Tag: functions and role of an entrepreneur

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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 not an example of means of finance?

  1. Issue of equity

  2. Goods on credit

  3. Loan against shares

  4. All of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
An entrepreneur should firstly allocate the resources from where he can get finance. It could be loans, self finance, issue of equity, goods on credit, etc. Loans against shares cannot be considered as finance. As he is pledging the shares against a loan 

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 an entrepreneur introduces a new product or service to meet the need of old market it is called ________.

  1. allocation of new source

  2. product development

  3. diversification

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

Diversification is the term which usually used to mean the introduction of a new product or service to meet the need of an old market. Diversification is an expansion of the range of product. Offerings of an existing product or service in a new market; a new product in to an established market and a new product in a new market.

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

Common reasons for entrepreneurial failure include all but which one of the following? 

  1. Poor implementation

  2. Lack of capital

  3. Adequate financial support

  4. Ineffective human resources
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

There can be many reasons for failure of an entrepreneurship. The idea of the business may be wrong considering the environment in which to operate.

The implementation phase may prove bad.
There can be short supply of capital or inconsistent supply of capital. 
There can be ineffective human resources having lack of skills and ability.
The risk taking ability of the entrepreneur may be less.

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

Why should an entrepreneur do a feasibility study for starting a new venture?

  1. To identify possible sources of funds

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

  3. To estimate the expected sales.

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

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

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

Within every individual, creativity is a function of: ____________

  1. Four components - leadership, direction, co-ordination & planning

  2. Three components - expertise, hard work, ability to predict the future

  3. Two components - decision making & motivation

  4. Three components - expertise, creative thinking skills, motivation
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Creativity results in innovation. within any individual, creativity is the function of three components:- expertise, creative thinking skills and motivation. Without possessing the requisite expertise and to be able to think differently, creativity isn't possible. Time to time motivation is also required for creativity.

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 types of entrepreneurs excel at problem solving in a systematic way?  

  1. Artiste

  2. Analyst

  3. Superstar

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

An analyst understand how business is structured and how it operates. Analyst types of entrepreneurs excel at problem solving in a systematic way.

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

An entrepreneur needs to have a blend of ___________.

  1. communication skills and intelligence

  2. managerial skills and enterprenurial skills

  3. business skills and cooperative skills

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

An entrepreneur is a person who with his/her innovative ideas set a business while a manger is the person who is administered with the responsibility for running the  business. An entrepreneur needs to posses the both the skills. He like a manager has sometimes to manage the business he /she has set up.

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

Susan B.Anthony fought for women's right in United States, including -

  1. the right control property and helped spearhead adoption of the 19th Amendment.

  2. hospital condition for women

  3. Family planning movement efforts around the world.

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

Susan B.Anthony  was an american social reformer  and women's right activist  who played a pivotal role in ensuring women's right in United states. She also fought for the right control property and helped spearhead adoption of the 19th amendment.

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

Social entrepreneurs acts as the ___________.

  1. Change agent for poor people

  2. Change agent for government

  3. Change agent for society

  4. Change agent for nation
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A social entrepreneur is a person who develops or establishes an enterprise with the aim of solving social problems. They aim for bringing a change in the society. They act as the change agent for society's good.

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

NSDA means  

  1. National Small Development Agency

  2. National Skill Development Area

  3. National Skill Durable Agency

  4. National Skill Development Agency
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

NSDA  which stands for National Skill Development Agency was set up as an autonomous body which was created with the mandate to co ordinate and harmonize the skill dvelopment activities in the country. It is a part of the Ministry of Skill Development and Entrepreneurhip .