Quiz Questions for Entrepreneurship & Startup

1. Which entrepreneur's net worth surpassed $200 billion in 2022, making them the
richest person in the world?
a) Jeff Bezosl
b) Elon musk
c) Bill Gates
d)Warren Buffett

Answer: b) Elon Musk

2. Which startup, founded in 2010, became the largest IPO in history in 2022, raising
over $29 billion?
a) Uber
b) Airbnb
c) Stripe
d) Rivian

Answer: a) Uber

3. What is the primary goal of entrepreneurship?

a) To create a job for oneself
b) To innovate and create value
c) To make a profit
d) To work for oneself

Answer: b) To innovate and create value

4. Which of the following is a characteristic of a successful entrepreneur?

a) Risk aversion
b) Fear of failure
c) Adaptability
d) Inflexibility

Answer: c) Adaptability

5. Which of the following is a key factor in determining the success of a startup?

a) Funding
b) Marketing
c) Team
d) Idea

Answer: c) Team
6. What is the name of the stage of the entrepreneurial process where an idea is
generated and developed?
a) Ideation
b) Concept development
c) Product development
d) Launch

Answer: b) Concept development

7. Which of the following is a challenge that entrepreneurs often face?

a) Access to funding
b) Finding talent
c) Managing growth
d) All of the above

Answer: d) All of the above

8. Who is the founder and CEO of OYO Rooms, which revolutionized the hospitality
industry in India?
a) Ritesh Agarwal
b) Sachin Bansal
c) Binny Bansal
d) Anand Mahindra

Answer: a) Ritesh Agarwal

9. Which entrepreneur co-founded Flipkart, one of India's largest e-commerce

companies, which was later acquired by Walmart?
a) Sachin Bansal and Binny Bansal
b) Kiran Mazumdar-Shaw and John Shaw
c) Uday Kotak and Anand Mahindra
d) Bhavish Aggarwal and Ankit Bhati

Answer: a) Sachin Bansal and Binny Bansal

10. Who is the chairman and MD of the Mahindra Group, a leading business
conglomerate in India?
a) Anand Mahindra
b) Uday Kotak
c) Kiran Mazumdar-Shaw
d) Ratan Tata

Answer: a) Anand Mahindra

11. Who is the founder of Paytm, a leading digital payments company in India?
a) Vijay Shekhar Sharma
b) Bhavish Aggarwal
c) Kunal Shah
d) Deepinder Goyal

Answer: a) Vijay Shekhar Sharma

12. Which Indian startup, founded in 2010, is known for its affordable and convenient
online hotel booking platform?
a) OYO Rooms
b) Zomato
c) Paytm
d) Flipkart

Answer: a) OYO Rooms

13. Which startup, founded in 2011, is India's largest food delivery and restaurant
discovery platform?
a) Zomato
b) Swiggy
c) Ola Cabs
d) Paytm

Answer: a) Zomato

14. Which e-commerce startup, founded in 2007, is known for its wide range of products
and fast delivery options?
a) Flipkart
b) Amazon India
c) Snapdeal
d) ShopClues

Answer: a) Flipkart

15. Which startup, founded in 2015, is India's largest ride-hailing and ride-sharing
platform?
a) Ola Cabs
b) Uber India
c) Meru Cabs
d) Savaari

Answer: a) Ola Cabs

16. Which ed-tech startup, founded in 2011, is known for its online learning and
education platform?
a) Byju's
b) Unacademy
c) Coursera India
d) Udemy India

Answer: a) Byju's

17. Which of the following is an example of a bootstrapped business?

a) A business that raises funding from venture capital
b) A business that raises funding from angel investors
c) A business that is self-funded by the entrepreneur
d) A business that raises funding from crowdfunding

Answer: c) A business that is self-funded by the entrepreneur

18. What is the term for a business that is started with a small amount of capital and is
designed to grow quickly?
a) Startup
b) Small business
c) Entrepreneurial venture
d) Scalable business

Answer: a) Startup

19. Which Indian startup, founded in 2016, specializes in audio devices and smartwatches
and has become one of the top 5 audio system manufacturers globally?
a) BoAt
b) Paytm
c) Meesho
d) OLA

Answer: a) BoAt

20. Which Indian startup, founded in 2015, is an e-commerce company that allows
businessmen to connect directly with their customers and has become a popular
platform for small and medium-sized enterprises?
a) Meesho
b) BoAt
c) Paytm
d) OLA

Answer: a) Meesho
21. Which Indian startup, founded in 2010, provides cab services, bike rides, taxis, and
local transportation and has become one of the largest ride-hailing companies in
India?
a) OLA
b) Uber
c) Meru
d) Savaari

Answer: a) OLA

22. Which Indian e-commerce startup, founded in 2007, was acquired by Walmart in
2018?
a) Flipkart
b) Paytm
c) OLA
d) Snapdeal

Answer: a) Flipkart

23. Who is the founder of MakeMyTrip, one of India's leading online travel companies?
a) Deep Kalra
b) Bhavish Aggarwal
c) Vijay Shekhar Sharma
d) Sachin Bansal

Answer: a) Deep Kalra

24. What is the largest startup ecosystem in India?

a) Bengaluru
b) Mumbai
c) Hyderabad
d) Delhi-NCR
Answer: a) Bengaluru

25. Who is the founder of Paytm, one of India's leading digital payment platforms?
a) Vijay Shekhar Sharma
b) Sachin Bansal
c) Bhavish Aggarwal
d) Kunal Bahl

Answer: a) Vijay Shekhar Sharma

26. What is the name of India's first-ever indigenously developed payment app for secure
transactions?
a) BHIM
b) Google Pay
c) PhonePe
d) Paytm

Answer: a) BHIM

27. Which Indian startup is famous for its budget-friendly and feature-rich smartphones?
a) Samsung
b) OnePlus
c) Micromax
d) Apple

Answer: c) Micromax

28. Which Indian startup is known for its online grocery delivery services?
a) Grofers
b) BigBasket
c) Amazon Pantry
d) Flipkart Supermart

Answer: c) BigBasket

29. Which entrepreneur is famous for founding SpaceX, Tesla, and Neuralink?
a) Mark Zuckerberg
b) Jeff Bezos
c) Elon Musk
d) Bill Gates

Answer: c) Elon Musk

30. Who is the founder of Amazon, one of the largest e-commerce companies in the
world?
a) Larry Page
b) Jeff Bezos
c) Elon Musk
d) Tim Cook

Answer: b) Jeff Bezos

31. Which Indian state launched the "Startup India" initiative to promote entrepreneurship
and innovation?
a) Maharashtra
b) Karnataka
c) Telangana
d) Uttar Pradesh

Answer: d) Uttar Pradesh

32. What is the term for the willingness of entrepreneurs to take risks and pursue
opportunities?
a) Creativity
b) Innovation
c) Risk aversion
d) Risk appetite

Answer: d) Risk appetite

33. Which Indian startup is famous for its ride-hailing services and has expanded
internationally?
a) Swiggy
b) Uber
c) Ola Cabs
d) Lyft

Answer: c) Ola Cabs

34. Small scale entrepreneurs have an annual turnover in the range of-
a) Up to Rs. 5crore
b) Rs 5Crore- 75 Crore
c) Rs. 75 Crore-250 Crore
d) None of the above

Answer: c) Rs. 75 Crore-250 Crore

35. The advantage of self-employment is-

a)Flexible working hours
b)Freedom to choose the type of work
c)High potential to enhance income
d)All of the above

Answer: d) All of the above

 36. What is a key challenge that startups often face due to their early stage of
development?

a) High level of financial stability

b) Established customer base
c) High scalability potential
d) Uncertainty and risk

Answer: d) Uncertainty and risk

37. What is the primary focus of startups in terms of growth?

a) Expanding to new markets

b) Establishing a monopoly in the industry
c) Minimizing risks
d) Rapidly increasing market share

Answer: d) Rapidly increasing market share

38. How do startups typically approach product or service development?

a) By releasing a fully developed product or service from the beginning

b) By making continuous improvements based on user feedback and
iteration
c) By using the same product offered by established competitors
d) By outsourcing the development process entirely

Answer: b) By making continuous improvements based on user

feedback and iteration

39. What is the main goal of startups in the early stages of development?

a) Maximizing profits and dividends

b) Establishing a long-standing presence in the market
c) Achieving sustainability and stability
d) Validating the business model and gaining traction

Answer: d) Validating the business model and gaining traction

40. How do startups typically differentiate themselves from competitors in the

market?

a) By offering lower prices and discounts

b) By using traditional marketing channels
c) By providing innovative and unique value propositions
d) By imitating the business models of successful companies
 Answer: c) By providing innovative and unique value propositions

41. How do startups typically gather feedback to improve their product or service?
a. By conducting focus group discussions
b. By avoiding any interaction with customers
c. Through online surveys and user testing
d. By limiting product exposure to a select group of people

Answer: c) Through online surveys and user testing

42. Rata Tata has provided funding to which of the following startups?
a. Dogspot
b. Cashkaro
c. Tracxn
d. All of the above

Answer: d) All of the above

44. 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

Answer: a) They are familiar with the needs of the market

45. The business plan should be prepared by:

a. a.Entrepreneurs
b. b.Consultants
c. c.Engineers
d. d.Small business administration services

Answer: a) Entrepreneurs
46. Government can help in forming new venture by providing:
a. a.finance
b. b.technology
c. c.infrastructure
d. d.funds

Answer: c) infrastructure

47. Which one of the Following is not the way by which an entrepreneur can enter into
international business?

a. Export
b. Non equity arrangements
c. Direct foreign investment
 d. Communication

Answer:d) Communication

48. Which of the following factors does not affect a person for being an entrepreneur?

a. Gender
b. Education
c. Family background
d. Values

Answer: c) Family background

47. Which of these is the first activity of a new business?

a. Departure point
b. Goal Orientation
c. Business skill development
d. None of the above

Answer: a) Departure point

50. Who should be involved in preparing a firm’s business plan?

a. Accountant
b. Engineer
c. Entrepreneur
d. None of the above

Answer: c) Entrepreneur

51. Ownership position of less than 50 per cent in a business is known as:
a. Majority Interest
b. Joint Venture
c. Minority Interest
d. None of the above

Answer: c) Minority Interest

52. An entrepreneur who is the owner of more than one business is called:
a. Portfolio Entrepreneur
b. Intrapreneur
c. Corporate Entrepreneur
d. None of the above

Answer: a) Portfolio Entrepreneur

53. Which of these is not a type of entrepreneurship?
a. Small business entrepreneurship
b. Scalable entrepreneurship
c. Large scale entrepreneurship
d. Entrepreneurship

Answer: d) Entrepreneurship

54. Which Indian city is often referred to as the "Startup Capital of India"?

a. Mumbai
b. Bangalore
c. Delhi
d. Hyderabad

Answer: c) Delhi

55. Which popular Indian e-commerce giant started out as a small online bookstore in the
late 1990s?

a. Flipkart
b. Myntra
c. Snapdeal
d. Amazon

Answer: d) Amazon

56. Which Indian city is famously known as the "Cyber City," playing a significant role
in fostering IT and startup initiatives?

a. Chennai
b. Gurgaon
c. Jaipur
d. Pune

Answer: b) Gurgaon

57. What does MVP stand for in the context of startups?

a. Most Valuable Product

b. Minimum Viable Product
c. Maximum Viable Product
d. Main Venture Product

Answer: b) Minimum Viable Product

58. Which term refers to the ability to take risks and manage uncertainty?
a. Risk aversion
b. Entrepreneurship
c. Risk management
d. Risk tolerance

Answer: d) Risk tolerance

59. What does the term "lean startup" refer to?

a. A startup with minimal resources and funding
b. A startup that emphasizes rapid experimentation and customer feedback
c. A startup focused on slow and steady growth
d. A startup with a large team and extensive infrastructure

Answer: b) A startup that emphasizes rapid experimentation and customer

feedback

60. Which of the following is NOT a common source of startup funding?

a. Venture capital
b. Angel investors
c. Grants
d. Traditional bank loans

Answer: d) Traditional bank loans

61. Which term refers to the process of adapting to changes in the market or business
environment?
a. Innovation
b. Adaptation
c. Flexibility
d. Pivoting

Answer: d) Pivoting

62. What is the term for the process of generating multiple streams of income within a
single business?
a. Diversification
b. Monetization
c. Scalability
d. Bootstrapping

Answer: a) Diversification

63. Which of the following is NOT typically considered a characteristic of successful

entrepreneurs?
a. Creativity
b. Persistence
c. Fear of failure
d. Resilience
 Answer: c) Fear of failure

64. What is the term for the process of identifying and attracting potential customers for a
product or service?
a. Marketing
b. Sales
c. Promotion
d. Branding

Answer: a) Marketing

65. Which term refers to the process of acquiring funding from multiple investors, often
in smaller amounts?
a. Crowd sourcing
b. Crowd funding
c. Angel investing
d. Venture capital

Answer: b) Crowd funding

66. What is the term for a document outlining a startup's business model, target market,
and financial projections?
a. Mission statement
b. Vision statement
c. Business plan
d. Executive summary

Answer: c) Business plan

67. Where is the country's largest startup incubator to be set up?

a. Hubballi
b. Bengaluru
c. Mysuru
d. None of the above

Answer: a) Hubballi

68. GE aims to start AI capabilities to compete with which company?

a. IBM
b. HCL
c. Apple
d. None of the above

Answer: a) IBM