Entrepreneurship Development MCQ with Answers

Entrepreneurship Development MCQ Questions and Answers

The Entrepreneurship development MCQ covers a wide range of applications in various fields. The elements of basic knowledge must consider, among others, the support for business development and the mechanisms of its transmission. The exercises and MCQs on Entrepreneurship allow you to test your knowledge in this area. 

Preparing for MBA, SET, CSIR NET entrance exams? There is a lot to study and revise. So, you must plan your study schedule and revisions systematically with the help of some good Multiple Choice Questions. With plenty of MCQs on Entrepreneurship available online these days, it is easy to plan your studies and aim your efforts toward scoring good marks in the Entrepreneurship Development entrance exam MCQs.

To help you study, revise and practice well, we have a list of some of the most popular Multiple Choice Questions on Entrepreneurship Development with Answers Pdf. Go for the MCQ with your revision plan and subject needs and start preparing for your exams.

Here Below we provide a list of MCQs for Entrepreneurship Development outlined by experts who suggest the most important MCQ for various competitive exams. The below MCQ takes you directly to the corresponding topic where the detailed article along with MCQs is provided for a smooth, effortless searching experience. 

Before going ahead to solve MCQ on Entrepreneurship Development papers or taking up mock tests, make sure you cover the basic concepts of entrepreneurship and solve some sample questions before appearing in the Exam. MCQ on Development of Entrepreneurship with Answers Pdf listed below ranges from the basic to the most advanced Questions, thereby having you covered. Have a look at the list of MCQs below:

How to Solve Entrepreneurship Development Multiple Choice Questions  : 

  1. Entrepreneurship Development Multiple choice questions are harder than you think. You have to prepare the material just as well and as mentioned, in practice students make multiple choice questions worse than open questions.
  2. In round 1 you only answer the questions that you know for sure.
  3. In round 2 you will do the more difficult questions. You cross out the impossible answers first. There are usually two. Then you read the question again and make a choice.
  4. In round 3 you will complete the impossible questions. Also here you cross out the two nonsense answers. Then there are two answers left and therefore a 50% chance of a correct answer. Make a choice, otherwise, the 50% will remain.
  5. Read the question carefully and don’t read the answers. Formulate the answer and then choose the answer that most closely matches.
  6. When the brain reads four answers to a question, the brain performs four commands. That influences thinking and distracts unnecessarily. If the brain only reads the question, it performs one command. The brain can now formulate the correct answer without noise.
  7. Check that all Entrepreneurship Development MCQ questions have been answered and submitted. If you still have questions and don’t have the time, choose the longest answer. Your teacher must also formulate the correct answer and the correct one is often the most comprehensive. Only apply this guessing technique to questions you really don’t know!

Entrepreneurship Development MCQ

MCQ Questions on Entrepreneurship Development with Answers Pdf 

1. The term intrapreneur was coined by______________

a) Robert Owen

b) Joseph Schumpeter

c) Richard Cantillon

d) Gifford Pinchot

Answer: d

2. An individual who initiates, creates and manages a new business can be called_______________

a) A leader

b) A manager

c) A professional

d) An entrepreneur

Answer: d

3. ____________applied the word entrepreneur to business for the first time.

a) Robert Owen

b) Joseph Schumpeter

c) Richard Cantillon

d) max weber

Answer: c

4. An entrepreneur who owns more than one business at a time is called ________

a) An intrapreneur

b) A corporate entrepreneur.

c) A portfolio entrepreneur.

d) None of the above.

Answer: c

5. Entrepreneurship is a creative activity – Said by________

a) Frederick Harbison

b) B. F. Holtz

c) B. Higgins

d) Joseph

Answer : d

6. What is the hallmark of a successful entrepreneur?

a) Risk-bearing capacity

b) Persistence

c) Flexibility

d) Self-confidence

Answer: c

7. A corporate manager who starts a new initiative for their company that entails setting up a new distinct business unit and board of directors can be regarded as:

a) Ecopreneur

b) Technopreneur

c) Intrapreneur

d) Social Entrepreneur

Answer: c

8. Entrepreneurs are extremely task oriented.

a) technical

b) fabian

c) induced

d) business

Answer: a

9. _____________ Entrepreneurs neither introduce new changes nor adopt new methods innovated by others.

a) technical

b) fabian

c) induced

d) business

Answer: b

10. EDP ​​(Entrepreneurship Development Programs) is required to help_____________

a) Existing entrepreneurs

b) First-generation entrepreneurs

c) Future generation entrepreneurs

d) None of the above

Answer: b

11. According to Schumpeter, Is the most important function of a modern entrepreneur____________

a) innovation,

b) invention,

c) skill,

d) creativity.

Answer: a

12. Which of the following risks is born by the entrepreneur:

a) financial risks,

b) personal risks,

c) psychological risks,

d) all of these

Answer: d

13. Which type of entrepreneur utilizes a chance to introduce a new technique or new product?

a) Innovative entrepreneur

b) Instigated entrepreneur

c) Initiative entrepreneur

d) Fabian entrepreneur

Answer: a

14. Ownership capital is also known as?

a) Debt

b) Equity

c) Loan

d) Mortgage

Answer: b

15. In the 1995 – 96 periods what percentage of total entrepreneurs were women entrepreneurs?

a) 10%

b) 11.2%

c) 13%

d) 9%

Answer: b

16. What can be defined as an attractive project idea that an entrepreneur accepts as a basis for his investment decision?

a) Possibility

b) Business

c) Opportunity

d) Notion

Answer: c

17. Which of the following is a remedy to solve the problems of women entrepreneurs?

a) Social attitude

b) Finance cells

c) Stiff Competition

d) Supervision

Answer: b

18. Which of the following is not a quality of a successful entrepreneur specified by Mc Clelland?

a) He is endowed with unusual creativeness

b) He has a high degree of ambition

c) He is enriched by a high propensity

d) He also has a strong need for achievement.

Answer: b

19. The Institute of Entrepreneurship Development has trained around ___ youths in ___ programs till 1987 April.

a) 300, 14

b) 500, 20

c) 200, 10

d) 400,13

Answer: d

20. Social attitude is one of the important problems of a______________Entrepreneur.

a) drone.

b) business.

c) women.

d) adaptive.

Answer: c

21. The term “Entrepreneur” has been derived from the word “entendre” which means:

a) To give

b) To undertake

c) To choose

d) To decide

Answer: b

22. Registration helps the entrepreneur to take necessary_____________ steps to bring industrial units into existence

a) provisional

b) permanent

c) both of these

d) none of these

Answer: a

23. The entrepreneur who does not change the method of production already introduced is________

a) drone entrepreneur,

b) fabian entrepreneur,

c) classical entrepreneur,

d) none of these.

Answer: a

24. Why are small businesses important to a country’s economy?

a) They give an outlet for entrepreneurs.

b) They can provide specialist support to larger companies.

c) They can be innovators of new products.

d) All the above.

Answer: d

25. IFCI stands for_____________.

a) Industrial finance corporation of India.

b) Institutional finance corporation of India.

c) Industrial funding corporation of India.

d) Indian finance corporation and institution.

Answer: a

26. Large investment is made in fixed assets, the project will be termed as__________.

a) Capital Intensive.

b) Labor Intensive.

c) Product Intensive.

d) Market Intensive.

Answer: a

27. Which one of the following describes unemployment?

a) The number of people who voluntarily choose not to work.

b) The number of people who are jobless and are actively seeking work.

c) The number of people who are not actively seeking work.

d) The number of people actively seeking work who find work.

Answer: b

28. Innovation can best be defined as_______.

a) the generation of new ideas.

b) the evolution of new ideas.

c) the opposite of creativity.

d) the successful exploitation of new ideas.

Answer: d

29. Which of these statements best describes the context for entrepreneurship?

a) Entrepreneurship takes place in small businesses.

b) Entrepreneurship takes place in large businesses.

c) Entrepreneurship takes place in a wide variety of contexts.

d) Entrepreneurship does not take place in social enterprises.

Answer: c

30. Entrepreneurs are motivated by_________

a) money.

b) personal values.

c) pull influences.

d) All the above.

Answer: d

31. Why should an entrepreneur do a feasibility study for starting a new venture?

a) To identify possible sources of funds

b) To see if there are possible barriers to success

c) To estimate the expected sales

d) To explore potential customers

Answer: c

32. To provide financial assistance to entrepreneurs the government has set up a number of___________.

a) Financial advisors.

b) Financial intermediaries.

c) Industrial estates.

d) Financial institutions.

Answer: d

33. Which industrial sector tends to naturally promote small-scale businesses and Entrepreneurship, and generally has lower barriers to market entry?

a) Service.

b) Manufacturing.

c) Distribution.

d) Agriculture.

Answer: a

34. Which of the following is the reason for business failure__________

a) Lack of market research.

b) Poor financial control.

c) Poor management.

d) All the above.

Answer: d

35. To provide financial assistance to entrepreneurs the government has set up a number of___________.

a) financial advisors.

b) financial intermediaries.

c) Industrial estates.

d) financial institutions.

Answer: d

36. The use of informal networks by entrepreneurs to gather information is known as _______.

a) Secondary research.

b) Entrepreneurial networking.

c) Informal parameters.

d) Marketing

Answer: b

37. Good sources of information for an entrepreneur about competitors can be obtained from_________.

a) Websites.

b) Product information leaflets.

c) Company reports and published accounts.

d) All the above.

Answer: d

38. The business development department of SIPCOT guides entrepreneurs in ______.

a) applying for licenses.

b) approval on collaboration.

c) Allocation of scarce raw materials.

d) All the above.

Answer: d

39. According to Frederick Harbison, which of the following is not a function of a women entrepreneur?

a) Explore the prospects of starting new enterprises.

b) Coordination, administration and control

c) The power to resist criticism

d) Supervision and providing leadership in all aspects of the business.

Answer: c

40. ​​Which of the following is not a source of ideas for an entrepreneur?

a) Cost of the project

b) Product profile

c) Imports and exports

d) Emerging technologies

Answer: a

41.  _______________ type are entrepreneurs are found in the field of small trading and manufacturing concerns.

a) Trading Entrepreneurs 

b) First generation Entrepreneurs

c) Business Entrepreneurs 

d) Innovative Entrepreneurs

Answer: c

42. Which of the following type of Entrepreneurs are also known as pure entrepreneurs because of their desire for self-fulfillment?

a) Spontaneous Entrepreneurs

b) Technical Entrepreneurs

c) Business Entrepreneurs 

d) Professional Entrepreneurs

Answer: a

43. To which type of entrepreneurs do Hero Motor Corp and Hyundai Corporation belong?

a) Trading Entrepreneurs 

b) First generation Entrepreneurs

c) Business Entrepreneurs 

d) Industrial Entrepreneurs

Answer: d

44. Identify the type of entrepreneurs who develop alternative projects by selling the running business.

a) Trading Entrepreneurs 

b) Technical Entrepreneurs

c) Business Entrepreneurs 

d) Professional Entrepreneurs

Answer: d

45. They enter into entrepreneurship because of various governmental supports provided in terms of financial assistance, incentives, concessions, and other facilities to the people who want to set up their new enterprises ”. Which type of entrepreneur is being discussed in the above lines?

a) Induced Entrepreneurs 

b) Motivated Entrepreneurs

c) Spontaneous Entrepreneurs

d) Imitative Entrepreneurs

Answer: b

Top Entrepreneurship Development MCQ Objective Questions and Answers: 

46. Entrepreneur raises___________

a) Thoughtful risk

b) High risk

c) Low risk

d) General and fixed risk.

Answer: d

47. Which of the following is the political administration that Kilby describes as the entrepreneur? Not side__________

a) Dismissal from government bureaucracy

b) Management of human relations in the organization

c) Bringing new products to production

d) Managing customer-supplier relationships.

Answer: c

48. Which of the following behaviors is not associated with a successful entrepreneurship____________

a) R&D

b) Running your business on a day-to-day basis

c) Continuous innovation and urgency

d) Production as per customer’s requirement

Answer: b

49. The Entrepreneurship Development Program in India is____________

a) required

b) Unnecessary

c) Waste of time

d) Waste of money.

Answer: a

50. Which of the following is not an entrepreneurial work in economics_________

a) Taking risks

b) Provision of capital and organization of production

c) Innovation

d) Conducting day-to-day business.

Answer: d

51. Which of the following statements does not explain the difference between entrepreneurship and management_________

a) Entrepreneurs find the business, managers run it

b) Entrepreneurs own their businesses, manage employees

c) Entrepreneurs earn a profit, and managers get a salary

d) Entrepreneur is a one-time job, and management is an ongoing process.

Answer: d

52. Which of the following is the political administration that Kilby describes as the entrepreneur? Not side_____________

a) Dismissal from government bureaucracy

b) Management of human relations in the organization

c) Bringing new products to production

d) Managing customer-supplier relationships.

Answer: c

53. Provides Entrepreneurship Development Program_________

a) Unemployment

b) Employment

c) Dishonesty

d) Corruption.

Answer: b

54. Entrepreneur__________

a) is born

b) is created

c) (a) and (b) both

d) None of these.

Answer: c

55. Indian Entrepreneurship Development Institute is located_________

a) In Ahmedabad

b) In Mumbai

c) In New Delhi

d) In Chennai.

Answer: a

56. The future of entrepreneurship in India is_________

a) In the dark

b) Bright

c) In difficulty

d) None of these.

Answer: b

57. The Indian Appropriation Center was established____________

a) By the Government of India

b) By the Government of Madhya Pradesh

c) By the Government of Maharashtra

d) By the Government of Gujarat.

Answer: b

FAQs on Entrepreneurship Development MCQ : 

What is Entrepreneurship?

According to Musselman and Jackson – “Entrepreneurship is about investing time, money and effort in starting a business and making it successful.” Entrepreneurship is a broad concept and can be seen in the strict sense entrepreneurship is the act of creating wealth and/or employment by creating or taking over a business. The educational purpose of Entrepreneurship Education in the strict sense is to understand entrepreneurship and/or to become an entrepreneur. It is education for entrepreneurship and/or education FOR entrepreneurship.

In the broad sense, entrepreneurship is the ability to realize an idea, to set up a project, which can lead, among other things, to the creation of a business, but it can also lead to intrapreneurship (collective capacity and organization to encourage and support the taking of initiatives, at all levels in a company) as well as to greater employability (ability to evolve autonomously within the labor market, to achieve, in a sustainable, through employment, the potential that one has in oneself…). The educational purpose of Entrepreneurship Education in the broad sense is to make young people more enterprising. It is education THROUGH entrepreneurship.

Awakening the taste for entrepreneurship is part of a logic that gives pride of place to dialogue, the sharing of experiences, the exchange of knowledge, and the recognition of everyone’s contributions in the implementation of each of the stages of the project. production.

Explain the characteristics of entrepreneurship:

The salient features of entrepreneurship are:

  1. Entrepreneurship involves new technology, new product, or any other kind of innovation.
  2. Entrepreneurship is more useful for society by the entrepreneur by creating utility of goods or services, location, color, etc.
  3. Entrepreneurship is the exercise of risk-taking ability.
  4. Entrepreneurship is a process of finding opportunities.
  5. Entrepreneurship is the result of aspiration for high achievement.
  6. Entrepreneurship is based on the principles of business science, economics, psychology, law, statistics, management science, etc.
  7. Entrepreneurship is a professional and earned qualification.
  8. Entrepreneurship is the result of rapid changes in social, economic, political, technical, and government policies and rules.
  9. Entrepreneurship is an expense incurred by the entrepreneur and not a characteristic of his personality.
  10. It is based on knowledge and performs the act of personality building.

Importance of Entrepreneurship Development

Entrepreneurship is not limited to producing a product, but it also includes the sale of goods, trade and market trends, services, etc. Enterprise is very important in the development of any nation, especially in a developing country like India, enterprise plays an important role not only in the industrial sector but also in agriculture and service of the country.

In brief, we can see the following importance of entrepreneurship:

  1. Today almost every country in the world is passing through the ho unemployment issues. Entrepreneurship removes this curse. Entrepreneurship follows the policy of ‘live and let others live. Many Entrepreneurs know self-employment by entering the business with new thinking and new ideas, it also plays an important role in providing employment to many people by connecting them with this work.
  2. Entrepreneurship is a continuous development process, under which the adventure industry always invents new ones according to the changing condition of the market and produces the same which is in demand in the country as well as abroad.
  3. Achieving a rapid pace of economic development is an important wish for all of us, which requires rapid industrial development. And to fulfill this need, entrepreneurship has an important role because it cultivates courage and inculcates such qualities in him that by becoming a facilitator and engine of the industry, he proves to be a participant in the economic development of the country.
  4. Entrepreneurship can make proper and full use of human resources. 
  5. Human resource is an invaluable heritage of the nation but if it is not used properly then it becomes a huge burden for the country and society. 
  6. Entrepreneurship inculcates the spirit of courage in people and instills confidence in them by informing them about new opportunities. And due to this human resource becomes an asset instead of a liability.
  7. With entrepreneurship development, new industries are opened in the country, and the existing units develop and expand, due to which more people get employment. Today, through entrepreneurship, new industries are being established in many areas in the country, due to which employment opportunities are increasing.
  8. The importance of entrepreneurship development for the entrepreneur is that through entrepreneurship, individuals are ready to equalize the uncertainties in any business, take risks and face many contingencies. The more a person faces these situations and achieves success, the more opportunities he gets to increase his earning capacity. Therefore, entrepreneurship promotes opportunities for building fortunes in individuals.
  9. Entrepreneurship development helps in the implementation of government policies and the achievement of national goals. Entrepreneurs help the government in fulfilling the country’s development plans, balancing import-export, and encouraging planned development.
  10. By adopting the skills of entrepreneurship, many people in society, especially small businessmen and entrepreneurs move towards self-reliance. They like to do all the work of business and business by themselves and do not depend on others for their needs.

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