Entrepreneurship Development MCQ || Entrepreneurship Development Questions and Answers Part 1

Answer.3. Richard Cantillon

Explanation:

The first proper and formal definition of the entrepreneur was provided by Richard Cantillon in 1755.

Cantillon describes an entrepreneur as an ‘adventurer’, who invests in the purchase of goods and materials with the incentive of selling these in the future.

Answer.2. Need for achievement

Explanation:

Need for achievement is an individual’s desire for significant accomplishment, mastering of skills, control, or high standards. Your achievement drive is high when your desire is strong to complete a task or project to the best of your ability and to be known for reaching your goals.

Answer.1. Technical

Explanation:

On the basis of the use of technology, entrepreneurs are of the following types

Technical entrepreneur: These types of entrepreneurs are extremely task-oriented. They develop new and improved quality goods because of their superior craftsmanship. They focus more on production than on marketing

Non-technical entrepreneur: These entrepreneurs are only concerned with the technical aspects of the product. They develop marketing techniques and distribution strategies to promote their business. Thus, they concentrate on marketing aspects

Professional entrepreneur: These entrepreneurs start a business unit but do not carry on the business for a long period. They sell out the current business and start a new venture

Answer.2. Fabian

Explanation:

Fabian entrepreneurs: These entrepreneurs are traditionally bounded. They like to be cautious They neither introduce new changes nor adopt new methods innovated by other entrepreneurs.

They are shy and lazy They try to follow in the footsteps of their predecessors They follow old customs, traditions, and sentiments They take up new projects only when it is absolutely necessary to do so.

Answer.4. Gifford Pinchot

Explanation:

The term “intrapreneur” is a portmanteau of the two words “internal” and “entrepreneur”. It was first coined by Gifford Pinchot III and Elizabeth S Pinchot in 1978. He described intrapreneurs as “dreamers who do. Those who take hands-on responsibility for creating innovation of any kind, within a business”

Answer.1. Innovation

Explanation:

Another distinguishing function of the entrepreneur, as emphasized by Schumpeter, is to make frequent inventions — the invention of new products, new techniques, and discovering new markets to improve his competitive position, and increase earnings.

Answer.2. Competency

Explanation:

A competency is the capability to apply or use a set of related knowledge, skills, and abilities required to successfully perform “critical work functions” or tasks in a defined work setting.

Answer.3. Women

Explanation:

The biggest problem faced by women entrepreneurs is the problem of social attitudes toward women and the constraints in which women entrepreneurs work and life.

Despite constitutional equality, there is great discrimination against women. In our society, which is bound by customs and traditions, women suffer from many reservations imposed by men on their role and capacity. This is particularly true in rural India.

Answer.4. Creativity

Explanation:

Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.

Answer.4. All of these

Explanation:

There are five kinds of risks that entrepreneurs take as they begin starting their business. Those risks are:

1. Founder risk
2. Product risk
3. Market risk
4. Competition risk
5. Sales execution risk.

Answer.1. Drone entrepreneur

Explanation:

Drone entrepreneurs are entrepreneurs who do not like change. They are considered ‘old school’. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business.

Answer.2. Intrapreneur

Explanation:

Intrapreneurs are employees of a company who are assigned to work on a special idea or project. They are given the time and freedom to develop the project as an entrepreneur would.

Answer.1. 25 lakhs

Explanation:

A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh.

Independent contractors, freelancers, and small organizations are all considered micro-enterprises. Some examples of this type of business: Etsy owners, Amazon suppliers, solo consultants, freelance graphic designers, and home-based businesses.

Answer.2. 25 lakhs /5crores

Explanation:

A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crores.

Answer.3. 5 crores/ 10 crores

Explanation:

A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crore but does not exceed Rs.10 crore.