MGT602 Entrepreneurship Quiz - 1

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MGT602 Entrepreneurship Quiz - 1 - Quiz

In the world today people are moving away from white-collar jobs and are trying to open businesses that they run. It is important for every entrepreneur to have some knowledge on management. The Mgt 602 entrepreneurship below is perfect for testing what you understood from chapter 1 to 5. Give it a shot!


Questions and Answers
  • 1. 

    A lifestyle firm exists primarily to support the owners and usually has…….growth opportunity.

    • A.

      High

    • B.

      moderate

    • C.

      Low

    • D.

      Zero

    Correct Answer
    C. Low
    Explanation
    A lifestyle firm exists primarily to support the owners and usually has low growth opportunity. This means that the main purpose of a lifestyle firm is to provide a comfortable and sustainable lifestyle for the owners, rather than focusing on aggressive growth and expansion. These types of businesses typically prioritize work-life balance and personal fulfillment over rapid financial growth. Therefore, the correct answer is low.

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  • 2. 

    Foundation companies are………created from research and development that lay the foundation for a new  industry:

    • A.

      Big industries

    • B.

      Multinational companies

    • C.

      Small industries

    • D.

      Firms

    Correct Answer
    D. Firms
    Explanation
    Foundation companies are typically small businesses or firms that are created as a result of research and development activities. These firms play a crucial role in laying the groundwork for a new industry by developing innovative technologies, processes, or products. They often serve as the starting point for larger multinational companies or big industries to build upon. Therefore, the correct answer is "firms."

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  • 3. 

    High powered ventures  are also called  

    • A.

      Gazelles

    • B.

      Joint ventures

    • C.

      Creditors

    • D.

      Companies

    Correct Answer
    A. Gazelles
    Explanation
    High powered ventures are also called "gazelles" because they are fast-growing, innovative companies that have the potential to achieve significant market share and disrupt traditional industries. Like gazelles in the animal kingdom, these ventures are agile, adaptable, and have the ability to quickly scale their operations. They often attract substantial investments and generate high returns, making them attractive to venture capitalists and other investors seeking high-growth opportunities.

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  • 4. 

    There are…..types of startup ventures

    • A.

      Four

    • B.

      Two

    • C.

      Five

    • D.

      Three

    Correct Answer
    D. Three
    Explanation
    The correct answer is three because the question states that there are a certain number of types of startup ventures. The options provided are four, two, five, and three. Since the question is asking for the number of types, the answer must be a numerical value. Out of the given options, only three is a numerical value. Therefore, the correct answer is three.

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  • 5. 

    A lifestyle firm exists primarily to support the……..

    • A.

      Investors

    • B.

      Ventures

    • C.

      Manager

    • D.

      Owner

    Correct Answer
    D. Owner
    Explanation
    A lifestyle firm exists primarily to support the owner. This means that the main purpose of the firm is to cater to the lifestyle and needs of the owner, rather than focusing on maximizing profits or serving investors, ventures, or managers. The owner may prioritize maintaining a certain lifestyle or pursuing personal interests over financial gains or growth. The firm's operations and decisions are centered around meeting the owner's preferences and goals.

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  • 6. 

    Intrapreneurship means

    • A.

      Entrepreneurship within an existing company

    • B.

      Evolving new company

    • C.

      Enterprenuership in a new company

    • D.

      Entrepreneurship in joint ventures

    Correct Answer
    A. Entrepreneurship within an existing company
    Explanation
    Intrapreneurship refers to the practice of applying entrepreneurial skills and mindset within an established company. It involves employees taking initiative, being innovative, and taking risks to develop new ideas, products, or services within the existing organizational structure. Intrapreneurship allows companies to foster a culture of innovation, encourage employee engagement and creativity, and drive growth and competitiveness. It differs from starting a new company or entrepreneurship in joint ventures, as it focuses on leveraging existing resources and infrastructure to drive innovation and create value within the company.

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  • 7. 

    Fllowing personal skills are required in entrepreneurship EXCEPT

    • A.

      Innovative

    • B.

      Risk taking

    • C.

      Inner control

    • D.

      Comic

    Correct Answer(s)
    A. Innovative
    D. Comic
    Explanation
    The question is asking for the personal skills that are NOT required in entrepreneurship. The correct answer is "innovative" and "comic". Being innovative is a crucial skill for entrepreneurs as they need to come up with unique ideas and solutions to stand out in the market. However, being comic is not a necessary skill for entrepreneurship. While having a sense of humor can be beneficial in certain situations, it is not a fundamental requirement for being a successful entrepreneur.

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  • 8. 

    Fllowing technical skills are required in entrepreneurship EXCEPT

    • A.

      Writing

    • B.

      Oral communication

    • C.

      Monitoring the environment

    • D.

      web designing

    Correct Answer
    D. web designing
    Explanation
    The question is asking for the technical skills required in entrepreneurship, and the correct answer is "web designing." This means that web designing is not a necessary technical skill for entrepreneurs. While writing, oral communication, and monitoring the environment are important skills for entrepreneurs to have, web designing is not directly related to the core competencies needed for entrepreneurship.

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  • 9. 

    Fllowing management skills are required in entrepreneurship EXCEPT

    • A.

      Planning

    • B.

      Decision making

    • C.

      Marketing

    • D.

      Innovative

    Correct Answer
    D. Innovative
    Explanation
    Innovation is not a required management skill in entrepreneurship. While planning, decision making, and marketing are essential skills for entrepreneurs, innovation is more of a mindset or approach rather than a specific management skill. Entrepreneurs may be innovative in their thinking and approach to problem-solving, but it is not a skill that can be learned or developed in the same way as planning, decision making, or marketing skills.

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  • 10. 

    Intrapreneurship can also bridge the gap between science and………..

    • A.

      Marketplace

    • B.

      Technology

    • C.

      Economy

    • D.

      Management

    Correct Answer
    A. Marketplace
    Explanation
    Intrapreneurship refers to the practice of promoting entrepreneurial thinking and behavior within an existing organization. By encouraging employees to think and act like entrepreneurs, companies can bridge the gap between their scientific innovations and the marketplace. This means that intrapreneurship can help bring scientific discoveries and inventions to the market, making them commercially viable and accessible to consumers. Therefore, the correct answer is marketplace.

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  • 11. 

    • A.

      Intrapreneurship

    • B.

      Sole proprietorship

    • C.

      Entrepreneurship

    • D.

      Capital venturing

    Correct Answer
    A. Intrapreneurship

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 05, 2009
    Quiz Created by
    Zubair
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