Entrepreneurship Management Online MCQ Set 7

QN01. Entrepreneurship ManagementWhich of the examples seem to be associated with Insight and Entrepreneurship.

  1. Clocks
  2. Footwear
  3. Furniture
  4. All the business and products are a resultant of Insight and Entrepreneurship
Answer

(D)All the business and products are a resultant of Insight and Entrepreneurship

QN02. Monetizing an idea to make money with some method of operations is known to be

  1. Strategy
  2. Scope
  3. Business model
  4. Business system
Answer

(A)Strategy

QN03. According to MSME Act in India, what is the limit of investment in plant and machinery for a small enterprises involved in services?

  1. There is no separate classification for service and manufacturing organizations.
  2. It is less than Rs 1 crore.
  3. It is less than Rs 2 crore.
  4. It is more than Rs 10 lakh but less than Rs 2 crore.
Answer

(D)It is more than Rs 10 lakh but less than Rs 2 crore.

QN04. "Not-invented-here (NIH) syndrome," "I already known it (IAKI)," "Prove it to me (PITM)," and "How on Earth could my firm possibly do that" are.

  1. Legitimate reasons to maintain a conservative innovation policy
  2. Innovation's worst enemies
  3. Signs of weak management
  4. None of the above
Answer

(B)Innovation's worst enemies

QN05. Which of the following describes the totality of the means people employ to accomplish desired tasks?

  1. Innovation
  2. Competitive advantage
  3. Technology
  4. Facilities
Answer

(C)Technology

QN06. Which of the ministry of Government of India deals with matters related to intellectual property?

  1. Niti Aayog
  2. Ministry of Human Resource Development
  3. Ministry of Commerce and Industry
  4. Ministry of Finance
Answer

(C)Ministry of Commerce and Industry

QN07. Which of the following is correct?

  1. Knowledge available in patent is available in public domain.
  2. Knowledge available in patent is kept confidential so that it can not be used by others.
  3. Patenting of invention is a big hindrance of use of technology for social welfare.
  4. All of the above
Answer

(A)Knowledge available in patent is available in public domain.

QN08. What do you mean by WIPO?

  1. World Intellectual Property Right Organization
  2. World Internet Protection Organization
  3. World Intellectual Protection Organization
  4. World Indicator of Patents Organization
Answer

(A)World Intellectual Property Right Organization

QN09. Which of the following is correct?

  1. A Patent is an exclusive right granted for an invention.
  2. Getting patent is a guarantee for a regular income for your invention.
  3. Both (a) and (b)
  4. None of the above
Answer

(A)A Patent is an exclusive right granted for an invention.

QN10. What do you mean by PCT?

  1. Patent Cooperation Treaty
  2. Protection of Copyright Treaty
  3. Patent and Copyright Treaty
  4. None of the above
Answer

(A)Patent Cooperation Treaty

QN11. What is not an essential condition to obtain patent?

  1. Novelty
  2. Non obviousness
  3. Theory development
  4. Industry application
Answer

(C)Theory development

QN12. What is the normal life a patent?

  1. 10 years
  2. 20 Years
  3. 25 Years
  4. There is no fixed life.
Answer

(B)20 Years

QN13. Which of the following is correct?

  1. A Patent gives universal protection.
  2. A Patent is a territorial protection.
  3. A Patent is specific to an industry.
  4. A patent is specific to an application.
Answer

(B)A Patent is a territorial protection.

QN14. Which of the following is not a form of intellectual property?

  1. Patent
  2. Copyright
  3. Cash in hand
  4. Geographical Indicator
Answer

(C)Cash in hand

QN15. The typical ______________ has a climate and reward system that favor conservative decision making.

  1. Entrepreneurship culture
  2. Corporate culture
  3. Intrapreneurial culture
  4. None of the above
Answer

(B)Corporate culture

QN16. Which of the following is correct?

  1. Mind-set is the biggest barrier in the process of innovation.
  2. External environment is a major barrier in the process of innovation.
  3. “Many of us feel that innovation is not my cup of tea” – this is a major challenge in the process of innovation.
  4. All of the above
Answer

(D)All of the above

QN17. Which of the following is not a characteristics of systems thinking approach?

  1. Point of leverage is to be identified.
  2. It uses concept of silver bullet.
  3. Theory of constraints is best suited for systems thinking.
  4. None of the above
Answer

(D)None of the above

QN18. Which of the following is not correct with respect to “concept of challenge book”?

  1. It helps in creating a template for recording various observations.
  2. It helps in getting a readymade list of various problems which require innovative solution.
  3. It is a record of impact created by different innovations.
  4. None of the above
Answer

(C)It is a record of impact created by different innovations.

QN19. Which of the following is a possible assumption to be validated in an experiment in the process of innovation?

  1. Indian customers would enjoy buying product on line.
  2. Indian customers would enjoy movies depicting India mythological characters.
  3. Indian customers would pay for an email service for high level of data security.
  4. All of the above
Answer

(D)All of the above

QN20. Who is not needed in developing participation for innovation in the organizations?

  1. Role Model
  2. Catalyst
  3. Investor
  4. Customer
  1. Only (iv)
  2. Only (iii) and (ii)
  3. Only (iii) and (iv)
  4. Only (i)
Answer

(C)Only (iii) and (iv)

QN21. Which of the following is correct?

  1. Incubators are used for getting initial funding for startups.
  2. Incubators are used for getting mentorship for startups.
  3. Both (a) and (b) are false.
  4. Both (a) and (b) are correct.
Answer

(D)Both (a) and (b) are correct.

QN22. How does an Organization delivers value? Through

  1. By knowing what business they are into?
  2. By knowing what the World is doing?
  3. By knowing the politics of their Country.
  4. By understanding the people around.
Answer

(A)By knowing what business they are into?

QN23. Looking at things with the innovative and innovation perspective India should be looking at the market growth with reference to products/areas of business/services like

  1. Energy and Food
  2. Entertainment
  3. Shipping
  4. Financial Management
Answer

(A)Energy and Food

QN24. What is not part of the design thinker’s profile?

  1. Empathy
  2. Integrative Thinking
  3. Creativity
  4. Functionality Focus
Answer

(D)Functionality Focus

QN25. The ______________ plan shows whether the business is economically easible or not.

  1. Financial
  2. Business
  3. Technical
  4. Marketing
Answer

(B)Business

QN26. Japanese term “Kaizen” is close to ______________

  1. Product innovation
  2. Process innovation
  3. Business model innovation
  4. None of the above
Answer

(B)Process innovation

QN27. Which of the following can be a source of curiosity?

  1. Use of Social Media
  2. 5 G Mobile Technology
  3. Packaging wastages
  4. All of the above
Answer

(D)All of the above

QN28. What is convergent thinking?

  1. The process of creating many solutions to one problem.
  2. The process of routine solutions to many problems.
  3. The process of coming up with a logical, single best solution to a problem
  4. The process of coming up with a logical solution to several problems.
Answer

(C)The process of coming up with a logical, single best solution to a problem

QN29. What are the different types of assumptions to be validated in an experiment designed in

  1. Need
  2. Technical
  3. Positioning
  1. Only (i) and (ii)
  2. Only (ii) and (iii)
  3. Only (i) and (iii)
  4. All (i), (ii) and (iii)
Answer

(A)Only (i) and (ii)

QN30. A set of reasons for engaging in a particular behavior, especially human behavior is known as ______________

  1. Values
  2. Vision
  3. Entrepreneurship
  4. Motivation
Answer

(D)Motivation

QN31. One of the most important remedies of a business model failure is:

  1. Consistency and Persistence of the organization and the leadership
  2. Market Analysis
  3. Competitor’s Analysis
  4. Product analysis
Answer

(A)Consistency and Persistence of the organization and the leadership

QN32. The importance of intellectual property should be understood by entrepreneur even before ______________

  1. Hiring a manager
  2. Engaging an attorney
  3. Developing a product
  4. Establishing new venture
Answer

(B)Engaging an attorney

QN33. Which of the following is correct?

  1. Uncertainty about future gives excitement to an innovator.
  2. Prediction disability is a villain in the process of innovation.
  3. Innovation is an adventurous process.
  4. None of the above
Answer

(B)Prediction disability is a villain in the process of innovation.

QN34. Which of the following is not a characteristics of design thinking approach?

  1. Rapid prototyping
  2. Detailed analysis
  3. Faster implementatio
  4. None of the above
Answer

(B)Detailed analysis

QN35. Which of the following statements is not correct?

  1. Divergent thinking works best for open ended problems.
  2. Divergent thinking involves creativity.
  3. Unlike convergent thinking, there is no single best correct answer in divergent thinking.
  4. The process of divergent thinking is systematic and logical
Answer

(C)Unlike convergent thinking, there is no single best correct answer in divergent thinking.

QN36. Which of the following is not a possible assumption to be validated in an experiment designed in the process of innovation?

  1. Women are as hard working as men.
  2. Women are as intelligent as men.
  3. Women are as fearless as men.
  4. All of the above
Answer

(D)All of the above

QN37. Which of the following is not correct?

  1. In process of cocreation, customers and solution provider shares value.
  2. In process of cocreation, focus shifts from problem loci to problem space.
  3. Both (a) and (b) are false.
  4. Both (a) and (b) are correct.
Answer

(C)Both (a) and (b) are false.

QN38. How does an organization creates value?

  1. By knowing their customers well
  2. By knowing their employees well
  3. By knowing themselves well
  4. By knowing their successors well
Answer

(A)By knowing their customers well

QN39. How should India or similar markets look at the future?

  1. On the basis of Needs and Resources.
  2. On the basis of pattern set by the developed markets.
  3. On the basis of the neighboring markets
  4. On the basis of the desire of the entrepreneurs.
Answer

(A)On the basis of Needs and Resources.

QN40. Which of the following is/are challenge(s) in the process of innovation?

  1. Fear of failure
  2. Unable to predict
  3. Lack of resources
  4. All of the above
Answer

(D)All of the above

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