Entrepreneurship

Despite the fact that many of us have wonderful ideas for inventions and businesses based on them, not all of these concepts become reality. The ability to turn a concept for a new business model into a viable reality requires a unique set of skills and, of course, a willingness to take sensible risks. An entrepreneur is someone who has the capacity to see the future, see new possibilities, and then take calculated financial risks in the hopes of generating a good return on those possibilities and ideas. Entrepreneurship is a term that may be applied to an individual, a company, or a system.

In the following part, we practice some MCQs related to Entrepreneurship. 

Multiple Choice Questions (MCQs)

1. Which of the following is the type of entrepreneurship based on the risk?

1. 1. Drone
   2. Manufacturing
   3. Technical
   4. Macro 

Ans. Drone entrepreneurship is the type that is categorized based on the risk involved. In this type, owners are satisfied with the current pace and profit of the business and are not willing to take a further risk.

2. Brugman is a pioneer of ….. entrepreneurship

1. 1. Private
   2. Corporate
   3. Agricultural
   4. Technical

  Ans. Brugman is a pioneer of corporate entrepreneurship.

3. Small scale entrepreneurs have an annual turnover in the range of-

1. 1. Up to Rs. 5crore
   2. Rs 5Crore- 75 Crore
   3. Rs. 75 Crore-250 Crore
   4. None of the above

Ans. If the annual turnover of entrepreneurship is in the range of Rs 5 Crore to 75 Crore then it is known as small-scale entrepreneurship.

4. Microsoft by Bill Gates is an example of which type of entrepreneurship?

1. 1. Innovative 
   2. Agricultural
   3. Social
   4. Joint

Ans. Microsoft is an example of innovative entrepreneurship, where the starting of a business is completely dependent on an innovative idea and has the highest risk factor. 

5. In which of the following types, does the entrepreneur work as a middle man?

1. 1. Joint
   2. Private
   3. Social
   4. Trading

Ans. Trading entrepreneurship is the type where a business idea works as a link between two ends of the trading.

6. Joint effort and ownership of a private entrepreneur and Government are involved in the-

1. 1. Social
   2. Trading
   3. Joint
   4. Corporate

Ans.Joint entrepreneurship involves both ownership of a private entrepreneur and a government. 

7. To categorize entrepreneurship on a large scale, the annual turnover should be-

1. 1. Below Rs 75 Crore
   2. Above Rs 250 Crore
   3. Between 75 to 250 Crore
   4. None of the above

Ans. Large scale entrepreneurship has to have an annual turnover of greater than Rs 250 Crore

8. In which of the following types of profit is the secondary objective?

1. 1. Private
   2. Social
   3. Joint
   4. Corporate

Ans. Social entrepreneurs are obligated to contribute to social development and work for a social cause. Here profit is the secondary objective.

9. The idea of social entrepreneurship came into existence in-

1. 1. The 1960s
   2. The 1990s
   3. The 1850s
   4. The 1940s

Ans. Origin of social entrepreneurship dates back to around the 1960s.

10. The minimum financial interest that a woman has to have in woman entrepreneurship is-

1. 1. 51 percent
   2. 49percent
   3. 50 percent
   4. 60 percent

Ans. According to the rules set by the Indian government, in woman entrepreneurship, a woman entrepreneur has to have at least 51 percent of financial interest.

11. Grameen Bank by Muhammad Yunus is an example of….entrepreneurship

1. 1. Innovative 
   2. Social
   3. Public
   4. Joint

Ans. Grameen Bank by Muhammad Yunus is an example of social entrepreneurship.

12. The advantage of self-employment is-

1. 1. Flexible working hours
   2. Freedom to choose the type of work
   3. High potential to enhance income
   4. All of the above

Ans. Self-employment is very beneficial in terms of choosing our working hours, and the role and also gives good space to enhance our income. Hence all these are advantages of self-employment. 

13.Which of the following is not an example of self-employment?

1. 1. Doctor working at a city hospital
   2. The doctor doing private practice
   3. Shop owner
   4. Cafe owner

Ans. When a person is working for some other organization and taking a fixed salary, it does not come under self-employment. Thus, a doctor working at a city hospital is not self-employed. 

14. The disadvantage of self-employment is-

1. 1. Varied business income
   2. Fixed salary
   3. Flexible working hours
   4. None of above

Ans. In the case of self-employment, there is a risk of income fluctuation. And this is the biggest disadvantage. 

15. Which among the following is a push factor for entrepreneurship?

1. 1. Culture
   2. Passion for business
   3. Displacement from job
   4. Non Satisfaction from job

Ans. Push factors are reasons that demotivate someone from starting his/her own business and hence keep a person away from entrepreneurship. Culture is one such push factor.

16. Which among the following is a pull factor for entrepreneurship?

1. 1. Displacement from job
   2. Passion for business
   3. Believing in our idea
   4. All of the above

Ans. Unlike the push factors, pull factors encourage us to start our entrepreneurship career. All the above-mentioned factors indeed are necessary to motivate us for taking entrepreneurship as a career. 

17. The term entrepreneurship dates back to-

1. 1. 1902
   2. 1990
   3. 1762
   4. Can’t state

Ans. Though the word entrepreneur has been in existence since 1762, the term entrepreneurship dates back to 1902.

18. Paul Reynolds is the founder of-

1. 1. Social entrepreneurship
   2. Global Entrepreneurship Monitor
   3. Both of the above
   4. None of the above

Ans. Paul Reynolds is the founder of Global Entrepreneurship Monitor.

19. Who is considered the father of entrepreneurship?

1. 1. Joseph Schumpeter
   2. Paul Reynolds
   3. Bill Gate
   4. Elon musk 

Ans. Joseph Schumpeter is considered the father of entrepreneurship.

20.Entrepreneurship Development Program is to help-

1. 1. Well established business
   2. First generation entrepreurs
   3. Employs of an organization
   4. None of the above. 

Ans. Entrepreneurship Development Program is mainly formed to help first-generation entrepreneurs.