Entrepreneurship: Concept and Functions

Question 1

A person who starts an enterprise

Answer 1

Entrepreneur

Question 2

The ___ is the actor and ___ is the act. The outcome of the actor and the act ____

Answer 2

Entrepreneur, Entrepreneurship, Enterprise

Question 3

Entrepreneurial functions

Answer 3

Innovation, Risk-taking, Organisation building

Question 4

Promotional functions

Answer 4

Investigation of an Idea
Detailed investigation
Assembling the requirements
Financing the proposition

Question 5

Functions of an entrepreneur

Answer 5

Entrepreneurial functions, Promotional functions, Managerial functions, Commercial functions

Question 6

Managerial functions (POSDLMSC^3)

Answer 6

Planning, organising , staffing, directing, leadership, motivation, supervision, communication, co-ordination, controlling

Question 7

Commercial functions (PLUMP AF) lu-leave u

Answer 7

Planning, Marketing, Personnel, Accounting finance

Question 8

Which 2 authors gave a comprehensive classification in their book, “Entrepreneurship and Small business”

Answer 8

Rajesh Marwaha, J.S. Mehandipur

Question 9

Basic function of an entrepreneur

Answer 9

Innovation

Question 10

main functions of an entrepreneur

Answer 10

Organisation and management

Question 11

who is the final judge in the conduct of one’s business/enterprise

Answer 11

The entrepreneur

Question 12

who bought the best mango variety to India?

Answer 12

Dhirubhai Ambani, Alphonso

Question 13

Creater of Nirma Washing Powder

• Now, one of the world’s biggest detergent powder manufacturer
• sells 8 lakhs tones annually
• holds 40% of the Indian market

Answer 13

Karsan Bhai Patel

• Factory chemist at first
• made detergent in kitchen
• sold cheap in rural areas
• due to need and problem of high cost of detergent, his efforts culminated

Question 14

estimating the total demand for a product comes under which promotional function?

Answer 14

Detailed investigation

Question 15

who started Infosys?

Answer 15

Narayana Murthy with capital of 10,000 rupees from his wife Sudha Murthy in 1981

Question 16

basic managerial function of an entrepreneur

Answer 16

Planning

Question 17

which managerial function controls the activities of the factors of production?

Answer 17

Organising

Question 18

the function that involves making appointments for the positions created by the organisational process

Answer 18

Staffing

Question 19

which function is also the most prevalent problem among entrepreneurs?

Answer 19

Communication

Question 20

Key function of an enterprise

Answer 20

Production

Question 21

Most important aspect in al enterprises

Answer 21

Finance

Question 22

main need for entrepreneurship state in any country

Answer 22

Economic development

Question 23

who plays an important role in development of the economy in capitalist and developed countries?

Answer 23

Private entrepreneurs

Question 24

who plays an important role in development of the economy in socialist countries?

Answer 24

The state (Government)

Question 25

Private entrepreneurship is not encouraged in which countries ?

Answer 25

Underdeveloped countries due to degree of risk involved | Thus, here Government plays vital role in economic development

Question 26

who plays an important role in development of the economy in developing countries?

Answer 26

Both the Government and private entrepreneurs play and equally important role For eg: India-mixed economy and developing country But since 1991 the role of private entrepreneurs have further increased due to liberal economic policies

Question 27

economic growth depends on _____ which in turn depends on ______

Answer 27

Rate of innovation in the economic field, number and quality of entrepreneurs in the society

Question 28

______ is the yardstick to measure the level of development in a country

Answer 28

Entrepreneurship

Question 29

An ____ is an innovator

Answer 29

Entrepreneur

Question 30

why is there a need for the development of entrepreneurship?

Answer 30

In order to meet the challenge of automation and the complexities of advance technology, there is a need for the development of entrepreneurship

Question 31

Increasing the sales revenue is in the control of the entrepreneur. True or False

Answer 31

False. It's beyond the control of the entrepreneur

Question 32

According to whom do many entrepreneurs believe a set of myths about entrepreneurship ?

Answer 32

Guy Kawasaki

Question 33

Start-ups can't be financed with debt. True or False

Answer 33

False. they can be

Question 34

Debt is more common than equity. True or False

Answer 34

True

Question 35

Who started Hathi Chaap?

Answer 35

Mahima Mehra

Question 36

Advantages of an Entrepreneur

Answer 36

Excitement, Originality, Independence, Rational Salary, Freedom

Question 37

Disadvantages of an Entrepreneur

Answer 37

Salary, Benefits, Work Schedule, Administration, Incompetent staff

Question 38

Who left Apple Inc. and started Pixar?

Answer 38

Steve Jobs

Question 39

Who bought up the idea of a space mission?

Answer 39

Richard Branson

Question 40

Process/ Steps of Entrepreneurship

Answer 40

``` Self-Discovery Identifying Opportunities Generating and evaluating ideas Planning Raising start-up capital Start-up Growth Harvest ```

Question 41

Who described entrepreneurs as innovators ?

Answer 41

Joseph Schumpeter