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

..............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 hard workers entrepreneur

  2. The optimizer entrepreneur

  3. The idealist entrepreneur

  4. Sustainer type of entrepreneurs
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: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

................is the most common type of entrepreneur. He likes innovation and enjoys working on something new or creative. He is guided by more ideals while keeping in view the ideas that are formulated by him in order to pursue his innovation.

  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

Idealist entrepreneur is the most common type of entrepreneur. He/she likes innovation and enjoys working on something new or doing something creative or meaningful. They are the person who put up their skills for achieving something unique.

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

..................... category includes persons who enjoy putting in long hours to build a larger and more profitable business. They like to challenge themselves and strive harder to attain the same. They reap the most rewards if the business turns out to be'a multi-million dollar enterprise.

  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
A Correct answer
Explanation

The Hard worker entrepreneur category includes persons who enjoys putting in long hours to build a larger and more profitable business. They like to challenge themselves and strive harder to attain the same. Most successful entrepreneur are hard worker entrepreneur who love what they do.

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 of the following is not an example of 'technical entrepreneur'?

  1. User - familiar with marketing or end-use applications

  2. Research - experience of scientific development

  3. Opportunist - experience gained in a non-technical organization

  4. Consolidator - skills in linking technical and business aspects
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A technical entrepreneur is a person who uses technology be it an  app or software for its business purposes.

Consolidator is an example of technical entrepreneur  who uses his/her skills in linking technical and business aspects.

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

Sheetal is one of the newest and most successful entrepreneurs in the technology industry. She handles numerous dealings with other companies for the exchange of goods and services. Her primary goal is to ensure that all parties involved receive favourable and acceptable terms. Sheetal is most probably excellent at the entrepreneurial skill of_______.

  1. Negotiating

  2. Networking

  3. Leadership

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

Negotiation is a major part of any business activity. Negotiation is the process for reaching an agreement or conclusion. As Sheetal is good in dealings with her customers she is probably excellent at the entrepreneurial skill of Negotiating.

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

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

_________ has traditionally been a major source of information about the external world for most entrepreneurs for decision making on the new product.

  1. Passive scanning

  2. Environmental scanning

  3. Active scanning

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

Scanning of opportunities is emerging as an important area in the topic of entrepreneurship. Continuous scanning of the operating environment needs to be done in order to stay competitive.

        Ongoing scanning at an almost unconscious level is called Passive Scanning. No effort is made to select a particular information to scan. It is a continuous process.

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 out of the following is entrepreneurship which is totally internal in an organisation:

  1. Internal Entrepreneurship

  2. Internal Intrapreneurship

  3. Both a) & b)

  4. None of the above
Reveal answer Fill a bubble to check yourself
D 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. It is a combination of entrepreneurship and management skills.

Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

_____ makes it possible to execute large projects requiring huge capital outlays and manpower.

  1. Wholly Owned Subsidiaries

  2. Franchising

  3. Joint venture

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

Since the joint venture is not a legal entity, it does not enter into contracts, hire employees, or have its own tax liabilities. These activities and obligations are handled through the co-venturers directly and are governed by contract.

Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

Success in a joint venture depends on comprehensive research and a detailed analysis of aims and objectives.

  1. True

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

  • Employee: If the risks of business ownership scare you and you lack an entrepreneurial spirit, business ownership is likely not for you, whether it be your own.

  • Creative entrepreneur: If you possess a creative mind that feels constricted by boundaries and models, starting your own business is likely your best bet.

  • Executive entrepreneur: If you are comfortable operating within a proven system and value support over autonomous freedom, franchising may be for you.

Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

_______ often enable growth without having to borrow funds or look for outside investors.

  1. Contract manufacturing

  2. Joint ventures

  3. Licensing

  4. Wholly Owned Subsidiaries
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Joint ventures allow companies to share resources, risks, and costs with a partner, which can facilitate growth without the need for external debt or equity financing.

Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

Everything is an advantage of joint ventures except ________.

  1. the costs of a new project can be split between the companies involved

  2. manufacturing costs will be divided between the firms in the venture

  3. joint ventures between firms in different countries can create new market opportunities

  4. management of the joint venture will lead to disagreements.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Although joint ventures avail the benefit of reduction in cost, easy entry in overseas market etc., management of joint ventures lead to disagreement due to conflict in the thoughts of the parties involved. Small disagreement may prove healthy for the business as it will force management to evaluate its decision more carefully but if all parties are regularly not satisfied joint venture may lead to failure.
Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

The main reasons for a starting a joint venture are _____________.

  1. expansion of business

  2. development of new products

  3. moving into new markets

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

A joint venture is an arrangement in which two or more companies or parties join forces to engage in a specific business activity. The most common reasons for businesses to decide to enter into a joint venture include gaining access to new markets, increasing market power, and sharing resources.

Multiple choice joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

It is becoming increasingly common for companies to create joint ventures with other companies and form strategic alliances with them.

  1. True

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

It is becoming increasingly common for companies to create joint ventures with other companies and form strategic alliances with them. The reasons for these alliances may be complementary capabilities and resources such as distribution channels, technology or finance.