Entrepreneurial Skills Quiz

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Questions and Answers

What quality is essential for an entrepreneur to successfully turn an idea into reality?

  • Technical skills
  • Financial backing
  • Innovative mindset (correct)
  • Educational qualifications

Why is leadership quality considered paramount for an entrepreneur?

  • To manage finances effectively
  • To handle legal matters
  • To attract investors
  • To guide employees towards success (correct)

How did Paytm utilize the circumstance of demonetization?

  • By acquiring a competitor
  • By investing in real estate
  • By launching a new product line
  • By expanding its online transaction services (correct)

Why should an entrepreneur be open-minded in business?

<p>To adapt to changing circumstances (D)</p> Signup and view all the answers

What knowledge should a company owner have to stay competitive in the market?

<p>Market demands and trends (A)</p> Signup and view all the answers

Why is flexibility important for a businessperson according to the text?

<p>To adapt to changing product and service requirements (B)</p> Signup and view all the answers

What distinguishes innovative entrepreneurs from imitating entrepreneurs?

<p>Ability to think newer ideas (D)</p> Signup and view all the answers

Which type of entrepreneur includes individuals like Ratan Tata and Kishore Biyani?

<p>Innovative entrepreneurs (D)</p> Signup and view all the answers

What characterizes imitating entrepreneurs in terms of idea generation?

<p>Follow what others have done (A)</p> Signup and view all the answers

Which entrepreneur is more likely to operate in an environment marked with weak industrial and institutional base?

<p>Imitating entrepreneurs (D)</p> Signup and view all the answers

What is the main characteristic of innovative entrepreneurs' contributions to a country's economic development?

<p>Introduction of new and better ideas (C)</p> Signup and view all the answers

In which category do individuals who fulfill their need for achievement by following innovative ideas fall?

<p>'Copycat' entrepreneurs (A)</p> Signup and view all the answers

What is the publishers' liability in case of binding mistakes or misprints?

<p>Replacement within one month of purchase by similar edition at no cost (A)</p> Signup and view all the answers

What expenses are to be borne by the purchaser in case of binding mistakes or missing pages?

<p>All expenses related to replacement (C)</p> Signup and view all the answers

What is the main focus of Unit II on Women Entrepreneurship?

<p>Economic Empowerment of Women (B)</p> Signup and view all the answers

Which aspect is highlighted as important regarding Women Entrepreneurs in India?

<p>Numbers of Women Entrepreneurs Registered (C)</p> Signup and view all the answers

What is emphasized as a challenge faced by Women Entrepreneurs?

<p>Challenges faced by Women Entrepreneurs (D)</p> Signup and view all the answers

In case of missing pages, what does the publisher's liability entail?

<p>Replacement within one month of purchase by similar edition at purchaser's expense (B)</p> Signup and view all the answers

According to Dollinger, 1995, how is entrepreneurship defined?

<p>The creation of an innovative economic organization or network for gain under conditions of risk and uncertainty (A)</p> Signup and view all the answers

When did the first trading take place according to the text?

<p>Around 17,000 BCE (C)</p> Signup and view all the answers

What major shift occurred in entrepreneurship during the Agricultural Revolution?

<p>A shift from subsistence farming to surplus food production for selling (C)</p> Signup and view all the answers

What are some areas of specialization mentioned in the text?

<p>Toolmaking and Cooking (A)</p> Signup and view all the answers

What does Say's definition shift economic resources out of?

<p>An area of lower productivity (C)</p> Signup and view all the answers

How did the growth of towns and cities contribute to entrepreneurship according to the text?

<p>It provided opportunities for experts to grow their businesses (A)</p> Signup and view all the answers

How are the courses in 'Entrepreneurship' in American business schools often defined?

<p>Courses on risk management in business (A)</p> Signup and view all the answers

What was observed in terms of expertise and business growth according to the text?

<p>An increase in expertise and improvement in trade practices (B)</p> Signup and view all the answers

What is a key characteristic of entrepreneurship?

<p>Strict adherence to traditional methods (C)</p> Signup and view all the answers

Are all new small businesses considered entrepreneurial according to the text?

<p>Yes, because they involve risk-taking (A)</p> Signup and view all the answers

What is often the confusion regarding the definitions of 'entrepreneur' and 'entrepreneurship'?

<p>The confusion is because these terms have varied meanings in different countries (A)</p> Signup and view all the answers

Why does a new venture involve a considerable amount of failure risk according to the text?

<p>To ensure entrepreneurs only focus on safe investments (D)</p> Signup and view all the answers

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