Top 250+ Solved Entrepreneurship and Small Business Management MCQ Questions Answer

a. Entrepreneurs are those people who start new businesses with the aim of making a profit.

b. Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

c. Entrepreneurs are those persons who seek to create value by starting new businesses with innovative products and services.

d. Entrepreneurs are those people who seek to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets.

a. A commercial organization that seeks to combine a profit seeking motive with the provision of social benefits.

b. A trading organization that is motivated by profit and a societal orientation.

c. A social enterprise undertakes social marketing and can take a variety of legal forms, including co-operative, a limited company and a community interest company.

d. A trading organization which serves a social purpose and which can take a variety of legal forms, including co-operative, a limited company and a community interest company.

a. a semi-autonomous group (e.g. an internal venture team), operating within the overarching structure of the parent organization.

b. a spinout venture from a university to commercial a new invention.

c. a subsidiary of a large corporation developing a new product.

d. a semi-autonomous group operating outside the overarching structure of the parent organization.

a. To improve the social welfare of people, e.g. in terms of their health.

b. To improve the wealth of the entrepreneurs.

c. To maintain influence amongst powerful local figures.

d. All of the above.

a. Entrepreneurs are born and not made

b. It's a discipline and like any other discipline it can be learned.

c. You will never become an entrepreneur simply by reading a book

d. Practical exercises, study and critical reflection can be a good way to think about

a. Entrepreneurship takes place in small businesses.

b. Entrepreneurship takes place in large businesses.

c. Entrepreneurship takes place in a wide variety of contexts.

d. Entrepreneurship does not take place in social enterprises.

a. They change the way businesses convert inputs into outputs

b. They generally stick to the processes already in use.

c. They take risks

d. They apply innovative ideas

a. Team builder, information source and advocate

b. Inventor, innovator and sponsor

c. Inventor, developer and marketer

d. Inventor, product champion and sponsor

a. Without it there is no driving force or sense of direction.

b. People need a sense of fantasy in order to create ambitious ventures.

c. Investors prefer to invest in visionaries.

d. Having a vision helps to create a paradigm shift.

a. Team mentality and team synergy

b. Team numbers and team quality

c. Team composition and team roles

d. Team experience and team experience

a. Members of the team starting out with an essentially similar set of ideas about what they want to create.

b. Members of the team sharing moral principles and standards of behaviour.

c. Members of the team sharing the factors driving them to take part in the venture.

d. Members of the team sharing profits in an equitable manner.

a. Lack of resources; lack of brand name; difficulties in making contacts.

b. Greater emphasis on personal selling and personal networking.

c. Faster decision making; more personal responsibility.

d. Better profit margins; lower costs and greater flexibility.

a. 2

b. 3

c. 4

d. 5

a. Static equilibrium

b. Dynamic equilibrium

c. Static disequilibrium

d. Dynamic disequilibrium

a. J.B. Say

b. J.A. Schumpeter

c. Peter F. Drucker

d. Cantillon