ENTREPRENEURIAL JOURNEY Chapter-3
Especially for CBSE Class 11 Students
43 Hand Picked one mark question and answers
Q1: ____________ is a process in which a number of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems.
(a) Market Research (c) Environment Scanning
(b) Brain Storming (d) None of the above
Ans: (b) Brain Storming
Q2: Which of the following type of feasibility is concerned details on how to deliver a product or service
(a) Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: (b)Technical Feasibility
Q3: “Great ideas are not the problem: implementing them is.” It is
(a) Misconception related to the business idea (b) Neither misconception not Reality
(b) Reality Related to business Idea (d) Both Misconception and Reality
Ans: (a) Misconception related to a business idea
Q4” It provides a blueprint of actions to be taken in future.”Name it.
(a) Format of Business plan (c) Production Plan
(b) Execution of Business Plan (d) Financial Plan
Ans: (a) Format of Business plan
Q5: Samir has decided to open a new business of supplying sports equipment to the Sports Authority of India. He decided to charge the least possible for his products and to source them from small scale units. He tried to urge Sudhakar to join his business. Before giving his final answer, Sudhakar wants to know about the business. Which part of Business Plan should Sudhakar look into?
(a) General Introduction (c) Production Plan
(b) Business Venture (d) Financial Plan
Ans: (b) Business Venture
Q6: ____________ is a process whereby we subconsciously make decisions based on our cumulative knowledge and experiences. Fill in the above blank with the most suitable option:
(a) Market Research (c) Environment Scanning
(b) Intuition (d) Field Study
Ans: (b) Intuition
Q7: Which of the following type of feasibility is concerned with the legal and corporate structure of the business?
- Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: (d) Organizational feasibility
Q8: “Great ideas appear out of nowhere” It is
(a) Misconception related to business idea (b) feature of business idea
(b) Reality Related to business Idea (d) Importance of business idea
Ans: (a) Misconception related to a business idea
Q9: “The key to the success of a business is one and only one”. Name it.
(a) Format of Business plan (c) Production Plan
(b) Execution of Business Plan (d) Financial Plan
Ans: (b) Execution of Business Plan
Q10: Samir has decided to open a new business of supplying sports equipment to the Sports Authority of India. He decided to charge the least possible for his products and to source them from small scale units. He tried to urge Sudhakar to join his business. Before giving his final answer, Sudhakar wants to know about the financial health of the business. Which part of Business Plan should Sudhakar look into?
(a) General Introduction (c) Production Plan
(b) Business Venture (d) Financial Plan
Ans: (d) Financial Plan
Q11: Which of the following type of entrepreneurs is suitable for medical, technology, finance, legal and consulting fields?
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (a) Trailblazers
Q12: Which of the following type of entrepreneurs would not buy a franchise or distributorship, but they would start a company that competes with a franchise?
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (a) Trailblazers
Q13: Which of the following type of entrepreneurs prefer being the outside rainmaker?
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (b) Go-getters
Q14: _______________ don’t need to be expert in the field to start the business, they are good collaborators and can learn as they go.
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (b) Go-getters
Q15: Which of the following type of entrepreneurs have a higher than average level of relaxation and know that some projects simply take more time to complete?
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (c) Managers
Q16: Which of the following type of entrepreneurs do well in customer service roles, as they are able to see both sides of arguments by using three F’s- feel, felt, and found.
(a) Trailblazers (c) Managers
(b) Go-getters (d) Motivators
Ans: (d) Motivators
Q17: Which of the following type of entrepreneurs refer to themselves as accidental entrepreneurs because they may end up running a business that was never part of their original plan?
(a) Trailblazers (c) Managers
(b) Authoritarians (d) Motivators
Ans: (b) Authoritarians
Q18: ______________ type of entrepreneurs have characteristic of sociability which allows them to use their influence to get what they want.
(a) Trailblazers (c) Collaborators
(b) Authoritarians (d) Motivators
Ans: (c) Collaborators
Q19: Which of the following personality type of entrepreneurs have the characteristic of being restless and enjoy working under a certain amount of pressure?
(a) Trailblazers (c) Collaborators
(b) Authoritarians (d) Diplomats
Ans: (d) Diplomats
Q20: Who among the following has described the personality of Entrepreneurs as Trailblazers, Go-getters, Managers, Motivators?
(a) C. Danhof (c) Richard Cantillon
(b) Bill Wagner (d) Abraham Maslow
Ans: (b) Bill Wagner
Q21: Samuel is of the view that Successful Entrepreneurs approach idea generation as the top priority activity by devoting a sufficient period of time to it.
(a) Agree (c) Partially Agree
(b) Don’t agree (D) None of the above
Ans: (a) Agree
Q22: Sunil is of the view that Successful Entrepreneurs approach idea generation as the top priority activity by devoting a sufficient period of time to it. Which of the following misconception of the business idea is debunked by Sunil?
(a) There are no illogical ideas (c) Great ideas just appear out of nowhere
(b) Great ideas aren’t the problems: implementing them is (d) None of the above
Ans: (c) Great ideas just appear out of nowhere
Q23: Yajnas is of the view that An Entrepreneur should listen to the customer will tell you what to do if you will only listen to them, Categorise the above statement as :
(a) Misconception of business idea (c) Both (a) and (b)
(b) Reality of business idea (d) None of the above
Ans: (a) Misconception of business idea
Q24: Aditya is of the view that We can generate all the ideas we will ever need if we sit down in a meeting, Categorise the above statement as :
(a) Misconception of business idea (c) Both (a) and (b)
(b) Reality of business idea (d) None of the above
Ans (a) Misconception of business idea
Q25: Akshita is of the view that Great ideas are not the problems, implementing them is, Categorise the above statement as :
(a) Misconception of business idea (c) Both (a) and (b)
(b) Reality of business idea (d) None of the above
Ans: (a) Misconception of business ideas
Q26: Under which of the following approach to generate ideas An entrepreneur uses cross thinking by seeing new angles, connections, and approaches.
(a) Environment Scanning (c) Focus groups
(b) Brainstorming (d) Creativity and creative problem solving
Ans: (d) Creativity and creative problem solving
Q27: In which of the following Approaches to generate ideas, Ideas are generated by screening Secondary data like Magazines, government, and consumer publications etc.
(a) Environment Scanning (c) Focus groups
(b) Brainstorming (d) Creativity and creative problem solving
Ans: (a) Environment Scanning
Q28: _______________ is a productive method for generating ideas with an unstructured discussion in which one idea leads to another.
(a) Environment Scanning (c) Focus groups
(b) Brainstorming (d) Creativity and creative problem solving
Ans: (b) Brainstorming
Q29: ______________ is a method of gathering information about products/ services that already exist in the market.
Fill in the above blank with a suitable structural approach to generate ideas.
(a) Environment Scanning (c) Market research
(b) Brainstorming (d) Creativity and creative problem solving
Ans: (c) Market research
Q30: One may think that if one takes time to evaluate one’s entrepreneurial ideas one will miss the quickly closing window of opportunity. So Ideas should not be evaluated, these should be just implemented without evaluation.
(a) True (c) Partly True
(b) False (d) Partly False
Ans: (b) False
Q31: Why is It important to evaluate ideas before Implementation?
(a) To decide what is important (c) To make the best use of limited Resources
(b) To identify Strengths and weakness of the idea (d) All of the above
Ans: (d) All of the above
Q32: Which of the following feasibility study is conducted to know the competition, sales projections, potential buyers, etc?
- Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: Market feasibility
Q33: Which of the following feasibility study is conducted to find out the details on how to deliver a product or service?
- Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: (b)Technical Feasibility
Q34: Which of the following feasibility study is conducted to Project how much start-up capital is needed, sources of capital, returns on Investment etc.
- Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: (c) Financial feasibility
Q35: Which of the following feasibility study is conducted to define the professional background information about the founders and what skills they can contribute to the business.
- Market feasibility (c) Financial feasibility
(b)Technical Feasibility (d) Organizational feasibility
Ans: (d) Organizational feasibility
Q36: Which of the following feasibility study looks at the entire structure , needs and operations of a business.
(a) Project feasibility Report (c) Market feasibility report
(b) Comprehensive feasibility Report (d) All of the above
Ans: (b) Comprehensive feasibility Report
Q37: ______________ is a written summary of various elements involved in starting a new enterprise of how the business will organize its resources to meet oits goals and how it will measure the progress.
(a) Business Idea (c) Feasibility study
(b) Business Plan (d) Idea evaluation
Ans: (b) Business Plan
Q38: __________ provides a blue print of actions to be taken in future.
(a) Business Idea (c) Feasibility study
(b) Business Plan (d) Idea evaluation
Ans: (b) Business Plan
Q39 Which of the following helps in measuring the progress of the venture at successive stages?
(a) Business Idea (c) Feasibility study
(b) Business Plan (d) Idea evaluation
Ans: (b) Business Plan
Q40: Which of the following communicates to investors, lenders, suppliers, etc initiating the programs of the business?
(a) Business Idea (c) Feasibility study
(b) Business Plan (d) Idea evaluation
Ans: (b) Business Plan
Q41: Atul and Vijay had co-founded the Startup Dum Duma Dum to sell the Packaged Mughlai food items. During the year they asked Adir to joined their business. before joining Adir wanted to be clear of his role in the business So he asked about the Administrative structure of the venture. Which h of the following Element of the Business plan will be provided Adir the required information?
(a) Business Venture (c) Organised plan
(b) Marketing Plan (d) Production Plan
Ans: (c) Organised plan
Q42: Hemant and Rishi had co-founded the Startup Fun and Family which is an online quiz based business. During the year they asked Rani to join their business. before joining Rani wanted to Know the detail about products and services offered. Which of the following Element of the Business plan will be provided Rani the required information?
(a) Business Venture (c) Organised plan
(b) Marketing Plan (d) Production Plan
Ans: (b) Marketing Plan
Q43: Atul and Vijay had co-founded the Startup Dum Duma Dum to sell the Packaged Mughlai food items. During the year they asked Adir to invest in their business. before joining Adir wanted to know the financial status of the business So he asked about the sources of capital of the venture. Which of the following Element of the Business plan will be provided Adir the required information?
(a) Business Venture (c) Organised plan
(b) Marketing Plan (d) Financial Plan
Ans: (d) Financial Plan
Q44: (i) ______________ is carried out to know if the business is worth the time, effort and resources. While (ii)______________ Is made up of mostly tactics and strategies to be implemented in order to grow the business.
(a) (i) Business Plan (ii) Feasibility Study (c) (i) Business Idea (ii) Business plan
(b) (i) Feasibility Study (ii) Business Plan (d) (i) Feasibility study (ii) Business idea
Ans: (i) Feasibility Study (ii) Business Plan