Entrepreneurial Skills Quiz

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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?

To adapt to changing circumstances Signup and view all the answers

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

Market demands and trends Signup and view all the answers

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

To adapt to changing product and service requirements Signup and view all the answers

What distinguishes innovative entrepreneurs from imitating entrepreneurs?

Ability to think newer ideas Signup and view all the answers

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

Innovative entrepreneurs Signup and view all the answers

What characterizes imitating entrepreneurs in terms of idea generation?

Follow what others have done Signup and view all the answers

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

Imitating entrepreneurs Signup and view all the answers

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

Introduction of new and better ideas Signup and view all the answers

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

'Copycat' entrepreneurs Signup and view all the answers

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

Replacement within one month of purchase by similar edition at no cost Signup and view all the answers

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

All expenses related to replacement Signup and view all the answers

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

Economic Empowerment of Women Signup and view all the answers

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

Numbers of Women Entrepreneurs Registered Signup and view all the answers

What is emphasized as a challenge faced by Women Entrepreneurs?

Challenges faced by Women Entrepreneurs Signup and view all the answers

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

Replacement within one month of purchase by similar edition at purchaser's expense Signup and view all the answers

According to Dollinger, 1995, how is entrepreneurship defined?

The creation of an innovative economic organization or network for gain under conditions of risk and uncertainty Signup and view all the answers

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

Around 17,000 BCE Signup and view all the answers

What major shift occurred in entrepreneurship during the Agricultural Revolution?

A shift from subsistence farming to surplus food production for selling Signup and view all the answers

What are some areas of specialization mentioned in the text?

Toolmaking and Cooking Signup and view all the answers

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

An area of lower productivity Signup and view all the answers

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

It provided opportunities for experts to grow their businesses Signup and view all the answers

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

Courses on risk management in business Signup and view all the answers

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

An increase in expertise and improvement in trade practices Signup and view all the answers

What is a key characteristic of entrepreneurship?

Strict adherence to traditional methods Signup and view all the answers

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

Yes, because they involve risk-taking Signup and view all the answers

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

The confusion is because these terms have varied meanings in different countries Signup and view all the answers

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

To ensure entrepreneurs only focus on safe investments Signup and view all the answers