Entrepreneurship Process & Behavior
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1 Briefly explain the motivations for starting a new business enterprise.
2 Discuss briefly the role of cultural, social, economic and personality factors responsible for growth of entrepreneurial enterprises.
3 What is creative destruction? Elucidate with examples.
4 Discuss the behaviourial characteristics of an entrepreneur in terms of the model for entrepreneurial decision making.
5 Out of the leadership styles that you have studied which do you think is best suited for an entrepreneur like you and why?
6 Discuss the phases of an organizational’s lifecycle.
7 Do you think profit maximisation is the main motivation to entrepreneurial behaviour? Discuss your response with examples.
8 Discuss David Kolb’s model for a successful entrepreneur.
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(Case Study)
HENRY FORD-THE ENTREPRENEUR
In September 1891, Ford joined the Edison Illuminating Company (EIC) in Detroit as a night operating engineer at its sub-station at Woodward and Willis (Detroit) at a monthly salary of $45. In just a couple of years, he became the Chief Engineer, earning $100 per month. His responsibilities included ensuring uninterrupted electric supply in the city for all 24 hours in a day. The work schedule and timings were highly irregular, but this provided him the much-needed opportunity, time and finances to carry out his own experiments on internal combustion engines. Ford experimented with petrol-driven engines and horseless carriages for many years. In the early 1890s, he labored to develop a cost-effective small farm tractor.
He was successful in building a steam tractor with a single cylinder engine, but failed to make a suitable boiler light, which would make the tractor operational. In 1892, he put together a “gasoline buggy” with two cylinder engines which generated 4HP (horsepower). His experiments finally yielded results in June 1896, when he came out with his new invention – a self-driven vehicle called ‘Quadricycle.’ The quadricycle was a 4 HP vehicle, consisting of four wire wheels similar to heavy bicycle wheels, powered with a handle like a boat, and had only two forward speeds, with no backpedal.
The chassis of the quadricycle was placed on the four bicycle wheels. Richard S. Tedlow (Tedlow), Harvard Business School professor, said, “Henry Ford had done what not one top automobile executive in the world could do today. He had built a complete car with his bare hands.”Commending the great invention of the quadricycle, another writer Sidney Olson said, “To non-mechanical people, which mean most people, the natural question about his first car may be: What took him so long? Well, there was no such thing as a spark plug; it hadn’t been invented.
Answer Section
Q.No 1: In the light of the case study discuss the factors that enabled Henry Ford to work on his inventions.
Q.No 2: Ford’s failures and persistence led to the invention of the quadricycle. Discuss this int light of entrepreneurial behaviour.
Q.No 3: For an entrepreneur seed capital is one of the biggest hurdles in starting an enterprise. Discuss how Ford overcame this hurdle?
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1. Which of the following model of entrepreneurship has a dedicated resouirce authority but a diffused organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
2. Which of the following model of entrepreneurship has a dedicated resouirce authority but a focussed organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
3. Which of the following model of entrepreneurshiphas an ad hoc resouirce authority but a diffused organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
4. Which of the following model of entrepreneurship has an ad hoc resouirce authority but a focussed organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
5. Skunkworks’ is the name given to
(A): develop an airframe around the most powerful jet engine
(B): develop an engine for the mercedes car company
(C): develop a rocket fulel for the NASA
(D): all of the above
6. Which of the following is/are correct for the equation E = BM + BMV + SE + P + 26X + C (s) + L
(A): SE=Sweat Equity and BM=Business Model
(B): 26X= 26 unknown factors and P=Partnering
(C): C(s)=Capital sometimes, and L=Luck
(D): all of the above
7. Which of the following is/are true for entrepreneurial organizations
(A): Balance central/top down control with entrepreneurial freedom of movement.
(B): Efficiency is still required to deliver today’s products profitably.
(C): Being profitable today while creating the future requires a balance of efficiency and entrepreneurial flexibility.
(D): all of the above
8. Which of the following factor does not affect a person for being anentrepreneur
(A): Family background
(B): Education
(C): Personal values
(D): Gender
9. Which one of the following will necessarily need the business plan?
(A): Employees
(B): Investors
(C): Advisors
(D): All of them
10. Intrapreneurial activity includes the following except
(A): New business venturing
(B): Increasing productivity
(C): Proactiveness
(D): Innovativeness
11. Which of the following statement about the intrapreneurial climate is true?
(A): Trial and error are discouraged
(B): Resources of the firm need to be available and easily accessible
(C): A multidisciplinary approach is discouraged
(D): Failures are not allowed
12. Blue Ocean strategy refers to
(A): making new products
(B): competing in existing markets
(C): Making competions redundant
(D): None of these
13. Individuals influencing an entrepreneur’s career choice and style are known as which of the following?
(A): Role model
(B): Moral-support network
(C): Professional support network
(D): Support system
14. The activity which occurs when the new venture is started is called:
(A): Motivation
(B): Business skills
(C): Departure point
(D): Goal orientation
15. The level at which an individual is viewed by society is called:
(A): Financial status
(B): Qualification
(C): Social status
(D): Achievement
16. Which one of the following is an important source of idea generation due to their familiarity with the needs of market?
(A): Existing products and services
(B): Distribution channels
(C): Federal government
(D): Consumers
17. Members of distribution channels are excellent sources for new ideas because:
(A): They are familiar with the needs of the market
(B): They earn a handsome profit from new business
(C): They do not bother if entrepreneur bears a loss
(D): They have well-developed sales force
18. Which one of the following is the most important characteristic of a successful business website?
(A): Speed
(B): Innovation
(C): Graphics
(D): Products
19. Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process?
(A): Idea Stage
(B): Product Planning Stage
(C): Product Development Stage
(D): Test Marketing Stage We Also Provide SYNOPSIS AND PROJECT.
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20. Why should an entrepreneur do a feasibility study for starting a new venture?
(A): To see if there are possible barriers to success
(B): To identify possible sources of funds
(C): To estimate the expected sales
(D): To explore potential customers
21. Information regarding all of the following is related to operations, EXCEPT:
(A): Location
(B): Promotion
(C): Raw materials
(D): Labor skills
22. Which of the following is a method of selling goods to another country by taking care of transactions?
(A): Indirect exporting
(B): Direct exporting
(C): Importing
(D): Management contract
23. Which of the following analysis represent the review of “where the company has been”?
(A): Situation analysis
(B): Competitor Analysis
(C): Goal analysis
(D): Program Analysis
24. Which of the following is a separate entity that involves a partnership of two or more participants?
(A): Merger
(B): Joint venture
(C): Corporation
(D): Acquisition
25. Which of the following plan describes market conditions and strategy related to products?
(A): Production plan
(B): Operational plan
(C): Financial plan
(D): Marketing plan
26. Which one of the following guide the firm through the long term decision making?
(A): Mission statement
(B): Product forecast
(C): Industry analysis
(D): None of the given options
27. The resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing:
(A): Entrepreneurship
(B): Intrapreneurship
(C): Managerial domain
(D): Administrative domain
28. __________ is commonly used to measure the short-term solvency of the venture?
(A): Debt to equity ratio
(B): Current ratio
(C): Profitability ratio
(D): Activity ratio
29. A contract must be signed by:
(A): At least one party
(B): Both the parties
(C): By third party
(D): None of these
30. Which of the following shows the example of collateral?
(A): Real State
(B): Shares
(C): Tangible property
(D): All of the given options
31. Which of the following is NOT a characteristic of a marketing plan?
(A): It should be flexible
(B): It should be long and detailed
(C): It should be based on facts and valid assumptions
(D): It should provide a strategy
32. The full form of MSME is:
(A): Micro, Small and Medium Enterprises
(B): Mini, Small and Multinational Enrerprises
(C): Minute, Small and Macro Entities
(D): None of these
33. Sharma gets aRs.500 loan from the bank to start a business. She must pay back the Rs.500 bank loan and also pay the bank
(A): interest.
(B): dividends.
(C): excess profits.
(D): production costs
34. Joshi and Sharma pass out flyers to advertise their lawn mowing business. By advertising, they are hoping to increase the ___________________ for their mowing services.
(A): supply
(B): demand
(C): capital costs
(D): opportunity costs
35. Kelli has a cookie business. The table below shows the sales revenues and the explicit costs of her cookie business – wages, ingredients, and rent. What is Kelli’s profit? Sales revenues
(A): $60
(B): $120
(C): $45
(D): $15
36. Which is not a way that entrepreneurs raise money to start a business?
(A): savings
(B): borrow
(C): issue stock
(D): collect taxes
37. For the success of business plan the goals should be
(A): Limitless
(B): Generalized
(C): Specific
(D): Imaginary
38. LLP stands for
(A): Limited Liability Payment
(B): Limited Labled Part
(C): Letter of Late Payment
(D): None of the given options
39. Which one of the factors should be considered while assessing the space for business?
(A): Parking
(B): Access from roadways to facility
(C): Delivery rates
(D): All of the given options
40. A contract must be signed by:
(A): At least one party
(B): Both the parties
(C): Not necessary to sign
(D): By third party
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