Commerce Accountancy ยท General Awareness
Entrepreneurship and Innovation
1,063 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
B
Correct answer
Explanation
A business plan is primarily an internal roadmap and a tool for securing funding. While it helps clarify the business model, it is not a marketing document intended for the general public or customers.
B
Correct answer
Explanation
A business plan should outline goals for the short, medium, and long term to provide a comprehensive vision for the company's future.
A
Correct answer
Explanation
A business plan is a living document that serves as a guide during the startup phase and continues to be a reference for strategic decision-making as the company grows.
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Expense minimisation
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Cost Leadership
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Innovation
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Economies of scale
B
Correct answer
Explanation
Cost Leadership is a competitive strategy where a business aims to become the lowest-cost producer in its industry.
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Tends to work long hours; Democratic; Visionary & Driven
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Tends to work long hours; Characteristic; Visionary & Driven
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Tends to work long hours; Democratic; Consultative & Driven
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Tends to work long hours; Characteristic; Consensus & Driven
B
Correct answer
Explanation
Entrepreneurial leaders work long hours, are visionaries who see opportunities others miss, and are driven to achieve. The style is typically more autocratic than democratic (founders making quick decisions).
B
Correct answer
Explanation
A business model describes how a company creates, delivers, and captures value, while a business plan is a document that outlines how the business will achieve its specific goals. They are distinct concepts.
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Company's plan to make profit
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Written document describing company's objectives/ goals
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Identifies products/ services, target market
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Identifies anticipated expenses
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Prepare/ test financial forecast
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Create scenarios, assess the amount of capital needed, hunt for cash
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Choose a legal status
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Locate and set up operations
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Management structure, Production/ Sales and marketing/ Financial entity
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Financial/ Physical/ Intellectual assets
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Capital assets
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Project, idea, inspiration, dedication
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Frankenstein syndrom (fear that creation will annihilate humanity)
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Impatience
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Delay the time to market the innovation
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Listen and try to please every stakeholder
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Economical
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Sociological
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Managerial
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Neurological
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Opportunistic copycat
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Breakthrough innovation
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Fighting for a social cause
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No knowledge in the activity
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Have an idea
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Build the prototype
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Hire employees
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Register with the government
A
Correct answer
Explanation
Every business venture begins with an initial concept or idea. While building prototypes, hiring, and registration are essential steps, they all follow the conceptualization phase.
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commercial, financial
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financial, sensible
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financial, commercial
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big, small
C
Correct answer
Explanation
Investors typically provide capital and face financial risk regarding their return on investment. Entrepreneurs undertake commercial risk by starting and operating a business venture.
B
Correct answer
Explanation
Social entrepreneurs start businesses primarily to solve social or environmental problems, meaning their primary motive is not necessarily profit.