GST 106 Possible Questions & Answer By Smilegist

Marketing research is indeed the set of processes that connect the consumer, customer, and public to the marketer through information. It involves gathering and analyzing data about the target market, competitors, and industry trends to make informed decisions and develop effective marketing strategies. By understanding the needs, preferences, and behaviors of consumers, marketers can tailor their products, services, and communication to better meet their target audience's demands. Therefore, the statement is true.

Entrepreneurship involves the process of creating and running one's business. It refers to the ability and willingness of an individual to take risks, innovate, and create new ventures. Entrepreneurs identify opportunities, develop business ideas, and take the necessary steps to turn those ideas into successful businesses. They are responsible for organizing and managing resources, making strategic decisions, and assuming the risks and rewards associated with their ventures. Entrepreneurship plays a crucial role in driving economic growth, job creation, and innovation.

The given characteristics of an entrepreneur are originality, risk taker, and self-oriented. However, family orientation does not fit in this list as it is not typically considered a characteristic of an entrepreneur. Family orientation refers to a person's focus and priority on their family and personal relationships, which may not necessarily align with the traits typically associated with being an entrepreneur, such as being driven, innovative, and focused on business success.

Feasibility is indeed a study of technical documents. It involves evaluating the technical aspects and practicality of a project or proposal. This study helps determine if the project can be successfully implemented and if it aligns with the available resources and technology. Therefore, the statement "Feasibility is a study of technical documents" is true.

An innovation refers to a new idea, device, or process. It represents a novel concept or invention that brings about a change or improvement in a particular field. It involves the introduction of something new that has not been previously seen or used. Globalisation, memorization, and summarization do not necessarily involve the creation or introduction of something new, making innovation the correct answer.

The correct answer is "They should give loan to help others." This statement does not directly relate to interpersonal skills. Interpersonal skills involve the ability to communicate effectively, build relationships, lead and motivate others, and maintain integrity. Giving loans to help others is more related to financial decisions and generosity, rather than interpersonal skills.

The ability to render loans is not a trait of an entrepreneur. Entrepreneurs are typically focused on starting and growing their own businesses, rather than lending money to others. Traits such as persistence, confidence, the ability to set goals, foresight, and being perceptive are commonly associated with successful entrepreneurs as they navigate the challenges and opportunities of running a business.

The correct answer is "Any Individual having capability to initiate and successfully run an enterprise." This answer encompasses the key characteristics of an entrepreneur, which include the ability to start and manage a business venture. It acknowledges that being an entrepreneur goes beyond simply making a profit or promoting a business, as it requires the skills and capabilities to initiate and sustain a successful enterprise.

Anyone can start a business because there are no legal restrictions or requirements that prevent individuals from doing so. Starting a business is a personal choice and anyone who has the necessary resources, knowledge, and skills can take the initiative to start their own venture. It is important to note that while anyone can start a business, the success of the business may depend on various factors such as market conditions, competition, and the individual's ability to effectively manage and grow the business.

Richard Cantillon was the first to apply the concept of Entrepreneur to business in the year 1755.

The correct answer is "Small - medium - enterprises." SMEs stands for Small - medium - enterprises, which refers to small and medium-sized businesses. These businesses typically have a smaller number of employees and generate lower revenue compared to larger corporations. SMEs play a crucial role in the economy as they contribute to job creation, innovation, and economic growth.

An entrepreneur is an individual who starts and manages a business venture, taking on financial risks in order to achieve success. The other options listed - soloist, speculator, and kept partner - all relate to different types of entrepreneurs. A soloist is someone who operates their business alone, without any partners or employees. A speculator is an entrepreneur who takes risks by investing in ventures with uncertain outcomes. A kept partner is an entrepreneur who contributes capital to a business but does not actively participate in its management. However, a loan manager does not fit the definition of an entrepreneur as they are typically responsible for managing loans and financial transactions, rather than starting and managing their own business.

Poor feasibility study is one of the causes of business failure. A feasibility study is conducted to assess the viability and potential success of a business venture. If a feasibility study is poorly done or not done at all, it can lead to significant risks and uncertainties in the business. Without a proper assessment of the market, competition, financial projections, and other important factors, the business may face unexpected challenges and ultimately fail. Therefore, a poor feasibility study can greatly contribute to business failure.

NLBD stands for Nigerian Local Development Board. This organization is responsible for promoting and facilitating local development initiatives in Nigeria. They work towards improving the socio-economic conditions of local communities and ensuring sustainable development at the grassroots level. The Nigerian Local Development Board plays a crucial role in coordinating and implementing various development programs and projects across the country.

The correct answer is "Loan taking" because it does not fall under the category of concept enterprises. Concept enterprises typically involve activities such as venturing into new business opportunities, taking risks in business ventures, and engaging in trading establishments. However, "Loan taking" is not a concept enterprise but rather a financial activity where individuals or businesses borrow money from lenders.

The term "profession" refers to a well-established habit or skill of doing something expertly. It implies that the individual has acquired a high level of expertise and proficiency in a particular field or occupation. This term is often associated with careers that require specialized knowledge, training, and ethical standards. Therefore, "profession" is the correct answer in this context.

The components of a feasibility study include the project scope, evaluation, and the current analysis. These components help assess the viability and practicality of a project. However, "innovative" is not a component of a feasibility study. While innovation may be a desirable aspect of a project, it is not directly related to the feasibility assessment. Feasibility studies focus on evaluating the project's technical, economic, legal, and operational aspects to determine its viability.

Clark (2000) defines globalization as the process of creating networks of connection among actors. This suggests that globalization involves the establishment of connections and interactions between various actors, such as individuals, organizations, and countries. Clark's definition highlights the interconnectedness and interdependence that characterizes globalization, emphasizing the importance of networks in facilitating global interactions and exchanges.

The Feasibility Report is a document that evaluates the viability and profitability of a new business venture. It provides information and analysis for various stakeholders such as bankers, promoters, suppliers, and government agencies. However, it is not directly related to promoting innovations. While the report may identify opportunities for innovation or suggest innovative solutions, its primary purpose is to assess the feasibility and profitability of a business venture. Therefore, the statement "It's an aid of promoting innovations" is not a function of the Feasibility Report.

Young entrepreneurs often make the major mistake of not properly assessing and managing the risks and uncertainties associated with their business ventures. This can lead to poor decision-making, financial losses, and even failure. It is important for young entrepreneurs to carefully analyze potential risks, develop contingency plans, and seek advice from experienced mentors or professionals to minimize the impact of uncertainties on their businesses.