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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

What are the roles and functions of the entrepreneur in relation to the enterprise?

  1. Developing exchange relationships

  2. Political administration

  3. Management control

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

An entrepreneur's role is comprehensive, involving the development of business relationships, administrative tasks, and maintaining management control over the enterprise's operations.

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

"The entrepreneurship is essentially a creative activity or it is an innovative function" is said by _______.

  1. Schumpeter

  2. Kelsen

  3. Henry Maine

  4. Peter Drunker
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Joseph Schumpeter is famous for his theory of economic development, which defines the entrepreneur as an innovator who performs the function of 'creative destruction' by introducing new products or processes.

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

Mr. A is influencing an Entrepreneur's s career choice and style, Mr. A is a ________.

  1. role mode

  2. moral-support network

  3. professional support network

  4. support system
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A role model influences an entrepreneur's career choice and professional style by providing an example to emulate. This is different from support networks (moral or professional) which provide assistance, or a general support system. The term 'role mode' is likely a typo for 'role model', which is a well-established concept in entrepreneurial career development.

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

Nearly two years ago, Amit launched a business that has just failed. As a typical Entrepreneur, what will he most likely do?

  1. Go to work for a major corporation.

  2. Try to learn from his failed venture so that he will not make the same mistake in the future.

  3. Give up on becoming a successful Entrepreneur.

  4. Spend the rest of his life wondering what happened to high business.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Resilience and learning from failure are core traits of a successful entrepreneur. Rather than giving up or blaming external factors, they analyze what went wrong to improve their chances in future ventures.

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 conducted to determine the viability of a business idea, specifically by identifying potential obstacles or barriers that could prevent success. While funding, sales, and customers are important, they are components of the broader assessment of whether the venture can realistically succeed.

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

The process which an individual uses to identify and describe competencies that are most critical to success in a work situation or work role is known as _____________.

  1. competence

  2. competency map

  3. competency mapping

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

Competency mapping is the systematic process of identifying and describing the specific skills, knowledge, and behaviors that are critical for success in a particular role or situation.

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

What is one of the main causes of business failure in developing nations?

  1. Entrepreneurs are unable to obtain sufficient funds

  2. Entrepreneur does not have skilled workers

  3. Entrepreneurs lack managerial skills

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

While lack of funds or skilled labor are challenges, a primary cause of business failure in developing nations is often the lack of managerial skills required to navigate complex market environments and scale operations effectively.

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 statement is not true for entrepreneurs?

  1. They change the way businesses convert inputs into outputs.

  2. They are agents of adjustment.

  3. They apply innovative ideas

  4. They generally stick to the processes already in use.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

To be an Entrepreneur is a challenge in itself. It needs to have some important characteristics to be a successful entrepreneur. The traits are:-

1. Risk Taker
2. Innovator.
3. Motivator.
4. Capital provider
5. profit maker
6.Challenge Taker.
These are the common characteristic  a person needs to have to be an entrepreneur.

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

According to Jones-Evans which of the following is not an example of technical 'entrepreneur'?

  1. Consolidator-skills in linking technical and business aspects

  2. Research-doing experiments for scientific development

  3. User-friendly with marketing or end-use applications

  4. None of the above
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

If a country desires to grow its GDP at 10% and its ICOR is 2.6, then what should be its Capital formation?

  1. 10% p.a.

  2. 26% p.a

  3. 12.6% p.a.

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

ICOR stands for Incremental capital output ratio. It is measured by the following formula.

  ICOR = annual investment/ Annual increase in GDP
   2.6 =  X/ 0.10
    X = 2.6*0.10 = 26%.