CHAPTER : 3 ENTREPRENEURIAL JOURNEY .

TRUE OR FALSE
Q1 State whether the following statement are True or False.
a) Trailblazer are very competitive and goal oriented.
b) Trailblazer are better managers than leaders.
c) Trailblazers prefer to start a company that competes with a Franchise.
d) Go-getters works in ambitious and unfamiliar environment.
e) Trailblazer are good collaborators, they do not need to be an expert in the field of
business.
f) Managers can consider their employees to be an extension of their family.
g) Mangers are having business strengths of doing things on their own.
h) Motivators do well in the easiest of customer service roles.
i) Motivators believe in a team spirit environment.
j) Authoritarian are the backbone of the society.
k) Collaborators can be great salesman in cold selling market.
l) Diplomats asserts themselves and hold themselves accountable.
Answers:
a. True
b. False
c. True
d. True
e. False
f. True
g. True
h. False
i. True
j. True
k. False
l. False

Q2 State whether the following statement are True or False.

a) Creativity is the ability to combine ideas in a unique way.
b) Single person generatea number of business ideas in brainstorming.
c) Getting detailed information about products and services that already exists in the
market is considered as market research.
d) Evaluation of the ideas are done with an objectives to minimize return and maximise
risks.
e) An Entrepreneur evaluate the business ideas in order to make best use of limited
resources.
f) Brainstorming is a very productive method for generating as many ideas as
possible.
g) Getting information from government and consumers publications is the part of
environment scanning.
h) For evaluating business ideas it is important to identify the strengths and
weaknesses of the ideas.
i) After proper evaluation of ideas,an entrepreneur comes to know ,what is important
and what is not.
j) To identify the strength and weakness of the idea it important to evaluate ideas in
entrepreneurship.
k) Diplomats are the backbone of society.
l) Collaborators are poor at running customer service oriented or retail business.

Answers:
a. True
b. False
c. True
d. False
e. True
f. True
g. True
h. True
i. True
j. True
k. False
l. False

Q3 State whether the following statement are True or False.

a)A feasibility study helps an entrepreneur to list in detail all the things they need
to make the business work.
b) A business plan can be converted into feasibility study.
c) The Business plan will vary depending on the size of the unit.
d) The type of Plant and machinery to be taken in a business is mentioned in a
marketing plan.
e) For successful execution of business plan, it is necessary to evaluate the
organisation.
f) Stakeholders of business are required to be mentioned while preparing Business
plan.
 g) Organisational feasibility defines the legal and corporate structure of the
business.
h) Time frame for procurement of human resources is not a part of human resource
Plan.
i) Marketing feasibility includes the raw material and transportation to be needed
in the business
j)Business plan helps in measuring the progress of the ventures at successive stages.
k)The key to a successful execution of a business plan is alignment.
l)Every business idea is a business opportunity .

Answers:
a. True
b. False
c. True
d. False
e. True
f. True
g. True
h. False
i. False
j. True
k. True
l. False

FILL IN THE BLANKS.

1.Go-getters work well in ambitious and_______________ environment.
2. Trailblazers takes the decisions on the basis of ____________rather the feelings.
3. Trailblazers are not interested in buying ___________________.
4. Managers are dominant and ___________________.
5. The difference between collaborator and authoritarian is that they have a personality
gift called____________________.
6.Diplomas are restless and enjoy working under a certain amount of ______________.
 7 Those who get things done quickly and work well with deadlines are known as
___________.
8 In a warm selling ___________ are the great salesman .
9 The loyal workers who make the world function to make their product or services in a
right way are known as ___________
10 Motivators excel at _________________ or sales.
11. Doing things on their own and love working with systems and concepts are
known as_________________.
12. Authoritarians refer themselves in business strength as ______ entrepreneurs.
13. The ability to make unusal association between the ideas is called as_______________.
14. The process wherein a group of persons sit together and generate a number of business
ideas is called______________.
15. Market research is the method of gathering information about ____________and
services that already exist in the market.
16. Idea evaluation is important to make best use of ______________.
17. Evaluation of idea is done in order to minimise risk and maximise _____________.
18. Group of individuals provide information about the proposed product and services in a
structured setting is called as________________.
19.The most influencial force which rules the market in micro environment is_________.
20. Selling which involves picking up the phone and dialling for dollars is called_____
selling.
21.Customer service oriented or retail businesses are run efficiently by_________ type of
entrepreneurs.
22. The type of entrepreneur who enjoy working under a certain amount of pressure is
called _____________.
23. The type of entrepreneurs who are great salesman are known as ______________.
24. The entrepreneurs who are multitaskers are known as _______________.
25. The blueprint of actions to be taken in future in a business is provided by a
____________________.
26. The concept of interacting with people and engaging them for mutual benefits is known as
_____________.
27. The economic idea that has been researched upon and implemented as a promising venture
is termed as_____________.
28. The details of manufacturing process are mentioned in this type of business plan
_______________
29. A feasibility study can be readily converted into a______________________
30. A business plan is important to think in terms of growth and ________________ is important
in terms of idea viability.
31. The key to successful execution of a business plan is_____________________.
32. Breakeven analysis is mentioned in this type of business plan_________________.
33. Foundation for developing the business plan is laid by___________________.
34. Future potential of market is analysed in _________________type of feasibility study.
35. The concept regarded as roadmap for an entrepreneur is______________________.
36. Product, Price, Place and Promotion are part of _____________plan.

Answers:
1.Unfamiliar
2.Facts
3.Franchise
4.Independent
5.Sociability
6.Pressure
7.Diplomats
8. Collaborators
9.Authoritarian
10.Leadership
11.Managers
12.Accidental
13.Creativity
14.Brainstorming
15.Product
16. Resources
17.Return
18.Focus group
19. Customers
20. Cold Selling
21. Collaborators
22. Diplomats
23. Collaborators
24. Diplomats
25.Business plan
26. Networking
27. Business opportunity
28. Production plan
29. Business plan
30. Feasiblity study
31. Alignment
32. Financial plan
33. Feasibility study
34. Market
35. Business plan
36. Marketing plan

MATCHING THE ITEMS

Q.1 Match the following business strengths with the different types of entrepreneurs possessing
them
Column A Column B

1. Includes medical, technology, finance and A. Motivators

consulting fields
2. Having high level of sociability and B. Managers
ability to work well under pressure.
C. Trailblazers
 D. Diplomats
Answer- 1 (C), 2 (A)
Q.2 Match the characteristics given below with the different types of entrepreneurs who possess
them.-
Column A Column B
1. Having a higher than average level of A. Go-Getters
relaxation, loyal and straight forward.
2. Having sense of urgency to get things B. Motivators
done and are good leaders and managers
C. Collaborators

D. Managers
Answer- 1 (D), 2 (A)

Q.3 Match the different types of entrepreneurs on the basis of their personality features.
Column A Column B
1. See customer as an extension of his A. Managers
family
2. Consider their employees to be an B. Authoritarians
extension of their family.
C. Motivators

D. Diplomats
Answers- 1 (B), 2 (A)
Q.4 Match the following features of personality types with the related entrepreneur-
Column A Column B
1. They are higher than average level of A. Motivators
both dominance and sociability
2. They have high level of sociability and B. Managers
above average level of dominance
C. Diplomats

D. Go-Getters
Answer- 1 (D), 2 (A)
Q.5 Match the following personality features which best suit to the given types of
entrepreneurs.

Column A Column B
 1. They are better leaders than managers A. Authoritarians
2. They are the backbone of the society
B. Motivators

C. Trailblazers

D. Collaborators
Answers- 1 (C), 2 (A)
Q.6 Match the following factors with the micro level environment they affect.
Column A Column B
1. The most influential force which rules the A. Producers
market is
2. Identify opportunities and threats in the B. Investor
environment.
C. Customer

D. Suppliers
Answers- 1 (C), 2 (A)
Q.7 Match the following factors with the micro level environment which they affect.
Column A Column B
1. Institution that facilitate the flow of A. Suppliers
goods and services between company and
final market. B. Producers
2. A resource conversion machine that
converts material, labour and funds into C. Marketing intermediaries
useful products
D. Customer
Answers- 1 (C), 2 (A)
Q.8 Match the following personality features with the entrepreneur-

Column A Column B
1. The entrepreneur relish the people side of A. Authoritarians
business.
2. They get things done quickly and work B. Managers
well with deadlines.
C. Collaborators

D. Diplomats
Answers- 1 (c), 2 (D)

Q.9Match the following structured approaches with ways to generate ideas-

 Column A Column B
1. Ability to make unusual associations A. Brainstorming
between the ideas
2. Group of individuals provide information B. Market research
about proposed product/services in a
structured setting. C. Focus Groups

D. Creativity and Creative Problem Solving

Answers- 1 (D), 2 (C)

Q.10 Match the meanings with the different ways to generate ideas-

Column A Column B
1. Structured discussion in which one idea A. Opportunity assessment
leads to another conduct between groups of
people. B. Brainstorming
2. Technique in which the screening of
large amount of information is done to C. Marketing plan
detect emerging trends.
D. Environment scanning
Answers- 1 (B), 2 (D)

Q.11 Match the following different ways of idea generation with their related meanings.

Column A Column B
1. Systematic and in-depth study to obtain A. Production plan
-useful data to determine supply position
already available in the market. B. Market research
2. Cross thinking by seeing new angles,
connections and approaches. C. Creativity

D. Financial Plan.
Answer- 1 (B), 2 (C)

Q.12Match the following forces with the factors affecting macro environment-

Column A Column B
1. Forces refers to human population in A. Demographic forces
terms of size, density, location etc.
2. Forces refers to purchasing power of B. Political forces
potential customers.
C. Economic factors
 D. Cultural factors
Answers- 1 (A), 2 (C)

Q.13Match the following forces on the basis of external factors of macro environment-

Column A Column B
1. Forces which provide opportunities to A. Natural forces
new products, new market and trends
2. Forces which includes all laws, B. Demographic Forces
government agencies, groups that limit other
organisations within a society. C. Technological forces

D. Political forces
Answers- 1 (C), 2 (D)

Q.14Match the following forces with external factors of macro environment-

Column A Column B
1. This includes the natural resources that a A. Economic factors
company uses as inputs and affect their
marketing activities B. Natural factors
2. This consist of institutions and basic
values and beliefs of a group of people C. Cultural forces

D. Demographic factors
Answer- 1 (B), 2 (C)

Q.15 Match the following identifying the difference between feasibility study and business plan:
Column A Column B
1. It is made up of mostly tactics and A. Business opportunity
strategies to be implemented to grow a
business. B. Business Idea
2. It is filled with calculations and estimated
projections. C. Feasibility study

D. Business plan
Answer: 1-(D); 2-(C)

Q16. Match the following by identifying the difference between feasibility study and
business plan:
Column A Column B
 1.It is a strategic process A. Business opportunity
2.It is a experimental process
B .Environmental scanning

C. Business idea

D. Brainstorming
Answer: 1(C), 2(A)
Q17. Match the meanings with the different types of business plan
Column A Column B
1.Distribution channels are part of A Financial plan
2.Requriment of power and water is a part
of B .Marketing Plan

C. Organised plan

D. Production plan
Answer: 1(B), 2(D)
Q18. Match the following meaning with different types of feasibility study
Column A Column B
1.It defines the legal and corporate structure A. Market feasibility
of the business
2.It includes description of the current B .Financial feasibility
market and future market potential
C.Organisational feasibility

D. Technical feasibility
Answer- 1 (C), 2 (A)
Q19. Match the following concepts with their relative meaning -
Column A Column B
1. It is the blueprint of the business A. Opportunity assessment
2. It checks the viability of business ideas
B. Networking

C. Business Plan

D. Feasibility study
Answer- 1 (c), 2 (D)

Q19.Match the following feature with their respective types of feasibility-

 Column A Column B
1. Finding the potential buyer A. Technical feasibility
2. Projection of return on investment
B. Organisational feasibility

C. Market feasibility

D. Financial Feasibility
Answer- 1 (C), 2 (D)
Q20. Match the following concepts with the types of business plan they are a part of.
Column A Column B
1. Break-even analysis is the part of A. Marketing plan
2. Promotional strategies
B. Production Plan

C. Organised Plan

D. Financial Plan
Answer- 1 (D), 2 (A)

MULTIPLE CHOICE QUESTIONS

1 Entrepreneurs who are competitive, ambitious and goal-oriented, having a strong drive and
a sense of urgency are-
(a) Go-Getters (b) Manager
(c) Motivators (d) Trailblazers
2. Entrepreneurs who have a higher than the average level of both dominance and
sociability-
(a) Manager (b) Diplomats
(c) Go-Getters (d) Authoritarians
3. These entrepreneurs focus more on processes and outcomes than on to people-
(a) Collaborators (b) Manager
(c) Diplomats (d) Motivators
4. Entrepreneurs who have a high level of sociability, an above average level of dominance and
are both driven and independent are called
(a) Motivators (b) Trailblazers
 (c) Go-Getters (d) Collaborators
5. Entrepreneurs who are the backbone of the society and do well when they purchase an
ongoing operations.
(a) Diplomats (b) Authoritarians
(c) Manager (d) Motivator
6. Entrepreneur who have a personality gift called sociability.
(a) Collaborators (b) Go-Getters
(c) Motivators (d) Manager
7. Entrepreneur who get things done quickly with deadlines and deal well with the new
situations.
(a) Manager (b) Trailblazers
(c) Diplomats (d) Motivators
Answers-
1(d), 2 (c), 3 (b), 4 (a), 5 (b), 6 (a), 7 (c)
8.Which technique of generating business ideas involves the screening of large amount of
information?
(a) Brainstorming (b) Focus Groups
(c) Environment Scanning (d) Market Research
9. Which of the following is not the way to generate ideas?
(a) Environment scanning (b) Market Research
(b) Brainstorming (d) Marketing Plan

10. Which of the following is the personality type of an entrepreneur?

(a) Collaborators (b) Leader
(c) Problem Solver (d) Salesman
11. An entrepreneur develops a new idea through a chain of word associations is called-
(a) Free association (b) Attribute Listing
(c) Market research (d) Focus groups
12. Which ability involves combination of ideas in a unique way?
(a) Innovation (b) Motivation
(c) Creativity (d) Planning
13. The method of gathering information about products/services that already exist in the market
is known as-
(a) Market research (b) Environment scanning
(c) Survey (d) Annual report

14. The entrepreneurs excel in retail or other people oriented environment are-
(a) Trailblazers (b) Go-Getters
(c) Motivators (d) Diplomats
Answers-
8 (c), 9 (d), 10 (a), 11(a), 12 (c), 13 (a), 14 (d)

15. The importance of a feasibility study is judged in terms of-

(a) Idea- Viability (b) Growth
(c) Sustainability (d) Strategic-planning

16. The purpose of business networking is-

(a) Increase in number of customers (b) Strategic-planning
(c) Checking idea-viability (d) financial planning
17. Which of the following is the first step in setting up of a business venture-
(a) Business plan execution (b) Feasibility study
(c) Business plan formation (d) Idea-generation
18. Which of the following type of plan helps in communicating with the investors for
procurement of finance-
(a) Organizational plan (b) Marketing plan
(c) Business Plan (d) Production plan
19. In which of the following plan form of ownership are mention-
(a) Marketing plan (b) Organizational plan
(c) Production plan (d) Human resource plan

20. Which of the following type of feasibility study deals with the requirement of start-up capital
and source of capital?
(a) Technical feasibility (b) Financial feasibility
 (c) Organizational feasibility (d) Market feasibility

21. The requirement of physical infrastructure is mentioned in which form of business plan?
(a) Financial plan (b) Organizational plan
(c) Production plan (d) Human resource plan

Answers
15 (a), 16 (a), 17 (d), 18 (c), 19 (b), 20 (b), 21 (c)

PICTORIAL QUESTIONS
Q1.Identify the way of generating the idea on the basis of the picture given below:

a) Focus group
b) Brain storming
c) Creativity
d) Market research

Answer: Brainstorming

Q2. Identify the concept depicted in the picture given below:

 Answer - Networking

Q3 Identify who am I on the basis of my characterstics

sociability

Prefer aggressive
business partner

Answer- Collaborators

Q4.Identify the business strength of the entrepreneur in the given picture

Answer- Retail Business

Q5 Which micro factor is depicted through the given picture

a. Producer
b. Customer
c. Supplier

Answer- Customer

Q6. Identify the way of generating idea other than the one shown in picture

Answer- Brainstorming
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Q7.

General
Identify the missing feasibility study in the given figure

Answer- Technical Feasibility

Q 8. Identify the missing element of the business plan.

introduction

Marketing plan

Answer- Financial Plan

Elements of
business plan
Organised plan

?
?
Q9. Identify the missing personality type of entrepreneur-

Answer- Collaborators

Q10. Identify the missing way to generate ideas-

Environment
scanning

Answer- Brainstorming
Creativity

Market
Research
? Focus group