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: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Select the statement, which is not true for Entrepreneurs 

  1. They have leading power of quality

  2. They change the way businesses convent inputs into outputs.

  3. They apply innovative ideas.

  4. They generally stick to the processes already in use.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Entrepreneurs are defined by their innovative spirit and willingness to disrupt existing processes, rather than sticking to traditional or established methods.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

What is central for enhancing the economic opportunity of nations & organizations.

  1. Entrepreneur

  2. Intrapreneur

  3. Manager

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

Entrepreneurs are considered central to economic growth because they identify opportunities, mobilize resources, and create value, which drives development.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

The Entrepreneur doing business within the national border is called. 

  1. International Entrepreneur.

  2. Intrapreneur.

  3. Domestic Entrepreneur

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

A domestic entrepreneur operates within the boundaries of their own country, as opposed to an international entrepreneur who engages in cross-border trade.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Invariably the primary focus of Intrapreneur is on

  1. To move towards organizational success.

  2. To move towards personal success.

  3. To create opportunity for move money being independent

  4. Both a & b
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

An intrapreneur operates within an established organization, and their primary focus is to drive innovation, solve problems, and contribute to overall organizational success and growth rather than personal independence or immediate personal financial gain.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Which statement is not true of entrepreneurs?

  1. They apply innovative ideas.

  2. They take risks

  3. They change the way businesses convert inputs into outputs

  4. They generally stick to the processes already in use
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

This is a repeat of the concept that entrepreneurs are innovators; sticking to existing processes is the opposite of entrepreneurial behavior.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

The Entrepreneur must possess the abilities:

  1. Creative

  2. Conceptualization

  3. Understanding environment

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

Successful entrepreneurs require a diverse skill set, including creativity for innovation, conceptualization for strategy, and the ability to analyze the business environment.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

The primary reason Entrepreneurs start companies is to _____________.

  1. Recover form a layoff

  2. Create something new

  3. Make money

  4. Control their own lives.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

While making money or creating things are important aspects of business, research into entrepreneurial motivations consistently shows that the desire for autonomy, independence, and control over one's own life and schedule is a primary driving force.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Respectfulness discharging social obligation and fair behaviour are few ___________ attributes of an entrepreneur.

  1. mental

  2. ethical

  3. physical

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

Social obligations and fair behavior relate to how an entrepreneur interacts with society and stakeholders, falling under the category of social attributes.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

What is central for enhancing the economic opportunity of nations and organizations?

  1. Entrepreneur

  2. Intrapreneur

  3. Manager

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

Entrepreneur has the tendency to thrive for achievement and economic growth of its own business, which in all enhances economic development, economic opportunity of nations and organization

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Select the statement which is not true for entrepreneurs.

  1. They have leading power of quality

  2. They change the way businesses convent inputs into outputs.

  3. They apply innovative ideas

  4. They generally stick to the processes already in use
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Entrepreneurs usually think out of the box than the same old process of doing things, rather they believe in doing things with innovation and make sure they achieve what they desire for.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

To impose deadlines for himself is the requirement of ___________.

  1. entrepreneurs

  2. intrapreneur

  3. manager

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

Intrapreneur is an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities. An intrapreneur is mostly assigned to a project by the organization to which deadlines are imposed by himself to prove progress in its work. 

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Which statement is not true of entrepreneurs?

  1. They apply innovative ideas

  2. They take risks

  3. They change the way businesses convert inputs into outputs

  4. They generally stick to the processes already in use
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

An entrepreneur is a person who is innovative in his ideas and thinks out of the box, they are open to take risks involved in the business process and they take different ideas to change the way of doing business and create more output from the input used.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Analyzing the business plan is required only for _________.

  1. start up company

  2. both start up company as well as established company

  3. companies that are not professionally managed

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

Business plans are essential for both new ventures seeking funding and established companies looking to pivot, expand, or secure new investment.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Secondary research in Entrepreneurship is __________.

  1. research that has already been done for other purposes but is recognized for specific purpose

  2. research that has already been done for general purpose

  3. research that has already been done for public purpose

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

Secondary research involves using data that has already been collected by others for different purposes, which is then analyzed to answer specific research questions.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Entrepreneur was distinguished from capital provider in _______.

  1. 17th century

  2. 18th century

  3. 19th and 20th century

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

During the 18th century, economic thinkers like Richard Cantillon and Adam Smith began clearly distinguishing the role of the entrepreneur, who bears risk and organizes production, from the mere capital provider who only supplies funds.