Commerce Accountancy · 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

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

Who are artiste entrepreneurs?

  1. Artist in T.V. serials

  2. Proclaim themselves to be artist

  3. Persons with creativity orientation

  4. Artist in movies
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Artiste- Often found in businesses demanding creativity such as web design and ad agencies. As an artist , typically youll tend to build your business around the unique talents and creativities you have.

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 utilizes the resources through ___________.

  1. identifying and evaluating the opportunity

  2. developing a business plan

  3. implementing the business plan

  4. manage the enterprise
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

An entrepreneur utilizes resources by executing their business plan, which translates the identified opportunity into a functional enterprise.

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 an idea behind an Entrepreneur doing a feasibility study?

  1. To see of there are possible barriers to success

  2. To identify possible sources of funds

  3. To estimate the expected sales

  4. To explore potential customers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A feasibility study is conducted to determine the viability of a business idea, specifically by identifying potential obstacles or barriers that could prevent success. While funding, sales, and customers are important, they are components of the broader assessment of whether the venture can realistically succeed.

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 one of the following is the way by which an Entrepreneur can enter into international business? 

  1. Export

  2. Non equity arrangements

  3. Direct foreign investment

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

Entrepreneurs can enter international markets through various channels, including exporting goods, establishing non-equity arrangements like licensing or franchising, and making direct foreign investments. Since all these are valid entry modes, the correct choice encompasses all options.

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

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?

  1. Manufacturing process

  2. Product price

  3. Names of suppliers of raw materials

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

The administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff and other necessary items are procured and ready to create finished products according to the schedule specified is production planning plan, focus is on inputs and process, i.e., plant and machinery used, material to be used, suppliers details, process of manufacturing.

Thus product pricing is not a part of production planning.

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

An Entrepreneur should do a feasibility study for starting a new venture. Select the correct option.

  1. To see if there are possible barriers to success.

  2. To identify possible sources of funds.

  3. To estimate the expected sales

  4. To explore potential customers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A feasibility study is primarily designed to assess the viability of a venture by identifying potential barriers to success. This helps the entrepreneur decide whether to proceed with the business plan.

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

OPPORTUNITY analysis is ________.

  1. a method of evaluating the entire venture.

  2. a business plan

  3. both a and b

  4. a derision to act or not to act on an opportunity
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Opportunity analysis is the process of evaluating a potential business opportunity to determine if it is worth pursuing. It serves as a decision-making tool regarding whether to commit resources to a specific venture.

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 the fruitful source for identifying business opportunities?

  1. Business associates.

  2. Technical people

  3. Consumers.

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

Business opportunities can arise from various sources, including feedback from consumers, technical experts, and business associates. Each of these groups provides unique insights that can lead to identifying a viable business venture.

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

As per international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur? Select correct option.

  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