Employability: Entrepreneurial Skills – II

Topics in this chapter

• Entrepreneurship Fundamentals
• Entrepreneurial Qualities
• Entrepreneurial Roles
• Entrepreneurship Myths
• Entrepreneur Versus Employee
• Business Planning and Resources
• Entrepreneurship and Development

Cheat sheet

Practice questions

1. Question 1Q-5164A7

   Which of the following best defines an entrepreneur?

   1. A.A person who works exclusively for a government department.
   2. B.An individual who creates a new business, bears most of the risks, and enjoys most of the rewards.
   3. C.A salaried employee who manages daily operations without taking any financial risk.
   4. D.A person who invests money in the stock market purely for passive dividend income.
   See the answer and solution
2. Question 2Q-3B9091

   What is the primary role of an entrepreneur in society regarding economic development?

   1. A.Creating job opportunities, introducing innovation, and improving standard of living
   2. B.Reducing market competition to maintain fixed pricing models
   3. C.Relying entirely on government subsidies for long-term survival
   4. D.Limiting the production of goods to prevent resource depletion
   See the answer and solution
3. Question 3Q-41B082

   Which of the following represents a social benefit of entrepreneurship rather than a purely financial one?

   1. A.High personal dividend payouts to founders
   2. B.Reduction in regional imbalances and community development
   3. C.Avoidance of corporate income taxes
   4. D.Monopolization of local supply chains
   See the answer and solution
4. Question 4Q-942D85

   Which of the following is a common myth about entrepreneurship?

   1. A.Entrepreneurs need to be resilient in the face of failure.
   2. B.Starting a business requires careful planning and market research.
   3. C.All you need to be successful is a brilliant idea; execution and planning do not matter.
   4. D.Entrepreneurs often work long hours, especially in the initial stages.
   See the answer and solution
5. Question 5Q-A3ED20

   Distinguish between a traditional salaried employee and an entrepreneur with respect to risk and reward.

   See the answer and solution