Entrepreneurship Management

221. Social entrepreneurship can be defined as which of the following?

  1. A process involving the innovative use and combination of resources to pursue opportunities to catalyze change and/or address social needs
  2. Coming up with new solutions to social problems and then implementing them, often on a large scale
  3. An attempt at the creation new social value through the creation of a new enterprise, such as self-employment, creating a new business or nonprofit, or the expansion of an existing social enterprise by an individual, team of individuals or firm'
  4. Any entrepreneurship is Social Entrepreneurship. /All of the above
Correct answer: (D)
Any entrepreneurship is Social Entrepreneurship. /All of the above

222. Strategy Canvass is based on the framework of

  1. Eliminate Raise
  2. Eliminate Raise reduce create
  3. Focus, Divergence and Compelling tagline
  4. Offerings
Correct answer: (B)
Eliminate Raise reduce create

223. As a business model

  1. Amazon is same as Uber
  2. Big Basket is same as Big Bazaar
  3. Amway is similar to HUL Shakti
  4. IBM is same as Del Computers
Correct answer: (C)
Amway is similar to HUL Shakti

224. According to the ________________, it can be concluded that firms have a competitive advantage in a market if they offer products of a higher perceived value to the customers and lower relative costs than competing firms.

  1. Red ocean strategy
  2. Analysis of national competitiveness
  3. Blue ocean strategy
  4. Competitive triangle
Correct answer: (D)
Competitive triangle

225. What is the aim of a strategy canvas?

  1. To avoid red oceans
  2. To move towards uncontested market space
  3. To increase a produce range
  4. To beat competitors on prices
Correct answer: (B)
To move towards uncontested market space

226. An entrepreneur has an amalgamation of

  1. Thinking Ability, creativity, critical thinking, analytical abilities and originality.
  2. Aptitude for Human Relations.
  3. Communication Skills.
  4. Financial Ability
Correct answer: (A)
Thinking Ability, creativity, critical thinking, analytical abilities and originality.

227. Which of the following traditional marketing elements do not apply to social entrepreneurship efforts?

  1. Public Relations
  2. Sales Promotion
  3. Marketing mix
  4. None of the above
Correct answer: (D)
None of the above

228. Which of the following sentences best summarizes the differences between the red and blue oceans strategies?

  1. In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries.
  2. Red oceans denote an environment where products are not yet well defined while blue oceans refer to the frequently accessed marketplaces where the products are well-defined, competitors are known and competition is based on price, product quality and service.
  3. Blue oceans are an old paradigm that represents all the industries in existence today while red oceans are those where companies beat competition by focusing on developing compelling value innovations that create uncontested market space.
  4. Red oceans are about avoiding head-to-head competition while blue oceans are about rivals fighting over a shrinking profit pool.
Correct answer: (A)
In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries.

229. Which of the following is correct?

  1. All innovations are also inventions.
  2. All inventions are also innovations.
  3. Inventions are related to science while innovations are related to social issues.
  4. None of the above
Correct answer: (A)
All innovations are also inventions.

230. "Recognizing that most of the future processes are going to be affected by blockchain technology", is an example of

  1. Recognition of waste
  2. Understanding the future wave
  3. Feeling the pain of current users of technology
  4. All of the above
Correct answer: (B)
Understanding the future wave
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