Tag: entrepreneurship: an introduction, nature, importance and problems

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Questions Related to entrepreneurship: an introduction, nature, importance and problems

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

Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?

  1. Focus group

  2. Brain storm

  3. Reverse brain storming

  4. Problem inventory analysis
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A focus group is a structured technique where a group of people discuss a concept, making it highly effective for both generating new ideas and screening existing ones through collective feedback. Other methods like brainstorming are primarily for generation, while problem inventory analysis focuses on identifying existing issues.

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

Which one of the following is the way by which an Entrepreneur can enter into international business? 

  1. Export

  2. Non equity arrangements

  3. Direct foreign investment

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

Entrepreneurs can enter international markets through various channels, including exporting goods, establishing non-equity arrangements like licensing or franchising, and making direct foreign investments. Since all these are valid entry modes, the correct choice encompasses all options.

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

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?

  1. Manufacturing process

  2. Product price

  3. Names of suppliers of raw materials

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

The administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff and other necessary items are procured and ready to create finished products according to the schedule specified is production planning plan, focus is on inputs and process, i.e., plant and machinery used, material to be used, suppliers details, process of manufacturing.

Thus product pricing is not a part of production planning.

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

An Entrepreneur should do a feasibility study for starting a new venture. Select the correct option.

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

  2. To identify possible sources of funds.

  3. To estimate the expected sales

  4. To explore potential customers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A feasibility study is primarily designed to assess the viability of a venture by identifying potential barriers to success. This helps the entrepreneur decide whether to proceed with the business plan.

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

OPPORTUNITY analysis is ________.

  1. a method of evaluating the entire venture.

  2. a business plan

  3. both a and b

  4. a derision to act or not to act on an opportunity
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Opportunity analysis is the process of evaluating a potential business opportunity to determine if it is worth pursuing. It serves as a decision-making tool regarding whether to commit resources to a specific venture.

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

Which of the following is the fruitful source for identifying business opportunities?

  1. Business associates.

  2. Technical people

  3. Consumers.

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

Business opportunities can arise from various sources, including feedback from consumers, technical experts, and business associates. Each of these groups provides unique insights that can lead to identifying a viable business venture.

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

As per international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur? Select correct option.

  1. What are unique characteristics of each market?

  2. Who should be involved in marketing decisions?

  3. What customer benefits are provided by the product?

  4. What are the company's major strengths and weaknesses?
Reveal answer Fill a bubble to check yourself
A Correct answer
Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Entrepreneur's role of a disturbance handler, allocator of resources and negotiator's role are ______ roles that the manager has to perform.

  1. interpersonal

  2. decisional

  3. international

  4. none of the above.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to Henery Mintzberg, a managers work role has three phases -
(i) Interpersonal Role
(ii) Informational Role
(iii) Decisional Role Entrepreneur, disturbance handler, resource allocator, negotiator.

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

Personal characteristics to be a sucessful Entrepreneur includes _______.

  1. understanding environment

  2. creating management options

  3. encourage open discussion

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

Successful entrepreneurs typically possess a wide range of skills, including the ability to understand their environment, manage options, and foster open communication within their teams. All these traits contribute to effective leadership and business growth.