BUSINESS ORGANISATION AND ENTREPRENEURSHIP

1.       An entrepreneur who enters the market with a product or service which is based on a similar or improved product that is already existing is called:

• Innovative entrepreneur

• Replicative entrepreneur

• Opportunity entrepreneur

• Necessity entrepreneur

An entrepreneur who enters the market with a product or service which is based on new technology is called:

• Innovative entrepreneur

• Replicative entrepreneur

• Opportunity entrepreneur

• Necessity entrepreneur

What is the stage that immediately follows ideation in an entrepreneurial journey?

• Prototyping

• Testing

• Validation

• Commercialisation

To achieve customer acceptance, the entrepreneur must:

• Identify the problem faced in the marketplace and find a creative solution

• Identify the problem faced in financing for the project and raise finance

• Identify ideas that qualify for government support and implement them

• Identify good talent and build an organisation

A disruptive innovation is a potent combination of:

• High technology and Low cost

• Creative business model and High technology

• Creative business model and low cost

• High technology, Low cost and Creative business model

The skill of generating new ideas is termed as:

• Innovation

• Invention

• Creativity

• Entrepreneurship

An entrepreneur who starts business with the help of natural talents  is known as

• Motivated entrepreneur

• Induced entrepreneur

• Spontaneous entrepreneur

• Pure entrepreneur

The primary purpose of the executive summary  in a business plan is to :

• Detail the company’s financial projections

• Provide a snapshot of the business plan

• Describe the management team

• Outline the marketing strategy

Which of the following statement is not correct

• An entrepreneur is independent in his tsk

• An entrepreneur always operates within his organisation

• Capital for the business is raised by an entrepreneur

• An entrepreneur bears the entire risk of his business

Which of the following is a key component of the marketing  and sales strategy?

• Break even analysis

• Pricing strategy

• Income statements

• Product life cycle