Question : Case Study 11: Role of Government Schemes
A group of young entrepreneurs started a tech company with a vision to bridge the digital divide in rural areas. The government supported their initiative by providing financial assistance and incentives.
Question:
The government's role in assisting the tech company demonstrates:
Option 1: Entrepreneurship discouragement
Option 2: Entrepreneurship development
Option 3: Import restrictions
Option 4: Reduction in government expenditure
Correct Answer: Entrepreneurship development
Solution : The correct answer is (b) Entrepreneurship development
By providing financial assistance and incentives to support the tech company's initiative in bridging the digital divide in rural areas, the government is actively contributing to entrepreneurship development. This support encourages and facilitates the growth of entrepreneurial ventures that address societal challenges and promote economic development.
Answer laterQuestion : Statement 1: Entrepreneurship development refers to the process of enhancing the skills, knowledge, and resources of individuals to enable them to start and grow their own businesses.
Statement 2: The government's Startup India initiative aims to provide financial support and incentives to startups to foster innovation and job creation.
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 accurately defines entrepreneurship development as the process of enhancing the skills, knowledge, and resources of individuals to enable them to start and grow their own businesses.
Statement 2 correctly describes the government's Startup India initiative, which indeed aims to provide financial support and incentives to startups to foster innovation and job creation.
Question : Assertion: The Pradhan Mantri Kaushal Vikas Yojana provides skill development training to youth for employability.
Reason: It aims to promote skill development and entrepreneurship among young individuals.
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.
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is a skill development initiative in India that aims to provide training to youth for employability. The reason is also accurate, as one of the objectives of PMKVY is to promote not only skill development but also entrepreneurship among young individuals, contributing to their overall employability.
Question : Case Study 11: Role of Government Schemes
A group of young entrepreneurs started a tech company with a vision to bridge the digital divide in rural areas. The government supported their initiative by providing financial assistance and incentives.
Question:
The government's role in assisting the tech company demonstrates:
Option 1: Entrepreneurship discouragement
Option 2: Entrepreneurship development
Option 3: Import restrictions
Option 4: Reduction in government expenditure
Correct Answer: Entrepreneurship development
Solution : The correct answer is (b) Entrepreneurship development
By providing financial assistance and incentives to support the tech company's initiative in bridging the digital divide in rural areas, the government is actively contributing to entrepreneurship development. This support encourages and facilitates the growth of entrepreneurial ventures that address societal challenges and promote economic development.
Question : Assertion: Entrepreneurship development contributes to technological advancement and innovation.
Reason: Entrepreneurs invest in sales maximisation activities for growth.
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, but the reason does not correctly explain the assertion.
Solution : The correct answer is (b) Both assertion and reason are true, but the reason does not correctly explain the assertion.
While both the assertion and reason are true, the reason provided doesn't accurately explain the assertion. Entrepreneurship development does contribute to technological advancement and innovation, but the reason incorrectly suggests that entrepreneurs invest in sales maximization activities for growth. Entrepreneurs may invest in various activities, including research and development, to foster innovation and technological advancement, and not necessarily just in sales maximization activities.
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 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 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 : Case Study 10: Entrepreneurship and Economic Growth
A group of young graduates decided to start a tech startup. They developed an innovative mobile application that connects farmers directly to consumers, eliminating the need for middlemen. This resulted in better prices for farmers and affordable produce for consumers.
Question:
How does the tech startup's mobile application benefit farmers?
Option 1: By increasing the involvement of middlemen
Option 2: By providing affordable produce for consumers
Option 3: By reducing their profit margins
Option 4: By hiring more employees
Correct Answer: By providing affordable produce for consumers
Solution : The correct answer is (b) By providing affordable produce for consumers
The mobile application connects farmers directly to consumers, eliminating the need for middlemen. This direct connection can result in better prices for farmers and, in turn, provide affordable produce for consumers. The removal of middlemen helps streamline the supply chain, ensuring that farmers receive a fair share of the proceeds from their produce.
Question : Case Study 10: Entrepreneurship and Economic Growth
A group of young graduates decided to start a tech startup. They developed an innovative mobile application that connects farmers directly to consumers, eliminating the need for middlemen. This resulted in better prices for farmers and affordable produce for consumers.
Question:
The startup's app contributes to economic growth by:
Option 1: Increasing the cost of agricultural products
Option 2: Creating more middlemen
Option 3: Promoting direct farmer-consumer interactions
Option 4: Limiting the reach of agricultural products
Correct Answer: Promoting direct farmer-consumer interactions
Solution : The correct answer is (c) Promoting direct farmer-consumer interactions
The mobile application, by connecting farmers directly to consumers and eliminating the need for middlemen, promotes direct interactions between farmers and consumers. This can lead to economic growth by creating more efficient and transparent markets, ensuring fair prices for farmers and providing consumers with affordable produce. The direct interaction facilitated by the app contributes to a more sustainable and inclusive agricultural ecosystem.
Question : It has certain skills and other knowledge and competence requirement that can be acquired, learnt and develop, both by formal and vocational training. Which characteristics of entrepreneurship is highlighted here?
Option 1: Systematic activity
Option 2: Lawful and purposeful activity
Option 3: Related to innovation
Option 4: Organisation of production
Correct Answer: Systematic activity
Solution : Entrepreneurship is a systematic, step-by-step and purposeful activity. It has certain skills and other knowledge and competence requirement that can be acquired, learnt and develop, both by formal and vocational training.
Hence Option A is correct.
What is the duration of the PGDM in Entrepreneurship and family business program at IILM University?
Hello,
PGDM in Entrepreneurship and Family Business is a program that focuses on developing entrepreneurial skills for family businesses. The duration of PGDM is of two years at IILM.
The PGDM program is designed to shape highly competent professional managers who have the potential to achieve outstanding performance in any sector of the economy.
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