CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities

  • Board
    CBSE
  • Textbook
    NCERT
  • Class
    Class 12
  • Subject
    Entrepreneurship
  • Chapter
    CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities
  • Chapter Name
    Sensing Entrepreneurial Opportunities
  • Category
    CUET (Common University Entrance Test) UG

Important MCQ Questions on CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities with Detailed explanation

HT having an expert teacher prepared the most important MCQ Questions on CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities with Detailed explanations. All the concepts of Entrepreneurship in the syllabus of CUET are covered with coverage of the entire syllabus. This page is prepared for Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities and covers all important topics of the competitive exam CUET for domain subject test. Check out MCQ Based questions for CUET Entrepreneurship uploaded by the HT experts. 

MCQ Questions for CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities Set-1

Entrepreneurship - MCQ on Sensing Entrepreneurial Opportunities

Class XII

Q.1. New business ideas emerge out of

a. people.

b. existing enterprises.

c. problems.

d. static environment.

Answer:

(c)

Exp: Often a business opportunity emerges from the solutions of some common problem faced by people in the society. Spotting a basic idea induces the process of sensing an opportunity.

Q.2. Sir Henry Ford invented the world’s legendry car named

a. model T.

b. velo model.

c. motowagen.

d. daimler-mercedes.

Answer:

(a)

Exp: Henry fordhad vowed to build a motor car for the common man, so low in price that the man of moderate means may own it. It was his vision and creative pursuit that gave to the world the legendary car ‘Model T’.

Q.3. Shiv Nadar founded India’s renowned IT company named

a. Infosys.

b. Wipro.

c. TCS.

d. HCL computers.

Answer:

(a)

Exp: Shiv Nadar, an entrepreneur is behind the phenomenal growth of HCL computers. He foresaw rapid expansions in the field of Information Technology and developed India’s first micro-processor based commercial computer.

Q.4. India’s first micro-processor based commercial computer was

a. PDP-8.

b. HCL-8C.

c. Univac.

d. HCL-80.

Answer:

(b)

Exp: Shiv Nadardeveloped India’s first micro-processor based commercial computer called HCL-8C. Shiv Nadar quitted his senior position in DCM for making and selling calculators under the brand name of HCL.

Q.5. The portable radio invented by Trever Baylis was powered by

a. sunlight.

b. electricity.

c. batteries.

d. clock-work.

Answer:

(a)

Exp: Trever Baylis, an English inventor, developed a portable radio that was powered by clock-work instead of batteries. His invention was displayed on BBC’s ‘Tomorrow’s World’ programme. It was spread to millions. Thus, it created a successful business opportunity.

Q.6. The world wide development rights of ‘Bay Gen Radio’ were bought by

a. Christopher Staines.

b. Trever Baylis.

c. Christian Baylis.

d. Trever Staines.

Answer:

(a)

Exp: Christopher Staines, an accountant, after perceiving an opportunity in the invention, bought the world wide development rights from the inventor. He was convinced that there was great potential in the idea and the radio would be a success in poor countries where people can not afford to buy batteries.

Q.7. One of the remarkable behavioural characteristics of an entrepreneur is his

a. greed.

b. selflessness.

c. creativity.

d. rigidity.

Answer:

(c)

Exp: An entrepreneur is a person who habitually creates and innovates to build something of recognised value around perceived opportunities. Through a process of creativity, he is able to develop an idea into something of value.

Q.8. One of the basic roles of entrepreneur includes his being

a. a distributor.

b. an inventor.

c. a project champion.

d. a controller.

Answer:

(a)

Exp: Among the key behavioural characteristics of an entrepreneur, the most vital are his talent to perceive an opportunity and his creativity to innovate and build something of value. Apart from this, it is very important that he should be able to nurture the opportunity into a creative venture that can be developed in to a viable project.

Q.9. To identify an entrepreneurial opportunity, an entrepreneur employs his

a. capital.

b. observation skills.

c. professional education.

d. prior work experience.

Answer:

(b)

Exp: To sense an entrepreneurial opportunity, an entrepreneur employs his sharpened skills of observation, analysis and synthesis to identify an opening. The important factors involved in this process are the entrepreneur’s ability to perceive and preserve basic ideas, his ability to harness different sources of knowledge and information as well as his vision and creativity.

Q.10. The mushrooming cybercafés and computer institutes are an apt example of opportunities created due to

a. legal changes.

b. cultural changes.

c. technological changes.

d. social changes.

Answer:

(c)

Exp: Any change, whether social, legal or technological can usher in new business opportunities. Invention of computer as well as introduction of internet provided opportunities to entrepreneurs around the world to exploit this invention as a business opportunity.

Q.11. Often problems provide the entrepreneurs with

a. business profit.

b. business opportunities.

c. business losses.

d. business tactics.

Answer:

(b)

Exp: We know that opportunities for launching new enterprises exist in the environment everywhere but all of us are not able to perceive them. It is the entrepreneur who perceives the opportunities often disguised as a problem or need of people and convert it in to a viable project through his creativity.

Q.12. An entrepreneur’s ability to perceive and preserve basic ideas helps him in

a. sensing opportunities.

b. establishing a viable project.

c. earning profits.

d. managing business.

Answer:

(a)

Exp: The entrepreneurs see and craft opportunities that are often missed by others. He employs his skills of observation and analysis to identify an opening. It is his ability to perceive as well as preserve the basic ideas originating from his immediate environment.

Q.13. Different sources of knowledge and information helpful for an entrepreneur include

a. competition.

b. other business ventures.

c. annual reports.

d. journals.

Answer:

(a)

Exp: In order to succeed in his entrepreneurial venture, it is very important for an entrepreneur to collect inputs from different sources of knowledge and information like magazines, journals, books, seminars, trade shows etc. as well as from family, friends and customers.

Q.14. Replacing audio and video cassette players to CD players, is an example of creation of new business ideas through

a. competition.

b. inventions.

c. social changes.

d. legal changes.

Answer:

(b)

Exp: Inventions include creating new things of value as well as new and creative processes that add value to an already existing product or service. Change from audio and video cassette players to CD players is an example of opportunities brought about by inventions.

Q.15. The idea of safety Razor evolved from

a. a business competition.

b. technological changes.

c. a common problem.

d. an invention.

Answer:

(c)

Exp: Often when an idea is revolved around a problem that exist, the solution is most often a business opportunity. As earlier, it was a problem for men to shave with a sharp knife quickly and without getting nicked. This problem gave rise to an idea that resulted in the safety razor.

Q.16. Competition among companies induce entrepreneurs to resort to

a. new and improved ideas.

b. unfair means.

c. old and outdated ideas.

d. fair means.

Answer:

(a)

Exp: It has been proven in the past that ongoing competitions between different companies induce them to introduce new and improved products and services, so as to increase as well as retain their customer base. They focus on developing new ideas to have a competitive edge over others.

Q.17. The brand ‘NIRMA’ was founded by

a. Janakiraman.

b. Shiv Nadar.

c. Karsanbhai Patel.

d. Dhirubhai Ambani.

Answer:

(c)

Exp: Karsanbhai Patelwas a young chemist, who decided to give to the consumers the cheapest detergent in the market. He started making the detergent that he sold to local markets and the product became a huge success in a short time. It was his unique ability to spot the problem of poor people’s inability to buy and use existing detergentsin the market due to high prices that led to introduction of brand ‘NIRMA’.

Q.18. Entrepreneurs are people with

a. resources.

b. vision.

c. greed.

d. indifference.

Answer:

(b)

Exp: The most striking behavioural characteristics of an entrepreneur are his vision and creativity. It is his vision that makes a basic idea into a valuable business proposition. These attributes make him able to develop an idea into a viable project.

Q.19. A person working as an employee as well as the owner of an enterprise is called

a. employee.

b. owner.

c. employer.

d. entrepreneur.

Answer:

(a)

Exp: Entrepreneurs are the people who not only create and own a business enterprise but work for it as employees also. Thus, they are both the owners as well as employees of their enterprise.

Q.20. "Everyone lives by selling something” was stated by

a. R. L. Stevenson

b. Bill Bolton

c. John Thompson

d. Henry Fayol

Answer:

(a)

Exp: R.L. Stevenson stated that everyone lives by selling something. This is very true, as people in general earn their income by selling either some goods such as fruits, electrical goods etc. or services like teaching, providing medical treatment etc.

Q.21. An opportunity is a

a. chance to do something new.

b. technique of doing something.

c. method to do something old.

d. imagining something new.

Answer:

(a)

Exp: An opportunity is a chance to do something new. It may be a way of getting something for nothing; or it may be a job or admission in a school or college. In other words, it is a circumstance or combination of circumstances which induce to do something new.

Q.22. A problem becomes an opportunity as soon as it is

a. noticed.

b. caused.

c. discovered.

d. solved.

Answer:

(a)

Exp: When an idea is revolved around a problem that exists, the solution is often a business opportunity. Thus, the solution arrived at by an entrepreneur through a creative process, often has the potential of a viable business opportunity.

Q.23. An entrepreneur is defined as a “Person who habitually creates and innovates to build something of recognized value around perceived opportunities is an entrepreneur.” by

a. R. L. Stevenson.

b. Bill Bolton & John Thompson.

c. Henry Fayol.

d. I K Davis.

Answer:

(b)

Exp: The scholars Bill Bolton and John Thompson had defined an entrepreneur as a person who habitually creates and innovates to build something of recognised value around perceived opportunities. One of the key behavioural characteristics of an entrepreneur is the talent to perceive an opportunity and his creativity to innovate and build something of value.

Q.24. An entrepreneur is an opportunity spotter as he

a. discovers an idea.

b. creates an idea.

c. perceives an idea.

d. innovates an idea.

Answer:

(c)

Exp: An entrepreneur is an opportunity spotter as he perceives an idea and analyse it to make it an opportunity. It is not necessary that he should be an inventor but he should be able to develop an idea through a process of creativity into something of value.

Q.25. Sensing entrepreneurial opportunity means a process of perceiving the needs and problems of

a. people.

b. consumers.

c. workers.

d. entrepreneurs.

Answer:

(a)

Exp: Sensing Entrepreneurial opportunity refers to a process of perceiving the needs and problems of people and society and arriving at creative solutions.

Q.26. The functions of an entrepreneur is to

a. perceive opportunities.

b. observe other business ventures.

c. analyzing the past trends.

d. delegate others to execute the business idea.

Answer:

(a)

Exp: Opportunities for launching new enterprises exist in the environment everywhere but all of us are not able to perceive them.

Q.27. To beat the competition one needs

a. opportunities.

b. huge Capital.

c. new and improved Ideas.

d. workforce.

Answer:

(c)

Exp: It has been noticed that whenever companies or individual entrepreneurs try to beat ongoing competition they resort to new as well as improved ideas. These new ideas provide opportunity to earn profit.

Q.28. The behavioural characteristics of an entrepreneur

a. richness.

b. education.

c. creativity.

d. personality.

Answer:

(c)

Exp: The most striking behavioural characteristic of an entrepreneur is his creativity. It is creativity which helps him to develop an idea into something of value.

Q.29. Spotting an opportunity is a function of a/an

a. businessman.

b. employee.

c. entrepreneur.

d. employer.

Answer:

(c)

Exp: The most important characteristic as well as function of an entrepreneur is to identify an opportunity. He is required to possess the ability to perceive and preserve basic ideas.

Q.30. An idea converts into an opportunity through the process of

a. creativity.

b. investment.

c. analysis.

d. innovation.

Answer:

(a)

Exp: An entrepreneur’s creativity helps him to develop an idea through the process of creativity into something of value. Creativity is the most significant attribute of an entrepreneur which differentiates him from others.

MCQ Questions for CUET Entrepreneurship-Chapter-Sensing Entrepreneurial Opportunities Set-2

Q.31. An opportunity emerges from an

a. investment.

b. creativity.

c. problem.

d. vision.

Answer:

(c)

Exp: We know that opportunities for launching new enterprises exist in the environment everywhere which are then perceived by the entrepreneurs and developed into something of value. Often opportunities arise out of solutions of common problems faced by people in general.

Q.32. Inventions refers to

a. sensing opportunities.

b. perceiving opportunities.

c. creating opportunities.

d. analysing opportunities.

Answer:

(c)

Exp: Invention refers to creation of new opportunities as they introduce new products as well as services to the people in general. Usually, they are born out of fantasies of entrepreneurs about products or services they wanted to have in their lives.

Q.33. The process of sensing opportunities involves

a. perceiving basic ideas.

b. investing huge capital.

c. employing more workforce.

d. starting new venture.

Answer:

(a)

Exp: The process of sensing opportunities commences when an entrepreneur perceives an idea which has potential of becoming a viable business proposition. It is only after this that an entrepreneur applies his sharpened skills of analysis and synthesis to create a viable project.

Q.34. An entrepreneur is a project champion as he

a. creates successful projects.

b. develops new projects.

c. is well versed with the project.

d. changes opportunities into viable projects.

Answer:

(a)

Exp: One of the basic roles of an entrepreneur is that of a Project champion.This is because of his ability to be able to nurture an opportunity into a creative venture that is developed into a viable project.

Q.35. An entrepreneur is a person who develops an idea into a viable

a. opportunity.

b. invention.

c. project.

d. innovation.

Answer:

(c)

Exp: An entrepreneur perceives and preserves basic ideas and with the help of his vision and creativity is able to develop it into an economically viable project.

Entrepreneurship - MCQ on Sensing

Class XII

Q.1. Who said "Everyone lives by selling something"

Krishna Moorthy

John Miller

R. L. Stevenson

Shiv Nadar

Answer:

R. L. Stevenson

Q.2. An opportunity is:

a chance to do something

a way of getting something for nothing

Both (a) and (b)

None of these

Answer:

Both (a) and (b).

Q.3. An entrepreneur’s basic role/s is/are

an opportunity spotter

a project champion

Both (a) and (b)

None of these

Answer:

Both (a) and (b).

Q.4. Shiv Nadar is the CEO of

DCM

HCL

LIC

FORD

Answer:

HCL

Q.5. Henry Ford is associated with

Software

Automobiles

Electronics

Paper Industry

Answer:

Automobiles.

Q.6. Trever Baylis developed a

Car

Computer

Portable radio

All of the above

Answer:

portable radio

Q.7. An entrepreneur can collect the inputs from the following sources:

Magazines

Journals

Books

All of the above.

Answer:

All of the above.

Exp: An entrepreneur collects inputs from different sources like magazines, journals, books, seminars, trade shows etc. as well as from family, friends and customers

Q.8. Someone who earns a living by working for someone else is known as

An employee

An entrepreneur

A businessman

None of these

Answer:

An employee

Exp: Someone who earns a living by working for someone else is known as an employee.

Q.9. Sensing Entrepreneurial opportunities is a process of

Perceiving the needs and problems of people

Perceiving the needs and problems of society

Arriving at creative solutions

All of the above.

Answer:

All of the above.

Exp: Sensing Entrepreneurial opportunities refers to a process of perceiving the needs and problems of people and society and arriving at creative solutions.

Q.10. Which of the following is/are function/s of an entrepreneur?

Perceiving the opportunities quickly

Synthesizing the information

Analyzing the emerging patterns

All of the above.

Answer:

All the above.

Q.11. Mr Ajay got a chance to attend a workshop on methods of making detergents. Later he started the factory of making detergents. The example shows:

Business idea

A general idea

Entrepreneurial spirit

None of these

Answer:

Entrepreneurial spirit

Q.12. Which of the following is a function of an entrepreneur?

Search for the economic and the business opportunities

Risk taking

To participate in entrepreneurship development program

All of the above.

Answer:

All of the above.

Q.13. Which of the following is not a factor involved in the process of sensing opportunities?

the ability to perceive and preserve basic ideas

to exploit different sources of knowledge and information

Training and development

the Vision and creativity

Answer:

Training and development

Q.14. Which of the following is/are the characteristics of an entrepreneur

the ability to perceive an opportunity

to turn the opportunity into profitable projects

Both (a) and (b)

None of these

Answer:

Both (a) and (b).

Q.15. Which of the following is/are the different categories of sources from where the basic ideas emerge?

Problems

Changes

Competition

All of the above.

Answer:

All of the above.

Q.16. Leadership ability is the ___________qualitity of an entrepreneur.

Social

Professional

Both (a) and (b)

None of these

Answer:

Professional

Q.17. An ________is both the owner as well as the employee whereas an_______ is the person who works for someone else

Entrepreneur, employee

Employee, Entrepreneur,

Businessman, Entrepreneur

None of these

Answer:

Entrepreneur, employee

Q.18. Which of the following give rise to an opportunity?

Problems

Competition

Inventions

All of the above

Answer:

All of the above

Q.19. An entrepreneur should be a good ______ so that he may receive ideas from different sources:

Educated

Net worker

Intelligent

None of these

Answer:

Net worker

Q.20. India's first micro-processor-based commercial computer

ZENITH

HCL-8C

ENIAC

PARAM

Answer:

HCL-8C