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

What is the logical order for stages of development in entrepreneurial firm?
(i) Corporate
(ii) Start up
(iii) Established
(iv) Seed stage
(v) Early growth

  1. (i) (ii) (iii) (iv) (v)

  2. (v) (iii) (iv) (ii) (i)

  3. (iv) (ii) (v) (iii) (i)

  4. (v) (iv) (iii) (ii) (i)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Any type of business starts with an Idea. So the first step of entrepreneurial firm is seed stage means having a business idea. The second step follows with the establishment of a start up business with the idea generated in the first step.  Every business has an early stage which becomes the third stage. After sustaining every ups and downs in the early stage, the business gains an established phase and then it converts in to a corporate.

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 common motivation of an entrepreneur?

  1. desire for independence.

  2. search for personal and professional growth.

  3. desire to maintain the status quo.

  4. search for more rewarding work.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

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

To leverage upon the extraordinary talent pool of the potential entrepreneurs, it is essential to create the right environment by ensuring that _________.

  1. entrepreneurs have access to the right skill

  2. entrepreneurs have access to smart capital

  3. enable networking and exchange

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

Creating Entrepreneurs focuses on four main areas.

1. Creating the right environment for success:- Entrepreneurs should find it easy to start a business. Creating a proper environment renders it easy for them to start something new.
2.Should have access to the Right Skill:- Some skills needs to be developed in a person to be a successful entrepreneur. Many campaigns and curriculum has been designed to build this skill among the people.
3. Have access to smart capital:- Entrepreneurs should have access to all time source for capital investment. Lack of money will act as  biggest hindrance to growth of a business.
4. Enabling Networking and Exchange:- Entrepreneurs learn from experience theirs and that of others. 

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

Who suggests that the process of innovation is actually of spontaneous " undeliberate learning"?

  1. Knight

  2. Kirzner

  3. John Stuart Mill

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

Knight claims that an entrepreneur will be able to bear the risk of a new venture if he believes that there is a significant chance of profits.

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

___________  comes in a close second and is content with the personal satisfaction of simply being a business owner. It is derived from being optimistic.

  1. The had workers entrepreneur

  2. The optimizer entrepreneur

  3. The Idealist entrepreneur

  4. Sustainer type of entrepreneur
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Optimizer entrepreneur comes in a close second and is content with the personal satisfaction of simply being a business owner.

Everyone has a desire of becoming a business owner and if someone has such a desire then He/She falls in this category.

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

As the meaning of the word itself implies, sustain is to maintain; the ________________  comprise of people who like to maintain a balance between work and a personal life. Most often, they do not wish the business to grow too large where it will cut into their personal life. these people just need enough to survive.

  1. the hard workers entrepreneur

  2. the optimizer entrepreneur

  3. the Idealist entrepreneur

  4. sustainer type of entrepreneurs
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Sustainer type of entrepreneur compromise to sustain. As the meaning of the word itself implies, sustain is to maintain. They comprise of people who like to maintain a balance work and a personal life. Most often, they do not wish the business to grow too large where it will cut in to their personal life. These people just need enough to survive.

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

____________ are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

  1. The hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The Idealist entrepreneur

  4. Sustainer type of entrepreneurs
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The idealist entrepreneur likes innovation and enjoys working on something new or something meaningful. They are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

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

Among the following which are to be considered as a type of entrepreneur?
(i) Idealist (ii) Optimisers (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

  1. (i),(iv), (vi), (ix), (xii), (xiv)

  2. (ii), (iii), (vii), (xi), (xiii)

  3. (v), (viii), (x), (xi), (xii)

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

The list provided contains various recognized archetypes or types of entrepreneurs often cited in business literature. Since all listed categories are valid classifications, 'all of the above' is correct.

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

In an international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur?

  1. What are unique characteristics of each market?

  2. Who should be involved in marketing decisions?

  3. What customer benefits are provided by the product?

  4. What are the company's major strengths and weaknesses?
Reveal answer Fill a bubble to check yourself
A Correct answer
Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Entrepreneurship is characterized by the following features viz _______.

  1. essence of entrepreneurship is the willingness to assume risk arising out of the creation and implementation of new ideas

  2. entrepreneurship involves a continuous search for new ideas

  3. entrepreneurship is a process, a journey, not the destination; a means, not an end

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

Entrepreneurship is the process of developing some new process, business,ideas from the existing one by applying skills and potentials. It is characterized by the following features:- entrepreneurship is a process, a journey, not the destination; a means, not an end, it involves a continuous search for new ideas and the essence of entrepreneurship is the willingness to assume risk out of the creation and implementation of new ideas.

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

____ are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute to a noble cause.

  1. The hard workers entrepreneur

  2. The idealist entrepreneur

  3. The improver types of entrepreneur

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

The idealist entrepreneur likes innovation and enjoys working on something new or something meaningful. They are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

Answer is B.

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

The typical corporate culture has a climate and reward system that favors Conservative decision-making. Often there are individuals who want to come out of it. Which one of the following is the first step in the Entrepreneurial process?

  1. Developing successful business ideas

  2. Deciding to become an Entrepreneur

  3. Growing the Entrepreneurial firm

  4. Moving from an idea to an Intrapreneur
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The entrepreneurial process begins with the decision to become an entrepreneur, which is the foundational step before developing ideas or growing a firm.

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

Identify which of the following statement is true.
(W) Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is that they are gap - fillers.
(X) Kirzner suggests that the process of innovation is actually of spontaneous "undeliberate learning".
(Y) Knight claims that an entrepreneur will be able to bear the risk of a new venture if he believes that there is a significant chance of profits.
(Z) Marshall, however, implies that people can be taught to acquire the abilities that are necessary to be an entrepreneur.
Select the correct answer from the options given below -

  1. (W) & (X)

  2. (Y) & (Z)

  3. (W), (X) & (Z)

  4. (W), (X), (Y) & (Z)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

All the statements regarding an entrepreneur are true. These statements represent the various characteristics of an entrepreneur.

Marshall stated that people can be taught to acquire the abilities that are necessary to be an entrepreneur by providing them with proper training and skills.
Knight claims that an entrepreneur will be able to bear the risk of  a new venture if he believes that there is a significant chance of profits. Every entrepreneur has to bear some risk for achieving some profits.
 Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is taht they are gap fillers.

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

Innovation creates new demand and entrepreneurs bring the innovations to the market. This destroys the existing markets and creates new ones, which will in turn be destroyed by even newer products or services. ____________ calls, this process, 'creative destructions'.

  1. Dr. Marshall

  2. Schumpeter

  3. Drucker

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

Schumpter viewed entrepreneurship as a force of "creative Destruction". The entrepreneurs carry out "new combinations", thereby helping render old industries obsolete. Established ways of doing business are taken over by innovations and new ideas.