1. Which of the following is an example of industrial transformation?

• High-speed rail
• Electric vehicles
• Lead-free fuel
• None of the above

Answer :- Electric vehicles

2. An entrepreneur who revels in creating new businesses continuously may be called:

• Creator of serial entrepreneurial ventures
• Destroyer of existing businesses
• Continuous investor
• None of the above

Answer :- Creator of serial entrepreneurial ventures

An entrepreneur who enjoys creating new businesses continuously and starts multiple ventures over time is often referred to as a "Creator of serial entrepreneurial ventures." This term highlights their penchant for consistently initiating and developing new business ideas and ventures, even after the success or failure of previous ventures. These entrepreneurs thrive on the process of entrepreneurship itself and have a passion for building and growing new businesses.

3. Which of the following industries has seen mortality of start-ups or entrepreneurial firms over the last two decades?

• Telecommunications
• Aviation
• Both (a) and (b)
• Neither (a) nor (b)

Answer :- Both (a) and (b)

Both the telecommunications and aviation industries have seen mortality (failure or closure) of start-ups or entrepreneurial firms over the last two decades. These industries are known for their high levels of competition, regulatory challenges, and substantial capital requirements, which can make it difficult for start-ups and new entrepreneurial ventures to survive and thrive. Many new businesses in these sectors face significant hurdles and often struggle to sustain their operations, leading to a relatively high mortality rate for start-ups and entrepreneurial firms.

4. A start-up typically starts with:

• Putting a product in the market
• Discovering a problem and defining a solution
• Changing a business model
• None of the above

Answer :- Discovering a problem and defining a solution.

5. Having a co-founding team provides the advantages of:

• Complementary skills
• Shared responsibilities
• Potential leadership transitions
• All of the above

Answer :- All of the above

Having a co-founding team provides several advantages, which include:

Complementary skills: Each co-founder typically brings different skills, experiences, and expertise to the table. This diversity of skills allows the team to cover a broader range of tasks and responsibilities, making the start-up more well-rounded and capable of handling various challenges effectively.

Shared responsibilities: With multiple co-founders, the responsibilities and workload can be shared among team members. This can lead to increased efficiency and a more balanced distribution of tasks, preventing burnout and improving overall productivity.

Potential leadership transitions: In the long run, having a co-founding team can provide a smoother transition of leadership within the company. If one co-founder decides to step back or leave the venture for any reason, there are still other co-founders who can take on leadership roles and maintain continuity.

6. Entrepreneurship is common with start-up in terms of:

• Starting with meagre resources
• Taking risks
• Neither (a) nor (b)
• Both (a) and (b)

Answer :- Both (a) and (b)

7. Entrepreneurial firms seek to:

• Create new products and/or markets
• Create market wealth
• Disrupt existing businesses
• Any or all of the above

Answer :- Any or all of the above.

Entrepreneurial firms may seek to achieve a variety of goals, which can include:

Create new products and/or markets: Many entrepreneurial ventures aim to develop innovative products or services that address unmet needs in the market or introduce entirely new solutions. These firms seek to bring something novel and valuable to consumers, often with the potential to create a new market or disrupt existing ones.

Create market wealth: Entrepreneurial firms aspire to create value for their customers and shareholders, resulting in financial success and market wealth. By offering products or services that are highly valued by customers, these firms can generate revenue and profits, leading to the creation of market wealth.

Disrupt existing businesses: Some entrepreneurial firms pursue disruptive strategies by challenging and transforming traditional industries or business models. They may introduce innovations that fundamentally change the competitive landscape and force established companies to adapt or risk becoming obsolete.

8. An entrepreneur who enters the market to create a firm, leaving formal employment is called:

• Innovative entrepreneur
• Replicative entrepreneur
• Opportunity entrepreneur
• Necessity entrepreneur

Answer :- Opportunity entrepreneur

An opportunity entrepreneur is someone who identifies a business opportunity, typically based on market needs, gaps, or untapped areas, and decides to start their own venture to capitalize on that opportunity. This type of entrepreneur is driven by the desire to seize a market opportunity and create a business around it, often with the intention of fulfilling a need or solving a problem in a unique and innovative way. Unlike necessity entrepreneurs, who start businesses out of necessity (e.g., lack of employment options), opportunity entrepreneurs are motivated by the potential for growth and success in the identified market opportunity.

9. As per the MSME classification of Government of India, a product firm with an investment less than or equal to Rs 25 lakhs in plant and machinery is called

• Micro enterprise
• Small enterprise
• Medium enterprise
• Nano enterprise

Answer :- Micro enterprise

The MSME classification in India is based on the investment in plant and machinery for manufacturing enterprises and the investment in equipment for service enterprises. As of the revised definition from July 1, 2020, the criteria for classification are as follows:

Micro enterprise: Investment in plant and machinery or equipment does not exceed Rs 1 crore and turnover does not exceed Rs 5 crores.

Small enterprise: Investment in plant and machinery or equipment is more than Rs 1 crore but does not exceed Rs 10 crores, and turnover does not exceed Rs 50 crores.

Medium enterprise: Investment in plant and machinery or equipment is more than Rs 10 crores but does not exceed Rs 50 crores, and turnover does not exceed Rs 250 crores.

10. An infrastructure that helps entrepreneurs in their early stage of the startup life cycle with plug and play facilities and other common services is called:

• Incubator
• Accelerator
• Angel investment platform
• Venture capital platform

Answer :- Incubator