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

What was early managers' views about “Conflicts”?

  1. Conflicts are good and should be encouraged.

  2. Conflicts are undesirable and should be avoided.

  3. Conflicts result in constructive competition.

  4. <span style="font-size:" new="">All of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to the view of early managers', conflicts are undesirable and should be avoided as it is based on their attitude towards the conflicts.

Multiple choice

Innovation means

  1. compensation

  2. inspiration

  3. additional perquisites

  4. implementing new ideas or new methods

  5. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Innovation is the process of translating an idea or invention into a good or service that creates value. It involves the practical implementation of new methods or ideas to improve processes or products.

Multiple choice

Which Factor Influences the Product life cycle�

  1. Speed of technological change and development

  2. Competition

  3. Goodwill

  4. All of these

  5. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The product life cycle is influenced by many external and internal factors, including the pace of technological innovation, the intensity of competition, and the brand's established goodwill.

Multiple choice

Which of the following is not a characteristic of business activities?

  1. Production and procurement of goods and services

  2. Dealing in goods and services on a regular basis

  3. Banking and finance for business activities

  4. Profit earning

  5. Element of risk
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

This is not a characteristic of business activities. This is an auxiliary to trade that is meant as assistance to trade.

Multiple choice

Which of the following is/are correct regarding risks in a business? a. Business risks arise due to uncertainties. b. Nature and size of business affect the degree of risk in a business. c. Risk is essential in business. d. Profit is the reward for risk taking.

  1. Only a and b

  2. Only c and d

  3. Only a and c

  4. Only a, c and d

  5. All of these
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

This is the correct option as all the reasons are correct regarding risk in business.

Multiple choice

How is risk viewed by the society?

Directions: Read the passage and answer the following question.

Inovation, or at least talking about innovation, is all the rage these days, especially when it comes to addressing great social problems. But in order to innovate, you have to risk something. As in risk of losing something. Usually money. Possibly reputation. As much as people like to spout the latest literature about bringing risk-reward principles to social problems, when you actually come to them with a proposition that has high rewards and some measure of risk, their first response is, “Well, I like the idea, but it’s risky.”

The fact that it’s risky is not a problem. The fact that people think risk is a problem, or a flaw, is the problem. Risk is an essential attribute of introducing an innovation to the world. It’s not a flaw.
In the humanitarian sector, risk is viewed not only as a fl aw, but as unethical, immoral, sinful — criminal even. The entrepreneur seeking to fund a new idea that bears risk is looked upon as suspect, a shyster, an outlier living on the wrong side of principle, character, and propriety. Don’t associate with him or her, lest your own character be called into question.
These entrepreneurs are the recipients of countless hypersterile rejection letters and e-mails that say, “Thank you for reaching out to us but your idea is not a good fit for us,” or, “We are in the midst of a strategic planning process and thus cannot consider your proposal at this time.”

  1. As an error or mistake

  2. As a sinful activity

  3. As something immoral

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

All the points are mentioned in the 2nd last paragraph.

Multiple choice

“We are in the midst of a strategic planning process and thus cannot consider your proposal at this time.”…what does this statement signify?

Directions: Read the passage and answer the following question.

Inovation, or at least talking about innovation, is all the rage these days, especially when it comes to addressing great social problems. But in order to innovate, you have to risk something. As in risk of losing something. Usually money. Possibly reputation. As much as people like to spout the latest literature about bringing risk-reward principles to social problems, when you actually come to them with a proposition that has high rewards and some measure of risk, their first response is, “Well, I like the idea, but it’s risky.”

The fact that it’s risky is not a problem. The fact that people think risk is a problem, or a flaw, is the problem. Risk is an essential attribute of introducing an innovation to the world. It’s not a flaw.
In the humanitarian sector, risk is viewed not only as a fl aw, but as unethical, immoral, sinful — criminal even. The entrepreneur seeking to fund a new idea that bears risk is looked upon as suspect, a shyster, an outlier living on the wrong side of principle, character, and propriety. Don’t associate with him or her, lest your own character be called into question.
These entrepreneurs are the recipients of countless hypersterile rejection letters and e-mails that say, “Thank you for reaching out to us but your idea is not a good fit for us,” or, “We are in the midst of a strategic planning process and thus cannot consider your proposal at this time.”

  1. That no one helps a newcomer

  2. That this is a sample excuse for avoiding any proposal which has a fair amount of risk

  3. That the people in question are busy with some other things

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

This is just an example how people avoid those who want to start something which has some risk in it.

Multiple choice

According to the passage, what is the greatest attribute needed for making an innovation?

Directions: Read the passage and answer the following question.

Inovation, or at least talking about innovation, is all the rage these days, especially when it comes to addressing great social problems. But in order to innovate, you have to risk something. As in risk of losing something. Usually money. Possibly reputation. As much as people like to spout the latest literature about bringing risk-reward principles to social problems, when you actually come to them with a proposition that has high rewards and some measure of risk, their first response is, “Well, I like the idea, but it’s risky.”

The fact that it’s risky is not a problem. The fact that people think risk is a problem, or a flaw, is the problem. Risk is an essential attribute of introducing an innovation to the world. It’s not a flaw.
In the humanitarian sector, risk is viewed not only as a fl aw, but as unethical, immoral, sinful — criminal even. The entrepreneur seeking to fund a new idea that bears risk is looked upon as suspect, a shyster, an outlier living on the wrong side of principle, character, and propriety. Don’t associate with him or her, lest your own character be called into question.
These entrepreneurs are the recipients of countless hypersterile rejection letters and e-mails that say, “Thank you for reaching out to us but your idea is not a good fit for us,” or, “We are in the midst of a strategic planning process and thus cannot consider your proposal at this time.”

  1. A risk averse and safe optimistic nature

  2. A risk taking ability

  3. A painstaking effort that would need a lot of diligence

  4. A happy-go-lucky attitude, with a carefree spirit
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

This is the theme of the passage.

Multiple choice

A business should safeguard its capital investment by avoiding speculative activity and undertaking only healthy business ventures, which give good returns on investment. Which of the following responsibilities is this?

  1. Social responsibility

  2. Ethical responsibility

  3. Legal responsibility

  4. Technological responsibility

  5. Discretionary responsibility
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

This is the correct answer. It is the responsibility of the company management to safeguard the capital investment by avoiding speculative activity and undertaking only healthy business ventures, which give good returns on investment