DELTA STATE POLYTECHNIC OTEFE – OGHARA

SCHOOL OF BUSINESS STUDIES

DEPARTMENT OF ELECTRICAL ELECTRONICS ENGINEERING.
FIRST SEMESTER EXAMINATION 2022/2023 SESSION
COURSE: INTRODUCTION TO ENTREPRENUERSHIP LEVEL: ND1 (RI)
COURSE CODE: EED 126 (1hr 30mins)
MARKING SCHEME
SECTION A
1. Philosophy
2. Wage employment
3. Self-employment
4. Opportunist
5. Inventors
6. Pattern
7. Acquirers
8. Buy-Sell Artist
9. Speculators
10. Internal
11. Franchise
12. Necessity
13. Enterprise
14. Sectors or
15. Sizes
16. Money
17. Materials
18. Energy
19. Skills
20. Knowledge
21. Time
22. Skilled and
23. Unskilled
24. Sectors
25. Fiscal incentive
26. Self-Employment
27. Self-Employment
28. Paid employment
29. Self-Employment
30. Profit and Growth

EXAMNINER: ALFRED OMOTAYO Page 1

 SECTION B
SOLUTION ONE
CHARACTERISTICS OF ENTREPRENEURSHIP:
Entrepreneurship is grouped into three basic characteristic or perspectives which are
sociological, psychological and economic perspectives. And they are characterized as follows:
i). Sociological perspective:
a). they are goal – oriented
b). they have capacity to adapt to changing conditions
c). they have ability to organize men, materials, money and machines to achieve
goals

ii). Psychological perspective:

a). they have high need for achievement and success
b). they possess strong desire for responsibility
c). independence of mind
d). they have a high degree of self confidence
e). they do not like routine work
f). they venture some and like to experiment

iii). Economic perspective:

a). profit oriented, accepts profit as a legitimate reward for enterprise
b). risk taking ability
c). ability to innovate and speculate

SOLUTION TWO
PROBLEMS FACING ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA
1. Lack of trust by Nigerians
2. Lack of adequate infrastructural facilities.
3. Poor educational background
4. Importation of foreign made goods
5. Political instability
6. Insecurity
7. Poor or wasted economic policies.
8. Poor implementation of policies.
9. Enterprises are run by bureaucrats and are plagued with red-tapism.
10. Market restrictions
11. Too many informal sectors of the economy
12. Finances
13. Inadequate documentation of processes and outcomes
14. Corruption

EXAMNINER: ALFRED OMOTAYO Page 2

SOLUTION THREE
DIFFERENCES BETWEEN SELF EMPLOYMENT AND WAGE EMPLOYMENT
S/N SELF EMPLOYMENT WAGE EMPLOYMENT
1 Job No job security, There is job security, employees
security workers can be hired and work till retirement age/ period. Also
fired at will. Also, profit at employees cannot be fired at will
the end of the month/year without due process.
is not guaranteed due to
business uncertainty.
2 Position Here, the entrepreneur Employees are subordinates to
is his own boss, do not their employer or departmental
report to anybody / head heads thus, reports to a superior
of department. officer.
3 Earnings Income is not limited, Employees enjoy pension
because it is not decided in benefits, gratuity, etc. income is
advance, rather depends limited, it is decided in advance by the
on the ability of the employer how he/she will be paid at
person. the end of the month.
4 Future No future security, it is Employees enjoy pension benefit,
security dependent on the success gratuity etc.
and or failure of the business
fringe
benefits
5. Nature of Flexible, the owner can Routine in nature, workers are
work do any work that is given specific task to perform
necessary at any time
6 Purpose Work is done for the Employees work for the benefit of
benefit of oneself others. i.e the organization.

EXAMNINER: ALFRED OMOTAYO Page 3