterstics of entrepreneurs:
1) Entrepreneur are Person who owns and develops his business
2) Entrepreneurs have Talent
3) Entrepreneurs have a way of thinking in innovative ways about ordinary things that leads to their ability to create new value
4) Entrepreneurs have an ability to acquire the necessary skills and expertise to push their new ventures forward
5) Entrepreneurs have strong urge to be independent
6) Entrepreneur is commonly seen as a business leader
7) Entrepreneurs have a ability to fight competitiveness

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which type of entrepreneur is lead by charisma, charm and high energy?

  1. Superstar

  2. Fireball

  3. Juggler

  4. Hero
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Superstar- Here the business is centred around the charisma and high energy of the Superstar CEO. This personality often will cause you to build your business around your own personal brand.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which type of entrepreneur is full of life, energy and optimism?

  1. Fireball

  2. Healer

  3. Juggler

  4. Optimiser
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Fireball- A business owned and operated by a Fireball is full of life, energy and optimism. Your company is life-energizing and makes customers feel the company has a get it done attitude in a fun playful manner.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

What type of entrepreneur do not do new things?

  1. Superstar

  2. Fireball

  3. Jugglers

  4. Sustainers
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Sustainer-The sustainers entrepreneur category consists of people who like the thought of the balancing work and apersonal life. Most often they do not wish the business to grow too large where it will cut into their personal life too much. They do not do new things.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which of the following is not a type of entrepreneur?

  1. Villain

  2. Artiste

  3. Fireball

  4. Superstar
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Following are the types of entrepreneurs
(i)Idealist
(ii)Optimiser
(iii)Hard workers
(iv)Sustainers
(v)Improver
(vi)Advisor
(vii)Superstar
(viii)Artiste
(ix)Visionary
(x)Analyst
(xi)Fireball
(xii)Jugglers
(xiii)Hero
(xiv)Healer.
 Villian is not a type of enterpreneur.