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Test: Entrepreneurship as Innovation and Problem Solving - Commerce MCQ


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20 Questions MCQ Test - Test: Entrepreneurship as Innovation and Problem Solving

Test: Entrepreneurship as Innovation and Problem Solving for Commerce 2024 is part of Commerce preparation. The Test: Entrepreneurship as Innovation and Problem Solving questions and answers have been prepared according to the Commerce exam syllabus.The Test: Entrepreneurship as Innovation and Problem Solving MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Entrepreneurship as Innovation and Problem Solving below.
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Test: Entrepreneurship as Innovation and Problem Solving - Question 1
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The inventor of X- Rays is :

Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 1
The inventor of X-Rays is:
- Wilhem Roentgen: He is the correct answer and the inventor of X-Rays.
- Percy Spencer, Sir Alexander Fleming, and George Crum are not the inventors of X-Rays.
- Percy Spencer is known for inventing the microwave oven.
- Sir Alexander Fleming is known for discovering penicillin.
- George Crum is known for inventing the potato chip.
Test: Entrepreneurship as Innovation and Problem Solving - Question 2
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Dr Verghese Kurien is the founder of______________.

Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 2
Dr Verghese Kurien is the founder of Amul Diary.
Here is a detailed explanation:
Introduction:
Dr Verghese Kurien was an Indian social entrepreneur and is widely known as the "Father of the White Revolution" in India. He revolutionized the dairy industry in India by establishing Amul, a cooperative dairy company.
Explanation:
Dr Verghese Kurien's contribution to the dairy industry and the establishment of Amul Diary can be elaborated as follows:
1. Background: Dr Kurien was born in Kerala, India, in 1921. He studied in the United States and obtained a degree in mechanical engineering from Michigan State University.
2. Amul Diary: In 1949, Dr Kurien was appointed by the Government of India to manage the struggling Kaira District Cooperative Milk Producers' Union Limited (now known as Amul). Under his leadership, Amul transformed into a successful cooperative model, empowering farmers and revolutionizing the dairy industry.
3. White Revolution: Dr Kurien's efforts led to the "White Revolution," which refers to the significant increase in milk production in India. Through the cooperative model, small-scale milk producers were organized, and their livelihoods were improved.
4. Operation Flood: Dr Kurien played a crucial role in the implementation of Operation Flood, a national program aimed at making India self-sufficient in milk production. This program resulted in India becoming the world's largest milk producer.
5. Impact: Dr Kurien's innovative approach and dedication to the cooperative movement transformed the lives of millions of farmers in India. His work not only ensured a steady supply of milk but also created employment opportunities and improved rural economies.
6. Recognition: Dr Verghese Kurien's contributions were internationally recognized, and he received numerous awards, including the Ramon Magsaysay Award and the World Food Prize.
7. Legacy: Dr Kurien's legacy continues through the continued success of Amul and the cooperative movement in India. His ideas and principles have inspired similar initiatives in other countries.
In conclusion, Dr Verghese Kurien is widely acknowledged as the founder of Amul Diary, and his visionary leadership revolutionized the dairy industry in India.
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Test: Entrepreneurship as Innovation and Problem Solving - Question 3
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Which of the following institute was established by the government with the objective of supplying machinery and equipment to small enterprises as on hire purchase system.

Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 3
Institute established by the government to supply machinery and equipment to small enterprises:
The correct answer is A: National Small Industries Corporation.
- National Small Industries Corporation: This institute was established by the government with the objective of supplying machinery and equipment to small enterprises on a hire purchase system. It provides a wide range of machinery and equipment to small businesses to support their growth and development.
- Small Industries Service Institution: This institution focuses on providing various services and support to small businesses, such as training, consultancy, and marketing assistance. It does not specifically supply machinery and equipment on a hire purchase system.
- Entrepreneurship Development Institution of India: This institution aims to promote entrepreneurship and provide training and support to aspiring entrepreneurs. It does not specialize in supplying machinery and equipment.
- Training and development center: While training and development centers may provide education and skill development programs for small enterprises, they do not specifically focus on supplying machinery and equipment on a hire purchase system.
Overall, the National Small Industries Corporation is the institute established by the government to supply machinery and equipment to small enterprises on a hire purchase system.
Test: Entrepreneurship as Innovation and Problem Solving - Question 4
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Arun is a native of the beautiful valley of Kashmir. His family owns an apple orchard. During his summer break, he decided to help his family at the orchard. He observed that a lot of time was lost in plucking apples. Being of an innovative mind, he worked on solving the above problem and made a simple plucking device attached with a net land a knife. This saved considerable time and money.

Identify the role played by Arun
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 4
Role Played by Arun:
Arun played the role of both an innovator and a problem solver in this scenario.
Innovator:
- Arun came up with the idea of creating a plucking device attached with a net and a knife.
- His innovative mind allowed him to think of a solution to the problem of time lost in plucking apples.
- He used his creativity to design a simple yet effective device that could save time and money.
Problem Solver:
- Arun identified the problem of time lost in plucking apples at his family's orchard.
- He observed the situation and analyzed the factors causing the delay.
- He actively worked on finding a solution to the problem by designing the plucking device.
- His device effectively solved the problem by streamlining the apple plucking process.
Conclusion:
Arun's role as both an innovator and a problem solver is evident in his actions to address the issue of time lost in plucking apples at his family's orchard. His innovative solution, the plucking device, not only saved time but also helped in improving efficiency and reducing costs.
Test: Entrepreneurship as Innovation and Problem Solving - Question 5
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What does IDC stands for?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 5
What does IDC stand for?
Answer: International Data Corporation

Definition:
IDC stands for International Data Corporation. It is a global market intelligence firm that provides advisory services and market research on various technology and industry sectors.
Explanation:

  • IDC is an acronym that stands for International Data Corporation.

  • It is a well-known market intelligence firm that specializes in providing advisory services and market research.

  • Founded in 1964, IDC offers insights and analysis on various technology and industry sectors.

  • The company conducts extensive research on market trends, emerging technologies, and industry forecasts.

  • They provide valuable information and data to help businesses make informed decisions and develop effective strategies.

  • With a global presence, IDC has offices in major cities worldwide and a team of industry experts and analysts.

  • Their research and reports cover a wide range of topics, including cloud computing, artificial intelligence, cybersecurity, digital transformation, and more.

  • Organizations rely on IDC's research and analysis to stay updated on market trends, competitive landscapes, and future opportunities.


Conclusion:
IDC stands for International Data Corporation, a renowned market intelligence firm that offers advisory services and market research on various technology and industry sectors.
Test: Entrepreneurship as Innovation and Problem Solving - Question 6
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What is the full form of KFC?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 6
Full form of KFC
- The full form of KFC is Kentucky Fried Chicken.
Explanation
- KFC is a popular fast food restaurant chain known for its fried chicken.
- It was founded in 1930 by Colonel Harland Sanders in North Corbin, Kentucky, United States.
- The original name of the restaurant was "Sanders Court & Café," and it later changed to "Kentucky Fried Chicken" in 1952.
- The name was chosen to reflect the signature cooking method of the restaurant, which involves pressure frying chicken pieces seasoned with a secret blend of 11 herbs and spices.
- KFC has expanded globally and is now one of the largest fast food chains in the world.
- It is known for its distinct taste and menu items such as fried chicken, chicken sandwiches, chicken nuggets, and various side dishes.
- KFC is owned by Yum! Brands, which is also the parent company of other popular fast food chains like Pizza Hut and Taco Bell.
In conclusion
- The full form of KFC is Kentucky Fried Chicken, and it is a well-known fast food restaurant chain specializing in fried chicken.
Test: Entrepreneurship as Innovation and Problem Solving - Question 7
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The inventor of the Pacemaker is :
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 7
The inventor of the Pacemaker is John Hopps.
The Pacemaker is a medical device that helps regulate the heartbeat of individuals with irregular heart rhythms. Here is a detailed explanation of John Hopps' role in the invention of the Pacemaker:
1. Introduction to John Hopps:
- John Alexander Hopps was a Canadian electrical engineer and researcher.
- He was born on October 21, 1919, in Winnipeg, Manitoba, Canada.
- Hopps had a background in electrical engineering and worked at the National Research Council of Canada (NRC).
2. Development of the Pacemaker:
- In the late 1940s, John Hopps was conducting research at the NRC to find a way to use radio frequency heating to restore body temperature.
- During his experiments, he noticed that the heartbeats of animals would sometimes stop and then restart when subjected to certain frequencies.
- This observation led him to the idea of using electrical stimulation to regulate the heartbeat.
3. First Pacemaker Patent:
- In 1950, John Hopps filed a patent for the first cardiac pacemaker, which was a large and external device.
- This device used electrical pulses to stimulate the heart and regulate its rhythm.
4. Further Developments:
- Over the years, the pacemaker technology continued to evolve, with smaller and more implantable devices being developed.
- Other researchers and engineers, such as Wilson Greatbatch and Rune Elmqvist, made significant contributions to the advancement of pacemaker technology.
5. Legacy:
- John Hopps' invention of the pacemaker paved the way for the development of life-saving devices that have helped millions of people worldwide.
- His work significantly contributed to the field of medical electronics and cardiac care.
In conclusion, John Hopps, a Canadian electrical engineer and researcher, is credited with inventing the pacemaker. His observations and experiments led to the development of the first cardiac pacemaker, which revolutionized the field of cardiac care.
Test: Entrepreneurship as Innovation and Problem Solving - Question 8
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"Social entrepreneurs is which combines the passions of a social mission with an image of business-like discipline, innovation, and determination”.

Who has quoted the above definition of Entrepreneurship?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 8
J. Gregory Dees has quoted the above definition of entrepreneurship.
Explanation:
J. Gregory Dees, who was a professor at the Fuqua School of Business at Duke University, is credited with coining the term "social entrepreneurship" and providing a definition for it. The definition highlights the combination of a social mission and business-like discipline, innovation, and determination. Here is a breakdown of the key points:
1. Definition: The quote provides a definition of social entrepreneurship, which is the pursuit of a social mission coupled with business-like discipline, innovation, and determination.
2. Social mission: Social entrepreneurs are driven by a desire to make a positive impact on society and address social issues.
3. Business-like discipline: They approach their work with a focus on efficiency, effectiveness, and strategic planning, similar to traditional business practices.
4. Innovation: Social entrepreneurs constantly seek new and creative solutions to social problems, often challenging conventional approaches.
5. Determination: Social entrepreneurs are characterized by their perseverance and commitment to their social mission, even in the face of obstacles and setbacks.
Overall, J. Gregory Dees' definition encapsulates the essence of social entrepreneurship by emphasizing the combination of social purpose with entrepreneurial skills and mindset.
Test: Entrepreneurship as Innovation and Problem Solving - Question 9
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Ajay and Vijay are arguing on the fact that there is no difference between the objective of entrepreneur and social entrepreneur. Ajay is of the view that The final objective of Social entrepreneurs is wealth creation but Vijay is of the view that for social entrepreneurs wealth creation is a means to an end.

Who is correct?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 9
Ajay and Vijay are arguing on the fact that there is no difference between the objective of entrepreneur and social entrepreneur.
Ajay's view:
- Ajay believes that the final objective of social entrepreneurs is wealth creation.
- According to Ajay, social entrepreneurs are primarily focused on generating wealth.
Vijay's view:
- Vijay argues that wealth creation is a means to an end for social entrepreneurs.
- For social entrepreneurs, wealth creation is not the ultimate objective but a way to achieve their larger goal of creating social impact.
Conclusion:
- Vijay is correct in this argument.
- The objective of social entrepreneurs extends beyond wealth creation.
- Social entrepreneurs aim to address social and environmental issues and create positive change in society.
- While they may generate wealth through their ventures, it is not their final objective but a tool to achieve their larger mission.
Test: Entrepreneurship as Innovation and Problem Solving - Question 10
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A Social entrepreneur has a quality of continuously asking himself that “Am I creating value for the people I am serving? Do I understand their needs?”

Which of the following characteristic of Social entrepreneur is highlighted above?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 10
The characteristic highlighted above is: Accountable
Explanation:
The characteristic highlighted in the given statement is accountability. A social entrepreneur continuously asks themselves if they are creating value for the people they are serving and if they understand their needs. This shows their commitment to being accountable for their actions and the impact they make on the community. By constantly evaluating their work and ensuring that they are meeting the needs of the people they serve, social entrepreneurs demonstrate their dedication to creating positive change and making a difference in society. Accountability is an essential characteristic for social entrepreneurs as it helps them stay focused on their mission and ensures that they are effectively addressing the needs of the community they serve.
Test: Entrepreneurship as Innovation and Problem Solving - Question 11
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Ela Bhatt is the founder of______________.
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 11
Ela Bhatt is the founder of SEWA (Self-Employed Women's Association).
SEWA is a trade union and self-help organization that focuses on improving the working and living conditions of women in the informal economy. Here is a detailed explanation of Ela Bhatt's role and achievements:
1. Background:
- Ela Bhatt is an Indian social activist and lawyer.
- She was born on September 7, 1933, in Ahmedabad, Gujarat, India.
2. Founding of SEWA:
- Ela Bhatt founded SEWA in 1972 with the aim of organizing and empowering women working in the informal sector.
- SEWA started as a small organization with a few members and has grown into a nationwide movement.
3. Objectives of SEWA:
- SEWA works towards securing the rights and livelihoods of women in the informal economy.
- It focuses on issues such as fair wages, social security, healthcare, and skill development for women workers.
- SEWA also provides financial services and access to markets for women entrepreneurs.
4. Impact of SEWA:
- Under Ela Bhatt's leadership, SEWA has made significant contributions to the empowerment of women in the informal sector.
- It has organized thousands of women workers and helped them gain access to better working conditions and livelihood opportunities.
- SEWA has also played a crucial role in advocating for policy changes to protect the rights of women in the informal economy.
5. Recognition and Awards:
- Ela Bhatt's work with SEWA has been widely recognized and honored.
- She has received numerous awards, including the Ramon Magsaysay Award, the Right Livelihood Award, and the Padma Bhushan, one of India's highest civilian awards.
In conclusion, Ela Bhatt is the founder of SEWA, a prominent organization that has been instrumental in improving the lives of women working in the informal sector. Her efforts and leadership have made a significant impact on the empowerment of women in India.
Test: Entrepreneurship as Innovation and Problem Solving - Question 12
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What does GPS stands for?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 12
GPS stands for Global Positioning Systems.
Explanation:
- GPS stands for Global Positioning Systems, which is a technology that uses satellites to provide location and time information anywhere on Earth.
- It was initially developed for military purposes but is now widely used in various civilian applications.
- GPS works by using a network of satellites orbiting the Earth. These satellites constantly transmit signals that can be received by GPS receivers.
- The GPS receiver calculates the distance between itself and multiple satellites by measuring the time it takes for the signals to reach the receiver.
- By using the distance measurements from multiple satellites, the GPS receiver can determine the user's precise location.
- In addition to providing location information, GPS can also provide other data such as speed, heading, and elevation.
- GPS has revolutionized navigation and has become an essential tool in various industries including transportation, agriculture, surveying, and outdoor recreation.
- It has also enabled the development of numerous applications such as navigation systems, tracking devices, and location-based services on smartphones and other devices.
- Overall, GPS has greatly improved our ability to navigate and understand our position in the world.
Test: Entrepreneurship as Innovation and Problem Solving - Question 13
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The inventor of Penicillin is :
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 13
The inventor of Penicillin is Sir Alexander Fleming.
Explanation:
- Sir Alexander Fleming, a Scottish biologist, pharmacologist, and botanist, is credited with the discovery of Penicillin.
- He made this groundbreaking discovery in 1928 while working at St. Mary's Hospital in London.
- Fleming noticed that a petri dish containing Staphylococcus bacteria had been contaminated by a mold called Penicillium notatum.
- He observed that the bacteria surrounding the mold did not grow, indicating that the mold was producing a substance that inhibited bacterial growth.
- Fleming named this substance "Penicillin" and recognized its potential as an antibacterial agent.
- However, it was not until the 1940s that Penicillin was developed into a practical antibiotic, thanks to the efforts of other scientists like Howard Florey and Ernst Chain.
- Penicillin revolutionized medicine by effectively treating bacterial infections and saving countless lives.
- Sir Alexander Fleming was awarded the Nobel Prize in Physiology or Medicine in 1945 for his discovery of Penicillin.
Test: Entrepreneurship as Innovation and Problem Solving - Question 14
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Bunker Roy is the founder of______________.
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 14
Bunker Roy is the founder of Barefoot College.

  • Barefoot College: Bunker Roy is the founder of Barefoot College, an organization that focuses on empowering rural communities and promoting sustainable development.

  • Vision: The vision of Barefoot College is to address the basic needs and requirements of rural communities, such as access to clean energy, education, healthcare, and livelihood opportunities.

  • Approach: The organization follows a unique approach where they prioritize the knowledge and skills of the local community members, particularly women, who are often marginalized in rural areas.

  • Training Programs: Barefoot College provides training programs on various subjects like solar electrification, water management, healthcare, and more, to empower individuals with the necessary skills.

  • Women Empowerment: The organization strongly believes in empowering women and recognizing their potential as change-makers in their communities. They provide opportunities for women to acquire new skills and become leaders in their villages.

  • Impact: Barefoot College has made a significant impact in rural areas by bringing sustainable solutions to challenges faced by communities. They have trained thousands of rural women as solar engineers, giving them the ability to bring clean energy to their villages.


Overall, Bunker Roy's leadership and the establishment of Barefoot College have had a transformative effect on rural communities, promoting self-reliance, sustainability, and women empowerment.
Test: Entrepreneurship as Innovation and Problem Solving - Question 15
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In which of the following a financial institution buys the accounts receivables of a company and pays up to 80% to 90% of the amount immediately and the balance, after deducting his charges, when the customer pays the debt.
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 15
Factoring Services:
- Factoring is a financial service where a company sells its accounts receivables to a financial institution known as a factor.
- The factor purchases the accounts receivables at a discounted rate, typically 80% to 90% of the total amount.
- The company receives immediate payment for the accounts receivables, which helps improve its cash flow.
- The factor then collects the debt from the customers and deducts its charges from the remaining balance.
- The balance amount, after deducting the factor's charges, is paid to the company once the customers pay their debts.
- Factoring services are commonly used by businesses to manage their working capital and mitigate the risk of bad debts.
- This financial arrangement allows companies to access immediate funds while transferring the responsibility of debt collection to the factor.
- Factoring services are particularly beneficial for companies that have a large volume of accounts receivables and need immediate cash flow to meet their operational expenses.
Test: Entrepreneurship as Innovation and Problem Solving - Question 16
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The inventor of Potato chips is :
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 16
The inventor of Potato chips is George Crum.
The invention of potato chips is credited to George Crum, a Native American chef who worked at Moon's Lake House in Saratoga Springs, New York, during the mid-1800s. The story goes that the invention of potato chips was an accidental creation resulting from a customer's complaint about the thickness of their fried potatoes. Here is a detailed explanation of the invention of potato chips by George Crum:
Background:
- George Crum was a chef at Moon's Lake House, a popular restaurant in Saratoga Springs, New York.
- The restaurant was known for its French-fried potatoes, which were usually served in thick slices.
The Incident:
- One day, a customer ordered a plate of French-fried potatoes and expressed dissatisfaction with the thickness of the slices.
- In response to the complaint, George Crum decided to slice the potatoes as thin as possible to prove a point.
The Invention:
- George Crum sliced the potatoes extremely thin and fried them until they were crispy.
- The result was a batch of thin, crunchy, and delicious fried potato slices, which became known as "Saratoga chips."
Popularity:
- The invention of potato chips quickly gained popularity among the restaurant's patrons.
- Other guests started requesting the "Saratoga chips," and they soon became a staple on the restaurant's menu.
Legacy:
- The popularity of potato chips spread beyond Moon's Lake House and became a favorite snack across the United States.
- In 1853, George Crum opened his own restaurant, "Crum's Place," where he continued to serve his famous potato chips.
Conclusion:
- The invention of potato chips is attributed to George Crum, a Native American chef who worked at Moon's Lake House in Saratoga Springs, New York.
- George Crum's accidental creation of thin and crispy potato chips became a beloved snack and continues to be enjoyed worldwide.
Test: Entrepreneurship as Innovation and Problem Solving - Question 17
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The inventor of Microwave ovens is :
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 17

Inventor of Microwave Ovens:
The inventor of microwave ovens is Percy Spencer.
Detailed Explanation:
Microwave ovens have become an essential part of modern kitchens, allowing us to quickly and efficiently heat our food. The inventor of microwave ovens is Percy Spencer, an American engineer and inventor.
Percy Spencer's Contribution:
Percy Spencer was working for Raytheon Corporation in the early 1940s when he made his significant discovery. While conducting experiments with a new vacuum tube called a magnetron, he noticed that a candy bar in his pocket had melted. Intrigued by this observation, he started experimenting with other food items, including popcorn kernels and eggs, which resulted in their rapid cooking.
Key Points:
- The inventor of microwave ovens is Percy Spencer.
- Percy Spencer made his discovery while working for Raytheon Corporation.
- He noticed that a candy bar in his pocket had melted while conducting experiments with a magnetron.
- Percy Spencer's experiments with various food items led to the development of the modern microwave oven.
Therefore, Percy Spencer is credited with inventing the microwave oven, revolutionizing the way we cook and heat our food.
Test: Entrepreneurship as Innovation and Problem Solving - Question 18
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“ the Social entrepreneur aims for the value in the form of large scale transformational benefits that accrues either to a significant segment of society or to society at large.”

Who has quoted the above definition of Entrepreneurship?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 18
Answer:
The above definition of entrepreneurship is quoted by Martin & Osberg. They describe social entrepreneurship as an approach that focuses on creating large-scale transformational benefits for a significant segment of society or society as a whole. Here is a detailed explanation:
Martin & Osberg:
- Martin & Osberg are known for their work in the field of social entrepreneurship.
- They define social entrepreneurship as an approach that aims to create value through large-scale transformational benefits.
- The value created by social entrepreneurs can either be for a significant segment of society or for society as a whole.
- Social entrepreneurs strive to address social problems and bring about positive change in a sustainable and impactful manner.
J. Gregory Dees:
- J. Gregory Dees is a well-known scholar in the field of social entrepreneurship.
- He has made significant contributions to the understanding and development of social entrepreneurship.
- While he has provided numerous insights and definitions related to social entrepreneurship, the specific definition mentioned in the question is not attributed to him.
Mohammad Yunus:
- Mohammad Yunus is a renowned social entrepreneur and Nobel laureate.
- He is known for his work in microfinance and poverty alleviation.
- Although he has provided valuable insights on social entrepreneurship, the specific definition mentioned in the question is not attributed to him.
Richard Cantillon:
- Richard Cantillon is considered one of the early contributors to the field of entrepreneurship.
- He is known for his work on the theory of entrepreneurship and the concept of risk-taking.
- However, the specific definition mentioned in the question is not attributed to him.
In conclusion, the correct answer is A: Martin & Osberg. They have provided the above definition of entrepreneurship, emphasizing the creation of large-scale transformational benefits for a significant segment of society or society at large.
Test: Entrepreneurship as Innovation and Problem Solving - Question 19
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While appreciating the efforts of Arun,an upcoming entrepreneur, his Childhood friend Varun told him that I always knew that you have qualities of being a social entrepreneur because you always had your out of the box and ready to apply ideas to new solutions. Which of the following characteristics of social entrepreneurs is discussed in the above case?
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 19
Characteristics of social entrepreneurs discussed in the above case:
- Innovative: The case mentions that Arun always had out-of-the-box ideas and was ready to apply them to new solutions. This shows his ability to think creatively and come up with innovative approaches to address social issues.
- Resourceful: The case implies that Arun is resourceful, as he is able to utilize the available resources effectively to implement his ideas and solutions. This characteristic is essential for social entrepreneurs, as they often have limited resources and need to find creative ways to overcome challenges.
- Opportunity seeking: Although not directly mentioned in the case, Varun's statement implies that Arun has a keen eye for identifying opportunities. Social entrepreneurs are known for their ability to recognize social problems and gaps in the market and turn them into opportunities for positive change.
- Accountable: This characteristic is not explicitly mentioned in the case. However, being accountable is an important trait for social entrepreneurs. They are responsible for the impact of their initiatives and need to ensure transparency and accountability in their operations.
In conclusion, the case discusses the characteristics of being innovative and resourceful in Arun, indicating his potential as a social entrepreneur. While opportunity seeking and accountability are not directly mentioned, these characteristics are often associated with successful social entrepreneurs.
Test: Entrepreneurship as Innovation and Problem Solving - Question 20
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Verghese Kurian is the founder of______________.
Detailed Solution for Test: Entrepreneurship as Innovation and Problem Solving - Question 20
Verghese Kurian is the founder of Amul Diary.

Explanation:
- Verghese Kurian is widely known as the "Father of the White Revolution" in India.
- He played a pivotal role in establishing Amul Diary, which is a well-known cooperative dairy company in India.
- Under his leadership, Amul Diary revolutionized the dairy industry in India by introducing a cooperative model that empowered farmers and ensured fair prices for their milk.
- Kurian's efforts in organizing farmers into cooperatives and implementing modern dairy practices led to a significant increase in milk production and improved the livelihoods of millions of dairy farmers.
- Amul Diary's success story has inspired similar cooperative movements in other sectors across the country.
- Verghese Kurian's visionary leadership and contributions to the dairy industry have made a lasting impact on the agricultural and economic development of India.
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