Tag: organization of commerce and management

Questions Related to organization of commerce and management

A business plan is _______.

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

  1. a plain document

  2. a document that summarizes the operational objective of organization

  3. a document that summarizes the financial objectives of a business

  4. Both (b) and (c)

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Correct Option: D

The primary motivating force behind entrepreneurs is ____________.

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

  1. fame

  2. money

  3. recognition

  4. achievement

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Correct Option: D
Explanation:
According to McClelland's Theory of Achievement Motivation entrepreneurs are the people who do things in a better way and makes decisions in times of uncertainty. The dream to achieve big things overpowers monetary or other external incentives.

If a business is very complex, it will only grow successfully if the entrepreneur ________.

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

  1. is comfortable giving up control to professional management

  2. keeps everything under his control

  3. uses the classic entrepreneurial management style

  4. is a craftsman

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Correct Option: A

Who suggests that the process of innovation is actually of spontaneous "undeliberate learning"?

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

  1. David Ricardo

  2. Kirzner

  3. Adam Smith

  4. John Stuart Mill

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Correct Option: B
Explanation:

Kirzner suggests that the process of innovation is actually of spontaneous "Undeliberate Learning" (1985). Thus, the necessary characteristics of entrepreneurship is alertness and recognizing the upcoming opportunities.

Ongoing scanning at an almost unconscious level is ________.

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

  1. indirect scanning

  2. passive scanning

  3. active scanning

  4. directed scanning

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Correct Option: B
Explanation:

Scanning of opportunities is emerging as an important area in the topic of entrepreneurship. Continuous scanning of the operating environment needs to be done in order to stay competitive.

        Ongoing scanning at an almost unconscious level is called Passive Scanning. No effort is made to select a particular information to scan. It is a continuous process.

Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

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

  1. New business model

  2. Anatomization

  3. None of the given options

  4. Creative destruction

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Correct Option: D
Explanation:

Creative Destruction is the process referred to in by economist Joseph Schumpeter to the process of entrepreneurs developing new products that over time make current products obsolete.

          New and better ways of doing business has taken over the old and established ways of doing business and hence has proved them obsolete.

Which of the following is first step in market assessment?

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

  1. Analysis of the situation

  2. Competitive rivalry

  3. Suppliers power

  4. Defining the problem

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Correct Option: D
Explanation:

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.
Then follows the analysis of the situation

What is the logical order for stages of development in entrepreneurial firm?
(i) Corporate
(ii) Start up
(iii) Established
(iv) Seed stage
(v) Early growth

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

  1. (i) (ii) (iii) (iv) (v)

  2. (v) (iii) (iv) (ii) (i)

  3. (iv) (ii) (v) (iii) (i)

  4. (v) (iv) (iii) (ii) (i)

Show answer
Correct Option: C
Explanation:

Any type of business starts with an Idea. So the first step of entrepreneurial firm is seed stage means having a business idea. The second step follows with the establishment of a start up business with the idea generated in the first step.  Every business has an early stage which becomes the third stage. After sustaining every ups and downs in the early stage, the business gains an established phase and then it converts in to a corporate.

Which of the following is not a common motivation of an entrepreneur?

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

  1. desire for independence.

  2. search for personal and professional growth.

  3. desire to maintain the status quo.

  4. search for more rewarding work.

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Correct Option: C
Explanation:

To be a successful entrepreneur, its the motivation of the person that boost him up. To do something different or to start a venture, there are some factors that start up the process.

The desire to be independent, to work being your own boss is one of the motivation for an entrepreneur.  The search for personal growth is also one of the motivation for an entrepreneur. The work that will reward a person more will make the person to undertake more risk.

To leverage upon the extraordinary talent pool of the potential entrepreneurs, it is essential to create the right environment by ensuring that _________.

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

  1. entrepreneurs have access to the right skill

  2. entrepreneurs have access to smart capital

  3. enable networking and exchange

  4. all of the above

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Correct Option: D
Explanation:

Creating Entrepreneurs focuses on four main areas.

1. Creating the right environment for success:- Entrepreneurs should find it easy to start a business. Creating a proper environment renders it easy for them to start something new.
2.Should have access to the Right Skill:- Some skills needs to be developed in a person to be a successful entrepreneur. Many campaigns and curriculum has been designed to build this skill among the people.
3. Have access to smart capital:- Entrepreneurs should have access to all time source for capital investment. Lack of money will act as  biggest hindrance to growth of a business.
4. Enabling Networking and Exchange:- Entrepreneurs learn from experience theirs and that of others.