Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.
We have compiled some multiple-choice questions and answers on entrepreneurship to help students understand the concept better:
- Which of these is not a type of entrepreneurship?
- Small business entrepreneurship
- Scalable entrepreneurship
- Large scale entrepreneurship
- Intrapreneurship
- Which of these actions of an entrepreneur will most likely result in creative destruction?
- Developing a new product
- Taking over a competitor’s business
- Issuing shares to individuals and institutions
- Lowering prices of your product or service
- According to Schumpeter, innovative entrepreneurs would:
- Thrive in the market
- Not survive and disappear from the market.
- Get absorbed within larger innovative businesses
- Get absorbed within non-innovative businesses
- Which of these is not a challenge for the entrepreneur?
- Managing the cash flow of their business
- Recruiting new employees
- Choosing the product or service to sell in the market
- Formulating rules and regulations relating to conducting entrepreneurship in their country
- Which of these theories involve taking a moderate amount of risk as a function of skill and not chance?
- Need for achievement
- Need for affiliation
- Need for authority
- Need for independence
- Which of these is not a category of external forces that affects a business?
- Competitive forces
- Technological forces.
- Economic forces
- Socio-economic forces
- Which among these is a money manager who is involved in making risk investments from equity capital with the objective of gaining better returns?
- Entrepreneur
- Businessperson
- Buyer
- Venture capitalist
- Andrew Carnegie belonged to this century:
- 16th to 17th Century
- 20th to 21st Century.
- 17th to 18th Century
- 19th to 20th Century
- Which of these is the first activity of a new business?
- Departure point
- Goal Orientation
- Business skill development
- None of the above
- Who should be involved in preparing a firm’s business plan?
- Accountant
- Engineer
- Entrepreneur
- None of the above
- What should be the main worry of a company’s founder who asks for capital in exchange for equity shares in their venture?
- Valuation
- Control
- Capitalisation
- Legal formalities
- The process of creating something new is called:
- Creative flexibility
- Management
- Business
- Innovation
- Ownership position of less than 50 per cent in a business is known as:
- Majority Interest
- Joint Venture
- Minority Interest
- None of the above
- Which of these is also known as corporate venturing?
- Intrapreneurship
- Mergers
- Entrepreneurship
- Acquisition
- If an entrepreneur takes decisions on behalf of their enterprise, it is known as ______:
- Routine decisions
- Strategic decisions
- Organisational decisions
- Personal decisions
- Entrepreneurship Development Program is helpful for:
- First-generation entrepreneurs
- Future generation entrepreneurs
- Existing Entrepreneurs
- None of the above
- These decisions are concerned with policy matters and they influence the goals and objectives of a business venture:
- Routine decisions
- Strategic decisions
- Organisational decisions
- Personal decisions
- Ownership position of more than 50 per cent in a business is known as:
- Minority Interest
- Joint Venture
- Majority Interest
- None of the above
- What is the purpose of a feasibility study for starting a new venture?
- Exploring for potential customers
- Estimate sales
- To understand if there are any barriers to success
- None of the above
- An entrepreneur who is the owner of more than one business is called:
- Portfolio Entrepreneur
- Intrapreneur
- Corporate Entrepreneur
- None of the above
Answer: d
Answer: a
Answer: c
Answer: d
Answer: b
Answer: b
Answer: d
Answer: d
Answer: a
Answer: c
Answer: c
Answer: d
Answer: c
Answer: a
Answer: c
Answer: a
Answer: b
Answer: c
Answer: c
Answer: a
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