Entrepreneurship And Innovation — Part 1 MCQs with Explanations

A good business opportunity isn't just about having a cool idea; it needs several key elements. Let's break it down based on the options. 1. Attractiveness: This is essential because your idea needs to appeal to customers. If they don't find it appealing, they won't want to buy it. 2. Foreign collaborations: While collaborations can help, they're not essential for every great business idea. Many businesses succeed without needing foreign partnerships. 3. Political support: Government support can be useful, but a business can still thrive without it. Many successful businesses started and grew without government backing. 4. Timelines: A good business opportunity needs to be launched and scaled within a reasonable timeframe. A delayed launch could cause you to miss out on key market opportunities. 5. Durability: The longevity of the idea matters. Will your business remain relevant and profitable in the future? It’s essential that your idea lasts over time. 6. Value addition to the end-user: This is crucial! If your business offers something truly useful or valuable to people, it’s more likely to succeed. Thus, Option C (1, 4, 5, and 6) is the correct choice. A successful business opportunity needs to attract customers, be timely, have durability, and offer value to the user.

Opportunity cost can act as a barrier to new product creation and development because organizations must decide how to allocate limited resources such as money, time, employees, and technology. When a company invests its resources in developing a new product , it gives up the opportunity to use those same resources for other potentially profitable projects. This sacrificed alternative is known as the opportunity cost . Option A: Trial and error — This is generally a method used during product development and experimentation, not a barrier itself. Option B: Opportunity parameter — This is not a commonly recognized barrier to new product creation and development. Option C: Opportunity cost — Correct. The cost of giving up alternative opportunities can discourage organizations from investing resources in new product development. Option D: Intrapreneurship culture — A strong intrapreneurship culture generally supports innovation and encourages employees to develop new products and ideas.

All of the above is the correct answer to “Entrepreneurship consists”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “The functions of Entrepreneurship includes”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which is the type of entrepreneurship”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

David C. McClelland is the correct answer to “A study conducted by the Entrepreneurship Development Institute of India, Ahmedabad, revealed that the possession of competencies is necessary for superior performance of the entrepreneurs. The study was conducted under the guidance of”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

all of the above is the correct answer to “Concept of entrepreneurship includes”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Joseph A. Schumpeter is the correct answer to “Who propounded entrepreneurship as a theory of business”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Royalty partnership is the correct answer to “Which of the following is another exit to the equity partnership arrangement”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of these is the correct answer to “Which is the theory of entrepreneurship”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which is the element of nature of entrepreneurial environment”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “The psychological factors of entrepreneurship includes”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which of the following are included as external factors affecting Industrial sickness? 1. Changes in fiscal and monetary policies 2. Price and distribution 3. Non-availability of inputs 4. Industrial relations 5. Capital market fluctuations”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Creative destruction is the correct answer to “Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Analysis of the business environment includes”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Domestic entrepreneurship is the correct answer to “An entrepreneur doing business within the national border is called”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

NGOs is the correct answer to “Which of the following institutions use the Grameen Bank model”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Social forces is the correct answer to “Which environmental force pertains most to a trend such as the continual increase in the use of cell phones”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Creative entrepreneur is the correct answer to “Which is not the type of entrepreneur”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which is the features of venture capital”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Socioeconomic forces is the correct answer to “All of the following are the broad categories of External forces EXCEPT”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Role model is the correct answer to “Individuals influencing an entrepreneur's carrier choice and style are known as which of the following”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

If the terms of contract are changed without his consent is the correct answer to “A surety is not liable”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

detailed financial statements is the correct answer to “All of the following are normally included in the concept test except”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

is equivalently to a proportionately greater increase in the supply of capital than in the supply of labour is the correct answer to “A K-saving innovation”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

To create successful entrepreneur is the correct answer to “Which is not the object of 'Entrepreneurship Development Programmes'”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Debt to equity ratio is the correct answer to “Which of the following ratio will be helpful for assessing the firm's capital structure”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Both 4 and 5 is the correct answer to “Which of the following schemes does not function for Rural entrepreneurs? 1. Rajiv Gandhi Udyami Mitra Yojana (RGUMY) 2. Performance and Credit Rating Scheme (Implemented through National Small Industries Corporation - NSIC) 3. Product Development, Design Intervention and Packaging (PRODIP) 4. Swarna Jayanti Gramin Swarojgar Yojana 5. Jawahar Rojgar Yojana”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

2, 5 is the correct answer to “Medium service enterprises are the enterprises where investment in plant and mahinery is more than Rs. . . . . . . . . crore, but does not exceed Rs. . . . . . . . . crore.”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which is the element of entrepreneurial behaviour as per McCelland”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Emerson is the correct answer to “"Business is a game of skills which every body cannot play."Who said this”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Brown and Howard is the correct answer to “The term capital gearing is used to describe the ratio between the ordinary share capital and fixed interest bearing securities of a company. Who said”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

75% is the correct answer to “Under technology and quality upgradation support to help manufacturing MSMEs buy energy efficient technologies for production, what percentage of the actual expenditure is provided as financial support by the Government of India”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

a-3, b-4, c-2, d-1 is the correct answer to “Match the following List-I (External Causes for Sickness) List-II (Features) a. Personal constraints 1. Fear of nationalisation b. Marketing constraints 2. Import-export restrictions c. Production constraints 3. Non-availability of skilled labour d. Finance constraints 4. Restrain of purchase by bulk purchasers”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Departure point is the correct answer to “The activity which occurs when the new venture is started is called”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

a-1, b-4, c-3, d-2 is the correct answer to “Match the following List-I (External factors of finance) List-II (Features) a. Nature of competition 1. Monopoly b. Seasonal changes 2. Tax planning c. Policy of financial institution 3. Equity capital or debt ratio d. Tax provision 4. Inflation”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of the above is the correct answer to “Which is the service projects”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

All of these is the correct answer to “Which statement is true? 1. Liquidation value is the value of the assets if they had to be sold under pressure. 2. Earnings valuations entail multiplying the earnings of the venture by a price earnings ratio or dividing the earnings by some capitalisation factor. 3. The book-value of an asset is the historical cost of the asset less accumulated depreciation. 4. Control issues are negotiable and not solely dependent on the proportion of stock the investors have purchased. All minority stockholders have rights. 5. Social trends refer to the modes and manners in which people life their lives. Lifestyles reflect people's tastes and preferences in an economic sense.”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Expertise of an entrepreneur is the correct answer to “The development of a new venture based on an inventor's work often requires”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.

Risk is the correct answer to “Which of the following is the most important for the entrepreneur, while starting a new venture, to make an assessment of”. This question is standard in competitive examination syllabi for Entrepreneurship And Innovation.