A Guide to Entrepreneurship for Children

Name of the Student : Aranya Karra

Roll Number : 7

Grade : 10

Name of the School : Montfort School

Location
: Delhi
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About E-Cell & Eureka! Junior
We at the Entrepreneurship Cell of IIT Bombay believe that entrepreneurship is the key that can
unlock India’s latent inventive potential. With this belief, E- Cell IIT Bombay aims to help in the
development of India’s entrepreneurial ecosystem by enabling smooth and efficient interaction
between all the stakeholders ranging from students to capitalists and professionals. To achieve the
vision of increasing the number of entrepreneurs and promoting entrepreneurship as a career option,
E-Cell has conceptualized and successfully implemented various activities and initiatives to cater to a
wide range of people such as college students, young entrepreneurs and professionals.

We feel that the spread of entrepreneurship must start from the grassroot level. It is the young
generation of our society that is the most receptive to new ideas, which further brings in the need to
teach them about the basics of entrepreneurship and how to develop their idea into a startup. Most
of the children are not even aware of the word ‘entrepreneurship’.

Eureka! Junior is an initiative of E-Cell IIT Bombay that aims at promoting entrepreneurship from
the grassroot level. It is a competition for those inquisitive minds who try to solve problems in the
most innovative way. With the vision to nurture the entrepreneur within a child, this program entails
preliminary and advanced workshops on entrepreneurship, one-to-one mentoring from startup experts,
pitching your business idea in front of esteemed judges, and much more.
Introduction and Message
from CEO of Metamorphosis
India has always come up with new entrepreneurs and with their innovative ideas and creativity.

At Metamorphosis, it is believed that entrepreneurial innovation can be done at any age and this has
made many people show up with their unique ideas, talents, a spirit to create new things and bring a
change with the best solution to the surroundings to solve different regular problems which people
deal with every day in their life.

This resource book is an attempt to provide more inspiration, resources and an actionable platform to
student entrepreneurs in the Grades 6 to 12, all aimed at honing their entrepreneurial mindset,
entrepreneurial knowledge and entrepreneurial skills further

Each question in this book is made up of proven, interesting and well researched concepts and
precepts that test students' awareness and grasp of entrepreneurial studies.

Students can surely challenge themselves on this fascinating and intriguing subject of startup business
by taking up this and once again a grand welcome to all student entrepreneurs and kid entrepreneurs
:-)
How to (NOT) use this book?
The Playbook is divided into three themes

1.Business Quotient and Foundational Skills spanning across finance, accounting, legal knowledge,
business modeling, ideation and validation, operations, market research, marketing, scaling up and all
other aspects of entrepreneurial life cycle

2. Entrepreneurial Profiles gauging the business history knowledge

3. Case Based Exercises testing the Higher Order Thinking Skills

Business Quotient covering all aspects of Foundational Skills, Functional Skills, Future Skills and
Finishing Skills, in the areas of entrepreneurship management, that Students in Grades 6 to 12 need to be
aware of. There are 80 questions around this specific first theme

“A Read More'' Section is added at the end of each answer where students can read more about the question
and find more details about the exact answer. This will help students to not only answer but get access to
additional information about that specific topic and subtopic.In that sense, This is more of a playbook and
workbook, wherein students are introduced to a question in the first place and given an opportunity to dig
more into the topic later with curated additional reading source for each of the asked question

The second theme features ten different entrepreneurial profiles from 81 to 90 questions. Some of these
profiles contain India’s most prominent kidpreneurs and studentpreneurs as well.

Thirdly and lastly, all the ten Case Based Exercises (questions from 90 to 100) can be easily solved after
reading the initial information provided in the IIT Eureka Junior Handbook. Prior reading of the IIT E Cell’s
existing Handbook makes the problem solving of these ten questions much easier. All these case based
exercises test the Higher Order Thinking Skills (for all are application oriented and practice oriented like IIT
Mumbai’s Olympiad format).
All these case questions in boxes simulate entrepreneurial life.

The questions are arranged in order of increasing complexity. The earlier set of questions are much easier to
solve than the subsequent ones in each of the three themes.
Utmost care was taken to make questions spread across all domains and subdomains of the entrepreneurial
life cycle in addition to making it contemporary and relevant for Students of Grade 6 to 12.

Various formats of questions like, True or False, Fill in the blanks, MCQs are used in this workbook.
 What is Entrepreneurship?

The word “entrepreneur” is derived from the French verb entreprendre, which means ‘to This refers to those
undertake’. who “undertake” the risk of new enterprises. Enterprise is created
by an entrepreneur. The process of creation is called “entrepreneurship”.

Entrepreneurship is the
ability and readiness to develop, organize and run a business enterprise,
along with any of its uncertainties in order to make a profit. The most prominent example of
entrepreneurship is the starting of new businesses

Types of
Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber,
electrician, etc. These people run or own their own business and hire family members or local
employees. For them, the and not make 100 million
profit would be able to feed their family
business or take over an industry. They fund their business by taking small business loans or
loans from friends and family.
This start-up entrepreneur starts a business knowing that their vision can change the world. They attract
investors
Scalablewho think Entrepreneurship-
Startup and encourage people who think out of the box. The research focuses on scalable business
and experimental models, so, they hire the best and the brightest employees. They require more venture capital
to fuel and back their project or business.

Large Company Entrepreneurship-

These huge companies have defined life-cycles. Most of these companies grow and sustain by offering new and
innovative products that revolve around their main products. The change in technology, customer preferences, new
competition, etc., build pressure for large companies to create an innovative product and sell it to the new set of
customers in the new market. To cope with the rapid technological changes, the existing organisations either
buy innovation enterprises or attempt to construct the product internally.

Social Entrepreneurship-
This type of entrepreneurship focuses on producing products and services that resolve social needs and
problems. Their only motto and goal is to work for society and not make any profits.

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 Idea Generation and Validation
Idea Generation
Idea Generation is the process of ideating, developing and communicating creative thoughts and concepts, which
can prove to be the basis of your new venture or innovation.

There could be tons of ideas across your mind, but it is your ability to put down the most effective ideas to
the real picture.

Ideas are the key to innovation. Whether to start your venture or whether you are going to uplift the profit of your
existing firm, it is those ideas that prevail in these actions.

Now you have understood the idea of “idea”, but now you need ideas, what to do? Here are some of the

famous techniques for the idea generation.

Some techniques for idea generation

• Brainstorming: In this technique, a group generally involves solving some problem by bringing their
own individual ideas and gathering them at once and brainstorming to filter out the best one.
• Reverse Thinking: In this technique, a person basically thinks in opposite of the required goal to achieve
that particular goal. For example, for increasing social media reach we usually think what can be done to
increase the reach, but in this technique we will think about what we should do to not increase the reach, and
thus counter the thoughts that came into our mind.
• The 5 W’s: Who, What, Where, When. and Why. Solving a particular problem keeping these thoughts in
our mind would definitely help us to reach a better solution.

SCAMPER :

• S : Substitute your idea with another new idea to achieve better

• C : Combine ideas and techniques to get more powerful ideas
• A : Adapt possibilities to make process even better than before
• M : Modify the idea to a broader picture to improve the overall results
• P : Put to another use, inculcating the existing idea to another use in the venture
• E : Eliminate, revise the process if few concept gets eliminated during evaluation
• R : Reverse some of the few possible elements of the existing process to obtain better
results

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Idea Validation
Idea Validation is the process of re-evaluating your idea by gathering some facts, information, and data around
your idea through a number of experiments.

The main idea is to evaluate the idea and make the necessary changes before exposing the idea to the reality of
the world, such that the idea will sustain.

This process is important as this would help in reducing risks, cutting cost and increasing the value of that
particular idea.

The idea will remain an idea unless and until it gets validated by a number of observations, and after this the idea
is ready to roll.

Steps to Validate Your Idea

Define goals
What do you want to learn?
Should you validate your market, problem or product?

Develop a hypothesis
What are the critical assumptions related to your idea?
What is the minimum success criteria?

Experiment
Which methods are most useful for testing your hypothesis?
How do you plan to execute your test?

Validate
Is your assumption valid?
Proceed or pivot?

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 Business Model Canvas
The Business Model Canvas is a business tool used to visualize all the building blocks of starting a business,
including customers, a route to market, value proposition, and finance. It consists of a total of nine segments.

Why the Business Model Canvas:

It structures the discussions and it’s faster than other traditional methods

It’s great for developing a portfolio of ideas: Using the Business Model Canvas, one can spend minutes or
hours sketching business models for multiple ideas. He still has to do more research and might end up writing a
long business plan to secure capital or promote the ideas, but it’s a quick way to weed out bad ideas.

It intuitively makes sense: In its simplest form, the Canvas has front and backstages. The front stage shows
what drives value and how you reach and make money from customers. The backstage shows what is
required to make the front stage possible. It quickly clarifies thinking on the business model and that one
building block naturally leads to the next.

The value proposition: It forces you to think deeply about what your venture delivers to the customer,
which problems it helps solve, and which customer needs are satisfied. Great ventures start with the
customer and work backward. Weak ventures start with the product, hope there is a market for it, and put
customers at the end of the product development process.

Segments of Business Model Canvas:

Key partners

1. Who are your key partners/suppliers?

2. What are the motivations for the partnerships?

Value propositions

1. The collection of products and services your business offers to meet the needs of your customers.
2. What core value do you deliver to the customer?
3. Which customer needs are you satisfying?

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Key activities

1. The most important activities in executing your company’s value proposition.

2. What activities are important, the most in distribution channels, customer relationships, revenue
streams?
3. What key activities does your value proposition require?

Key resources

1. The resources that are necessary to create value for the customer; they could be human, financial, physical,
and intellectual.
2. What key resources does your value proposition require?
3. What resources are important, the most in distribution channels, customer relationships, revenue
streams?

Customer relationships

1. Your customer relationships are the fifth piece in your business model canvas.
2. This section is about how you get your customers, how you keep your customers, and how you grow your
customer. The channel you choose to distribute your product will also help determine your customer
relationships.
3. What relationship that the target customer expects you to establish?

Channels

1. The ways how your company delivers its value proposition to its targeted customers.
2. Through which channels that your customers want to be reached?
3. Which channels work best? How much do they cost? How can they be integrated into your and your
customers’ routines?

Customer Segments

1. Perhaps the most important part of your canvas is the customer segments. If you don’t know who your
business is catering to you’ll never be able to sell to them.
2. You need to figure out who your customers are and why they would buy from you.
3. Which classes are you creating values for?
4. Who are your most important customers?

Cost structure

1. You need to know what the most important costs are, what your most expensive resources are, and how much
your activities and partnerships cost. Anything that is going to cost you money to keep your business
operational needs to be included here.

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Revenue Stream

1. Your revenue streams are how you will make your money from your value proposition. What value is your
customer paying for and how are you going to capture that value?
2. For what value are your customers willing to pay?
3. What and how do they recently pay? How would they prefer to pay?

Some useful resources:

https://medium.com/seed-digital/how-to-business-model-canvas-explained-ad3676b6fe4a

https://www.productplan.com/business-model-canvas/

https://www.culturehive.co.uk/wp-content/uploads/2016/01/Introducing-the-Business-Model-Canvas.pdf

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vii
 Stages of a Startup

Like any other growing thing, all businesses have life cycles, there are 6 specific stages of a startup as they
develop. Though the time spent in each stage will be different for every growing company, there are six main
phases. Why does it matter what start-up stage your company is presently in? Knowing where you are in your
journey will help you manage your time and resources efficiently.

Stage 1: Concept and Research

It seems everybody has (what they consider) a million-dollar idea, but making an idea into reality is very rare.
Rarer still is the “great idea” that not only gets off the ground, but finds its perfect audience. Do people
really need your product or service? What problem does your offering solve? Is your idea already out there,
being sold by an existing company? Research in hand, create a business plan and mission statement.

Stage 2: Commitment
Here’s where you move from a concept to a company, putting your research into practice. Create a prototype,
develop a process, and start building a team. Secure funding. Continue to refine your business model. Work
towards a minimum viable product, begin initial marketing to drum up some word of mouth, then launch.

Stage 3: Traction
Traction, or validation, is typically the first year of a start-up. This is the stage where you begin to get the word
out about your product and gain your first customers. Here you find out whether or not your company is truly
viable. At this stage, focus on growing your customer base and actually attaining the product-market fit you
researched earlier.

Stage 4: Refinement
In the refinement stage, you are receiving—and soliciting—feedback from early adopters, then using that
feedback to continue refining your product or service. How can you improve your offering? What about your
customer experience? Concentrate on expanding the aspects of your product that are most beneficial to
customers. Refinement also means refining your process, making it more efficient. How can you streamline
your process?

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Stage 5: Scaling
The next stage of a startup is scaling, or growing—further growing your customer base, your offerings, and
your company itself. In this stage, you iterate on what’s working and put processes into place to iterate
faster. Continue optimizing your marketing strategies to efficiently pull in customers and increase your
conversion rates. While scaling up, you want to channel all your focus on just one thing—growth.

Stage 6: Becoming Established

Congratulations—your company is no longer a start-up, but an established enterprise. In this stage, you may see
considerable growth, although not at the dramatic rate you did while scaling up. Focus on increasing customer
retention and loyalty, testing and refining your marketing strategies, and further developing your strengths.

What You Need to Know to Make the Most of Each Startup Stage
Of the 6 stages of a startup, which stage of start-up growth best describes your business’s current
incarnation? Wherever you are on the start-up timeline, keep these tips in mind as you work toward the next.

• Be patient. Regardless of where your start-up falls in the stages of development, it can be difficult to fully
embrace that stage without wanting to jump ahead. Resist the temptation to cut corners. Each stage needs to
play out fully…which may take years.
• Remember that every company is unique. Comparing your progress to other start-ups’ trajectories can be
productive—to a point—if you are learning from their mistakes and triumphs. But take care that this
comparison is inspiring you, rather than dragging you down.
• Keep your customers at the center of everything you do. Your customers’ needs and experience are all-
important; after all, without customers, your company can’t survive.

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 Stages of Funding
Raising equity funding for your startup is a long, difficult, and often demoralizing process. However, if
you’re successful, you walk away with money that will help your startup grow and become everything you hope
it could become. One of the major challenges that founders run across is that raising a round often takes more
time than they expected. Another challenge that arises with equity funding is that there are more people involved
in running the company. While most founders start with a small, intimate team, each round of funding brings on
new investors.

Those investors usually expect not only a financial portion of the startup, but also a say in how things are done.
In extreme cases, they may even choose to oust a founder, as famously happened with Uber founder Travis
Kalanick.

But despite these challenges, thousands of startups raise funding every year, implying that the potential rewards
outweigh the guaranteed strife and risk. Here’s an outline of what a startup founder can expect at each stage of
raising equity funding.

Pre-Seed Funding
Pre-seed funding is the earliest stage of funding, so early that many people don’t include it in the cycle of
equity funding.

At this stage, founders are working with a very small team (or even by themselves) and are developing a
prototype or proof-of-concept. The money to fund a pre-seed stage typically comes from the founders
themselves, their families, friends and family, and maybe an angel investor or an incubator.

Pre-seed funding is a relatively new part of the startup lifecycle, so it’s difficult to say how much money a
founder can expect to raise during the pre-seed period.

Seed Funding
What is seed funding?

The very first money that many enterprises raise — whether they go on to raise a Series A or not
— is seed funding.

The name is pretty self explanatory: This is the seed that will (hopefully) grow the company. Seed funding
is used to take a startup from idea to the first steps, such as product development or market research.

Seed funding may be raised from family and friends, angel investors, incubators, and venture capital firms that
focus on early-stage startups. Angel investors are perhaps the most common type of investor at this stage.

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This is also the end point for many startups. If they can’t gain traction before the money runs out (also known
as running out of runway), then they’ll fold.

On the other hand, some startups decide that they’re not interested in raising more money — that the level they
reach with seed money is good enough or that they’re able to grow more without more investment — and
choose to stop raising funding rounds at this point.

Series A FUNDING
What is Series A funding round?

Once a startup makes it through the seed stage and they have some kind of traction — whether it’s number
of users, revenue, views, or whatever other key performance indicator (KPI) they’ve set themselves — and they’re
ready to raise a Series A round to help lift them to the next level.

In a Series A round, startups are expected to have a plan for developing a business model, even if they haven’t
proven it yet. They’re also expected to use the money raised to increase revenue.

How much money is involved in a Series A funding round?

Because the investment is higher than the seed round, investors are going to want more substance than they
require for the seed funding, before they commit.

It’s no longer acceptable to have a great idea — the founder has to be able to prove that the great idea will
make a great company.

Series A rounds (and all subsequent rounds) are usually led by one investor, who anchors the round. Getting
that first investor is essential, as founders will often find hat other investors fall into line once the first one
has committed.

However, losing that first investor before the round is closed can also be devastating, as other investors may
also drop out.

Series A funding usually comes from venture capital firms, although angel investors may also be involved.
Additionally, more companies are using equity crowdfunding for their Series A.

Series A is a point where many startups fail. In a phenomenon known as “Series A crunch,” even startups that are
successful with their seed round often have trouble securing a Series A round.

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Series B FUNDING
What is Series B funding round?

A startup that reaches the point where they’re ready to raise a Series B round has already found their
product/market fit and needs help expanding.

The big question here is: Can you make this company that you’ve created work at scale? Can you go from 100
users to a 1,000? How about 1 million?

The expansion that occurs after a Series B round is raised includes not only gaining more customers, but
also growing the team so that the company can serve that growing customer base.

In order to be competitive, any startup needs to hire excellent people in a range of roles. It’s no longer possible
for the founder to “wear all the hats,” so raising enough money for competitive salaries is essential.

Series B funding usually comes from venture capital firms, often the same investors who led the previous round.
Because each round comes with a new valuation for the startup, previous investors often choose to reinvest in
order to insure that their piece of the pie is still significant.

Companies at this stage may also attract the interest of venture capital firms that invest in late-stage
startups.

Series C FUNDING
What is Series C funding round?

Companies that make it to the Series C stage of funding are doing very well and are ready to expand to new
markets, acquire other businesses, or develop new products.

Commonly, Series C companies are looking to take their product out of their home country and reach an international
market. They may also be looking to increase their valuation before going for an Initial Public Offering (IPO)
or an acquisition.

Series C is often the last round that a company raises, although some do go on to raise Series D and even Series
E round — or beyond.

However, it’s more common that a Series C round is the final push to prepare a company for its IPO or an
acquisition.

Valuation at this stage is based not on hopes and expectations, but hard data points. How many customers
does the company have? What’s it’s revenue? What’s it’s current and expected growth?

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Series C funding typically comes from venture capital firms that invest in late-stage startups, private equity
firms, banks, and even hedge funds.

This is the point in the startup lifecycle where major financial institutions may choose to get involved, as the
company and product are proven. Previous investors may also choose to invest more money at the Series C
point, although it is by no means required.

Series D FUNDING
What is Series D funding round?

A series D round of funding is a little more complicated than the previous rounds. As mentioned, many
companies finish raising money with their Series C. However, there are a few reasons a company may choose
to raise a Series D.

The first is positive: They’ve discovered a new opportunity for expansion before going for an IPO, but just
need another boost to get there. More companies are raising Series D rounds (or even beyond) to increase their
value before going public. Alternatively, some companies want to stay private for longer than used to be
common. Each of these are positive reasons to raise a Series D.

The second is negative: The company hasn’t hit the expectations laid out after raising their Series C round.
This is called a “down round,” and it’s when a company raises money at a lower valuation than they raised in
their previous round.

A down round may help a company push through a tricky time, but it also devalues the stock of the company. After
raising a down round, many startups find it difficult to raise again, as trust in their ability to deliver on their
promises has eroded. Down rounds also dilute founder stock and can demoralize employees, making it difficult
to get back ahead.

Series D rounds are typically funded by venture capital firms. The amount raised and valuations vary widely,
especially because so few startups reach this stage.

Series E FUNDING
If few companies make it to Series D, even fewer make it to a Series E. Companies that reach this point may be
raising for many of the reasons listed in the Series D round: They’ve failed to meet expectations; they want to
stay private longer; or they need a little more help before going public.

xiii
Other types of startup funding
While equity funding is a popular option for startups, particularly tech startups, it’s not the only option
for fundraising. In fact, there are number of ways a founder can raise funds for their startup — and
some experts believe it’s best to use a combination of methods including:

• Venture Capital & Series Seed Funding: A, B, C, D, E

• Crowdfunding
• Small Business Loans
• Small Business Grants
• Private Investors
• Angel Investors

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 Question-1
State whether the statement is TRUE or FALSE?

SCAMPER is an acronym for Substitute, Combine, Adapt, Modify/Magnify, Purpose, Eliminate/Minimize and
Rearrange/Reverse

Hint: In the context of business ideation techniques, SCAMPER is used by entrepreneurs

Question-2
State whether the statement is TRUE or FALSE?

Idea Validation increases the risk, delays the delivery of a value-creating service in the market, and
maximizes the costs.

Question-3
State whether the statement is TRUE or FALSE?

A startup pivot occurs when a company shifts its business strategy to accommodate changes in its industry,
customer preferences, or any other factor that impacts its bottom line.

Question-4
State whether the statement is TRUE or FALSE?

A hypothesis is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the
scientific method requires that one can test it.

Question-5
State whether the statement is TRUE or FALSE?

Growth Hacking is a subfield of marketing focused on the rapid growth of a company. It is referred to as both a
process and a set of cross-disciplinary (digital) skills.

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 Question-6
The importance of Vision and Mission statements is

a. To set clear goals that employees will be appraised upon

b. To guide everyone and connect them with the bigger goal
c. To remind employees of their job requirements
d. To improve the organization's image

AnQuestion-7
Organization’s USP is the unique thing that it can offer that its competitors can't.
What does USP stand for?
a. Unique Selling Proposition
b. Unique Servicing Problem
c. Unitary Sales Pointer
d. Unified Selling Pointer

Question-8
A Vision Statement of an organization is:
a. The vision of the management regarding financial goals to be reached within a specific
timeline
b. A long-term goal that everyone in the institution has to contribute to
c. An aspirational description of what an organization would like to achieve in the mid-term or
long-term future
d. A short statement of purpose, identifying the scope of its operations: what kind of
product/service it sells, its primary customers and its geographical operations.

Question-9
Which of the following SWOT elements are internal factors for a business?

a. Strengths and Weaknesses

b. Opportunities and Threats
c. Strengths and Opportunities
d. Weaknesses and Threat

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 Question-
Which of the following is NOT an example of a franchise opportunity in the Indian retailing
sector?

a. Subway
b. McDonald's
c. Dunkin' Donuts
d. Apple

Question-
Ecommerce is growing rapidly in India. However, the benefit was so far enjoyed only by a limited few
large and organized sellers. Small sellers and retailers have constantly been voicing their concerns
about the bias of marketplaces which has been eating into their business. ONDC is a great solution to
drive business growth for the smallest of sellers and make them equal players in the digital selling
space.
What is the full form of ONDC, in the context of e-commerce in India?

a. Open Network for Digital Commerce

b. Open Negotiation for Digital Commerce
c. Orientation Network for Digital Commerce
d. Organized Network for Digital Commodities

TheQuestion- is a Central Government department under the Ministry of Commerce

and Industry in India. It is responsible for formulation and implementation of promotional and
developmental measures for growth of the industrial sector, keeping in view the national priorities
and socio-economic objectives

a. Department for Promotion of Industry and Internal Trade (DPIIT)

b. Foreign Aid Development Agency
c. Foreign Direct Investment Authority
d. Department of Industrial Regulation

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 Question-
D2C refers to the practice of selling a product directly to the consumer via a company’s own web store, thus
bypassing third-party retailers or wholesalers. For companies,
building D2C ecommerce capabilities allows them to directly interact with end-consumers, which helps steer
brand strategy and innovation based on real-time consumer insights.
What does D2C stand for?

a. Deal to Consumer
b. Deploy to Consumer
c. Direct-to-Consumer
d. Discriminate to Consumer

Question-
In startup parlance, the Burn Rate is the .

a. Net negative cash flow per unit time

b. Total expenditure per month
c. Projected balance of cash out into the future
d. Amount of cash you have on hand before you run out of money

To Question-
calculate how many months a typical startup business can operate on its existing cash reserves, entrepreneurs
compute Cash Runway
Which of the following formulas describes it correctly?

a. Current Cash / Monthly Burn Rate = Cash Runway

b. Future Cash / Monthly Burn Rate = Cash Runway
c. Past Cash / Monthly Burn Rate = Cash Runway
d. Past Cash / Future Burn Rate = Cash Runway

In 2013, venture capitalist

Question- coined the term ‘Unicorn’ within the startup
ecosystem to indicate the rarity of startups with a valuation of over $1 Bn.

a. Ang Lee
b. Aileen Lee
c. Peter Thiel
d. Michael Porter

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 Question-

An emerging governance ideal within the blockchain and Web 3.0 community is the concept of a
(DAO). Instead of having a central authority that governs the
operations of a platform, with a DAO, Web 3.0 technologies and communities provide a form of self-
governance in an attempted decentralized approach.What does DAO stand for

a. Decentralized Autonomous Organization

b. Decentralized Autocratic Organization
c. Decentralized Autopowered Organization
d. Decentralized Autoneural Organization

NonQuestion-
Fungible tokens (NFTs) are tokens that are stored in a with a cryptographic
hash, making the token unit unique.

a. Blockchain
b. Decentralized Finance (DeFi)
c. Cross Chain Bridges
d. None of the above

Question-19

Entrepreneurs of the recent era not only work for their own growth but also for the growth of all those
who are associated with them. Narayana Murthy of Infosys is a good example for this. Mr. Murthy not
only created wealth (the Infosys) but also distributed the fortune
of Infosys to all its members by introducing ESOP through which he made all its employees as partners in
growth and development. What are ESOPs?

a. Employee Stock Optional Preference

b. Employee Sweat Option Plan
c. Employee Stock Option Plan
d. Employer Stock Option Preference

0
 Question-20
For entrepreneurs, an MVP is a fast and budget-friendly way to test and research one’s original
hypothesis and product. It gets one ready to attract first paying customers.
What is MVP?

a. Minimum Valuable Product

b. Minimum Valuable Process
c. Minimum Viable Product
d. Maximum Viable Proposition

Which of the following is a commercial organization that collects and publishes market research information
Question-21
in the Indian startup context?

a. YourStory
b. Inc42
c. StartupLanes
d. All of the above

Question-22
While conducting market research for an entrepreneurial idea/product, what is a
‘Test Market’?

a. A smaller version of a whole market

b. A prototype product
c. A new shop location
d. A form of sales promotion

Question-23
Whenever an entrepreneur uses market research tools and techniques, he benefits from secondary data. What is
Secondary Data?

a. Data that has already been published

b. Unreliable data
c. Back-up data
d. Data contained in appendices

0
 Question-24
The book titled “ ”by Eric Ries is a number one bestseller on Amazon for a
reason. This book is not only about how to operate your new startup, but how to do it with minimal
resources. Most startups don’t start out with tons of extra capital and that’s where this book comes into
play.
The big lessons you’ll walk away with from this book are how to use capital efficiently and leverage human
creativity while on a budget, making it one of the best business startup books on the market. What is this
book that we are referring to?

a. The Hard Thing About Hard Things: Building a Business When There
Are No Easy Answers
b. Leading at the Speed of Growth
c. The Lean Startup
d. The Startup Owner’s Manual

Question-25
Peter Thiel, co-founder of PayPal and an early Facebook investor, is known as a controversial figure,
but his famous book is full of challenging ideas
backed up by compelling justifications that are hard to ignore. While the guidebook is aimed at those
building a technology startup, there are plenty of ideas that you can take away from this best seller.
What is its name?

a. Zero to One
b. None to One
c. Zero to Hero
d. Never too late to Startup

PickQuestion-26
the odd one out (Clue: One of them is not a Venture Capital firm)

a. Sequoia Capital India

b. Blume Ventures
c. Nexus Venture Partners
d. FICCI

0
 Question-27
Pick the odd one out (Clue: It is more do with the difference between first generation and second
generation entrepreneur)

a. Ratan Tata
b. Kumar Mangalam Birla
c. Anil Ambani
d. Sachin Bansal

Question-28
In recent years, the government has taken several measures to support startups, including broadening the
definition of startups, simplifying regulations, providing income tax exemptions and setting up a Rs 10,000
crore Fund of Funds for startups operated by the SIDBI. What does SIDBI stand for
a. Smart Industries Development Bank of India
b. Small Innovation Development Bank of India
c. Small Industries Development Bank of India
d. Startup Innovation Development Bank of India

Question-29
In layman’s terms of Entrepreneurial Idea Generation, is basically the practice of
actively questioning every assumption you think you ‘know’ about a given problem or scenario — and
then creating new knowledge and solutions from scratch. Almost like a newborn baby.
a. Design Thinking
b. First Principles Thinking
c. Brainstorming
d. Reverse Thinking

0
 Question-
A is an organization that offers mentorship, capital, and connections to investors
and business partners. It’s designed for select startups with promising MVPs and founders, as a way to
rapidly scale growth.
a. Startup Accelerator
b. Startup Incubator
c. Startup Bank
d. Coworking Space

Which of the following statements is FALSE, in the course of undertaking ‘Idea Validation’
Question-31
exercise as an entrepreneur?

a. An entrepreneurial idea that has the goal for sustainable business has three basic
ingredients: desirability, feasibility, viability.
b. A strong possibility of a good return on investment should be there for idea
c. Viability in literal terms refers to the ability to survive successfully.
d. If the product or service is not something new but is aimed at solving the complexity and
disorientation in the existing situation then it will not be received well.

Question-32
is the number of potential customers who are likely to buy your product or service
within a given market. It is generally used by entrepreneurs to estimate and calculate how much profit
they will be getting from their product or service.

a. Market Sizing
b. Market Scanning
c. Market Shaping
d. Market Research

0
 Question-33
The reputable companies that form the acronym “MAANG”, include:

a. Meta, Amazon, Alibaba, Netflix and Google

b. Microsoft Amazon, Apple, Netflix and Google
c. MindTree, Alibaba, Apple, Netflix and Google
d. Meta, Amazon, Apple, Netflix and Google

Question-34
In entrepreneurial finance, represents the financial position of a business entity at a
particular point of time by reflecting the values of assets, liabilities, and equity.

a. Balance Sheet
b. Income Statement.
c. Cash Flow Statement
d. Bank Reconciliation Statement

Question-35
This coastal state in the USA, although more known for its seafood, has more firms registered than its
population(nearly 1.6 Million companies as against only a population of about 1 million). This state is
considered the capital of Corporate Law in the USA and is a tax haven.
Over half of publicly traded corporations listed in the New York Stock Exchange (including its owner,
Intercontinental Exchange) and 66% of the Fortune 500, including Walmart, the world's largest company
by revenue, are incorporated (and therefore have its domicile for service of process purposes) in the
state.
What is this state in the USA?

a. Delaware
b. Georgia
c. Maine
d. Virginia

1
 Question-36
is the maximum price a customer is willing to pay for a product or service. It’s
typically represented by a rupee/dollar figure or, in some cases, a price range.

a. Willingness to pay (WTP)

b. Demand
c. Supply
d. Equilibrium Price

Question-37
In Market Research parlance, a is a tentative statement about the relationship between
two or more variables. It is a specific, testable prediction about what you expect to happen in a study.

a. Hypothesis
b. Antithesis
c. Thesis
d. Synthesis

Question-38
Most startups are familiar with KPIs, or Key Performance Indicators. KPIs can be great for measurement,
but they’re standalone metrics — they may tell you when a measure is good or bad, but they don’t necessarily
communicate context or what direction your team needs to go in.
OKRs, provide that much needed direction and context. What does OKRs stand for?

a. Objectives and Key Results

b. Orientation and Key Results
c. Orientation and Key Responses
d. Objectives and Key Rewards

1
 Question-39
ODOP is an initiative which is seen as a transformational step forward towards realizing the true potential
of a district, fueling economic growth and generating employment and rural entrepreneurship, taking India
to its goal of AtmaNirbhar Bharat. ODOP initiative is operationally merged with ‘Districts as Export
Hub’ initiative being implemented by DGFT, Department of Commerce, with Department for Promotion
of Industry and Internal Trade (DPIIT) as a major stakeholder. What does ODOP stand for?

a. One District One Product

b. One District One Promotion
c. One District One Process
d. One District One Point

OnQuestion-
16 January 2016, a programme was initiated to lay out a “Startup India” action plan to build a
strong ecosystem for nurturing innovation and startups in the country. In the six years since its launch,
the action plan has successfully guided into making India the
largest startup ecosystem in the world with over startups are getting recognised every
day, which is the highest rate in the world, as per statistics released by Ministry of Commerce and
Industry

a. Third, 80
b. Second, 80
c. First, 80
d. Third, 90

Question-41
In the IT and ITES services industry, what does acronym “SaaS” stand for

a. Scandinavian Airline
b. Storage as a Service
c. Software as a Service
d. Software as application service

1
 Question-42
refers to the initial amount of money an entrepreneur uses to start a business.
Often, this money comes from family, friends, early shareholders or angel investors and is typically used to
support the planning of a business up to the point when the company starts selling a product or service. It
normally covers expenses until the business can make money and thereby attract more investors.

a. Seed Capital
b. Venture Capital
c. Bridge Capital
d. Share Split

What exactly is Cloud Computing?

Question-43
a. A way to organize desktop computers
b. Lightweight software that takes up little space on a hard drive
c. Computing resources that can be accessed on demand, like electricity from a utility
d. Wireless Internet access

Speaking
Question-
about Intellectual Property formats, a is an exclusive right
granted for an invention that offers solutions to a technological problem. These are granted to an inventor
or assignee of the invention in exchange for disclosing the details of the invention to the public. An
invention should meet the essential requirements such as novelty, non-obviousness and industrial
applicability.

a. Patent
b. CopyRight
c. CopyLeft
d. TradeMark

1
 Question-45
In legal parlance for startups, refers to the procedure of research and investigation
that is done before an acquirement, speculation, business association or bank advance in order to decide the
value of the subject matter of the due perseverance or whether there are any significant issues or
potential issues.

a. IPO Audit
b. PPO Offer
c. Due diligence
d. High Transaction Advisory

Which of the following statements are FALSE about Geographical Indication (GI) in Intellectual
Question-46
Property rights framework

a. A Geographical Indication is a sign used on the products that originated from a specific
geographic location.
b. The use of particular geographical indication indicates that the product possesses
certain features and qualities obtained from place of origin.
c. In general, Geographical indications are used for food and agricultural products, wine and
alcoholic drinks, handicrafts, and industrial products.
d. None of the above statements

TheQuestion-47
planned pathway to convert a vision into reality is called:

a. Stage-gating
b. Tactics
c. Strategy
d. Operations Management

1
 Question-48
Which of the following statements are FALSE about Limited Liability Partnership (LLP)
framework in current Indian context

a. The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. An LLP has
the characteristics of both the partnership firm and company.
b. The Limited liability Partnership Act, 2008 regulates the LLP in India.
c. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the
maximum number of partners of an LLP.
d. The cost of forming an LLP is exorbitantly high and more compliance and regulations
is needed

It isQuestion-49
a document that describes the goods and services that a company offers to a customer and specifies
the customer’s responsibility to pay for those products and services. They are the foundation of a small
business’ accounting system for it details how much one’s client owes you when payment is due and what
services one rendered. About which document are we referring to here?

a. Invoice
b. Bill of Lading
c. Factor Receipt
d. Debit Voucher

Question-
This document is used as an invoice when a company or an employee bills depending on the number of
hours they work and their hourly rate of pay. Contract workers who are paid hourly by their contractor
use this document very often.

What is this document called?

a. Timesheet
b. GST Voucher
c. Custom Voucher
d. None of the above

1
 Question-51
In a symbolic boost to India's growing startup ecosystem, Prime Minister Narendra Modi announced
that will be celebrated as National Startup Day.

a. 18th January
b. 20th January
c. 25th January
d. 16th January

TheQuestion-52
NITI Aayog serves as the apex public policy think tank of the Government of India, and the nodal
agency tasked with catalyzing economic development, and fostering cooperative federalism through the
involvement of State Governments of India in the economic policy-making process using a bottom-up
approach. Which of the following is True statement about NITI Aayog?

a. Its full name is National Institution for Transforming India (NITI)

b. It was established in 2015, by the NDA government, to replace the Planning
Commission which followed a top-down model.
c. Its initiatives include , AMRUT, Digital India, Atal Innovation Mission, Medical Education
Reform, agriculture reforms (Model Land Leasing Law, Reforms of the Agricultural Produce
Marketing Committee Act, Agricultural Marketing and Farmer Friendly Reforms Index for
ranking states), Indices Measuring States’ Performance in Health, Education and Water
Management, Sub-Group of Chief Ministers on Rationalization of Centrally Sponsored Schemes,
Sub-Group of Chief Ministers on Swachh Bharat Abhiyan and etc
d. All of the above

Question-53
1. Suman Bery A. Suman Bery
2. Chintan Vaishnav B. Chintan Vaishnav
3. Piyush Goyal C. Piyush Goyal

Which of the following is the correct pairing of persons with institutions

a. 1-A; 2-B; 3-C
b. 1-B; 2-A; 3-C
c. 1-C; 2-A; 3-B
d. 1-C; 2-B; 3-A

1
 Question-54

1. Imagining India: The Idea of a Renewed Nation A. Suman Bery

2. Stay Hungry Stay Foolish B. Chintan Vaishnav
3. It Happened in INDIA C. Piyush Goyal

Which of the following is the correct pairing of authors with books

a. 1-A; 2-B; 3-C

b. 1-B; 2-A; 3-C
c. 1-C; 2-A; 3-B
d. 1-C; 2-B; 3-A

Question-55
1. Nadathur S Raghavan Center for Entrepreneurial A. IIM Ahmedabad
Learning (NSRCEL)

2. Center for Innovation Incubation and B. IIM Bengaluru

Entrepreneurship (CIIE)
3. Startup Village C. Department of Science
and Technology, Government of
India, Technopark Trivandrum and
MobME Wireless, Kochi

Which of the following is the correct pairing of authors with books

a. 1-A; 2-B; 3-C

b. 1-B; 2-A; 3-C
c. 1-C; 2-A; 3-B
d. 1-C; 2-B; 3-A

Angel investors support and augment the entrepreneurial financing options by

Question-56
a. outnumbering venture capitalists in access to startup funds
b. directly investing in entrepreneurial startups
c. holding knowledge sessions to teach people how to become an entrepreneur
d. forming pools of other diverse investors to supply greater quantities of investment funds to
entrepreneurs.

1
 Question-57
In the course of working with Break-even Analysis/Modeling, which of the following is an
issue with calculating breakeven?

a. Margin cannot be calculated

b. Does not take variable costs into account
c. Assumes fixed level of spending
d. Cannot be calculated for non-physical/intangible items

Question-58
Which of the following are NOT forms of startup funding/financing?

a. Venture capital and angel investors

b. Insurance Claims
c. Crowdfunding and bootstrapping
d. Government grants and commercial banks

Question-59
In the context of using Business Model Canvas, the “Niche Market” is an example of?

a. Customer Segments
b. Customer Relationships
c. Business Value Proposition
d. Revenue Streams

Question-
Dealing with the “Customer Relationships” component of Business Model Canvas,
which of the following is correctly described?

a. CLTV is Customer Lifetime Value; CAC is Cost of Acquisition of Customer

b. CLTV is Customer Lifetime Voice; CAC is Cost of Agreement of Customer
c. CLTV is Consumer Lifetime Voice; CAC is Cost of Arrangement of Customer
d. None of the above, as they do not focus on Customer Relationships aspect

1
 Question-61
Amongst the following financing options for an entrepreneur, which one typically provides the largest
amount of investment?

a. Accelerators & Incubators

b. Venture Capitalists
c. Super Angels
d. Angel Investors

Question-62 is a method that helps you create a seamless experience for customers across all the
channels through which you sell. It encompasses the online and offline touchpoints of your brand, from a
point-of-sale system to an Instagram shoppable post, and it’s not just for retailers anymore.

a. Omnichannel strategy
b. Niche strategy
c. Store in Store strategy
d. Exclusive Distribution Strategy

PickQuestion-63
the odd one out (Clue: One of them is not a Direct to Consumer(D2C) brand)

a. Lenskart
b. Licious
c. Shoppers Stop
d. BoAt

In the course of using/applying SWOT Analysis, which of the following could be a strength for an
Question-64
organization?

a. Inclement weather
b. A new international market
c. A price that is too exorbitant
d. The location of a business

1
 Question-65
Founded in 2020 by Ankit Nagori, this startup is a cloud kitchen aggregator that has several brands–EatFit,
Sharief Bhai, Aligarh House Biryani and CakeZone, to name a few.
It manages over 150 cloud kitchens in 15 Indian cities.

Bollywood actress Nora Fatehi invested into it and also became the brand ambassador of its sub-brand
CakeZone.

Its cap table includes Iron Pillar, Chiratae Ventures, Accel Partners, Sixteenth Street Capital, Iron Pillar and
Bollywood Actor Varun Dhawan, among others.

Identify this famous Startup brand

a. CureFoods
b. Zomato
c. Swiggy
d. Biryani By Kilo

NewQuestion-66
companies with a burn rate are more likely to gain traction and become
profitable, thus yielding a return on any investments made in the business.

a. Low
b. High
c. Medium
d. Cannot be decided with available information

Question-67
In accounting terms, What does OPM stand for?

a. Operating Profit Margin

b. Operating Payment Margin
c. Opaque Profit Method
d. Operating Process Margin

2
 Question-68
Which of the following are types of Inventory?

a. Raw materials, or materials that firm use to manufacture its products

b. Unfinished products, works in progress that are not ready to be sold
c. Finished products, that are stored in a warehouse until sold or shipped
d. All of the above

Question-69
Statement-1: Startup incubators help your startup idea get off the ground.
Statement-2: Incubators also provide essential resources like office space, mentorship, starting
capital, legal guidance, etc.

Which of the following options best describes incubators?

a. Only Statement-1
b. Only Statement-2
c. Both Statements are TRUE
d. Both Statements are FALSE

Question-70
In Product Development, a is a replica of a product as it will be
manufactured, which may include such details as color, graphics, packaging and instructions

Which of the following options best describes incubators?

a. Archetype
b. Prototype
c. Customer Value Proposition
d. Employee Value Proposition

Question-71
In the Market Research process, Primary data is

a. the most important data set in the collection process.

b. the data that is collected first.
c. new data specifically collected for a project.
d. data that is collected at second attempt

2
 Question-72
Which of the following statement is NOT an accurate description of E-commerce
platforms/industry

a. E-commerce platforms allow small businesses to compete easily with large firms
b. E-commerce platforms will help in reduced contact with its end customers
c. E-commerce platforms are used in different industries and sectors
d. E-commerce platforms increase the cost of transacting in the long run and are
bad for small businesses

OneQuestion-73
of the potential disadvantages of a Franchise Business Model (from the point of franchisee
is)

a. Franchise businesses typically have a high relative failure rate.

b. There is a complete lack of brand and marketing identity
c. Lack or less of independence
d. Adequate training is not normally provided by the franchisor

Question-74 is the total of how much money a customer spends with your
business over the lifetime of their relationship with you

a. Customer Lifetime Value

b. Churn Rate
c. Burn Rate
d. Loyalty Score

2
 Question-75
Which ONE of these statements about Crowdfunding is FALSE?

a. Many crowdfunding projects provide rewards of some kind based on level of the contribution,
such as a gift / product sample(s), or the opportunity to participate in the launch of a new
product
b. It is the use of small amounts of money from a large number of individual people, in order to
raise funding for a start-up business idea.
c. It uses social media and special websites to connect entrepreneurs with potential investors
d. It can be achieved through concerts or other similar public events

Question-76
Statement-1: It enables you to test and refine the functionality of your design.
Statement-2: It makes it possible to test the performance of various materials. Which of the
following options best describes a Prototype?

a. Only Statement-1
b. Only Statement-2
c. Both Statements are TRUE
d. Both Statements are FALSE

Reid Hoffman was the co-founder of which new age media company?
Question-77
a. LinkedIn
b. YouTube
c. Twitter
d. Oracle

2
 Question-78
programmes offer networking and knowledge-sharing so that founders know what
they are getting into and how they can engineer their startups for success.

a. Incubation
b. Market Access
c. Handholding
d. Regulatory

Question-79
What are Inventories, in the context of business operations?

a. Assets held for sale in the secondary course of business

b. Assets held for sale in the tertiary course of business operations
c. Assets held in the godown for safekeeping
d. Assets held for sale in the ordinary course of business

Question-
In its essence, the is how much profit a company makes from its core
business in relation to its total revenues. This key financial metric allows investors to see if a startup is
generating income primarily from its core operations or from other means, like investing.

a. Operating Margin
b. Functional Margin
c. Total Margin
d. Complete Margin

2
 Questions on Entrepreneurial Profiles

Question-81
Between a broken TV and a random comment about help desk pricing in Hacker News, he envisioned and
co-founded Freshworks (then Freshdesk) in 2010 to create a better way to service and delight customers.
What began as a single product focused on customer service is now a company that operates in 13 global
locations to deliver a comprehensive suite of products to nearly 50,000 customers worldwide.
He has never lost his passion for building products that delight customers and their employees, nor for
helping others along the way. He has invested in over 60 startups and is a founding member of
SaaSBOOMi, Asia’s largest community of founders and product builders shaping India’s SaaS industry.
He also founded FC Madras, a grassroots youth football club in Chennai, India to promote talent and
provide a positive outlet for local youth and teenagers through the sport. Who is he?

a. Girsh Mathrubootham
b. Phanindra Sama
c. Chaitanya Kalipatnapu
d. Ashwin Damera

2
 Question-82
He started his career as a clerk in the Industries Department of the Government of Odisha in 1976 after
giving up his post graduate studies. After a year of working there, he qualified to be a management trainee in
DCM in 1977 where he worked for the ensuing 5 years. In 1981, he entered the computer industry and worked
for a number of computer companies between 1981 and 1999 in various functions like sales, marketing and
operations. His longest stint was at Wipro where he became the Chief Executive of Wipro's Global R&D
before working for chairman Azim Premji as corporate Vice-President, Mission Quality. He left Wipro in
1998 to join Lucent Technologies. He left Lucent a year after to co-found Mindtree in 1999 along with 9
other co-founders.
He has written his life story in his book Go Kiss the World: Life Lessons For The Young
Professional (2008).

On May 1, 2016, at the invitation of the Chief Minister of Odisha, he took on the full-time role of
Chairman, Odisha Skill Development Authority in the rank and status of a Cabinet Minister.

His other famous books include High-Performance Entrepreneur, The Professional (2009) and MBA at 16
(2012).

Who is this legendary Indian IT entrepreneur?

a. Subroto Bagchi
b. Nandan Nilekani
c. Gopalakrishnan
d. Mohandas Pai

2
 Question-83
He introduced a venture named “paper n parcel” in Mumbai and became the successful youngest
entrepreneur in the world.

It is basically a courier company which works digitally, it provides one day service of the parcels at a
very reasonable and affordable price and on-time delivery by taking some help from “Mumbai
dabbawala”.

The main intention for launching such a company was to make the logistics department run digitally so
that it becomes user friendly for the country people and becomes affordable and at the same time cheaper
for everybody and making it one day delivery on time. The initial investment for his business was done
by his father. He was born in Gujarat, India in the year of 2006.

He studies in Garodia International School, Mumbai in Grade 10. He was featured in the book ‘Young
Indian innovators, Entrepreneurs and Change makers’ published by Penguin Publishing Group.

Can you guess this young entrepreneur’s name?

a. Tilak Mehta
b. Vedanth Nath
c. M K Vinusha
d. Aakash Agarwal

2
 Question-84
A closer look at her LinkedIn profile reveals age is no bar for ambition. Operating out of Chennai, she
has her own registered brand, Four Seasons Pastry, and the idea for a portable baking kit to her credit.

Her Facebook page reveals a number of FB Lives conducted constantly, including one with Amul India
that garnered over four lakh-plus views. She also featured on an FB live on actor Kamal Haasan’s FB
page, Miam.

Under Four Seasons Pastry, launched in 2019, she bakes and sells cupcakes inspired by the four seasons.
She explains, “while the base for the Four Seasons cupcakes remains the same, the cream and frosting are
very different. They represent the four seasons. For winter, it comes with a snowflake made out of
fondant, orange reflects summer, flowers herald spring, and scattered orange leaves depict autumn.”

She uses a wide variety of growth hacking options and most of the traction for the brand that translated into
sales came from social media and participation in various exhibitions.

Can you identify this young entrepreneurial genius?

a. M K Vinusha
b. Akshita Agarwal
c. Harshita Arora
d. Niyati Sharma

2
 Question-85
Based in Mumbai, India, he pioneered Cable Television, built a Media and Entertainment conglomerate
(UTV Software Communications) that partnered with News Corp, 20th Century Fox, The Walt Disney
Company and Bloomberg.

Later in 2012, he divested the company to Disney for an enterprise value of US$1.4 billion.

He has co-founded UpGrad which is into Online Education in the higher education and specialization
sector, built a Sports company (U Sports) spanning Football / ESports
and Kabaddi, re-entered the media content space to build a creative content company in Movies and Digital
Content (RSVP), authored a Book titled “Dream with Your Eyes Open” and through his investment
company Unilazer Ventures he has been a significant private equity investor in Indian start ups with early
stage investment and significant minority stakes.

From 2013 onwards, he and his wife scaled their Non-Profit, The Swades Foundation, whose goal is to work
with a million people in rural India, empower them and move them out of poverty every six to seven years
and then move to another geography.

Who is this media and entertainment mogul that we are referring to?

a. Ramesh Sippy
b. Uday Shankar
c. Subhash Chandra
d. Ronnie Screwvala

2
 Question-86
He entered the world of the stock market at the age of 17. He has been a trader for all time. Many ups and
downs came with the territory but he has always been uptight with his work. From earning Rs. 4 lakh by just
being in college to losing the entire money in a chance and ended up working in a call center on a monthly
pay of Rs. 12,000. He has seen it all in little time.

As the youngest self-made billionaire in India, he is the CEO and co-founder of the largest stockbroking
company- Zerodha.

Zerodha is quite a prominent company that started in 2010 as a brokering business before becoming a ‘proficorn’
– a profitable startup with no external funding.

He is also the founder of Rainmatter which is a fintech startup fund as well as an incubator in order to
contribute to India's capital markets ecosystem

In an interview with CNBC, he said, "As I dropped out of college I didn't have a degree so
it would have been very tough to get a job. That's why I chose a career that did not require a college degree."
He also added, "Chess is something that teaches you how to move in a structural system and also, how to
be creative and smart."

Which entrepreneur are we referring to?

a. Kunal Shah
b. Binny Bansal
c. Nithin Kamath
d. Harsh Jain

3
 Question-87
His interest in Indian stock markets arose when he observed his father discussing the markets with his
friends. While his father guided him on the markets, he never gave him money to invest and forbade him
from asking friends for money. With his savings at hand he started investing early when in college.
Beginning with �5,000 capital in 1985, today his investment has grown to �11,000 crores by September
2018 Currently he is the 48th richest man in India, with a net worth of $3 billion.

He runs a privately-owned stock trading firm called RARE Enterprises.

He has invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion
Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India and
Jubilant Life Sciences.

Akasa Air is an Indian airline co-founded by him and former Jet Airways CEO Vinay Dubey. Who is this

Dalal Street mogul that we are talking about?

a. Harshad Mehta
b. Ketan Parekh
c. Nithin Kamath
d. Rakesh Jhunjhunwala

3
 Question-88
He left Infosys in July 2009 to serve as the chairman of the Unique Identification Authority of India, a
cabinet-ranking position that he entered under the invitation of PM
Dr. Manmohan Singh.

He is the chairman of EkStep, a non-profit literacy and numeracy platform. With an initial commitment of
$10 million, EkStep looks at solving the 'learning problem' by creating a technology-led platform to help
children in improving their 'learning outcomes' quite early in their life.
He is also a serial investor and he has invested in around 12 start-ups till date which includes: ShopX,
Juggernaut, Mubble Networks, Fortigo, P2SME, RailYatri, Axiom Consulting, Systemantics India, Sedemac
Mechatronics, Disha Medical Services, Tracxn, LetsVenture and TravelTriangle.

He also donated money to rebuild the hostel campus of IIT Bombay and in 2008 he also
set up the Indian Institute for Human Settlements to help to solve urban challenges for India. Who is this leading

tech and social entrepreneur that we are talking about?

a. Narayana Murthy
b. Kris Gopalakrishnan
c. Vishal Sikka
d. Nandan Nilekani

3
 Question-89
He was born in a remote village of Kerala. His father, a daily wage worker, was not well educated himself
and dreamed of educating his children - but he decided to drop out of school after failing Class 6 to join
his father on the farm. Later continued his studies with support from his school teacher and got settled
in a high paying job.
He set up in 2005 “iD Fresh Food” that offers a slew of ready-to-make food – dosa and idli batter, rice
rava idli batter – in India as well as abroad. The company ended Financial Year 21 with � 294 crore in
revenue.

The idea of iD Fresh Food came about when his cousin saw a supplier selling idli-dosa batter in a plain
pouch. The customer was complaining about the quality of the product. His cousin called him with the
idea of creating a "quality batter company" - and that led to the birth of iD Fresh Food.

Which entrepreneur are we referring to?

a. PC Musthafa
b. PC Manjunath
c. A Murugananthan
d. Harish Hande

TheQuestion-
popular 2018 Hindi film Pad Man was made on his invention, where he was portrayed by actor
Akshay Kumar.
He is a social entrepreneur from Coimbatore in Tamil Nadu, and is the inventor of a low- cost sanitary
pad-making machine

He is credited for innovating grassroots mechanisms for generating awareness about traditional
unhygienic practices around menstruation problem in rural India.
His mini-machines, which manufacture sanitary pads for less than a third of the cost of commercial pads, have
been installed in 23 of the 29 states of India, more in rural areas.

Identify this social entrepreneur.

a. Arunachalam Muruganantham
b. Harish Hande
c. Santosh Ramadoss
d. Arokiaswamy Velumani

3
 Higher Order Thinking Skills
(HOTS-Case Based Questions)

Question-91
Amisha Patel is currently working in a company and drawing some salary. Amisha is getting an option to
do the graduation for two years, but for that, she must leave her job. If she doesn’t go to graduation, the
lost alternative cost will be a higher degree plus the additional salary that she might get because of this
degree. On the other hand, if she opts for the job, then the alternative cost will be two years’ salary that
has to be foregone. What kind of costs are we considering here for Amisha?

a. Accounting costs
b. Direct Costs
c. Opportunity Costs
d. Indirect Costs

Amar, Akbar and Anthony are three entrepreneurs who are engaged in dealing with traditional
Question-92
handicraft goods and novelties.
They outsource all their products from tribal and rural women communities in remote
locations.

From a part of their profits earned in the year, they decided to conduct a hygiene camp in rural areas
wherein they will distribute a kit consisting of toothpaste, brush, soap and also plan to organize street
plays to emphasize on the importance of hygiene practices.

What sort of entrepreneurship model is being practiced by Amar, Akbar and Anthony?

a. Intrapreneurship
b. Social Entrepreneurship
c. Fabian Entrepreneurship
d. Drone Entrepreneurship

3
 Question-93
Identify the pricing method adopted by Arjun Rampal Enterprises from the following:

A cold drink bottle of 250 ml manufactured by Arjun Rampal Enterprises is priced at Rs.12, while a
1000ml bottle is priced at Rs 20.

Arjun Rampal Enterprises also charges a separate price while supplying for airlines and
another separate price while selling it for nationwide super market chains.

a. Variable Pricing
b. Fixed Pricing
c. Cannot be decided with available information
d. Opportunity Costing

• Question-94
A low cost airline like IndiGo has minimized (or eliminated) many elements of passenger
services.
• De Beers put industrial diamonds to other use when they launched engagement rings.
• Nandini Restaurant rearranged the restaurant by getting customers to pay first and
then eat
In entrepreneurial Innovation Management, the above mentioned three examples are how the
works for new product innovation.

a. SCAMPER Model
b. Brainstorming Model
c. Reverse Engineering Model
d. Lean Startup Model

Mr.Question-95
Srinivas wanted to research parental attitudes to infant food advertising. So, he invited six mothers to get
together, watch some carefully selected adverts and then discuss them. Srinivas basically asked them some
probing questions but mainly and majorly encouraged the mothers to talk and contribute actively to the
discussion. Which research technique was Srinivas using?

a. Case Study
b. In-depth interview
c. Observation
d. Focus Group

3
 Question-96
Indian Marketing Research Bureau (IMRB), New Delhi contacts several thousand members of its
consumer panel in India and provides them with a printed description of a new
anti-smoking tablet and its package. Consumers are then given a survey containing several multiple-choice
questions about their personal attitudes toward the novel product, based on what they read in the description.
The final survey question asks consumers to indicate the likelihood that they would purchase the product.
IMRB in this case seems to be conducting a:

a. Concept Testing
b. Prototype Testing
c. Market Testing
d. Sensitivity Analysis

Question-97
During the early 2000s, while Netflix signaled the demise of brick and mortar video shops like Blockbuster
with their convenient DVDs by mail model, they too found a need to change and continue to do so.

Streaming video and movies was becoming more popular and in 2007, Netflix started offering a plan
that included streaming movies and television shows. Now streaming is the dominant method people
consume content.

Netflix didn’t just stop at streaming. The company has also changed its own content, launching Netflix
original series House of Cards in 2013. Orange is the New Black was released shortly after, and thereby
the streaming giant has created a successful model for other platforms to follow.

The above mentioned change in business plan of Netflix is an example of

a. Pivoting
b. MVP
c. Value Extraction
d. Value Migration

3
 Question-98
Dropbox that is now worth more than 10 billion dollars started like any other, as a small startup whose
marketing budget was peanuts. Yet, they got there without spending any money on advertisement, and
created the most successful referral program ever.

How? By improving the product for the users, whenever they share it. In other words, Dropbox offered
250mb of extra storage space to any user who invited a friend — if said friend created an account. This
incentive got the signups to soar by 60% almost overnight. Each new user costs Dropbox only 500mb of
disk space. Talk about a low cost of acquisition!

The above mentioned tactic is a an example of

a. Growth Hacking and Referral Marketing

b. Growth Harvesting
c. Product Market Fit
d. Customer Value Proposition

Question-99
Consider two friends, Ram and Rita who have come up with an innovative and unique idea of selling
hydroponic farms to urban customers as part of their well publicized social entrepreneurship venture
backed by high profile Venture Capitalists.

Now they are faced with an unique and rather advantageous position of having a large number of customers
who are low value but active. What should Ram and Rita collectively do in this case?

a. Foster and tailor made new loyalty programme for these large number of customers
b. Minimize marketing effort targeting these specific large number of customers
c. Undertake targeted promotions for these large number of customers with additional discounts
d. Increase transactions from these large number of customers by creating special
schemes

3
 Question-100
Padma Lakshmi is the manager of a Nursing Clinic and she has the task of improving patient
satisfaction.
There have been various unsuccessful improvement initiatives in the past and the clinic team members
have become rather cynical about another meeting on the subject.
So she decides to use some creative problem solving techniques she has learned as part of her entrepreneurial
training. This, she hopes, will make the team meeting more interesting and engage people in a new way.
Perhaps it will reveal something more than the usual "good ideas" that no one has time to act on.

To prepare for the team meeting, Padma Lakhsmi thinks carefully about the problem and writes down the
specific problem statement:

"How do we improve patient satisfaction?" Then she

reverses the problem statement: "How do we make
patients more dissatisfied?"

What is the ideation technique used by Padma Lakshmi in the above mentioned case-let?

a. Reverse Thinking
b. Brainstorming
c. Deflection
d. Critical Thinking

3
 Answers
Question-1
True

Read more at
https://netmind.net/en/scamper-technique-reduce-reuse-recycle-or-reinvent/#:~:te xt=The
%20SCAMPER%20Technique%20is%20a,%2C%20components%2C%20materials% 2C%20people

Question-2
False

Read more at
https://www.viima.com/blog/idea-validation#:~:text=idea%20validation%20toolkit-,W hat%20is%20idea
%20validation%3F,ends%20with%20a%20paying%20customer

Question-3
True

Read more at
https://blog.hubspot.com/sales/pivot-startup#:~:text=A%20startup%20pivot%2C%20o r%20business
%20pivot%2C%20occurs%20occurs%20when%20a,that%20impacts%20its% 20bottom%20line

Question-4
True

Read more at
https://www.verywellmind.com/what-is-a-hypothesis-2795239

Question-5
True

Read more at
https://optinmonster.com/glossary/growth-hacking/

3
 Question-6
b. To guide everyone and connect them with the bigger goal

Read more at
https://www.clearvoice.com/blog/difference-between-mission-vision-statement
-examples/

Question-7
a. Unique Selling Proposition

Read more at
https://www.mindtools.com/pages/article/newTMC_11.htm

Question-8
c. An aspirational description of what an organization would like to achieve in the mid-term
or long-term future

Read more at
https://www.clearvoice.com/blog/difference-between-mission-vision-statement- examples/

Question-9
a. Strengths and Weaknesses

Read more at
https://www.mindtools.com/pages/article/newTMC_05.htm

Question-10
d. Apple

Read more at
https://www.msaworldwide.com/blog/franchise-franchising-works/

4
 Question-11
a. Open Network for Digital Commerce

Read more at
https://economictimes.indiatimes.com/tech/startups/reliance-backed-dunzos-b2b-l ogistics-arm-joins-
ondc/articleshow/93344425.cms?utm_source=contentofinterest&ut
m_medium=text&utm_campaign=cppst

Question-12
a. Department for Promotion of Industry and Internal Trade (DPIIT)

Read more at
https://dpiit.gov.in/

Question-13
c. Direct-to-Consumer

Read more at
https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insi ghts/the-six-
must-haves-to-achieve-breakthrough-growth-in-e-commerce-d2c

Question-14
b. Total expenditure per month

Read more at
https://www.nerdwallet.com/article/small-business/burn-rate

Question-15
a. Current Cash / Monthly Burn Rate = Cash Runway

Read more at
https://www.nerdwallet.com/article/small-business/burn-rate

4
 Question-16
b. Aileen Lee

Read more at
https://inc42.com/features/indias-unicorn-club-the-comprehensive-list-of- unicorns-in-
india/

Question-17
a. Decentralized Autonomous Organization

Read more at
https://www.techtarget.com/whatis/definition/Web-30#:~:text=Web%203.0%20 (Web3)%20is%20the,providing
%20website%20and%20application%20services

Question-18
a. Blockchain

Read more at
https://www.techtarget.com/whatis/definition/Web-30#:~:text=Web%203.0%20 (Web3)%20is%20the,providing
%20website%20and%20application%20services

Question-19
c. Employee Stock Option Plan

Question-20
c. Minimum Viable Product

Read more at
https://spdload.com/blog/what-is-mvp/

Question-21
d. All of the above

4
 Question-22
a. A smaller version of a whole market
Read more at
https://hbr.org/1975/05/when-where-and-how-to-test-market

Question-23
a. Data that has already been published
Read more at
https://www.formpl.us/blog/primary-secondary-data

Question-24
c. The Lean Startup

Read more at
https://www.nerdwallet.com/article/small-business/best-startup-books

Question-25
a. Zero to One

Read more at
https://www.nerdwallet.com/article/small-business/best-startup-books

Question-26
d. FICCI

Read more at
https://inc42.com/resources/top-47-active-venture-capital-firms-india-startups/

Question-27
d. Sachin Bansal
Read more at
https://www.forbes.com/profile/sachin-bansal/?sh=6a05f4fe2941

4
 Question-28
c. Small Industries Development Bank of India

Read more at
https://innopitch.in/statistics-facts-about-startups-in-india/

Question-29
b. First Principles Thinking

Read more at
https://medium.com/the-mission/elon-musks-3-step-first-principles-thinkin g-how-to-
think-and-solve-difficult-problems-like-a-ba1e73a9f6c0

Question-
a. Startup Accelerator

Read more at
https://masschallenge.org/article/accelerators-vs-incubators

Question-31
d. If the product or service is not something new but is aimed at solving the complexity and
disorientation in the existing situation then it will not be received well.

Read more at
https://www.msmex.in/learn/idea-validation-for-business-startup/

Question-32
a. Market Sizing

Read more at
https://www.msmex.in/learn/what-is-market-sizing/

Question-33
d. Meta, Amazon, Apple, Netflix and Google

Read more at
https://www.coinspeaker.com/guides/what-are-maang-stocks/

4
 Question-34
a. Balance Sheet

Read more at
https://economictimes.indiatimes.com/definition/balance-sheet

Question-35
a. Delaware

Read more at
https://foreignpolicy.com/2021/11/19/delaware-illicit-finance-corruption-off shore-wealth-
american-kleptocracy-book-excerpt/

Question-36
a. Willingness to pay (WTP)

Read more at
https://online.hbs.edu/blog/post/willingness-to-pay

Question-37
a. Hypothesis

Read more at

https://www.verywellmind.com/what-is-a-hypothesis-2795239

Question-38
a. Objectives and Key Results

Read more at
https://www.whatmatters.com/resources/difference-between-okr-kpi

Question-39
a. One District One Product

Read more at
https://pib.gov.in/PressReleasePage.aspx?PRID=1694805

4
 Question-
a. Third, 80

Read more at
https://www.ndtv.com/business/indias-startup-firms-increase-to-72-993-in
-2022-from-471-in-2016-3186816

Question-41
c. Software as a Service

Read more at https://www.salesforce.com/in/saas/#:~:text=What%20is%20SaaS%3F,comp lex

%20software%20and%20hardware%20management.

Question-42
a. Seed Capital

Read more at
https://www.thebalance.com/what-is-seed-capital-5192857

Question-43
c. Computing resources that can be accessed on demand, like electricity from a utility

Read more at
https://azure.microsoft.com/en-in/resources/cloud-computing-dictionary/ what-is-cloud-
computing/#benefits

Question-
a. Patent

Read more at
https://www.estartindia.com/knowledge-hub/blog/patent-for-business- idea-in-india

4
 Question-45
c. Due diligence

Read more at
https://blog.ipleaders.in/due-diligence-india-every-entrepreneur-needs-know/

Question-46
d. None of the above statements

Read more at
https://ipindia.gov.in/gi.htm

Question-47
c. Strategy

Read more at
https://www.stratadecision.com/blog/strategic-management-process-what-is-it/

Question-48
d. The cost of forming an LLP is exorbitantly high and more compliance and
regulations is needed

Read more at
https://cleartax.in/s/limited-liability-partnership-registration-procedure-india#:~: text=Minimum
%20two%20partners%20are%20required,should%20be%20resident%2 0in%20India

Question-49
a. Invoice

Read more at
https://cleartax.in/s/invoicing-billing#:~:text=An%20invoice%20or%20bill%20is,%2C% 20tax%2C%20and
%20payment%20terms

4
 Question-
a. Timesheet

Read more at
https://cleartax.in/s/invoicing-billing#:~:text=An%20invoice%20or%20bill%20is,%2 C%20tax%2C%20and
%20payment%20terms

Question-51
d. 16th January

Read more at
https://www.livemint.com/companies/start-ups/pm-declares-16-jan-as-startu p-day-says-
golden-era-of-startups-has-just-begun-11642237018254.html

Question-52
d. All of the above

Read more at
https://www.niti.gov.in/

Question-53
b. 1-B; 2-A; 3-C

Question-54
a. 1-A; 2-B; 3-C

Question-55
b. 1-B; 2-A; 3-C

Question-56
b. directly investing in entrepreneurial startups

4
 Question-57
b. Does not take variable costs into account

Read more at https://corporatefinanceinstitute.com/resources/knowledge/modeling/break-

even-analysis/

Question-58
b. Insurance Claims

Read more at
https://hbr.org/1998/11/how-venture-capital-works

Question-59
a. Customer Segments

Read more at
https://www.alexandercowan.com/business-model-canvas-templates/

Question-
a. CLTV is Customer Lifetime Value; CAC is Cost of Acquisition of Customer

Read more at
https://www.alexandercowan.com/business-model-canvas-templates/

Question-61
Venture Capitalists

Read more at
https://hbr.org/1998/11/how-venture-capital-works

4
 Question-62
a. Omnichannel strategy

Read more at
https://squareup.com/us/en/townsquare/how-to-take-your-omnichannel-str ategy-to-the-next-
level#:~:text=An%20omnichannel%20strategy%20is%20a,no t%20just%20for%20retailers
%20anymore

Question-63
c. Shoppers Stop

Read more at
https://inc42.com/features/51-d2c-brands-that-are-disrupting-indias-consu mer-market/

Question-64
d. The location of a business

Read more at
https://www.mindtools.com/pages/article/newTMC_05.htm

Question-65
a. CureFoods

Read more at
https://inc42.com/features/51-d2c-brands-that-are-disrupting-indias-consu mer-market/

Question-66
a. Low

Read more at
https://www.nerdwallet.com/article/small-business/burn-rate

5
 Question-67
a. Operating Profit Margin

Read more at
https://www.investopedia.com/terms/o/operatingmargin.asp

Question-68
d. All of the above

Read more at
https://www.businessnewsdaily.com/10613-effective-inventory-management.html

Question-69
c. Both Statements are TRUE

Read more at
https://www.indiatoday.in/education-today/featurephilia/story/11-startup-incub ators-every-
innovator-and-founder-should-know-about-1743701-2020-11-24

Question-70
b. Prototype

Read more at
https://www.entrepreneur.com/encyclopedia/prototype

Question-71
c. New data specifically collected for a project

Read more at
https://www.formpl.us/blog/primary-data

5
 Question-72
d. E-commerce platforms increase the cost of transacting in the long run and are bad for
small businesses

Read more at https://www.bigcommerce.com/articles/ecommerce/ecommerce-platforms/#

what-are-my-ecommerce-solution-options

Question-73
c. Lack or less of independence

Read more at
https://www.msaworldwide.com/blog/franchise-franchising-works/

Question-74
a. Customer Lifetime Value

Read more at
https://www.usertesting.com/resources/topics/cx-vs-ux

Question-75
d. It can be achieved through concerts or other similar public events

Read more at
https://www.businessnewsdaily.com/4134-what-is-crowdfunding.html

Question-76
c. Both Statements are TRUE

Read more at
https://www.entrepreneur.com/encyclopedia/prototype

5
 Question-77
a. LinkedIn

Read more at
https://www.reidhoffman.org/

Question-78
a. Incubation

Read more at
https://www.indiatoday.in/education-today/featurephilia/story/11-startup-incu bators-every-
innovator-and-founder-should-know-about-1743701-2020-11-24

Question-79
d. Assets held for sale in the ordinary course of business

Read more at
https://www.businessnewsdaily.com/10613-effective-inventory-management.html

Question-
a. Operating Margin

Read more at
https://www.investopedia.com/terms/o/operatingmargin.asp

Question-81
a. Girsh Mathrubootham

Read more at
https://archive.factordaily.com/longform/making-girish-mathrubootham/

5
 Question-82
a. Subroto Bagchi

Read more at
https://subrotobagchi.in/profile

Question-83
a. Tilak Mehta

Read more at
https://www.businessupside.in/tilak-mehta-the-youngest-entrepreneur-of-india/

Question-84
a. M K Vinusha

Read more at
https://yourstory.com/herstory/2020/07/woman-entrepreneur-chef-chennai- pastries?utm_pageloadtype=scroll

Question-85
d. Ronnie Screwvala

Read more at
https://in.linkedin.com/in/ronnie-screwvala-83133994

Question-86
c. Nithin Kamath

Read more at
https://startuptalky.com/nithin-kamath-unknown-facts/

5
 Question-87
d. Rakesh Jhunjhunwala

Read more at
https://www.business-standard.com/about/who-is-rakesh-jhunjhunwala

Question-88
d. Nandan Nilekani

Read more at
https://www.infosys.com/about/management-profiles/nandan-nilekani.html

Question-89
a. PC Musthafa

Read more at
https://theceostory.in/blog/success-story-of-pc-mustafa/

Question-Muruganantham
a. Arunachalam

Read more at
https://yourstory.com/2017/12/padman-bollywood-real-story/amp

Question-91
c. Opportunity Costs

Read more at
https://www.wallstreetmojo.com/opportunity-cost-examples/

5
 Question-92
b. Social Entrepreneurship

Read more at
https://valiantceo.com/what-is-entrepreneurship-7-types-of-entrepreneurship
-you-might-not-have-heard-of/

Question-93
b. Variable Pricing

Read more at
https://yourstory.com/2010/07/10-pricing-strategies-for-entrepreneurs-2/amp

Question-94
a. SCAMPER Model

Read more at
https://innovationmanagement.se/2010/03/09/scamper-your-way-to-greater
-innovation/

Question-95
d. Focus Group

Read more at
https://www.questionpro.com/blog/focus-group/

Question-96
a. Concept Testing

Read more at
https://www.questionpro.com/blog/what-is-concept-testing/

5
 Question-97
a. Pivoting

Read more at
https://blog.hubspot.com/sales/pivot-startup#:~:text=A%20startup%20pivot%2 C%20or%20business%20pivot
%2C%20occurs%20occurs%20when%20a,that%20i mpacts%20its%20bottom%20line

Question-98
a. Growth Hacking and Referral Marketing

Read more at
https://rockboost.com/blog/most-iconic-growth-hacking-examples/

Question-99
d. Increase transactions from these large number of customers by creating special
schemes

Read more at
https://optinmonster.com/glossary/growth-hacking/

Question-
a. Reverse Thinking

Read more at
https://www.mindtools.com/pages/article/newCT_96.htm