Tag: organization of commerce and management

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Questions Related to organization of commerce and management

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which according to Joseph Schumpeter is not a vital function performed by the entrepreneurs?

  1. Regional development

  2. Creative destruction

  3. Challenge accepted ways of doing things

  4. Revolutionising current patterns of production
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Schumpeter describes the act of new innovations replacing old innovations replacing old innovations as "creative destruction". This process is driven by the inevitable copying of new innovations, which cause profit margins to become low ans creates a new incentive to seek out new innovations. This is the essential idea behind capitalism as Schumpeter describes it.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Which one of the following is correct about business plan?

  1. Business plan is necessary only for big companies

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

  3. Business plan is substitute for strategic planning

  4. Business plan should emphasize on ideas and concept only
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Business plan lays out the best growth path and strategy. Developing a business plan is an intense and time-consuming  process and yet can have many significant benefits for all enterprises.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

_________ is a person's belief in his/her ability to succeed in a particular situation.

  1. Creativity

  2. Self efficacy

  3. Leadership

  4. Risk-taking
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Self-Efficacy-it is the believe in himself or herself. self-efficacy is self-confidence based on an individual's perceptions of their own skills and abilities. They are the people with strong efficacy then characteristic is must for entrepreneur because the environment is very difficult and even hostile for entrepreneurs.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

The Entrepreneur must possess the abilities _________.

  1. creative

  2. conceptualization

  3. understanding environment

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

Entrepreneurs need a diverse set of skills, including creativity, conceptualization, and environmental awareness, to navigate the business landscape.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Entrepreneur always keep their business _______.

  1. public

  2. secret

  3. leave for discussion.

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

Entrepreneurs often maintain confidentiality regarding their business strategies, trade secrets, and competitive advantages to protect their market position.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

What is true about entrepreneurs?

  1. Entrepreneurs are made not born

  2. Anyone can start a business.

  3. Entrepreneurs are gamblers

  4. Age is not a barrier for Entrepreneurships
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Entrepreneurship is a career path that can be pursued at any age, as it relies on skills, opportunity, and drive rather than age-specific criteria.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

Mr. A is influencing an Entrepreneur's s career choice and style. Mr. A is a _______.

  1. role mode

  2. moral-support network

  3. professional support network

  4. support system.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A role model is someone who influences an individual's career path and style by serving as an example of success or behavior.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

The business plan should be prepared by _________.

  1. entrepreneurs

  2. consultants

  3. engineers

  4. small business administration services
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The entrepreneur is the one who understands the vision and the business model, making them the primary person responsible for the business plan.