1. Which of the following is the correct definition of the term ‘entrepreneur’, as used by the OECD?
A. Entrepreneurs are those people who start new businesses with the aim of making a profit.
B. Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.
C. Entrepreneurs are those persons who seek to create value by starting new businesses with innovative products and services.
D. Entrepreneurs are those people who seek to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets.
Answer
B. Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.
2. What is the definition of the term, ‘social enterprise’?
A. A commercial organization that seeks to combine a profit seeking motive with the provision of social benefits.
B. A trading organization that is motivated by profit and a societal orientation.
C. A social enterprise undertakes social marketing and can take a variety of legal forms, including co-operative, a limited company and a community interest company.
D. A trading organization which serves a social purpose and which can take a variety of legal forms, including co-operative, a limited company and a community interest company.
Answer
D. A trading organization which serves a social purpose and which can take a variety of legal forms, including co-operative, a limited company and a community interest company.
3. Intrapreneurship often takes the form of. .
A. a semi-autonomous group (e.g. an internal venture team), operating within the overarching structure of the parent organization.
B. a spinout venture from a university to commercial a new invention.
C. a subsidiary of a large corporation developing a new product.
D. a semi-autonomous group operating outside the overarching structure of the parent organization.
Answer
A. a semi-autonomous group (e.g. an internal venture team), operating within the overarching structure of the parent organization.
4. The goals motivating entrepreneurial activity can include which of the following options:
A. To improve the social welfare of people, e.g. in terms of their health.
B. To improve the wealth of the entrepreneurs.
C. To maintain influence amongst powerful local figures.
D. All of the above.
Answer
A. To improve the social welfare of people, e.g. in terms of their health.
5. Can entrepreneurship be ‘learned’?
A. Entrepreneurs are born and not made
B. It’s a discipline and like any other discipline it can be learned.
C. You will never become an entrepreneur simply by reading a book
D. Practical exercises, study and critical reflection can be a good way to think about
Answer
D. Practical exercises, study and critical reflection can be a good way to think about
6. Which of these statements best describes the context for entrepreneurship?
A. Entrepreneurship takes place in small businesses.
B. Entrepreneurship takes place in large businesses.
C. Entrepreneurship takes place in a wide variety of contexts.
D. Entrepreneurship does not take place in social enterprises.
Answer
C. Entrepreneurship takes place in a wide variety of contexts.
7. Which statement is not true of entrepreneurs?
A. They change the way businesses convert inputs into outputs
B. They generally stick to the processes already in use.
C. They take risks
D. They apply innovative ideas
Answer
B. They generally stick to the processes already in use.
8. Pichot suggested three roles for the intrapreneur in promoting innovation. What are they?
A. Team builder, information source and advocate
B. Inventor, innovator and sponsor
C. Inventor, developer and marketer
D. Inventor, product champion and sponsor
Answer
D. Inventor, product champion and sponsor
9. Why is the notion of ‘vision’ important in entrepreneurship?
A. Without it there is no driving force or sense of direction.
B. People need a sense of fantasy in order to create ambitious ventures.
C. Investors prefer to invest in visionaries.
D. Having a vision helps to create a paradigm shift.
Answer
A. Without it there is no driving force or sense of direction.
10. What are the two key issues that arise when you create an effective entrepreneurial teamfrom scratch?
A. Team mentality and team synergy
B. Team numbers and team quality
C. Team composition and team roles
D. Team experience and team experience
Answer
C. Team composition and team roles
11. Establishing a shared vision amongst team members refers to:
A. Members of the team starting out with an essentially similar set of ideas about what they want to create.
B. Members of the team sharing moral principles and standards of behaviour.
C. Members of the team sharing the factors driving them to take part in the venture.
D. Members of the team sharing profits in an equitable manner.
Answer
C. Members of the team sharing the factors driving them to take part in the venture.
12. What are the main differences between marketing in a ‘corporate setting’ and an ‘entrepreneurial’ one?
A. Lack of resources; lack of brand name; difficulties in making contacts.
B. Greater emphasis on personal selling and personal networking.
C. Faster decision making; more personal responsibility.
D. Better profit margins; lower costs and greater flexibility.
Answer
A. Lack of resources; lack of brand name; difficulties in making contacts.
13. According to Schumpeter, Innovation occur in the following forms:
A. 2
B. 3
C. 4
D. 5
Answer
D. 5
14. Innovative entrepreneur ensures:
A. Static equilibrium
B. Dynamic equilibrium
C. Static disequilibrium
D. Dynamic disequilibrium
Answer
D. Dynamic disequilibrium
15. The book “Innovation and Entrepreneurship” is written by:
A. J.B. Say
B. J.A. Schumpeter
C. Peter F. Drucker
D. Cantillon
Answer
C. Peter F. Drucker
16. No. of sources for innovative opportunity is given by Peter Drucker.
A. 5
B. 6
C. 7
D. 8
Answer
C. 7
17. Fabian Entrepreneurs are characterized by:
A. Hardworking
B. Religious and traditional
C. Shy and Lazy
D. Ready to take risk
Answer
C. Shy and Lazy
18. Drone entrepreneur are those who generally
A. Earn super profit
B. Earn normal profit
C. Earn profit or even losses
D. Incur losses
Answer
C. Earn profit or even losses
19. Systematic innovation means
A. Monitoring different sources of or innovative opportunity
B. Developing different types of entrepreneurial behavior
C. Identifying different new business opportunity
D. Creating bases for systematic creativity
Answer
A. Monitoring different sources of or innovative opportunity
20. Supply of entrepreneur depends on the
A. Rate of the profit available
B. Prevailing social climate
C. Rate of profit and social climate
D. None of the above
Answer
C. Rate of profit and social climate
21. The ‘enterprise culture’ is a general interest in developing new ventures
A. True
B. False
C. all
D. none
Answer
B. False
22. Which of the following is presented as evidence of social factors influencing whethersomeone becomes an owner-manager?
A. Although people believe self-employment runs in families, there is little evidence to support this view.
B. There seems to be little relationship between self-employment and age.
C. Self-employment is more common among some ethnic groups.
D. Self-employment is more common among single people than among the married.
Answer
C. Self-employment is more common among some ethnic groups.
23. Which of the following is not one of the environmental factors that may influence the potential of a small business?
A. Close contacts with customers related to problem solving activities
B. Clusters of technically advanced small firms
C. An industry with economies of scale
D. Banks recognising the needs of small firms
Answer
C. An industry with economies of scale
24. What factors have contributed to the blurring of boundaries between different industries?
A. Technological innovation; political change; legal and socio-economic changes
B. Technological innovation
C. Changes amongst customers, competitors and suppliers
D. Both (a) and (d)
Answer
A. Technological innovation; political change; legal and socio-economic changes
25. One of the differences between marketing in a corporate setting and an entrepreneurial one is the reliance by the entrepreneur on personal credibility and skills in persuasive communication.
A. True
B. False
C. all
D. none
Answer
A. True
26. EDP meant for developing
A. Professional skill
B. Entrepreneurial motive
C. Personal qualities
D. Entrepreneurial monitoring
Answer
B. Entrepreneurial motive
27. EDP is required to help
A. Existing entrepreneur
B. First generation entrepreneur
C. Future Entrepreneur
D. None of the above
Answer
B. First generation entrepreneur
28. Following is not involved in EDP
A. Identification of entrepreneurs for training
B. Selection of entrepreneurs for training
C. Developing entrepreneurial capabilities
D. Arranging infrastructural facilities
Answer
D. Arranging infrastructural facilities
29. EDII was developed by the
A. Government of India
B. State Government
C. All India Financial Institutions
D. Public sector banks
Answer
C. All India Financial Institutions
30. NIESBUD was established in
A. 1980
B. 1983
C. 1986
D. 1989
Answer
B. 1983
31. All but which of the following is considered to be a myth associated with entrepreneurship?
A. Successful entrepreneurs are born not made
B. First ventures are always successful
C. All entrepreneurs must willingly invest significant sums of money
D. Successful entrepreneurs must have a break-through invention
Answer
A. Successful entrepreneurs are born not made
32. An ___ is best described by stating it is any business that is independently owned and operated and is not dominate in its market.
A. strategic alliance
B. corporation
C. entrepreneurship
D. proprietorship
Answer
A. strategic alliance
33. For small business owners, one of the most important objectives is ___
A. market presence
B. growth
C. profitability
D. adaptability
Answer
C. profitability
34. Which of the following is not considered a common characteristic of an entrepreneur?
A. Internal locus of control
B. High need for achievement
C. Self-confidence
D. External locus of control
Answer
A. Internal locus of control
35. The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an ___
A. inventor
B. opportunist
C. hacker
D. craftsman
Answer
B. opportunist
36. Melissa is one of the newest and most successful entrepreneurs in the technology industry. She handles numerous dealings with other companies for the exchange of goods and services. Her primary goal is to ensure that all parties involved receive favorable and acceptable terms. Melissa is most probably excellent at the entrepreneurial skill of ___
A. negotiating
B. networking
C. leadership
D. analysis
Answer
C. leadership
37. The ideas for new businesses that are obtained by entrepreneurs are derived from many sources. These various sources include all but ___
A. replication of an existing business
B. trade journals
C. trade shows
D. family members
Answer
C. trade shows
38. Which of the following shows the process of creating something new?
A. Business model
B. Modeling
C. Innovation
D. Creative flexibility
Answer
C. Innovation
39. Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance?
A. Need for independence
B. Need for achievement
C. Need for affiliation
D. Need for authority
Answer
B. Need for achievement
40. In which of the following domain; individuals take decision to help others for achieving their dreams?
A. Traditional managers
B. Entrepreneurs
C. Intrapreneurs
D. Administrative managers
Answer
C. Intrapreneurs
