Entrepreneurship and small business management MCQs

Entrepreneurship and small business management MCQs

Entrepreneurship and small business management MCQ Pdf notes

Are you looking to learn more about Entrepreneurship and Small Business Management? If so, this article is the perfect place to start.

Here, we’ll provide an overview of MCQ PDF notes specifically related to Entrepreneurship and Small Business Management. By discussing the features and advantages of these materials, we hope to help readers make informed decisions about how best to advance their knowledge in this field.

Entrepreneurship Management

What is Entrepreneurship and small business management

Entrepreneurship is the process of creating, managing and scaling a business venture with an aim to make it profitable. It involves identifying opportunities in the market, developing innovative solutions and taking risks to bring a product or service to market.

Entrepreneurship requires passion, dedication, hard work and a willingness to learn from failures.

Small business management, on the other hand, involves effectively running and growing a small enterprise. This includes developing strategies that enable small businesses to compete effectively in their respective markets while maximizing profits.

Small business managers must possess strong leadership skills as well as knowledge of finance, marketing, operations and human resources management.

Entrepreneurship and small business management are closely related as both require similar skills such as creativity, risk-taking ability and critical thinking. Additionally, success in entrepreneurship often leads to growth into a larger enterprise requiring greater managerial skills for effective operation.

Entrepreneurship and small business management MCQ

1. From the economic standpoint, initially the economists used to discuss three factors of production: , , and .
Ans. Land, labour, capital

2. Entrepreneurship transforms ideas into economic opportunities. (True/False)
Ans. True

3. Entrepreneurs have to have an innate capability to mobilize to put their ideas into operation.
Ans. Resources

4. Indian industrial entrepreneurship can be traced back to as early as the period when metal handicrafts were produced.
Ans. Vedic

5. The campaign which began in 1905 emphasized the use of indigenous goods.
Ans. ‘Swadeshi’

6. The was set up in 1948 to develop industry.
Ans. Industrial Financial Corporation of India (IFCI)

7. According to Peter Drucker, entrepreneurship deals with averting risk. (True/False)
Ans. False

8. True Uncertainty or Knightian Uncertainty cannot be estimated or statistically predicted. (True/False)
Ans. True

9. An may be defined as a programme that is designed to help an individual strengthen his entrepreneurial motive and to acquire skills and capabilities so that he can play his entrepreneurial role effectively.
Ans. EDP

10. provides management training, research and consultancy, and its prime goal is to improve managerial effectiveness in the industry/government and banking’ sectors of the economy.
Ans. Management Development Institute (MDI)

11. The is an apex body for coordinating and overseeing the activities of various institutions and agencies engaged in entrepreneurship development, particularly in the area of small industry and small business.
Ans. New Delhi-based National Institute for Entrepreneurship and Small Business Development (NIESBUD)

12. Indian entrepreneurship is well on its path of global domination. (True/False)
Ans. True

13. Successful entrepreneurs such as Azim Premji, Narayana Murthy and__ have inspired a whole new generation to look forward into the future.
Ans. Dhirubhai Ambani

14. William B. Gartner (1988) defines an entrepreneur as someone who is involved in ‘the creation of new __’.
Ans. Organizations

15. Many dimensions of entrepreneur are addressed in every definition. (True/False)
Ans. True

16. An entrepreneur is a thinker and innovator who also converts ideas and opportunities into a business preposition and continuously own all the activities involved in this cycle. (True/False)
Ans. True

17. Visualization does not mean innovation, but visualizing practical relevance of innovation if innovations are carried through the leading to conversion into business operations.
Ans. Process

18. Motivation skill is a lower level skill than guiding skills. (True/False)
Ans. False

19. Communication skills help in negotiations with vendors, contractors and potential customers. (True/False)
Ans. True

20. __ __ is an art of juxtapositioning useful data to make sense out of it.
Ans. Data analysis

21. Networking requirement of an entrepreneur will not lead to formation of new social groups. (True/False)
Ans. False

22. Potential equity participants assess for potential growth and value of the business to make extraordinary gains. (True/False)
Ans. True

23. ___ are experienced entrepreneurs and experts in different fields.
Ans. Mentors

24. At design stage, in addition to offering ideas, mentors can use their network and provide list of names that can help and also give positive references. (True/False)
Ans. True

25. Ajaero Tony Martins is not a serial entrepreneur and an investor with not many successful companies in his portfolio. (True/False)
Ans. False

26. Classification of projects is the pre-requisite for creating an effective system of project planning and execution. (True/False)
Ans. True

27. Strategic thrusts are the ways of doing business to achieve strategic goals. (True/False)
Ans. True

28. Corporate philosophy acts as a filter on acceptable opportunities. (True/False)
Ans. True

29. Strategy is about matching the strengths with weaknesses. (True/False)
Ans. False

30. Entrepreneurs fill the supply-demand gap and also create demand. (True/False)
Ans. True

31. enquiry often leads to new business ideas.
Ans. Consumer

32. Entrepreneurs’ projects are the outcome of innovations and urge to create an echo-system. (True/False)
Ans. True

33. A businessman who fills a demand-supply gap can also demonstrate entrepreneurial skills. (True/False)
Ans. True

34. A __ organisation builds a system of idea generation.
Ans. Proactive

35. Problem inventory analysis is essentially a process of identifying problems and difficulties in the project idea, and therefore it reflects the negative attitude. (True/False)
Ans. False

36. In a business plan, promoters details are given in case of a new start up, whereas in case of an existing business the details of management is provided. (True/False)
Ans. True

37. A ___ ___ passes through four stages– recession, recovery, growth and decline.
Ans. Business cycle

38. Technical feasibility is focussed on getting the technology rather than assessing its suitability with the local environment. (True/False)
Ans. False

39. Regression techniques are more useful when one studies dependent variable (demand) in association with its causal (independent) variable. (True/False)
Ans. True

40. An ___ ___ tends to be focussed on customer needs.
Ans. Advisor entrepreneur

41. If for some reasons, the length of analysis is restricted to less than the approximate ___ life, then it is appropriate to forecast the resale value of all assets at the end of the terminal period, (i.e. end of the analysis period) and incorporate the terminal value in the last year’s cash flow for the project.
Ans. Project

42. Business plan is a document that integrates all the activities of business on a multi-period basis. (True/False)
Ans. True

43. Business plan is prepared only for a start-up. (True/False)
Ans. False

44. Business activity must be clearly broken down into discreet and details must be provided how those operations will be performed given the resources.
Ans. Operations

45. Components of a business plan gives the section of a good business plan report whereas contents of a business plan focuses on the plan related contents only. (True/False)
Ans. True

46. Bootstrap financing is not a separate source of funds, but an approach for either raising funds or reducing funds requirements. (True/False)
Ans. True

47. The participation of __ __ in equity or quasi-equity is without any collateral.
Ans. Venture capitalist

48. All venture capital and venture capitalists are equal in their characteristics, though they defer in terms of their expertise and focus area. (True/False)
Ans. True

49. Every venture capitalist has developed one or few expertise fields and they do not look beyond those areas when they select a venture for funding it. (True/False)
Ans. True

50. ___ is usually supplied by banks and financial institutions for a fixed period at a fixed or variable interest rate.
Ans. Term loan

Conclusion

This article on Entrepreneurship and small business management MCQ PDF notes has provided a comprehensive overview of the topics discussed. It has highlighted the importance of understanding key concepts such as problem identification and market analysis in order to become a successful entrepreneur.

The article also outlined the need for entrepreneurs to develop strong business plans, source adequate resources, and manage their businesses effectively in order to maximize profitability. By gaining an understanding of these concepts, entrepreneurs can increase their chances of achieving success.

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