Tag: entrepreneurship

Quizzes (4) Questions (103)

Questions Related to entrepreneurship

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

Why entrepreneurship is regarded as a human motivation?

  1. New knowledge is converted into products

  2. Leads to economic growth

  3. Both a and b

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Entrepreneurship is driven by the human desire to innovate and create value, which in turn fuels economic growth.

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

Components of creativity do not include __________.

  1. expertise

  2. creative thinking

  3. motivation

  4. self efficacy
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

According to Amabile's componential model of creativity, the three components are expertise, creative thinking skills, and task motivation. Self-efficacy is a psychological trait, not a component of creativity itself.

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

Which statement is wrong about a business plan?

  1. Preparing business plan is a forward looking activity

  2. Preparing business plan is useful only for big organisation

  3. Business plan assist in periodical review of actual-results

  4. Past data is useful in preparing business plan
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
As soon as a company initiates development strategy and planning activities, the time is right to start thinking about the creation of a business plan. Developing a business plan is an intense and time consuming process and yet can have many significant benefits both for small as well as large enterprises.

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

According to Mcclelland's need theory. Entrepreneur possess which of the following needs?

  1. Need for achievement

  2. Need for power

  3. Need for affliation

  4. Need for esteem
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

McClelland's Need Theory identifies the need for achievement as the primary driver for entrepreneurs, as they seek to accomplish challenging goals.

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

Which of the following is not true for social entrepreneurs?

  1. Overwhelming sense of social conscience and social responsibility

  2. Deep desire to improve upon or fundamentally change prevailing and detrimental socio-economic, educational environmental or health conditions

  3. Fierce ambition to alter the present reality of conditions she/he deems unacceptable or inhuman

  4. Driven to engage in certain activities because of the promise of political career
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Social entrepreneurs are individuals with innovative solutions to society's most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change.

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.