Entrepreneurship

GM-13
ENTREPRENEURIAL MANAGEMENT
Q1. Which of the following is false?
a. A business plan is often prepared by an existing company to ensure that growth is properly
managed.
b. A business plan is usually not required when obtaining financing for a start-up.
c. If a business plan is completed for a start-up, it may help the entrepreneur avoid costly
mistakes.
d. All the given options.
Q2. To provide financial assistance to entrepreneurs the government has set up a number of_______
a. Financial advisors
b. Financial intermediaries
c. Industrial estates
d. Financial institutions
Q3. Which of the following is a type intangible business property that is protected by law?
a. Inventory
b. Trademark
c. Equipment
d. None of the given options
Q4. A new venture’s business plan is important because________

a. It helps to persuade others to commit funding to the venture
b. Can help demonstrate the viability of the venture
c. Provides a guide for business activities by defining objectives
d. All of the above
Q5. Which of the following is alternatively called corporate venturing?

a. Entrepreneurship
b. Intrapreneurship
c. Act of stating a new venture
d. Offering new products by an existing company
Q6. Business risks can be________

a. Avoided
b. Reduced
c. Ignored
d. Erased
Q7. Entrepreneurship can best be described as_________

a. A process that requires setting up a business
b. Taking a significant risk in a business context
c. Having a strong vision
d. A process involving innovation, new products or service, and value creation.
Q8. Entrepreneurial development is the key to achieve all-round through _________

a. Economic development
b. Increase in profits
c. Shareholders value
d. Business development
Q9. The oldest form of business organization is _________

a. Partnership
b. Sole proprietorship
c. Joint stock company
d. Co-operative undertaking
Q10. Which of the following is the reason for business failure?

a. Lack of market research
b. Poor financial control
c. Poor management
d. All the above
Q11. As a business grows, time management continues to be an issue, but the entrepreneur’s major
concern usually becomes:
a. Setting goals
b. Finding, retaining, and motivating qualified employees
c. Measuring performance
d. All of the given options
Q12. Which of the following is not a content of business plan?

a. Financial analysis
b. SWOT analysis
c. Exit plan
d. Critical success factors
Q13. Which of the following is not a step in project identification?

a. Industry attractiveness
b. Market attractiveness
c. Sustainable advantage
d. Questioning assumptions
Q14. Innovation theory of profit was proposed by_________

a. Joseph .A. Schumpeter
b. Peter Drucker
c. Henri Fayol
d. Holeitz
Q15. Which of the following statements is true about new venture risk-taking?
a. When an entrepreneur seeks a high profit, the risk is usually higher
b. When the entrepreneur seeks to limit risk, the reward tends to increase
c. An entrepreneur’s financial risk is not closely related to rewards
d. The entrepreneur who does not care about profit is a high risk-taker
Q16. What are the primary reasons that start-ups need funding?
a. Cash flow challenges, capital investments, and lengthy product development cycles
b. Business research, cash flow challenges, and costs associated with building brand
c. Bonuses for members of the new venture team, legal fees, and lengthy product development
cycles
d. Attorney fees, capital investments, and marketing research
Q17. Which of the following is not a necessary characteristic of the founders?

a. Connectedness
b. Commitment
c. Ability to execute
d. Ability to invest own money in the start-up
Q18. Why should an entrepreneur do a feasibility study for starting a new venture?
a. To identify possible sources of funds
b. To see if there are possible barriers to success
c. To estimate the expected sales
d. To explore potential customers
Q19. Which one of the following is the next stage to the concept stage of product planning and
development process?
a. Idea stage
b. Product planning stage
c. Product development stage
d. Test marketing stage
Q20. All of the following are important elements of the financial data and projection of a business plan
except:
a. SWOT analysis
b. Break-even analysis
c. Projected income statements
d. Cost controls
It was in early 2000 that Ghosh witnessed small vegetable vendors (all women) in a Kolkata market
plying interest of 5 (8 cents) for borrowing 500 (US $7.5) from moneylenders for half a day. Ghosh
wondered that why should they pay an interest rate of over 700 per cent a year? One day he decided to
enquire from those women. To his surprise, the women told Ghosh a different story. They said “We are
not paying any interest; rather, we are just buying cup of tea for the moneylender. Moreover, we are
earning enough to afford this. Will a bank give us money? How else would we get money without
documentation and a guarantor? These experiences had a far reaching impact on Ghosh. He realized
that there was a fertile market providing micro loans to the poor. He recalled “I felt that the potential of
providing rural finance was huge, and if I tap the market, I can fulfil two things simultaneously- I can
sustained myself, as well as provide sustainability to all those in the rural areas who needed much help
Q21. Idea of new product is tested in potential consumers to determine consumer acceptance at______
stage
a. Concept
b. Product development
c. Test marketing
d. Commercialization
Q22. Which of the following shows the process of creating something new?
a. Business model
b. Modelling
c. Innovation
d. Creative flexibility
Q23. The business plan should be prepared by:

a. Entrepreneur
b. Consultant
c. Engineer
d. Small business administration services
Q24. Which of the following statements is true about business start-up requirements:
a. New business owners usually need to register for patent protection
b. The financial needs to start a new business depend on the nature of the venture
c. Purchasing a franchise is usually easy and inexpensive for start-up business owners
d. Equipment is the least expensive requirement for a start-up business
Q25. Which of the following activities is an example of preparing before attempting to sell an idea:
a. Explaining solutions to audience needs
b. Overcoming objections from the audience
c. Affirming the audience’s decision to “buy”
d. Determining the details of your idea

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GM-13

Q4. A new venture’s business plan is important because________

Q5. Which of the following is alternatively called corporate venturing?

Q6. Business risks can be________

Q7. Entrepreneurship can best be described as_________

Q8. Entrepreneurial development is the key to achieve all-round through _________

Q9. The oldest form of business organization is _________

Q10. Which of the following is the reason for business failure?

Q12. Which of the following is not a content of business plan?

Q13. Which of the following is not a step in project identification?

Q14. Innovation theory of profit was proposed by_________

Q17. Which of the following is not a necessary characteristic of the founders?

Q23. The business plan should be prepared by:

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