Tag: organization of commerce and management

Quizzes (70) Questions (1107)

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

Entrepreneurship is characterized by the following features viz _______.

  1. essence of entrepreneurship is the willingness to assume risk arising out of the creation and implementation of new ideas

  2. entrepreneurship involves a continuous search for new ideas

  3. entrepreneurship is a process, a journey, not the destination; a means, not an end

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

Entrepreneurship is the process of developing some new process, business,ideas from the existing one by applying skills and potentials. It is characterized by the following features:- entrepreneurship is a process, a journey, not the destination; a means, not an end, it involves a continuous search for new ideas and the essence of entrepreneurship is the willingness to assume risk out of the creation and implementation of new ideas.

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

____ are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute to a noble cause.

  1. The hard workers entrepreneur

  2. The idealist entrepreneur

  3. The improver types of entrepreneur

  4. The optimizer entrepreneur
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The idealist entrepreneur likes innovation and enjoys working on something new or something meaningful. They are the ones who predominantly are focused to start a business to improve the world. Their motto is to work in a manner which is morally and ethically correct so as to contribute a noble cause.

Answer is B.

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

What led to development of Entrepreneurship in India?

  1. Growing concern for economic development

  2. Increase in population

  3. Too many professionals in India.

  4. Both (a) and (b)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The 1991 economic liberalization in India led to Entrepreneurship as a catalyst in growth of business and economic development, that transformed India from a struggling economy to one of the best economies in the world.

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

The typical corporate culture has a climate and reward system that favors Conservative decision-making. Often there are individuals who want to come out of it. Which one of the following is the first step in the Entrepreneurial process?

  1. Developing successful business ideas

  2. Deciding to become an Entrepreneur

  3. Growing the Entrepreneurial firm

  4. Moving from an idea to an Intrapreneur
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The entrepreneurial process begins with the decision to become an entrepreneur, which is the foundational step before developing ideas or growing a firm.

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

Identify which of the following statement is true.
(W) Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is that they are gap - fillers.
(X) Kirzner suggests that the process of innovation is actually of spontaneous "undeliberate learning".
(Y) Knight claims that an entrepreneur will be able to bear the risk of a new venture if he believes that there is a significant chance of profits.
(Z) Marshall, however, implies that people can be taught to acquire the abilities that are necessary to be an entrepreneur.
Select the correct answer from the options given below -

  1. (W) & (X)

  2. (Y) & (Z)

  3. (W), (X) & (Z)

  4. (W), (X), (Y) & (Z)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

All the statements regarding an entrepreneur are true. These statements represent the various characteristics of an entrepreneur.

Marshall stated that people can be taught to acquire the abilities that are necessary to be an entrepreneur by providing them with proper training and skills.
Knight claims that an entrepreneur will be able to bear the risk of  a new venture if he believes that there is a significant chance of profits. Every entrepreneur has to bear some risk for achieving some profits.
 Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is taht they are gap fillers.

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

Innovation creates new demand and entrepreneurs bring the innovations to the market. This destroys the existing markets and creates new ones, which will in turn be destroyed by even newer products or services. ____________ calls, this process, 'creative destructions'.

  1. Dr. Marshall

  2. Schumpeter

  3. Drucker

  4. John
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Schumpter viewed entrepreneurship as a force of "creative Destruction". The entrepreneurs carry out "new combinations", thereby helping render old industries obsolete. Established ways of doing business are taken over by innovations and new ideas.

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

_________ requires a fresh way of looking at things an understanding of people, and an entrepreneurial willingness to take risks and to work hard.

  1. Inability

  2. Development

  3. Innovation

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

Innovation is the process of bringing in to existence something new by applying or combining the existing ideas. It involves risk and hard work. It requires a fresh way of looking at things an understanding of people and an entrepreneurial willingness to take risks and to work hard.

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

In the 20th century, economist ___ focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change.

  1. Schumpeter

  2. Joseph Schumpeter

  3. Peter Drucker

  4. Dr. Marshal
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In 20th century, Joseph Schumpeter focused on how entrepreneur's drive for innovation and improvement creates upheaval and change. He  viewed Entrepreneurship as a force for "Creative Destruction". Entrepreneurs by developing new ideas render old ideas obsolete which creates competition