QN01. Which of the following is correct?
- In present times, the product life cycles are reducing.
- In present times, the product life cycles are increasing.
- In present times, uncertainty in business environment is reducing.
- None of the above
Answer
(A)In present times, the product life cycles are reducing.
QN02. Which of the following is correct?
- Innovation starts with creativity.
- Innovation begins with curiosity.
- Innovation happens accidently.
- All of the above
Answer
(B)Innovation begins with curiosity.
QN03. Which of the following is correct?
- Maslow proposed a five stage need hierarchy model.
- Maslow proposed three stages need hierarchy model.
- Maslow divided human behaviour in two categories.
- Maslow divided human behaviour in three categories.
Answer
(A)Maslow proposed a five stage need hierarchy model.
QN04. In stage of responsibility allocation process the entrepreneur follows?
- High centralized decision making process
- Highly decentralized decision making process
- Somewhat centralized decision making process
- No particular standards
Answer
(B)Highly decentralized decision making process
QN05. Which of the following is not correct?
- Cocreation is a process which is used by innovators for getting new ideas.
- Cocreation involves participation of customers in the process of solving a problem
- Cocreation is possible in services and manufacturing.
- None of the above
Answer
(A)Cocreation is a process which is used by innovators for getting new ideas.
QN06. What is the role of incubator in the process of entrepreneurship?
- Incubator provides financial support to start up.
- Incubator provides mentorship support.
- Incubator provides networking opportunities with venture capitalists.
- All of the above
Answer
(D)All of the above
QN07. Single largest factor associated with a Business Model Failure is:
- Incoherence with the Business Environment
- Unavailability of regular banking and finance support
- Powerful Competition
- Complacency of the Organization and the team
Answer
(D)Complacency of the Organization and the team
QN08. Which of the following is correct?
- Japanese manufacturing philosophy focuses on Cost minimization.
- Japanese manufacturing philosophy focuses on innovation.
- Japanese manufacturing philosophy focuses on quality with minimum cost.
- All of the above
Answer
(C)Japanese manufacturing philosophy focuses on quality with minimum cost.
QN09. Which of the following is important in selection of an idea?
- Novelty of idea
- Ease of implementation of idea
- Impact of idea
- All of the above
Answer
(D)All of the above
QN10. Which of the following can not be a type of reward for encouraging innovation in your organization?
- Putting a poster mentioning your achievement alongwith your photograph on main notice board of the company
- Giving you a Cash prize of Rs1 million
- Giving you a promotion to some different department or location
- None of the above
Answer
(C)Giving you a promotion to some different department or location
QN11. Which of the following is correct?
- All ideas leading to innovation must go through the process of incubation.
- All ideas leading to innovation must develop a prototype.
- Both (a) and (b) are false.
- Both (a) and (b) are correct.
Answer
(B)All ideas leading to innovation must develop a prototype.
QN12. The development of a new venture based on an inventor’s work often requires ______________
- Expertise of an entrepreneur
- Heavy investment from financers
- Skilled Human resources
- Highly educated staff
Answer
(A)Expertise of an entrepreneur
QN13. Which of the following is correct?
- “naive perception” helps in improving our ability to see more things around us.
- “naive perception” helps in improving our ability to implement the idea.
- “naive perception” helps in creating harmonious environment for innovation.
- All of the above
Answer
(A)”naive perception” helps in improving our ability to see more things around us.
QN14. Which of the following is not a characteristics of frugal innovation?
- Reducing complexity of a product
- Removing nonessential features of a product
- Reducing cost of a product
- Improving quality of a product
Answer
(D)Improving quality of a product
