ENTERPRENUERSHIP PAST QUESTIONS OBJECTIVES

1. Entrepreneurship is defined as one of the following:

a) Dynamic process of creating incremental wealth
b) Willingness to improvise and have a positive mindset
c) Developing an entrepreneurial thinking and the driving force of any nation's economy
d) Options a-c are correct
2. The mix of creativity and innovation is what:
a) Makes entrepreneurs tick
b) Influences entrepreneurship outcomes
c) Displays a high level of reliability
d) Selects the right business
3. Examples of entrepreneurship skills are:
a) Teamwork and leadership
b) Expanding your business very early
c) Accounting statement
d) Management marketing research
4. One of the following will help in improving your entrepreneurship skill:
a) Improvise from time to time
b) Selection of a business location
c) Be careful of new situations
d) Start your own business
5. Entrepreneurial mindset includes one of the following:
a) Using networking to build your business
b) Understanding the power of brand
c) Identifying problems and providing a timely solution
d) Preparing market policy and strategy
6. In the entrepreneurial process, opportunity evaluation leads to one of the following:
a) Decision-making
b) Vision analysis
c) Developing entrepreneurial mindset
d) Options a-c are correct
7. The preliminary step in the entrepreneurial process is also referred to as:
a) Idea generation
b) Developing entrepreneurial thinking
c) Developing customer service skill
d) Developing problem-solving skill
8. Acquisition of machineries and installation is part of the:
a) Planning stage of the entrepreneurship process
b) Implementation stage
c) Managerial stage
d) Decision-making stage
 9. Some of the managerial duties to be taken care of are:
a) Marketing strategies and advertisement
b) Research and development
c) Opportunity evaluation
d) Permission and recognition from the government
10. Some of the top reasons of entrepreneurs' failure in 2018 include one of the following: a)
Failure in marketing
b) Inadequate idea generation
c) Company formation deficiencies
d) Federal government and state tax identifications
11. One of the listed options represents the entrepreneurship mindset that successful entrepreneurs
have used over the years:
a) Understanding the power of brand
b) Identifying problems and providing a timely solution
c) Starting your own business on time
d) Importance of value creation
12. One of the three main mindsets of entrepreneurship includes:
a) Going in the right direction
b) Details of the operation
c) The market for the product or services
d) The production process and production plan
13. One of the following is relevant to the phrase "Entrepreneurs are brilliant at thinking on their
feet":
a) They see alternatives quickly and are able to change paths
b) Set clear goals
c) Practice being decisive
d) Redefine failure and remain curious
14. You might consider the following steps to help you improve your skill set:
a) Attend events and workshops
b) Think big and minimize the rate at which you listen to people
c) Specify the extent of the work of entrepreneurs
d) Identifies the vision of the entrepreneur
15. Breakthrough technical entrepreneur Chinedu Echerou is urging budding businesses to observe
one of the following: a) Credibility
b) Customer Management
c) Sales Management
d) Financial Management
16. One of the following is an attribute of demonstrating entrepreneurial thinking:
a) Think differently than employees
b) Choose a business structure
c) Choose your business name
d) Consult with mentors
17. You can practice applying your entrepreneurship skills in the workplace by doing one of the
following:
a) Finding leadership opportunities and requesting feedback on your performance
b) Travel frequently in search of more experiences
c) Delegate more often
d) Be more practical in addressing failure
18. Critical thinking skills in entrepreneurship mean one of the following options:
a) Being able to look at situations from different perspectives
b) Setting clear goals
c) Practice being decisive
d) Redefine failure
19. Company formation/launch takes place at one of the following stages of the entrepreneurial
process:
a) Implementation steps of entrepreneurship
b) Idea generation (Preliminary steps)
c) Opportunity evaluation (Decision-making steps)
d) Planning steps (Planning)
20. The business life cycle is the progression of a business in phases over time and is commonly
divided into:
a) Five stages
b) Nine stages
c) Seven stages
d) Three stages
21. One of the following is a stage in the cycle of the progression of a business:
a) Maturity
b) Declaring the vision
c) Developing the mission
d) Preparation
22. One of the following is a characteristic of the entrepreneurship environment:
a) It brings its challenges
b) It carries its solution no matter how long
c) There are competitors
d) Angel investors are available in every environment
23. The environment has a relationship with the goals and the function of the entrepreneur in one
of the following aspects:
a) Creation of Utility
b) Preparing market policy and strategy
c) Managing promotion of products or services
d) Formulating price policy
24. Other elements of the environment include one of the following:
a) Specifies the event of the work of the entrepreneur
b) Identifies the vision of the entrepreneurs
 c) It makes provision for the operations
d) It's dependable and you can always rely on it
25. One of the following is a reason why we must understand the entrepreneurship environment
and its relationship:
a) Entrepreneurs of all sizes need a predictable economic
b) To be able to recover our goods in case of any problem
c) To gain better understanding
d) Ecopreneurship
26. One of the following is another name for Environmental entrepreneurship:
a) Ecopreneurship
b) Women and entrepreneurship
c) Impact entrepreneurship
d) Consult entrepreneurship
27. One of the following is an impact of entrepreneurship on your natural environment:
a) Counteract climate change
b) Increase environmental degradation and deforestation
c) Decrease agricultural practices and freshwater supply
d) Environmental entrepreneurship is biodiversity in nature
28. Time management is an important factor in:
a) Decision-making
b) Declaration the vision of the organization
c) Growing the business
d) Communication in business
29. Becoming a successful entrepreneur means one of the following:
a) Taking on leadership roles and working as part of the team
b) Integral Part of Human Life
c) Business planning
d) Management, marketing research, and policies
30. Positive side of change in your business. If you want to make a change in your life, you
can to do so positively by considering one of the following options: a) Identify and
understand what you want to change
b) Rid your life of negativity
c) Exercise more often, and be kind to others
d) Options a-c are correct
31. Leadership quality is essential for every entrepreneur to:
a) Make the whole team work together
b) Overall business management skills
c) They should have knowledge about labor
d) Encompass a large range of both soft and hard skills
32. Essential businesses you could start with not so much money include one of the
following:
a) Event Planning
 b) Farming
c) Pastoring
d) Develop your entrepreneurial skills
33. Because entrepreneurial skills can be applied to many job roles and industries one of the
listed options is essential:
a) Developing your entrepreneurial skills can mean developing several types of skill sets
b) Many organizations still succeed without entrepreneurial skills
e) Not much time is required to learn the skill, you can apply it from time to time before
you eventually get acquainted with it.
d) You may even decide to observe from other companies and get used to the skills
34. Being able to look at problems, situations, projects, and operations from different
perspectives in business is referred to as:
a) Critical thinking skills
b) Analytical and problem-solving skills
c) Financial skills
d) Strategic thinking and planning skills
35. Breaking down tasks into manageable to-do lists and setting deadlines and achievable
objectives are considered under:
a) Time management skills
b) Technical skills
c) Customer service skills
d) Critical thinking skills
36. Managers who spend time networking with other professionals to grow their businesses
are operating under which of the following skills: a) Branding, marketing, and
networking skills
b) Branding skills
c) Networking skills
d) Marketing skills
37. Chinedu Echerou and the 5 C's of entrepreneurship mean one of the following options:
a) Credibility, clarity, conviction, capital, and concentration
b) Credibility, cleverness, conviction, capital, and concentration
c) Centrality, concentration, capital, conviction, and concentration
d) Credibility, comeliness, conviction, capital, and concentration
38. In demonstrating entrepreneurial thinking, thinking differently than employees means:
a) Entrepreneurship is a state of mind as much as a set of actions
b) Always having a different point of view
c) Never agreeing with employees' thinking
d) There are many needs of argument with employees in an attempt to insist on what is
right
39. In demonstrating entrepreneurial thinking, seeing challenges as opportunities means:
a) Being able to think outside the box in the face of challenges
b) An opportunity to dive into challenges
 c) An opportunity to venture into other people's businesses to solve the problem
d) Being more committed to the organization
40. In having an entrepreneurial mindset, believing in the ability to succeed and influence
their own outcomes means:
a) Empowering them to take ownership of their lives financially
b) Being proactive
c) Being financially sensitive
d) Enforcing yourself at all costs
41. In Entrepreneurship, Our mindset is the underlying mechanism that can do anyone to
following:
a) Expose opportunities and ignite our ambition, engaging our faculties in ways that
enable us to flourish and thrive
b) Our mindset can also blind us to opportunities and hinder our ability to learn and grow
c) Keeping us to the familiar, yet unproductive patterns of thoughts and action
d) Items No, a-c are correct
42. The steps taken in order to establish a new enterprise are referred to as:
a) Entrepreneurial process
b) Entrepreneurial thinking
c) Entrepreneurial mindset
d) Innovation and creative thinking
43. One of the following provides a space to review the best strategy to run the business by
cutting expenses and maximizing profit:
a) Planning
b) Decision-making
c) Managerial strategies
d) Time Management strategies
44. Marketing strategy, advertisement of products or services, effective distribution system
are considered under one of the following of the entrepreneurial process:
a) Managerial steps
b) Decision-making steps
c) Preliminary steps
d) Product launch stage
45. Entrepreneurship environment refers to one of the following:
a) The various factors within which enterprises - big, medium, and small and other has to
operate
b) It's the aggregate of all those conditions, both internal and external factors, which
affect the life of living beings and development of entrepreneurship
c) It's the association with the external knowledge, condition, effect, and forces, which
have a relationship with the objectives and the function of that organization
d) a-c are correct
46. A person is the products of environment means one of the following:
 a) A person basically according to the environment, whether good or bad. He also tries to
adjust himself according to the environment, using his intelligence, knowledge,
capability, conduct, and behavior
b) Man is born, nourishes and develop in the environment
c) It is essential to keep himself regular in contact with the environment
d) It is important that knowledge about changes and happening in the environment be
absorbed
47. Since the environment or its component are dynamic, it's necessary that the institution
should:
a) Make changes in its policies and programs accordingly
b) Network according to the environment
c) Respect the environment accordingly
d) Always put the environment into considerations
48. The opportunity provided by the environment to the entrepreneur includes one of the
following options:
a) He carries out various activities perceiving the environment
b) He accepts the challenges, he removes the obstacle
c) And attempts to make the environment balanced
d) Option a-c are correct
49. Understanding the entrepreneurship environment and its relationship is compulsory due
to one of the following options:
a) High level of competition in the market,
b) It's important for both businessmen as well as their employees to be involved in the
constant process of learning and improving personal skills
c) The abilities that must be learned include: like creativity, determination,
communication, skills, and the vision for new business chances
d) Option a-c are correct
50. We must understand the entrepreneurship environment and its relationship due to one of
the following options:
a) Entrepreneurs of all sizes need predictable economic, environment/culture that accept
success and failure with equanimity
b) There is the need for a regulatory environment where trust plays a key role, and a
public environment where they can hold a place of pride as national contributors.
c) The environment, therefore, influences the enterprise. By and large, an environment
created by political, social, economic, national, legal forces, etc. influences
entrepreneurship.
d) Options a-c are correct
51. Market research will provide one of the following options:
a) To find out if there's an opportunity to turn your idea into a successful business.
b) The profit margin on the business
c) The specific number of customers
d) The specific number of consumers
52. The main content of a business plan includes one of the following options:
 a) Management, Manpower requirement, Product or service, Market and marketing
b) Variety of product
c) Cost diversity
d) Complete line
53. More content of the business plan includes one of the following options:
a) Production process, Financial Analysis, Profitability Analysis, Evaluation of the
project
b) Ways of Customizing
c) Providing some variety without adding too much cost.
d) Product Differentiation
54. One of the following options is true about the business plan:
a) The plan should be as brief as possible. It must be concise, given all necessary
information
b) Figures and data may be confusing from time to time
c) Marketing Policy may be considered sometime
d) Company's products are distinctive from competitors is an important aspect of the
business plan
55. Why change happens in a business environment includes one of the following options:
a) To contribute to better business performance, better ways in which employees work
b) Better position for the organization in a competitive industry
c) An organization should undergo and accept changes in order to be successful
d) Option a-c are correct
56. Six such elements that a business must be aware of include one of the following options:
a) PESTLE analysis,
b) Quality
c) Product Differences
d) What characteristics of its product customers feel are important
57. One of the following options is considered in dealing with changes in the business
environment:
a) Embrace Technology, Increase Your Speed, Learn to Live with ambiguity and
uncertainty.
b) The extent to which its customers can appreciate the differences in such features
c) The cost of producing extra features willing to pay for them.
d) Frequency of design change
58. Other things to be considered in managing change include one of the following features:
a) Act like an Entrepreneur, Adding Value to the Organization. , Know Your Niche.
b) The plan should be as brief as possible
c) Annual model - mostly used for consumer goods;
d) "Product Leadership
59. Impact of change includes one of the following options:
a) Change may force people into new roles and new ways of doing things.
 b) At the same time, change makes people give up established and valued ways of
functioning:
c) For many individuals, their sense of identity is linked to these established behaviors.
d) Options a-c are correct
60. The negative effects of change may include one of the following options:
a) Reduced morale,
b) Increased absenteeism and/or presentism, even breakdowns in working relationships.
Some employees may choose to leave rather than ride the storm.
c) Change not planned efficiently can be costly in many ways.
d) Options a-c are correct
61. Other positive sides of change include:
a) Build a support network.
b) Eliminate the nonessentials.
c) Take basic steps.
d) Options a-e are correct