Based on the document provided, here are 100 multiple-choice questions (MCQs) to cover the

content comprehensively. Each question includes four options, with one correct answer marked.

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Section 1: Basics of Entrepreneurship

1. What is the primary focus of entrepreneurship?

a) Managing existing businesses

b) Identifying, developing, and bringing a vision to life (Correct)

c) Avoiding risks

d) Employing more than 500 people

2. Who is an entrepreneur?

a) An individual managing a family business

b) Someone who introduces new ideas and assumes associated risks (Correct)

c) A manager in a large corporation

d) A person working in the public sector

3. Which type of entrepreneurship focuses on creating social value?

a) Large company entrepreneurship

b) Social entrepreneurship (Correct)

c) Digital entrepreneurship

d) Franchise entrepreneurship

4. What does scalable startup entrepreneurship emphasize?

a) Local markets
b) Low investment needs

c) Rapid growth and high market reach (Correct)

d) Minimal innovation

5. What is intrapreneurship?

a) External business creation

b) Entrepreneurship within an existing organization (Correct)

c) Small business ownership

d) Buying existing businesses

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Section 2: Entrepreneurial Thinking

6. Which of the following is NOT part of entrepreneurial thinking?

a) Reflective thinking

b) Creative thinking

c) Analytical thinking (Correct)

d) Critical thinking

7. What does reflective thinking emphasize?

a) Examining external market trends

b) Examining one’s beliefs and experiences (Correct)

c) Avoiding past mistakes

d) Generating new ideas

a) Generating novel ideas and solutions (Correct)

b) Analyzing existing data

c) Evaluating business risks

d) Reflecting on past actions

9. How does critical thinking support entrepreneurship?

a) By fostering rapid decisions

b) By improving problem definition and decision-making (Correct)

c) By focusing solely on innovation

d) By reducing competition

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Section 3: Theories and Risk

10. Who proposed the theory of "creative destruction"?

a) Frank Knight

b) Joseph Schumpeter (Correct)

c) Richard Cantillon

d) Israel Kirzner

11. What does Knight’s Theory emphasize?

a) Risk-bearing behavior

b) The importance of uncertainty (Correct)

d) Economic equilibrium

12. What does opportunity-based entrepreneurship focus on?

a) Exploiting market gaps (Correct)

b) Surviving economic challenges

c) Reducing market competition

d) Creating informal businesses

13. What is a key characteristic of necessity-based entrepreneurship?

a) Market dominance

b) Innovation

c) Survival pressures (Correct)

d) High growth potential

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Section 4: Innovation

14. What type of innovation involves small improvements to existing products?

a) Incremental innovation (Correct)

b) Radical innovation

c) Architectural innovation

d) Disruptive innovation
15. Which type of innovation disrupts existing markets?

a) Incremental innovation

b) Disruptive innovation (Correct)

c) Process innovation

d) Social innovation

16. What does business model innovation focus on?

a) Developing new products

b) Reconfiguring technologies

c) Creating and delivering value differently (Correct)

d) Enhancing efficiency

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Section 5: Entrepreneurial Characteristics

17. What trait is common in opportunity-seeking entrepreneurs?

a) High tolerance for risks

b) Market awareness (Correct)

c) Limited resilience

d) Low networking ability

18. What defines a problem solver in entrepreneurship?

a) Avoiding uncertainties

b) Analytical and empathetic approaches (Correct)

c) Sole focus on profits

19. What makes an innovator stand out?

a) Strict adherence to established methods

b) Willingness to experiment (Correct)

c) Avoiding technological changes

d) Sole focus on learning

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Section 6: Enterprise Formation and Networking

20. What is the first stage of enterprise creation?

a) Startup

b) Survival

c) Discovery (Correct)

d) Growth

21. What is a key feature of limited liability companies?

a) Unlimited liability

b) Full profit retention by owners

c) Combination of partnership and corporation benefits (Correct)

d) Simplified tax reporting

22. Which is a merit of networking for entrepreneurs?

b) Enhanced knowledge sharing (Correct)

c) Increased bureaucracy

d) Limited opportunities

Section 6: Enterprise Formation and Networking (Continued)

23. Which stage in enterprise creation focuses on maintaining customer satisfaction and cash flow?

a) Startup

b) Survival (Correct)

c) Existence

d) Adaptation

24. Which form of business ownership is the simplest to establish?

a) Corporation

b) Sole proprietorship (Correct)

c) Partnership

d) Limited liability company

25. What is the main advantage of forming a joint venture?

a) Complete business integration

b) Sharing resources and risks (Correct)

c) Unlimited liability

d) Simplified agreements

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Section 7: Entrepreneurship in Nigeria

26. Who is the founder of Iroko Partners, an inspiring Nigerian entrepreneur?

a) Folorunsho Alakija

b) Jason Njoku (Correct)

c) Ibukun Awosika

d) Linda Ikeji

27. Which Nigerian entrepreneur transformed a tailoring shop into a leading children’s clothing
brand?

a) Olamide Orekunrin

b) Adenike Ogunlesi (Correct)

c) Tiwalola Olanubi Jnr.

d) Ibukun Awosika

28. What is a major barrier to entrepreneurship in Nigeria?

a) Abundance of infrastructure

b) Limited access to capital (Correct)

c) High availability of skilled labor

d) Overregulation of intellectual property

29. Which initiative supports young Nigerian entrepreneurs through training and funding?

a) LEAP Africa

b) The Tony Elumelu Foundation (Correct)

c) African Fintech Foundry

d) Flying Doctors
30. What is a key feature of youth enterprise networks?

a) Restricted membership

b) Platforms for idea sharing (Correct)

c) Focus on corporate enterprises

d) Sole reliance on government funding

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Section 8: E-Commerce and Digital Entrepreneurship

31. Which of these is an example of digital entrepreneurship?

a) A local bakery

b) Netflix (Correct)

c) A brick-and-mortar bookstore

d) A neighborhood grocery shop

32. Which is NOT a principle of e-commerce?

a) Digital delivery

b) Global reach

c) Low startup costs

d) Avoiding technology (Correct)

33. What is a key feature of franchise entrepreneurship?

a) Unlimited innovation

b) Proven business model (Correct)

d) Sole ownership of the brand

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Section 9: Risk and Risk Management

34. What does financial risk in entrepreneurship involve?

a) Market competition

b) Loss of invested capital (Correct)

c) Operational failures

d) Customer dissatisfaction

35. Which strategy is effective for managing entrepreneurial risks?

a) Ignoring market research

b) Conducting pilot projects (Correct)

c) Avoiding risks altogether

d) Relying solely on intuition

36. What is a benefit of taking calculated risks in entrepreneurship?

a) Avoiding uncertainty

b) Gaining competitive advantage (Correct)

c) Eliminating failures

d) Avoiding innovation
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Section 10: Theories of Entrepreneurship

37. What is the core idea behind Cantillon’s Risk-Bearing Theory?

a) Entrepreneurs disrupt industries

b) Entrepreneurs assume financial risks (Correct)

c) Entrepreneurs avoid uncertainties

d) Entrepreneurs rely on external funding

38. What does Kirzner’s Theory of Entrepreneurship emphasize?

a) Creative destruction

b) Alertness to market opportunities (Correct)

c) Risk-taking in uncertainty

d) Financial independence

39. What does the Austrian School of Economics associate entrepreneurship with?

a) Market disequilibrium (Correct)

b) Risk minimization

c) Corporate stability

d) Eliminating competition

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Section 11: Innovation Dimensions

40. What is an example of process innovation?

a) Introducing new packaging

b) Automating manufacturing (Correct)

c) Creating a new product

d) Launching an online platform

41. Which type of innovation is best described by the creation of electric vehicles?

a) Incremental innovation

b) Radical innovation (Correct)

c) Process innovation

d) Architectural innovation

42. What does social innovation aim to achieve?

a) Profit maximization

b) Addressing societal challenges (Correct)

c) Expanding market share

d) Technology disruption

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Section 12: Contemporary Entrepreneurial Issues

43. What skill is increasingly essential for modern entrepreneurs?

a) Agricultural literacy
b) Digital proficiency (Correct)

c) Sole reliance on traditional knowledge

d) Avoiding technology integration

44. What is a major benefit of a virtual office?

a) Higher operational costs

b) Flexibility in operations (Correct)

c) Limited talent pool

d) Geographical restrictions

45. Why is intellectual property important in entrepreneurship?

a) It limits market competition

b) It protects creative ideas (Correct)

c) It avoids legal compliance

d) It replaces business models

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Section 13: Creative Destruction

46. What is the main outcome of creative destruction?

a) Market stability

b) Replacement of outdated practices (Correct)

c) Avoidance of economic cycles

d) Elimination of all risks

a) Kodak’s transition to digital photography (Correct)

b) DVD rentals

c) Traditional manufacturing methods

d) Horse-drawn carriages in the modern era

48. What is a key challenge associated with creative destruction?

a) Job displacement (Correct)

b) Excessive stability

c) Technological stagnation

d) Economic recession

49. Which phase of entrepreneurship involves acquiring necessary resources?

a) Idea generation

b) Feasibility study

c) Resource mobilization (Correct)

d) Growth

50. At which phase does scaling the business occur?

a) Implementation

b) Feasibility study

c) Growth and sustainability (Correct)

d) Survival

51. What is a defining feature of intrapreneurs?

a) Ownership of personal ventures

b) Leveraging company resources for innovation (Correct)

d) Focusing on external markets

52. What is the relationship between change and innovation?

a) Change hinders innovation

b) Innovation acts as a catalyst for change (Correct)

c) Change and innovation are unrelated

d) Change eliminates the need for innovation

53. Which type of entrepreneurship is most common?

a) Large company entrepreneurship

b) Small business entrepreneurship (Correct)

c) Scalable startup entrepreneurship

d) Social entrepreneurship

54. Which is an example of a scalable startup?

a) Local grocery store

b) Spotify (Correct)

c) A neighborhood car wash

d) A community library

55. Which is NOT a dimension of innovation?

a) Product innovation

b) Process innovation

c) Financial innovation (Correct)

d) Social innovation
56. Which entrepreneur is an example of an innovator?

a) Elon Musk (Correct)

b) Jason Njoku

c) Linda Ikeji

d) Ibukun Awosika

57. What does “double bottom line” in social entrepreneurship refer to?

a) Profit and impact (Correct)

b) Revenue and cost

c) Risk and return

d) Market and innovation

58. What type of entrepreneurship involves leveraging the Internet?

a) Social entrepreneurship

b) Digital entrepreneurship (Correct)

c) Intrapreneurship

d) Franchise entrepreneurship

59. What type of entrepreneurship focuses on reinventing business models?

a) Buyer entrepreneurship

b) Adoptive entrepreneurship (Correct)

c) Serial entrepreneurship

d) Researcher entrepreneurship

60. Which skill is critical in managing virtual teams?

a) Negotiation
b) Strong communication (Correct)

c) Inventory management

d) Manual documentation

61. What is the hallmark of necessity-based entrepreneurs?

a) Pursuing growth opportunities

b) Operating under survival pressures (Correct)

c) Avoiding risks

d) Seeking large investments

62. Which is an example of architectural innovation?

a) 3D printing

b) Hybrid vehicles (Correct)

c) Subscription models

d) Virtual classrooms

63. What role do incubators play in entrepreneurship?

a) Providing direct profits

b) Offering resources and mentorship (Correct)

c) Replacing businesses

d) Eliminating financial risks

64. What does Schumpeterian entrepreneurship primarily drive?

a) Economic growth through innovation (Correct)

b) Reduced competition

c) Stable markets

d) Risk-free ventures
65. What is a key element of effective networking?

a) Restricting partnerships

b) Building relationships (Correct)

c) Reducing market risks

d) Avoiding collaborations

66. What is an example of disruptive innovation?

a) Tesla's electric vehicles (Correct)

b) A local bakery launching a new flavor

c) Incremental changes in software

d) New paint colors for existing products

67. Which entrepreneur demonstrated resilience after several failures?

a) Elon Musk

b) Jason Njoku (Correct)

c) Folorunsho Alakija

d) Ibukun Awosika

68. What stage of enterprise creation involves modeling operational strategies?

a) Discovery

b) Startup

c) Modeling (Correct)

d) Exit

69. Which Nigerian entrepreneur is associated with the furniture industry?

b) Ibukun Awosika (Correct)

c) Jason Njoku

d) Adenike Ogunlesi

70. What is the final stage of enterprise creation?

a) Growth

b) Exit (Correct)

c) Survival

d) Existence

71. Which type of innovation often replaces entire industries?

a) Incremental innovation

b) Radical innovation (Correct)

c) Process innovation

d) Architectural innovation

72. What is a challenge of intellectual property management?

a) Easy enforcement of IP laws

b) Limited awareness about regulations (Correct)

c) Lack of creative ideas

d) Abundance of funding

73. What is a key advantage of forming strategic alliances?

a) Sole ownership

b) Shared resources and expertise (Correct)

c) Avoiding market competition

74. What does the success stage in entrepreneurship allow?

a) Stagnation

b) Scaling or stabilizing the business (Correct)

c) Avoiding risks

d) Resource acquisition

75. What is a feature of buyer entrepreneurship?

a) Developing a new product

b) Improving existing businesses (Correct)

c) Disrupting markets

d) Avoiding risks

76. What skill is emphasized in reflective thinking?

a) Proactiveness

b) Self-awareness (Correct)

c) Risk-taking

d) Market analysis

77. What defines adaptive entrepreneurship?

a) Enhancing competitor models (Correct)

b) Launching innovative products

c) Buying businesses for profit

d) Avoiding risks
78. What is a defining characteristic of franchising?

a) Developing original products

b) Operating under an established brand (Correct)

c) Avoiding licensing fees

d) Limited market reach

79. Which theory emphasizes alertness to market inefficiencies?

a) Schumpeterian Theory

b) Kirzner’s Theory (Correct)

c) Knight’s Theory

d) Cantillon’s Theory

80. What is a benefit of continuous learning in entrepreneurship?

a) Reduced adaptability

b) Staying competitive in fast-evolving markets (Correct)

c) Avoiding new technologies

d) Focusing only on traditional skills

81. Which entrepreneur represents youth engagement in Nigeria?

a) Olamide Orekunrin

b) Tiwalola Olanubi Jnr. (Correct)

c) Jason Njoku

d) Folorunsho Alakija

82. What does a business model define?

a) Financial risks

b) Strategy and operations (Correct)

d) Partnership terms

83. What is an essential principle of e-commerce?

a) Limited customer reach

b) Global accessibility (Correct)

c) High startup costs

d) Physical-only transactions

84. Which type of entrepreneur focuses on short-term profits?

a) Social entrepreneur

b) Hustler entrepreneur (Correct)

c) Digital entrepreneur

d) Researcher entrepreneur

85. What do opportunity-based entrepreneurs primarily aim for?

a) Surviving challenges

b) Exploiting market gaps (Correct)

c) Avoiding competition

d) Following market trends

86. What is a primary characteristic of intrapreneurship?

a) Full ownership of the venture

b) Innovation within a company (Correct)

c) Avoidance of risks

d) Focus on external markets

a) Social entrepreneurship

b) Green entrepreneurship (Correct)

c) Scalable startup entrepreneurship

d) Large company entrepreneurship

88. Which phase of entrepreneurship involves bringing the idea to market?

a) Feasibility study

b) Implementation (Correct)

c) Resource mobilization

d) Discovery

89. Which theory emphasizes the entrepreneur's role in economic cycles?

a) Cantillon’s Risk-Bearing Theory

b) Schumpeterian Theory (Correct)

c) Kirzner’s Alertness Theory

d) Knight’s Theory

90. What does Marshall’s concept of industrial districts highlight?

a) The decline of small businesses

b) Networks of small and medium enterprises (Correct)

c) The obsolescence of local markets

d) Centralized business operations

91. Which is a common challenge for women entrepreneurs in Nigeria?

a) Overabundance of resources

b) Cultural expectations (Correct)

d) Excessive government support

92. Which innovation type combines existing technologies into new systems?

a) Radical innovation

b) Architectural innovation (Correct)

c) Process innovation

d) Incremental innovation

93. What is a feature of necessity-based entrepreneurship?

a) High growth potential

b) Motivation by lack of alternatives (Correct)

c) Driven by innovation

d) Supported by external funding

94. What does the survival stage in entrepreneurship emphasize?

a) Long-term scaling

b) Maintaining cash flow (Correct)

c) Exploring new markets

d) Building partnerships

95. What distinguishes social entrepreneurship from others?

a) Profit as the sole motive

b) Focus on social value creation (Correct)

c) Avoiding innovation

d) Rapid scaling
96. What is an example of incremental innovation?

a) Software updates (Correct)

b) Launching electric vehicles

c) Creating new industries

d) Pioneering a cryptocurrency

97. What does the "double bottom line" emphasize?

a) Sustainability and scalability

b) Profit and societal impact (Correct)

c) Growth and profitability

d) Innovation and risk-taking

98. Which entrepreneur is an example of resilience and diversification?

a) Folorunsho Alakija (Correct)

b) Linda Ikeji

c) Jason Njoku

d) Ibukun Awosika

99. What is the role of business planning in entrepreneurship?

a) Avoiding resource allocation

b) Outlining strategies for success (Correct)

c) Focusing solely on funding

d) Eliminating market competition

100. Which characteristic is essential for opportunity-seeking entrepreneurs?

a) Reactive decision-making
b) Proactive mindset (Correct)

c) Avoiding collaborations

d) Limiting networking