Q.1 Which of the following is considered a key entrepreneurial skill?
Risk-taking
Avoidance of decisions
Dependency
Inflexibility
Explanation - Entrepreneurs must take calculated risks to identify and exploit business opportunities.
Correct answer is: Risk-taking
Q.2 Which competency helps an entrepreneur to identify business opportunities?
Opportunity recognition
Procrastination
Dependency
Avoidance
Explanation - Opportunity recognition enables entrepreneurs to spot gaps in the market and create solutions.
Correct answer is: Opportunity recognition
Q.3 The ability to bounce back after failure is called:
Flexibility
Resilience
Confidence
Motivation
Explanation - Resilience is essential for entrepreneurs to recover from setbacks and continue pursuing goals.
Correct answer is: Resilience
Q.4 Which skill is MOST important for effective team leadership in entrepreneurship?
Communication
Impatience
Isolation
Disinterest
Explanation - Good communication skills help entrepreneurs to inspire, manage, and guide teams effectively.
Correct answer is: Communication
Q.5 Entrepreneurs who plan carefully before starting are demonstrating:
Visionary thinking
Planning and organizing
Procrastination
Indecision
Explanation - Planning and organizing skills help entrepreneurs allocate resources and set realistic goals.
Correct answer is: Planning and organizing
Q.6 Which entrepreneurial competency involves acting on ideas quickly?
Initiative
Laziness
Overthinking
Delay
Explanation - Initiative is the ability to take the first step and proactively turn ideas into action.
Correct answer is: Initiative
Q.7 Problem-solving skills help entrepreneurs to:
Ignore challenges
Find creative solutions
Blame others
Avoid work
Explanation - Problem-solving skills allow entrepreneurs to tackle obstacles and find innovative solutions.
Correct answer is: Find creative solutions
Q.8 Which of the following reflects entrepreneurial creativity?
Copying ideas
Generating new solutions
Avoiding innovation
Strict routine
Explanation - Creativity helps entrepreneurs differentiate themselves through innovation and unique offerings.
Correct answer is: Generating new solutions
Q.9 The skill of handling money and financial resources wisely is called:
Financial literacy
Risk aversion
Dependence
Overconfidence
Explanation - Financial literacy allows entrepreneurs to budget, invest, and manage funds efficiently.
Correct answer is: Financial literacy
Q.10 Which competency helps entrepreneurs to influence customers and investors?
Negotiation skills
Avoidance
Dependency
Indecision
Explanation - Negotiation skills enable entrepreneurs to reach win-win agreements with stakeholders.
Correct answer is: Negotiation skills
Q.11 Persistence as a skill means:
Giving up quickly
Sticking with tasks despite difficulties
Avoiding responsibility
Taking shortcuts
Explanation - Persistence ensures entrepreneurs do not abandon projects when faced with obstacles.
Correct answer is: Sticking with tasks despite difficulties
Q.12 Decision-making competency requires:
Fear of risk
Quick and informed choices
Delaying action
Guesswork
Explanation - Good decision-making is based on analysis and ensures timely actions in business.
Correct answer is: Quick and informed choices
Q.13 Which skill ensures entrepreneurs can adapt to sudden changes?
Rigidity
Flexibility
Procrastination
Avoidance
Explanation - Flexibility allows entrepreneurs to adjust strategies to changing market conditions.
Correct answer is: Flexibility
Q.14 Self-confidence as a competency means:
Doubting abilities
Believing in oneself
Relying on others
Avoiding challenges
Explanation - Self-confidence helps entrepreneurs take risks and trust their decision-making skills.
Correct answer is: Believing in oneself
Q.15 Time management helps entrepreneurs by:
Wasting time
Focusing on priorities
Avoiding planning
Increasing stress
Explanation - Time management allows entrepreneurs to maximize productivity by focusing on important tasks.
Correct answer is: Focusing on priorities
Q.16 Networking skills are important for entrepreneurs because they:
Reduce opportunities
Build valuable connections
Create isolation
Block communication
Explanation - Networking expands an entrepreneur's access to resources, advice, and opportunities.
Correct answer is: Build valuable connections
Q.17 Which of these is an example of opportunity recognition?
Noticing a need for eco-friendly packaging
Ignoring customer feedback
Copying competitors blindly
Focusing only on old products
Explanation - Opportunity recognition involves identifying unmet customer needs or emerging trends.
Correct answer is: Noticing a need for eco-friendly packaging
Q.18 Which entrepreneurial skill reduces the chances of business failure?
Planning and risk management
Guesswork
Fear of innovation
Procrastination
Explanation - Risk management combined with planning helps minimize losses and increases success chances.
Correct answer is: Planning and risk management
Q.19 Entrepreneurial vision means:
Thinking short-term
Having a long-term perspective
Avoiding future planning
Copying existing ideas
Explanation - Vision gives direction and helps entrepreneurs build sustainable businesses.
Correct answer is: Having a long-term perspective
Q.20 Critical thinking competency means:
Following blindly
Analyzing situations logically
Avoiding decisions
Jumping to conclusions
Explanation - Critical thinking enables entrepreneurs to evaluate options carefully before acting.
Correct answer is: Analyzing situations logically
Q.21 Why is creativity important in entrepreneurship?
It leads to innovation and new products
It avoids risks
It promotes routine
It ensures copying ideas
Explanation - Creativity helps entrepreneurs innovate and differentiate themselves in competitive markets.
Correct answer is: It leads to innovation and new products
Q.22 Which of the following best describes entrepreneurial competency?
Knowledge, skills, and attitudes for success
Only financial resources
Only physical strength
Only education
Explanation - Entrepreneurial competency is a mix of knowledge, skills, and mindset needed for success.
Correct answer is: Knowledge, skills, and attitudes for success
Q.23 An entrepreneur who motivates their team to achieve goals shows:
Leadership skills
Fearfulness
Indifference
Isolation
Explanation - Entrepreneurs need leadership skills to guide teams toward common objectives.
Correct answer is: Leadership skills
Q.24 Learning from past failures demonstrates:
Adaptability
Stubbornness
Avoidance
Rigidity
Explanation - Adaptability helps entrepreneurs adjust based on experiences and improve performance.
Correct answer is: Adaptability
Q.25 Which entrepreneurial skill is vital for convincing investors?
Persuasion
Avoidance
Disinterest
Rigidity
Explanation - Persuasion helps entrepreneurs present ideas effectively and attract investor support.
Correct answer is: Persuasion