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

Change being the only constant, need to continuously upgrade individual skills and fine-tune them to understand and master nuances is imperative. The emphasis seems to be on

Directions: Answer the given question based on the following passage:

With the whole world having converged into one market—the barriers, of whatever kind they may be, cannot persist for long. They must make way for the natural market forces.  It is these forces that will determine what will sell and what will not. It is these forces that will produce what consumers would want to consume. Only those who can read these forces will survive in the market. This market will not be local, but global. A successful entrepreneur has to dabble in this global market, in the international milieu, location notwithstanding. An individual’s traits and tenacity will, accordingly, be put to severe test. An institution can justify its existence only if it is able to hone and sharpen the skill of an individual to a level from where he or she can successfully dabble in international milieu. Several management schools are actually doing that while there are several others that are claiming to be doing that. We have set out on course to sift good from not-so-good.
Certain agencies examine these to provide necessary inputs on the mushrooming business schools so that one could take an informed decision on whether or not to choose them to hone entrepreneurial skill to enable them to dabble in any market. India is young. As part of that Young India and of the emerging economy, an academic stint with a quality institution, national or international, will expectedly give necessary tools to explore potential and develop market for India and Indian produce/services in the international arena and vice versa. This, in the process, will become an enabling conduit. 
Interactive sessions with international clientele—which these B-schools should enable —will give an insight into the basic needs of market and people who buy services and products. While smiles of the satisfied customers are rewards in themselves, they will constantly goad market people to keep upgrading their level of services. Frowns of dissatisfied/querulous customers will be lessons on how to deal with fastidious customers. Taking this as a challenge, ways and means of how to bring smile on the faces of the most fastidious of them all could and should be devised. Success or failure of an enterprise will largely depend on this. While life is changing fast, customer needs are changing faster still. This calls for constantly upgrading marketing skills to meet the requirements of ever changing facets of present day clientele. Change being the only constant, need to continuously upgrade individual skills and fine-tune them to understand and master nuances is imperative.

 

 

  1. converting challenges into opportunities

  2. evolving marketing trends in global economy

  3. international techniques and new tools of marketing

  4. creation of services and products for expansion of clientele base

  5. brand projection and management with the use of publicity/advertisement tools
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Frowns on the faces of dissatisfied/fastidious customers are a challenge for any enterprise. If customers are not satisfied, no enterprise can survive. The emphasis is on converting this challenge into opportunity to stay on course.

Multiple choice

Who does the author refer to as enabling conduit and why?

Directions: Answer the given question based on the following passage:

With the whole world having converged into one market—the barriers, of whatever kind they may be, cannot persist for long. They must make way for the natural market forces.  It is these forces that will determine what will sell and what will not. It is these forces that will produce what consumers would want to consume. Only those who can read these forces will survive in the market. This market will not be local, but global. A successful entrepreneur has to dabble in this global market, in the international milieu, location notwithstanding. An individual’s traits and tenacity will, accordingly, be put to severe test. An institution can justify its existence only if it is able to hone and sharpen the skill of an individual to a level from where he or she can successfully dabble in international milieu. Several management schools are actually doing that while there are several others that are claiming to be doing that. We have set out on course to sift good from not-so-good.
Certain agencies examine these to provide necessary inputs on the mushrooming business schools so that one could take an informed decision on whether or not to choose them to hone entrepreneurial skill to enable them to dabble in any market. India is young. As part of that Young India and of the emerging economy, an academic stint with a quality institution, national or international, will expectedly give necessary tools to explore potential and develop market for India and Indian produce/services in the international arena and vice versa. This, in the process, will become an enabling conduit. 
Interactive sessions with international clientele—which these B-schools should enable —will give an insight into the basic needs of market and people who buy services and products. While smiles of the satisfied customers are rewards in themselves, they will constantly goad market people to keep upgrading their level of services. Frowns of dissatisfied/querulous customers will be lessons on how to deal with fastidious customers. Taking this as a challenge, ways and means of how to bring smile on the faces of the most fastidious of them all could and should be devised. Success or failure of an enterprise will largely depend on this. While life is changing fast, customer needs are changing faster still. This calls for constantly upgrading marketing skills to meet the requirements of ever changing facets of present day clientele. Change being the only constant, need to continuously upgrade individual skills and fine-tune them to understand and master nuances is imperative.

 

 

  1. Market forces are referred to as enabling conduits as they provide outlets for sale of goods.

  2. The trained individuals who will successfully dabble in international milieu.

  3. A successful entrepreneur who will dabble in global market and survive the stiff competition.

  4. Members of Young India emerging from quality institutions as they have been equipped with necessary tools to dabble in international milieu.

  5. Traits and tenacity of individuals coming out of B schools.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The emphasis of the passage is on the emergence of members of Young India who are, as the writer seems to suggest, duly equipped to become enabling conduits for Indian services/produce in the international markets. This apparently is the most appropriate answer.

Multiple choice

Directions: In the following question an incomplete statement is provided. You have to select the option which most logically completes the idea in the question statement.

Entrepreneurs are never satisfied with the status quo; they are intent on shaping the future, rather than being shaped by it. As one Chief Executive once said

  1. �the future is the sum total of actions in the present and past�

  2. �if you are not alert, before you realize it the future is on you�

  3. �I do not want our competitors making decisions for us�

  4. �it is a sound business policy to anticipate change than being swamped by it�

  5. �let me not be dictated by what you want; let me do my own bidding�
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Option (3) reflects the same idea as in the given sentence.

Multiple choice

Which one of the following is correct about business plan?

  1. Business plan is a substitute for strategic planning.

  2. Business plan is necessary only for big companies.

  3. Business plan lays down the best growth path and strategy.

  4. Business plan should emphasize on ideas and concept only.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.

Multiple choice

Entrepreneur should have access to

  1. right skill

  2. right environment

  3. smart capital

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

One who undertakes an endeavour is an entrepreneur and he needs access to right skill, environment and capital to undertake an enterprise. The entrepreneur is typically a visionary who spots an opportunity in the marketplace and has the passion, guile and contact base to set the wheels in motion.

Multiple choice

Entrepreneurship should always ready to accept the

  1. modernization

  2. expansion

  3. diversification

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

The development in business needs modernizing, expansion or external growth and diversification (the introduction of a new product or service to meet the need of an old market).

Multiple choice

Which of the following is not a characteristic of entrepreneurship?

  1. Innovation

  2. Organizing skills

  3. Indifference approach

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

Entrepreneurship is defined as the process of making money, earning profits and increasing the wealth, while posing characteristics such as risk taking, management, leadership and innovation. An entrepreneur is never indifferent (lack of concern) towards the business enterprise.

Multiple choice

Intrapreneur faces competition from

  1. entrepreneurs

  2. managers

  3. employees within the organization

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

Intrapreneurship is a combination of entrepreneurship and management skills. It is the practice of entrepreneurship by employees within an organization. The intrapreneurs have to face rivalry within the organization they work.

Multiple choice

Directions: The passage given below is followed by four alternative summaries. Choose the option that best captures the essence of the passage. Key in the number of the option you choose as your answer.

Most often today, the difference between a company and its competitor is the ability to execute. If your competitors are executing better than you are, they are beating you here and now, and the financial markets won’t wait to see if your elaborate strategy plays out. So, leaders who can’t execute don’t get free runs anymore. Execution is the great unaddressed issue in the business world today. Its absence is the single biggest obstacle to success and the cause of most of the disappointments that are mistakenly attributed to other causes.

  1. A proper execution of a strategy even in parts can turn the financial markets in a business’s favour.

  2. Execution has the power to offer a competitive advantage, the fact, though, remains obscured by more recognisable causes.

  3. The changed business scenario has placed new demands before the leaders of today – execution of the entire strategy.

  4. The increased importance of execution is reflected in the fact that the lack of it is widely acknowledged for a business’s failure.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
  1. Not true. There is no guarantee that proper execution shall make financial markets favour a business. This is not what the author says.
    1. True. “Execution is the great unaddressed issue in the business world today” makes the option clear.
    2. True, however, what makes execution a determinant of success or failure is better structured in option 2.
    3. Not true. There may still be other causes to a business’s failure.
Multiple choice

Directions: The passage given below is followed by four alternative summaries. Choose the option that best captures the essence of the passage. Key in the number of the option you choose as your answer.

In the past, businesses got away with poor execution by pleading for patience. “The business environment is tough right now” is one typical excuse; or “Our strategy will take time to produce results”. But the business environment is always tough, and success is no longer measured over years. A company can win or lose serious market share before even it realises what has hit it.

  1. Business environment today has evolved dramatically warranting prompt execution.

  2. Business environment today hard presses employees to get positive results.

  3. Time had never in the past been as important and determinant in the business environment as it is today.

  4. The excuses of the past have lost both their relevance and significance in today’s tough business environment.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
  1. Not true. Business environment has not evolved and become tough. It was always tough.
    1. True, however, the emphasis here is on employees; their role is not the essence of the paragraph.
    2. True. The last line makes it clear that time is of great importance and no longer can patience be an excuse.
    3. Not true. The business environment had always been tough. Only the result or success has become a thing that doesn’t take much time to unfold or realise as it was in the past.