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

_________ requires a fresh way of looking at things an understanding of people, and an entrepreneurial willingness to take risks and to work hard.

  1. Inability

  2. Development

  3. Innovation

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

Innovation is the process of bringing in to existence something new by applying or combining the existing ideas. It involves risk and hard work. It requires a fresh way of looking at things an understanding of people and an entrepreneurial willingness to take risks and to work hard.

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

_____like entrepreneurs are the people with great willingness and efficient leadership. He inspires others. He has an incredible will and ability to lead the world and the business through any challenge. He is the essence of entrepreneurship and can assemble great companies.

  1. Hero

  2. Healer

  3. Superstar

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

As the name suggests hero  is a person who is appreciated  for their courage, achievements and good qualities. A Hero like entrepreneurs are the people with great willingness and efficient leadership. He inspires other. He has an incredible will and ability to lead the world and the business through any challenge.He is the essence of entrepreneurship and can assemble great companies.

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

"A person within a large corporation who take 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 organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

An informal group of innovative employees who are permitted to digress temporarily from their regular tasks to develop new ideas are referred to as:

  1. Underground

  2. Skunkworks

  3. Yahoos

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

A skunkworks is a work developed by a loosely structured group small group of people who rsearch and develop work primarily for the sake of radical innovation. It is an informal group of innovative employees.

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

The cost of entrepreneur as a factor of production is _______.

  1. interest

  2. rent

  3. dividend/profit

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

Dividend/profit is known as the cost as a factor of production.For instance, when an entrepreneur invests his ideas to run an organization,then as a result ,profit is derived which is known as the cost of entrepreneur.

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

An entrepreneur takes the responsibility of _________.

  1. production

  2. supply of a production

  3. management

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

An entrepreneur uses his skill and knowledge to run an organization and thus, he takes the responsibility of the whole organization in order to ensure the smooth functioning of the organization.

Multiple choice economics concept of consumption function, saving function and investment function capital economy of a village wealth, capital and money

What does venture capital mean?

  1. A short-term capital provided to industries

  2. A long-term start-up capital provided to new entrepreneurs

  3. Funds provided to industries at times of incurring losses

  4. Funds provided for replacement and renovation of industries
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Entrepreneurs with ideas but lacking capital seek funds through the 'venture capital funds', In the RBI's classification such funds fall under Alternative Investment Funds (AIFs).

Multiple choice economics concept of consumption function, saving function and investment function capital economy of a village wealth, capital and money

Real Capital Formation requires ___________________.

  1. An entrepreneurial class which is prepared to bear the risk of business

  2. Economic and industrial policies in which Investment is given initiative

  3. An inducement to invest, e.g. prospective rate of profit

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

Real capital formation requires a conducive environment that includes risk-taking entrepreneurs, supportive government policies, and economic incentives like the potential for profit to encourage investment.