InnoBiz Quiz

Entrepreneurs differ from managers in their:

• Focus on maintaining the status quo

• Tendency to avoid risk

• Ability to innovate and identify opportunities

• Lack of leadership skills

Social entrepreneurship focuses primarily on:

• 5. Maximizing shareholder profits

• 5. Solving societal problems and creating social value

• 5. Building large corporate empires

• 5. Managing a family-owned business

9. Entrepreneurs help in the economic development of a country by:

• 9. Reducing competition and limiting job creation

• 9. Importing more foreign products to the local market

• 9. Encouraging innovation, creating jobs, and improving productivity

• 9. Decreasing exports and increasing imports

8. Which of the following is a common myth about entrepreneurship?

• 8. Entrepreneurs are born, not made

• 8. Entrepreneurship can be learned and developed

• 8. Entrepreneurs take calculated risks

• 8. Entrepreneurs are necessary for economic growth

11. Which of the following is a common issue entrepreneurs face when starting a business?

• 11. Excessive bureaucratic red tape

• 11. Immediate and overwhelming customer demand

• 11. Overfunding from investors

• 11. Lack of market competition

10. Which of the following is NOT a common behavioral trait of successful entrepreneurs?

• 10. Risk-taking ability

• 10. Persistence and determination

• 10. Aversion to change

• 10. Strong decision-making skills

3. Which of the following is NOT a key factor in identifying a business opportunity?

• 3. Market demand

• 3. External environment analysis

• 3. Personal preferences of the entrepreneur

• 3. Competition intensity

7. In which sector is entrepreneurship most likely to thrive due to technological advancements?

• 7. Agriculture

• E-commerce and Information Technology

• Traditional retail

• Manufacturing without automation

Brainstorming sessions for business ideas often aim to:

• 1. Eliminate all competition

• 1. Encourage creative thinking without immediate judgment

• 1. Focus on only one solution

• 1. Avoid customer involvement

7. Which regulatory step is mandatory when registering a small business in India?

• 7. Obtaining a Personal Identification Number (PIN)

• 7. Registering under the Companies Act, 2013 for companies

• 7. Filing an international patent

• 7. Hiring at least 20 employees