Which of the following statements relati

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Target Exam

CUET

Subject

Business Studies

Chapter

Entrepreneurship Development

Question:

Which of the following statements relating to entrepreneurship and management are true?

A. Primary motivation of management is 'power'
B. Scale of operations for enterpreneurship is large
C. 'Profit' is primary economic reward for enterpreneurship
D. Entrepreneurship maintains 'status quo'
E. Scale of operations for entrepreneurship is small

Choose the correct answer from the options given below:

Options:

A, B and E only

A, D and E only

A, C and E only

A, B and C only

Correct Answer:

A, C and E only

Explanation:

The correct answer is Option (3) - A, C and E only

Differences between Entrepreneurship and Management

Sl	Basis of Differentiation	Entrepreneurship	Management
	Focus	Business start-up	Ongoing operations of an existing business
	Resource orientation	The entrepreneur does not feel the constrained by resource. Entrepreneur mobilizes the resources	A manager is constrained by his resources at his disposal.
	Approach to the task	Informal	Formal
	Primary motivation	Achievement	Power
	Status vis-a vis the enterprise	Owner	Employee
	Primary economic reward	Profit	Salary
	Innovation orientation	Challenges the status quo i.e. the existing	Maintains the status quo i.e. the existing
	Risk orientation	Risk-taker	Risk-averse
	Approach to decision-making	Driven by inductive logic and personal courage and determination	Driven by deductive logic and research
	Scale of operations	Small business	Large business
	Primary skill requirement	Opportunity spotting, initiative, resource negotiation	Organising, systems design and operating procedures, people management
	Specialisation orientation	Generalist has to know and do all the trades by himself	Specialist

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