NPTEL Entrepreneurship Assignment Answers

  1. Which of the following is an example of industrial transformation?

High-speed rail
Electric vehicles
Lead-free fuel
None of the above

Answer :- Electric vehicles
  1. An entrepreneur who revels in creating new businesses continuously may be called:

Creator of serial entrepreneurial ventures
Destroyer of existing businesses
Continuous investor
None of the above

Answer :- Creator of serial entrepreneurial ventures

An entrepreneur who enjoys creating new businesses continuously and starts multiple ventures over time is often referred to as a “Creator of serial entrepreneurial ventures.” This term highlights their penchant for consistently initiating and developing new business ideas and ventures, even after the success or failure of previous ventures. These entrepreneurs thrive on the process of entrepreneurship itself and have a passion for building and growing new businesses.

  1. Which of the following industries has seen mortality of start-ups or entrepreneurial firms over the last two decades?

Telecommunications
Aviation
Both (a) and (b)
Neither (a) nor (b)

Answer :- Both (a) and (b)

Both the telecommunications and aviation industries have seen mortality (failure or closure) of start-ups or entrepreneurial firms over the last two decades. These industries are known for their high levels of competition, regulatory challenges, and substantial capital requirements, which can make it difficult for start-ups and new entrepreneurial ventures to survive and thrive. Many new businesses in these sectors face significant hurdles and often struggle to sustain their operations, leading to a relatively high mortality rate for start-ups and entrepreneurial firms.

  1. A start-up typically starts with:

Putting a product in the market
Discovering a problem and defining a solution
Changing a business model
None of the above

Answer :- Discovering a problem and defining a solution.
  1. Having a co-founding team provides the advantages of:

Complementary skills
Shared responsibilities
Potential leadership transitions
All of the above

Answer :- All of the above

Having a co-founding team provides several advantages, which include:

Complementary skills: Each co-founder typically brings different skills, experiences, and expertise to the table. This diversity of skills allows the team to cover a broader range of tasks and responsibilities, making the start-up more well-rounded and capable of handling various challenges effectively.

Shared responsibilities: With multiple co-founders, the responsibilities and workload can be shared among team members. This can lead to increased efficiency and a more balanced distribution of tasks, preventing burnout and improving overall productivity.

Potential leadership transitions: In the long run, having a co-founding team can provide a smoother transition of leadership within the company. If one co-founder decides to step back or leave the venture for any reason, there are still other co-founders who can take on leadership roles and maintain continuity.

  1. Entrepreneurship is common with start-up in terms of:

Starting with meagre resources
Taking risks
Neither (a) nor (b)
Both (a) and (b)

Answer :- Both (a) and (b)
  1. Entrepreneurial firms seek to:

Create new products and/or markets
Create market wealth
Disrupt existing businesses
Any or all of the above

Answer :- Any or all of the above.

Entrepreneurial firms may seek to achieve a variety of goals, which can include:

Create new products and/or markets: Many entrepreneurial ventures aim to develop innovative products or services that address unmet needs in the market or introduce entirely new solutions. These firms seek to bring something novel and valuable to consumers, often with the potential to create a new market or disrupt existing ones.

Create market wealth: Entrepreneurial firms aspire to create value for their customers and shareholders, resulting in financial success and market wealth. By offering products or services that are highly valued by customers, these firms can generate revenue and profits, leading to the creation of market wealth.

Disrupt existing businesses: Some entrepreneurial firms pursue disruptive strategies by challenging and transforming traditional industries or business models. They may introduce innovations that fundamentally change the competitive landscape and force established companies to adapt or risk becoming obsolete.

  1. An entrepreneur who enters the market to create a firm, leaving formal employment is called:

Innovative entrepreneur
Replicative entrepreneur
Opportunity entrepreneur
Necessity entrepreneur

Answer :- Opportunity entrepreneur

An opportunity entrepreneur is someone who identifies a business opportunity, typically based on market needs, gaps, or untapped areas, and decides to start their own venture to capitalize on that opportunity. This type of entrepreneur is driven by the desire to seize a market opportunity and create a business around it, often with the intention of fulfilling a need or solving a problem in a unique and innovative way. Unlike necessity entrepreneurs, who start businesses out of necessity (e.g., lack of employment options), opportunity entrepreneurs are motivated by the potential for growth and success in the identified market opportunity.

  1. As per the MSME classification of Government of India, a product firm with an investment less than or equal to Rs 25 lakhs in plant and machinery is called

Micro enterprise
Small enterprise
Medium enterprise
Nano enterprise

Answer :- Micro enterprise

The MSME classification in India is based on the investment in plant and machinery for manufacturing enterprises and the investment in equipment for service enterprises. As of the revised definition from July 1, 2020, the criteria for classification are as follows:

Micro enterprise: Investment in plant and machinery or equipment does not exceed Rs 1 crore and turnover does not exceed Rs 5 crores.

Small enterprise: Investment in plant and machinery or equipment is more than Rs 1 crore but does not exceed Rs 10 crores, and turnover does not exceed Rs 50 crores.

Medium enterprise: Investment in plant and machinery or equipment is more than Rs 10 crores but does not exceed Rs 50 crores, and turnover does not exceed Rs 250 crores.

  1. An infrastructure that helps entrepreneurs in their early stage of the startup life cycle with plug and play facilities and other common services is called:

Incubator
Accelerator
Angel investment platform
Venture capital platform

Answer :- Incubator

11. The value chain of a start-up firm tends to get built in reality based on:

Aspirations that the firm would like to have
Competencies that the firm builds
Emotions that bind the founders
The perceptions of investors

Answer:- Competencies that the firm builds

12. Holistic prototype development requires:

A clear understanding of the problem that is being solved
A creative solution to address the problem
Design and manufacturing capability
All of the above

Answer:- All of the above

Explanation: Holistic prototype development involves considering various aspects of the product development process, including a clear understanding of the problem being solved, a creative solution to address that problem, and the design and manufacturing capabilities to bring the solution to life. All of these elements are crucial for successful prototype development that takes into account not only the technical aspects but also the market needs and feasibility of production.

13. BDC entrepreneurial potential self-assessment considers:

Only motivations
Only aptitudes
Only Attitudes
All the above three

Answer:- All the above three

Explanation: The BDC (Business Development Bank of Canada) entrepreneurial potential self-assessment considers motivations, aptitudes, and attitudes. These three factors collectively help to assess an individual’s potential for entrepreneurship. Motivations refer to the reasons and desires that drive someone to become an entrepreneur. Aptitudes encompass the skills, knowledge, and capabilities that an individual possesses and that are relevant to entrepreneurship. Attitudes include the mindset, outlook, and personality traits that can influence an individual’s ability to succeed as an entrepreneur. Considering all three of these factors provides a more comprehensive understanding of an individual’s suitability for entrepreneurship.

14. In MBTI personality typology, every participating person is assessed on:

16 opposing pairs of personality traits
4 opposing pairs of personality traits
2 opposing pairs of personality traits
8 opposing pairs of personality traits

Answer:- 4 opposing pairs of personality traits

15. The success of many start-ups such as RedBus, Swiggy, Airbnb, Uber and ‘make my trip’ was based on:

Treating demand and supply separately
Focussing only on demand
Focussing only on supply
Aggregating and linking demand and supply digitally

Answer:- Aggregating and linking demand and supply digitally

Explanation: The success of many start-ups like RedBus, Swiggy, Airbnb, Uber, and MakeMyTrip was based on aggregating and linking demand and supply digitally. These platforms created digital marketplaces that connect consumers (demand) with service providers or suppliers (supply) in an efficient and user-friendly way. This digital aggregation allows for smoother, on-demand access to products and services, making it convenient for consumers and providers alike.

16. What would turn out to be the risks of prototype development?

Improper identification of the problem
A solution misaligned to the problem
Dependence on obsolete technologies and components
Any or all of the above

Answer:- Any or all of the above

17. Paperboat is an Indian startup that succeeded with a thematic grid that combined:

Ethnic Indian beverages with Ethnic Indian packaging
Global beverages with Ethnic Indian packaging
Ethnic Indian beverages with Contemporary modern packaging
Global beverages with Global packaging

Answer:- Ethnic Indian beverages with Ethnic Indian packaging

18. The fundamental and the first step of design thinking is:

Designing a product or service
Empathising with the customer
Prototyping
Coming up with a solution independent of customer

Answer:- Empathising with the customer

19. A true design thinking and ideation exercise involves:

Accepting the status quo
Questioning the basics
Relying on experts
None of the above

Answer:- Questioning the basics

Explanation: A true design thinking and ideation exercise involves questioning the basics. Design thinking encourages a fresh and open-minded approach to problem-solving. This often means challenging assumptions, questioning the status quo, and reevaluating existing concepts. By questioning the basics, design thinkers can uncover new insights and opportunities that might not be apparent through conventional thinking. This approach helps to foster creative solutions that address the root causes of problems and generate innovative ideas.

20. For any start-up idea to fully succeed the following must be fulfilled:

Desirability for the customer
Feasibility for the company
Viability for the customer and the company
All of the above

Answer:- All of the above

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