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Test: Entrepreneurial Opportunities- 1


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20 Questions MCQ Test Entrepreneurship Class 12 | Test: Entrepreneurial Opportunities- 1

Test: Entrepreneurial Opportunities- 1 for Commerce 2022 is part of Entrepreneurship Class 12 preparation. The Test: Entrepreneurial Opportunities- 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Entrepreneurial Opportunities- 1 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Entrepreneurial Opportunities- 1 below.
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Test: Entrepreneurial Opportunities- 1 - Question 1

Arvind planned to start a small fast-food joint in his area after finishing his degree in hospitality management. His plan was to combine and use healthy ingredients like whole wheat flour to make the burger buns. He knew that he had to start collecting information from different sources which will help him to identify the right opportunity to start his business. From where will Arvind get the necessary information?

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 1

Magazines: A print periodical containing miscellaneous pieces (such as articles, stories, poems) and often illustrated a fashion magazine a gardening magazine also: such a periodical published online.
Shows: Trade shows are important because they offer you a platform to market to your customers and then sell your product to those exact same customers.
Family Members: A family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family. Family-owned businesses may be the oldest form of business organization.

Test: Entrepreneurial Opportunities- 1 - Question 2

Ritu has completed her B.Tech. in textile designing. She wants to start a ready-made garments manufacturing unit. She wants to manufacture trendy garments for children below the age of one year. She approached a popular trend spotter to help her with the same. The trend spotter demanded ₹ 2,00,000 from Ritu to help her. Looking at the high fee demanded, she decided to do the trend spotting by herself. She decided to identify the trend by talking to the parents of the newly born. The method that Ritu adopted to spot the trend is:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 2

Talk Trends: talking to people is equally important trend spotting activity which helps the entrepreneur to get inputs on the needs of the customer. This can be done both online and offline.

Test: Entrepreneurial Opportunities- 1 - Question 3

Victor industries has been one of the leading companies in Mobile phone industry in India. The company decided to launch a new Model AI 1 which will have in built latest software to encourage hands free use and enhance the customer experience through 3D photos. They are also looking into ideas to use eco-friendly recyclable materials for the body of the phone which will cause less environmental damage. Identify the two factors of PESTEL model from the above case study. 

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 3

Eco-technology is defined as the use of technological means for ecosystem management based on deep understanding of principles on which natural ecological systems are built and on the transfer of such principles into ecosystem management in a way to minimize the costs of the measures and their harm to the global environment. Seven basic ecosystem principles are outlined in agreement with Jørgensen. Basic rules of ecotechnology are derived from these ecosystem principles. As the rules are fairly general, the implementation of these ecotechnological rules for ecosystem management is given. Some applications of the general rules particularly as related to watershed and regional management are specified.
Examples of eco-techniques used for watershed and lake/reservoir management are given. It is shown that to be effective in the ecotechnological sense the eco-techniques have to be used in particular instances with the help of mathematical optimization models. Such models are constructed to select a combination of the options which result, for the given ecosystem situation, in the least cost and least secondary harm to the global environment.

Test: Entrepreneurial Opportunities- 1 - Question 4

Sudha started her small-scale business of making Pickles along with few of her neighbours using their free time at home. They named their venture ‘Home sweet Home’. They were able to supply the entire district. One of the members suggested that they should expand and start selling to other states. When she discussed the same to her husband, he suggested that they have to properly look into the environment analysing the competitors. He suggested Sudha to:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 4

Environmental scanning is the ongoing tracking of trends and occurrences in an organization's internal and external environment that bear on its success, currently and in the future.
Examples: Gathering data deliberately through market research studies; Having informal conversations with other executives; Reading secondary sources such as web articles, newspapers, magazines and journal literature; Monitoring demographic data;

Test: Entrepreneurial Opportunities- 1 - Question 5

Rishabh lives in Vijay Nagar, a residential colony near Delhi university (Du). Being close to Du this area is a hub for students who come from outside Delhi to study here as they find good accommodation with Tiffin service readily available. Rishabh has a vacant residential building there. he found it to be an attractive economic idea to start a paying Guest house. he knows that he has a good market because of the location of his building. Identify the other requirement and he has to ensure before opting for this opportunity. 

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 5

The rate of return on the investment has to be attractive to be accepted by him.
Return on investment (ROI) is calculated by subtracting the initial value of the investment from the final value of the investment (which equals the net return), then dividing this new number (the net return) by the cost of the investment, and, finally, multiplying it by 100.

Test: Entrepreneurial Opportunities- 1 - Question 6

Exploring opportunities in the environment is a process involving various steps. Arrange the steps in correct order.
(i) Evaluating the ideas received from different sources to find a creative solution
(ii) Identifying a product or service through innovation
(iii) Opportunity spotting by analysing the needs and problems that exist in the environment
(iv) Setting up a project and nurturing it to success

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 6

Correct Steps are:
(iii) Opportunity spotting by analysing the needs and problems that exist in the environment
(i) Evaluating the ideas received from different sources to find a creative solution
(ii) Identifying a product or service through innovation
(iv) Setting up a project and nurturing it to success

Test: Entrepreneurial Opportunities- 1 - Question 7

Entrepreneurship leads to ..................... in GDP.

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 7

The GDP of a country tends to increase when the total value of goods and services that domestic producers sell to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy. When this situation occurs, a country is said to have a trade surplus.

Test: Entrepreneurial Opportunities- 1 - Question 8

Entrepreneur is a person who :

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 8

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Test: Entrepreneurial Opportunities- 1 - Question 9

An idea which can be converted into an opportunity is based on the .................. of customers.

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 9

Entrepreneurial opportunities are usually defined as situations where products and services can be sold at a price greater than the cost of their production.
An 'entrepreneurial opportunity', thus, is a situation where entrepreneurs can take action to make a profit.

Test: Entrepreneurial Opportunities- 1 - Question 10

There is a .................... relationship between opportunities and problem solving.

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 10

Problem-focused projects must first determine the cause of the problem then determine how to solve it. Opportunities, on the other hand, are initiatives that will assist the organization in reaching business goals and objectives if implemented appropriately.

Test: Entrepreneurial Opportunities- 1 - Question 11

Needs of a person are:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 11

Some skills you need to have as an entrepreneur:

  • Time management: Careful priority planning, defining milestones, execution, and iteration are all important. None of that would lead toward progress without the right project management and time allocation methodology that gets the work done.
  • Strategic thinking: Learning to decompose a problem to its core and reveal opportunities for growth. Figuring out creative solutions and identifying the low-hanging fruits. Defining the scope for an MVP and testing concepts within limited time and with a low budget.
  • Communication: Crisp and concise communication is paramount for each and every interaction with clients, partners, peers, clients, prospects.
  • Networking: Growing a network facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveying the right message on all fronts.
  • Branding: Building a consistent personal and business brand tailored to the right audience. Igniting brand awareness in new verticals.
  • Sales: Being comfortable doing outreach and creating new business opportunities. Finding the right sales channels that convert better and investing heavily in developing them. Building sales funnels and predictable revenue opportunities for growth.
Test: Entrepreneurial Opportunities- 1 - Question 12

Social behaviour is related with the:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 12

Social behavior is behavior among two or more organisms within the same species, and encompasses any behavior in which one member affects the other. This is due to an interaction among those members. Therefore, social behavior arises as a result of an interaction between the two—the organism and its environment.

Test: Entrepreneurial Opportunities- 1 - Question 13

Entrepreneur perceives opportunity from:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 13

An entrepreneur is one who perceive opportunities, synthesize the available information and analyse emerging patterns that escape the attention of other people. It is the first step of an entrepreneur to grab the opportunity and setup a business enterprise to offer the solution of various problems and needs that exist.

Test: Entrepreneurial Opportunities- 1 - Question 14

Economic policies determine the:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 14

An economic policy is a course of action that is intended to influence or control the behavior of the economy. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money.

Test: Entrepreneurial Opportunities- 1 - Question 15

Which of the following consists of micro level business environment:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 15

The micro-environment consists of customers, partners, and competitors. The most important aspect of micro-environment is the customer market. There are different types of customer markets include consumer markets, business markets, government markets, Globalization international markets, and reseller markets.

Test: Entrepreneurial Opportunities- 1 - Question 16

“Entrepreneurs take advantage of social net-working tools like social network websites and forums”.In the above line which trend is entrepreneur spotting?

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 16

Talk trends:

  • Talking to people is an equally important trend-spotting tactic. They get involved in specific industry's trade association and attending events both online and offline.
  • From social networking tools like social network websites and forums.
Test: Entrepreneurial Opportunities- 1 - Question 17

Varun, a student of class XII, observed that a large number of students of the school were using mobile phones. he also observed that many parents of such students were worried about the content being viewed by their children on mobile phones and were not able to control them. Being a talented and an intelligent student he decided to develop an app that may help the parents to watch and control children regarding the content being viewed. From the following, identify the “idea field” used by Varun to develop the app:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 17

Creativity enables entrepreneurs to find some of the path-breaking discoveries. As such, it's essential to allow collisions and blur to take place to transcend boundaries set by disciplines. That way, it's easier for an entrepreneur to get new perspectives towards solving a financial or operational problem.

Test: Entrepreneurial Opportunities- 1 - Question 18

Which of the following source of idea fields provides important information to identify and analyze the market need, market size and competition.

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 18

Market or demand-driven research is any organized effort to gather information about target markets or customers as it is one of the important components of business strategy. competitors and it provides important information to identify and analyze the market need, market size and competition.

Test: Entrepreneurial Opportunities- 1 - Question 19

Priya joined a Publication Company that publishes a monthly magazine “Lifestlye”. It covers articles related to fitness, clothing, gadgets, cooking etc., Priya had joined the clothing division of the magazine. her divisional head explained her nature of work of the division. She also informed Priya that in addition to visits to local mall she would have to attend ‘Power lunches’ on the first Monday of every month. Out of the following, identify the way of spotting trend, the divisional head is talking about?

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 19

Watch trends: Trend spotting refers to identification of new trends which helps an entrepreneur to understand the market and produce goods or provide services in sync with the market trends.
Trendspotting means identifying trends on a local, regional and/or global level, understanding those trends, identifying best practices surrounding those trends and identifying innovation opportunities regarding those trends.

Test: Entrepreneurial Opportunities- 1 - Question 20

The various sources of idea fields are:

Detailed Solution for Test: Entrepreneurial Opportunities- 1 - Question 20

Employees and the research & development department of the company are great internal sources. Whereas, external sources are also very helpful. These are customers, suppliers, competitors, distribution channels, government, educational institutions, and focus groups.

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