NPTEL Entrepreneurship Essentials Assignment Week 1 Quiz
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Questions and Answers

What is a key requirement for employees to pursue 'Corporate Entrepreneurship'?

  • Being action-oriented and self-driven (correct)
  • Being conservative and risk-averse
  • Possessing full empowerment to think creatively without risks
  • Having managerial, technical, and interpersonal skills

    • Which quality is NOT a major requirement for individuals pursuing 'Corporate Entrepreneurship'?

  • Being creative and action-oriented
  • Being risk-averse and conservative
  • Having managerial, technical, and interpersonal skills (correct)
  • Innovative in conceiving new products and services

    • What is a crucial aspect for individuals aiming for 'Corporate Entrepreneurship'?

  • Being solely focused on technical skills
  • Being self-driven and action-oriented (correct)
  • Lacking creativity and innovation
  • Having a risk-averse mindset

    • Which quality is least essential for those engaging in 'Corporate Entrepreneurship'?

    <p>Having a risk-averse approach</p> Signup and view all the answers

    What type of mindset is crucial for individuals embracing 'Corporate Entrepreneurship'?

    <p>Innovative and creative</p> Signup and view all the answers

    Which skill is NOT a primary focus for those interested in 'Corporate Entrepreneurship'?

    <p>Avoiding creativity and innovation</p> Signup and view all the answers

    Which of the following is NOT a common misconception about entrepreneurship?

    <p>A significant portion of entrepreneurial knowledge can be acquired through learning.</p> Signup and view all the answers

    What factor is NOT attributed to the success of Sophia Amoruso?

    <p>Her expertise as the CEO of NastyGal</p> Signup and view all the answers

    What is the term that, in simple words, describes where a company wants to reach in the long run?

    <p>Vision</p> Signup and view all the answers

    Which of the following is NOT a requirement for a successful entrepreneurial venture?

    <p>Being born into a business family</p> Signup and view all the answers

    Why did Sophia Amoruso's entrepreneurial venture fail?

    <p>Lack of expertise as the CEO of NastyGal</p> Signup and view all the answers

    What is the term that describes the long-term goal of a company that all members of the company must share?

    <p>Vision</p> Signup and view all the answers

    What is the relationship between entrepreneurship index and per-capita GDP of a nation?

    <p>Entrepreneurship index is positively correlated with per-capita GDP</p> Signup and view all the answers

    What is the most significant aspect of entrepreneurs in relation to national wealth creation?

    <p>Entrepreneurs contribute to national wealth creation in many ways</p> Signup and view all the answers

    Which characteristic best describes entrepreneurs?

    <p>Enthusiastic about taking calculated risks</p> Signup and view all the answers

    What is the relationship between per-capita GDP and the quality-of-life index?

    <p>Per-capita GDP is positively correlated with the quality-of-life index</p> Signup and view all the answers

    What is the main motivation for entrepreneurs to take calculated risks?

    <p>To contribute to national wealth creation in many ways</p> Signup and view all the answers

    How do entrepreneurs view risky situations?

    <p>As an opportunity to turn a risky situation into an opportunity</p> Signup and view all the answers

    Which of the following is the most accurate definition of empathy?

    <p>The ability to feel the pain of others almost as much as we feel when we suffer the same.</p> Signup and view all the answers

    Why is empathy important for entrepreneurs?

    <p>To better understand their customers and design products that solve their problems.</p> Signup and view all the answers

    How can entrepreneurs empathize with their customers?

    <p>By meeting people with pain, living with them, and suffering their pain.</p> Signup and view all the answers

    Which of the following is NOT a reason to empathize with people?

    <p>To achieve a better work-life balance.</p> Signup and view all the answers

    What is the main difference between sympathy and empathy?

    <p>Sympathy is feeling sorry for someone's pain, while empathy is feeling the pain almost as if it were your own.</p> Signup and view all the answers

    How does empathy help in creating a product-market fit?

    <p>By understanding the target market's needs and preferences.</p> Signup and view all the answers

    What is the primary motivation for individuals to become entrepreneurs according to the provided text?

    <p>Personal fulfillment, alleviating acute pain and societal contribution</p> Signup and view all the answers

    Which statement about entrepreneurship and quality of life is more accurate than the rest according to the provided text?

    <p>The level of entrepreneurship in a country is a key determinant of its citizens' quality of life.</p> Signup and view all the answers

    Which of the following is not a motivation for individuals to embark on entrepreneurship according to the provided text?

    <p>Pursuing a career in a specific industry</p> Signup and view all the answers

    Which of the following is not a determinant of the level of entrepreneurship in a country according to the provided text?

    <p>The number of extroverted individuals in the population</p> Signup and view all the answers

    Which statement about entrepreneurship and risk is most accurate according to the provided text?

    <p>Entrepreneurship is a high-risk activity that is only suitable for individuals with a background in business.</p> Signup and view all the answers

    Which statement about successful entrepreneurs is most accurate according to the provided text?

    <p>Successful entrepreneurs are predominantly extroverted individuals.</p> Signup and view all the answers

    Study Notes

    Corporate Entrepreneurship

    • To pursue corporate entrepreneurship, one needs to be creative, self-driven, and able to take calculated risks.
    • Managerial capability may not be essential for corporate entrepreneurship.

    E-commerce Company

    • The statement "We curate and showcase a diverse array of exquisitely crafted handmade products, connecting artisans globally with discerning customers, and fostering a marketplace that celebrates craftsmanship, authenticity, and unique artistic expressions" can be termed as a strategy.

    Misconceptions about Entrepreneurship

    • It is not a myth that entrepreneurship can be learned.

    Sophia Amoruso

    • Sophia Amoruso's understanding of customers was acute, but she lacked experience as a CEO, which contributed to the failure of NastyGal.

    Company's Goal

    • The vision of a company is where it wants to reach in the long run, and all members of the company must share the same vision to reach that goal.

    Entrepreneurs

    • Entrepreneurs contribute to national wealth creation in many ways, which is the most impactful aspect of entrepreneurs.
    • Entrepreneurs take calculated risks and identify opportunities in adversities.

    Empathy

    • Empathy is the ability to feel the pain of others almost as much as we feel when we suffer the same, and it helps entrepreneurs to define the pain better and come up with effective solutions.

    Motivation for Entrepreneurship

    • The most significant motivation for individuals to embark on entrepreneurship is personal fulfillment, alleviating acute pain, and societal contribution.

    Entrepreneurship Determinants

    • The level of entrepreneurship in a country is a key determinant of its citizens' quality of life.

    Entrepreneurial Characteristics

    • Entrepreneurs are enthusiastic about taking calculated risks.

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    Description

    Test your knowledge on Week 1 of the NPTEL Online Certification Course on Entrepreneurship Essentials by Indian Institute of Technology Kharagpur. This quiz consists of 10 multiple-choice and multiple-select questions with a total of 10 marks.

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