Tag: organization of commerce and management

Questions Related to organization of commerce and management

Personal characteristics to be a sucessful Entrepreneur includes _______.

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

  1. understanding environment

  2. creating management options

  3. encourage open discussion

  4. all of the above.

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Correct Option: D

An Indian entrepreneur as per Mckinsey and company lacks _________.

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

  1. identify funding person

  2. talent pool

  3. potential to become Entrepreneur

  4. none of the above.

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Correct Option: A

Which of the following is not an example of means of finance?

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

  1. Issue of equity

  2. Goods on credit

  3. Loan against shares

  4. All of these

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Correct Option: C
Explanation:
An entrepreneur should firstly allocate the resources from where he can get finance. It could be loans, self finance, issue of equity, goods on credit, etc. Loans against shares cannot be considered as finance. As he is pledging the shares against a loan 

When an entrepreneur introduces a new product or service to meet the need of old market it is called ________.

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

  1. allocation of new source

  2. product development

  3. diversification

  4. market expansion

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Correct Option: C
Explanation:

Diversification is the term which usually used to mean the introduction of a new product or service to meet the need of an old market. Diversification is an expansion of the range of product. Offerings of an existing product or service in a new market; a new product in to an established market and a new product in a new market.

Common reasons for entrepreneurial failure include all but which one of the following? 

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

  1. Poor implementation

  2. Lack of capital

  3. Adequate financial support

  4. Ineffective human resources

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Correct Option: C
Explanation:

There can be many reasons for failure of an entrepreneurship. The idea of the business may be wrong considering the environment in which to operate.

The implementation phase may prove bad.
There can be short supply of capital or inconsistent supply of capital. 
There can be ineffective human resources having lack of skills and ability.
The risk taking ability of the entrepreneur may be less.

Why should an entrepreneur do a feasibility study for starting a new venture?

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

  1. To identify possible sources of funds

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

  3. To estimate the expected sales.

  4. To explore potential customers.

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Correct Option: B
Explanation:

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

Within every individual, creativity is a function of: ____________

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

  1. Four components - leadership, direction, co-ordination & planning

  2. Three components - expertise, hard work, ability to predict the future

  3. Two components - decision making & motivation

  4. Three components - expertise, creative thinking skills, motivation

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Correct Option: D
Explanation:

Creativity results in innovation. within any individual, creativity is the function of three components:- expertise, creative thinking skills and motivation. Without possessing the requisite expertise and to be able to think differently, creativity isn't possible. Time to time motivation is also required for creativity.

Which types of entrepreneurs excel at problem solving in a systematic way?  

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

  1. Artiste

  2. Analyst

  3. Superstar

  4. Advisor

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Correct Option: B
Explanation:

An analyst understand how business is structured and how it operates. Analyst types of entrepreneurs excel at problem solving in a systematic way.

An entrepreneur needs to have a blend of ___________.

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

  1. communication skills and intelligence

  2. managerial skills and enterprenurial skills

  3. business skills and cooperative skills

  4. intrapersonal skills

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Correct Option: B
Explanation:

An entrepreneur is a person who with his/her innovative ideas set a business while a manger is the person who is administered with the responsibility for running the  business. An entrepreneur needs to posses the both the skills. He like a manager has sometimes to manage the business he /she has set up.

Susan B.Anthony fought for women's right in United States, including -

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

  1. the right control property and helped spearhead adoption of the 19th Amendment.

  2. hospital condition for women

  3. Family planning movement efforts around the world.

  4. None of the above

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Correct Option: A
Explanation:

Susan B.Anthony  was an american social reformer  and women's right activist  who played a pivotal role in ensuring women's right in United states. She also fought for the right control property and helped spearhead adoption of the 19th amendment.