Entrepreneurship
Question : Assertion: Entrepreneurship development plays a crucial role in economic growth.
Reason: Entrepreneurs create new ventures with the sole aim of profit motive.
Option 1: Both assertion and reason are true, and the reason correctly explains the assertion.
Option 2: Both assertion and reason are true, but the reason does not correctly explain the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, and the reason correctly explains the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason correctly explains the assertion.
Entrepreneurship development indeed plays a crucial role in economic growth. Entrepreneurs create new ventures not only with the aim of profit motive but also contribute to job creation, innovation, and overall economic development. The reason correctly explains the assertion in this context.
Question : Which need of entrepreneurship are believed to be low on affiliation, as they are expected to be, innovative, trendsetter and tradition breakers.
Option 1: Need for power
Option 2: Need for affiliation
Option 3: Need for autonomy
Option 4: All of the above.
Correct Answer: Need for affiliation
Solution : Need for affiliation is highlighted in the above context. Entrepreneurship are believed to be low on affiliation, as they are expected to be, innovative, trendsetter and tradition breakers. Hence Option B is correct.
Question : Case Study 3: Importance of Entrepreneurship Development
XYZ Electronics is a well-established company that has been manufacturing traditional electronic gadgets for decades. With changing consumer preferences, the demand for their products has declined. The management realized the need to innovate and cater to the growing market for smart devices. They invested in research and development to create cutting-edge smart gadgets, resulting in increased sales and market share.
Question:
The importance of entrepreneurship development is evident from XYZ Electronics' decision to:
Option 1: Lay off workers
Option 2: Diversify its product portfolio
Option 3: Outsource manufacturing to other countries
Option 4: Reduce marketing efforts
Correct Answer: Diversify its product portfolio
Solution : The correct answer is (b) Diversify its product portfolio
Entrepreneurship development involves fostering innovation, creating new products or services, and adapting to changing market demands. XYZ Electronics demonstrated entrepreneurship development by investing in research and development to create cutting-edge smart gadgets, diversifying its product portfolio to meet evolving consumer preferences.
Question : The important indicator of economic development is increase in GDP. As income is generated in the production, entrepreneurship generate income through organisation of production. Which need for entrepreneurship is highlighted here?
Option 1: Contribution to GDP
Option 2: Capital formation
Option 3: Generation of employees
Option 4: Generation of business opportunities for others.
Correct Answer: Contribution to GDP
Solution : Increase in GDP is considered as the most important indicator of economic development. As income is generated in the production, entrepreneurship generate income through organisation of production. Hence Option A is correct.
Question : Assertion: The MGNREGA programme supports entrepreneurs in the technology sector through funding and mentorship.
Reason: It aims to promote innovation and entrepreneurship across all sectors of the economy.
Option 4: The assertion is false and the reason is false.
Correct Answer: The assertion is false and the reason is false.
Solution : The correct answer is (d) The assertion is false, and the reason is also false.
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is a social welfare program in India that guarantees 100 days of wage employment per year to rural households. It is not specifically designed to support entrepreneurs in the technology sector through funding and mentorship.
Question : Statement 1: Entrepreneurship development programs provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2: The Stand Up India scheme aims to promote entrepreneurship among women and SC/ST entrepreneurs.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is accurate. Entrepreneurship development programs often provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2 is also true. The Stand Up India scheme aims to promote entrepreneurship among women and entrepreneurs from Scheduled Castes (SC) and Scheduled Tribes (ST) by providing financial support and other assistance.
Question : Assertion: The Pradhan Mantri Kaushal Vikas Yojana provides skill development training to youth for employability.
Reason: It supports startups and promotes entrepreneurship.
Correct Answer: The assertion is true, but the reason is false.
Solution : The correct answer is (c) The assertion is true, but the reason is false.
The Pradhan Mantri Kaushal Vikas Yojana primarily focuses on providing skill development training to enhance the employability of youth. While skill development is crucial for employability, the scheme is not specifically designed to support startups or promote entrepreneurship. Therefore, the reason does not correctly explain the assertion.
Statement 2: The Stand Up India scheme aims to promote entrepreneurship among SC/ST entrepreneurs only.
Correct Answer: Statement 1 is true, but statement 2 is false.
Solution : The correct answer is (b) Statement 1 is true, but statement 2 is false.
Statement 1 is true. Entrepreneurship development programs often provide aspiring entrepreneurs with training, mentoring, and access to financial resources to help them start and grow their businesses.
Statement 2 is false. The Stand Up India scheme is not limited to promoting entrepreneurship among SC/ST entrepreneurs only. It aims to support entrepreneurship among women and SC/ST entrepreneurs, providing financial assistance and support to promote inclusivity and diversity in entrepreneurship.
Question : A never say die attitude, not giving up easily, striving continuously until success is achieved. Which competencies of entrepreneurship is highlighted here?
Option 1: Persistence
Option 2: Information seeking
Option 3: Concern for high quality of work
Option 4: Commitment to work contract
Correct Answer: Persistence
Solution : Persistence is highlighted here. It involves never say die attitude, not giving up easily, striving continuously until success is achieved. Hence Option A is correct.
Question : It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio. Which need for entrepreneurship is highlighted here?
Option 1: Improvement in economic efficiency
Option 2: Increasing spectrum and scope of economic activities
Option 3: Impact on local communities
Option 4: Capital formation
Correct Answer: Improvement in economic efficiency
Solution : Efficiency means to have greater output from the same input. It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio. Hence Option A is correct.
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