Entrepreneurship and Innovation Life Saver.-1

Document prepared by Hadi Onimisi Tijani, from Faculty of Law, BUK.
The answers here

are not 100% assured, hence, make sure you make your own research.
Contact/WhatsApp: +2348142489112.
EEP-3201 – Entrepreneurship and Innovation Life Saver.
By Onimisi – Fluent in Silence!
[This document is made up of two parts titled Part A and Part B. The Part A contains past
questions and answers for four years, while the Part B contains bullet points on the course,
generally].
Part A.
1. Learning and sharing lessons that lead to higher competency as an element of innovation
is referred to as…………
a. contemplation (M5).
b. customer focus
c. challenge
d. completion
2. Dala Books Company almost went down the drain when the owner died; fortunately, a
member of the family’s singular act coincides with one of the following assumptions of
family business
a. Family corporate venturing
b. Family investment fund
c. Family corporate renewal (M6).
d. Family private cash
3. The sources of innovation include, among others………
a. unexpected occurrences
b. incongruities of various kinds
c. A and b above (M5).
d. None of the above
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4. Late Alh. Haruna Dan-Ja left behind a business empire that later collapsed. One of the
reasons for the collapse was the problem of succession. Among the following, there is a
strategy that could have remedied the situation
a. Family business constitution (M6)
b. Family business cash
c. Family business neighbours
d. A and C
5. Which of the following is not a source of innovation?
a. Demographic changes
b. Changes in perceptions
c. New knowledge
d. Diffusion of innovation (M5).
6. The act of implementing a new idea as an element of innovation is referred to as…………
a. challenge
b. customer focus
c. contemplation
d. completion (M5).
7. A…………..innovation is extremely unique innovation which in most cases determines
the basis for further innovation in that area or field
a. Product innovation
b. Process innovation
c. Breakthrough (M5).
d. Ordinary innovation
8. Yahuza Suya’s attitude seeking business opportunities beyond security falls
under…………….of entrepreneurship?
a. technology entrepreneurship dimension
b. inheritance dimension
c. behavioural dimension (M1).
d. family business dimension
9. All the following are the various perspectives of entrepreneurship as propounded by
economists except………….

a. functional
b. behavioural
c. entrepreneurial (M1).
d. personality
10. The Big Brother Nigeria show is a product of intellectual property. Specifically, it belongs
to which of the IPRs?
a. Royalty
b. Trademark
c. Patent
d. Copyright (M3).
11. A lot of external forces help inhibit people’s creativity. These forces are put together and
called ………….
a. negative attitudes that block creativity (M3).
b. positive attitudes that encourage creativity
c. negative attitudes that encourage creativity
12. The innovation that usually comes from market-led or market-push innovations are referred
to as…………
a. product innovation
b. process innovation
c. breakthrough
d. ordinary innovation (M5).
13. Which of the following is not an element in the diffusion of innovation process?
a. Social system
b. Time
c. communications channel
d. Financial constraints (M5).
14. According to the Disruptive Innovation Model, innovation for not innovation’s sake is
seldom financially successful
a. True
b. False (innovation for innovation’s sake is seldom financially successful) (M5).

c. ambiguous
15. It is easier for women in developed countries to operate in formal sectors. In developing
countries, the reverse is the case due to……………
a. greater passion for entrepreneurship
b. infrastructural development
c. smaller family size
d. complex legal procedures (M7).
16. Which of the following does not affect the adoption rate of any particular innovation as
developed by Rogers (1995)?
a. Perceived attributes of innovations
b. Type of innovation decision
c. Communication channels
d. The distribution process (M5).
17. Nepotism and the differences in competences and merit of family members involved in the
business is an advantage of family business
a. True
b. False (it is a disadvantage) (M6).
c. ambiguous
18. A lot of family businesses inherited by younger generation are banking on ………….
thinking it is going to guarantee their success too in this current time
a. Their parents’ past glory (M6).
b. Government
c. Religion
d. Culture
19. Is a business like Modesty Transport entitled to intellectual property law protection?
a. Yes
b. No
c. A portion of it (its name, logo and slogan) (M3).
20. What part of the newly-established soft drink “Bigi” could be protected by trademark?
a. The logo
b. The slogan

c. Only the drink
d. A and B above (M3).
21. Which one of the following is not part of critical change areas?
a. Capital
b. Raw materials
c. Technology
d. Completion (M5).
22. ………………. is a deliberate search of the demand and supply levels of particular
products or services to get information on unexploited niches.
a. Personal interest
b. Electronic and print media
c. Market research (M9).
d. Experience
23. Assuming Alh. Zubairu was derived into present business success story in BUK by his
internal locus of control, high risk taking propensity and high need for achievement. He
could be said to have been influenced by his………….
a. life style
b. background
c. behaviour
d. personality (M9).
24. All of the following are aspects where men and women entrepreneurship differ
except……….
a. business registration process (M7).
b. differing capital base
c. debt financing ratios
d. sales turnover
25. For GT Bank or Access Bank to have introduced the ATM machine to ease banking
transactions, they must have realized the need for the machines to have been triggered
by……
a. process need (M5).
b. product need

c. regulatory need
d. staff need
26. …….. connotes perceiving a possibility for new profit potential
a. Elaboration
b. Opportunity scouting
c. Opportunity recognition (M9).
d. Opportunity exploitation
27. ………….is the study and interpretation of the political, economic, social and
technological events and trends which influence a business, an industry or even the total
market
a. Opportunity cost
b. Opportunity scanning (M9).
c. Opportunity recognition
d. All of the above
28. Why is trade better than Aid in alleviating poverty?
a. Trade encourages the establishment of local businesses (M9).
b. Aid can promote dependence
c. Aid is too expensive
d. There are difficulties with distribution of Aid in Third World countries
29. Dantata & Sawoe construction company is also considered a family business
because……….
a. the business is owned by the Dantata family.
b. the company is owned by unrelated partners that both have their wards in the
management
c. the business is managed by a single family (M6).
30. A style of business that involves identifying opportunities from hi-tech business
perspective is otherwise known as……….
a. ICT-preneurship
b. high impact factor
c. technopreneurship (M4).

d. technology incubation
31. A major turning point in business history that remarkably changed production method from
labour intensive to capital intensive is known as……….
a. production transformation revolution (M4).
b. information technology revolution.
c. industrial labour extinction
32. One of the following is not a strategy for resolving conflict in a family business
a. Family councils
b. Family business constitution
c. Family records book (M6).
d. Family retreat
33. A process where a business managerial control is transferred to the next generation of
family members is known as
a. success planning
b. succession planning (M6).
c. successful planning
d. family business culture
34. ………is a perceived means of generating incomes that previously have not been exploited
and are currently not being exploited by others
a. Business
b. Scouting
c. Opportunity (M9).
d. Environment
35. …………is defined as the cognitive process or processes through which individuals
conclude that they have identified an opportunity
a. Opportunity cost
b. Opportunity scanning
c. Opportunity recognition
d. Opportunity identification (M9).
36. Organizations profit from the management practices of women because……….

a. they have better capacity to give back to the society (M7).
b. divergent characteristics of men and women present business opportunities
c. there is a need to breed more women managers
d. diversity brings about diverse ideas
37. Is it compulsory for every entrepreneurial engagement or activity to result into creating a
business enterprise?
a. Yes
b. No (it could result into the creation of new products and services, innovation,
new ventures, and/or the creation of value for the society) (M1).
c. Ambiguous
38. Habib Yoghurt’s decision to introduce blending of Fura and open up a Habib restaurant
can simply be considered as……
a. technological entrepreneurship
b. corporate entrepreneurship (M1).
c. family business
39. One of the following is a downside to the social enterprise model
a. Profiting off the poor
b. Neglecting those who cannot pay
c. Decreasing the social capital of the society
d. Neglecting those who cannot pay and decreasing the social capital of the
society (M8).
40. Intellectual property right is there to protect and reward………. for his creative work
a. a lecturer
b. an inventor (M3).
c. a footballer
d. a lawyer
41. A student of electrical engineering built an incubator that is so unique in the market place
but doesn’t know how to protect his/her work. Advise him on which type of protection will
be suitable for his/her work.

a. Patent (M3).
b. Royalty
c. Trademark
d. Slogan
42. Isyaku Rabiu and Sons are the owners of IRS Airline which eventually gave birth to IRS
Rice Mill at Sharada area of Kano. Which type of family business assumption applies here?
a. Family corporate venturing (M6).
b. Family relationship management
c. Family corporate renewal
d. A and B
43. Technology represents the following unique opportunities to entrepreneurs in a business
environment except
a. Research result
b. Online presence (M4).
c. Adaptation
d. Government patent
44. The existing gender gap in access to finance is related to factors such as……….
a. age of women enterprise (M7).
b. favouritism
c. economic cycles
d. absence of microcredit institutions
45. One of the following is not among the institutions supporting technological
entrepreneurship
a. Technology Dissemination Centre (TDC) (M4).
b. Technology Incubation Centre (TIC)
c. Raw Material Research and Development Council (RMRDC)
d. National Office for Technology Acquisition and Promotion (NOTAP)
46. An intrapreneur is that person………
a. under a salaried employment
b. who voluntarily initiate new ways of improving the company’s value (M1)
c. not paid salary

47. …… is the reason why there are fewer or no women of Hausa origin in Kyari market
a. Culture (M7).
b. Education
c. Technology
d. Marital status
48. It is argued by…………..of entrepreneurship that individual entrepreneurial capacity is
terminated by his actions and activities of perceiving opportunities and establishment of an
enterprise
a. behavioural model (M1).
b. interpersonal model
c. marketing model
d. opportunity model
49. Outcome of entrepreneurship is not understood in terms of all the following except………
a. creation of value in the to the society (M1).
b. perseverance
c. locus of control
d. opportunity identification
50. In family business, business’s principals and actors are related by kinship and ……
a. Friendship
b. Relationship
c. Marriage (M6).
d. Neighbourhood
51. A situation where family members intentionally initiated a family business is known
as…………
a. family influenced start up (M6).
b. family corporate venturing
c. family agreement
d. All of the above
52. The movie titled Sai-a-Lahira was acted by Ali Nuhu and Adam Zango on two different
story lines because there was no………

a. copyright registration (M3).
b. trademark
c. ownership registration
d. patent registration
53. A child whose mother refrains him from collecting money after being sent on an errand but
instead the child asks the person who sent him to buy him chocolate. What type of thinking
could that be?
a. Critical
b. Creative (M3).
c. Traditional
d. Discipline
54. Ogochukwu whose father used to travel to Onitsha by night buses for his business trips and
now the son chose not to go by road because he is afraid of armed robbery and not road
accident. This decision is as a result of……….
a. risk profile similarities
b. business architecture
c. marketing profile difference
d. risk profile difference (M6).
55. All the following are components of technology except………
a. communications (M4).
b. techniques
c. strategies
d. skills
56. ………… is a reason why women are prevented from operating competitive businesses in
many sub-Saharan African countries
a. Constitution
b. Education
c. Family
d. Culture (M7).
57. One of the following theories asserted that “a firm with entrepreneurial spirit normally
replaces less-innovative incumbents”

a. Theory of entrepreneurship
b. Theory of creative destruction
c. Diffusion theory of innovation (M5).
d. Market theory of replacement
58. Finding numerous businesses under a given family name, e.g. Dantata Sawoe & Sons
Nigeria Ltd is possible because of……….
a. family corporate renewal
b. family corporate venturing (M6).
c. family business investment
d. All of the above
59. There are …………..commandments of family business
a. 20
b. 5
c. 10 (M6).
d. 15
60. Value for community life is one of the cultural values that affect family business in one of
the following
a. Community voluntarism (M6).
b. Work days available for operation
c. Nature of investment
d. Community assistance
61. Which of the following might be involved in encouraging companies to target poorer
consumers?
a. Employing young innovative staff
b. Designing products and services that tap the wealth of the poor (M8).
c. Leveraging the power of companies and governments
d. All of the above
62. Tax rates and corruption index are part of ……entrepreneurial environment in Nigeria
a. social
b. economic
c. political (M2).

d. legal
63. The creation of a/an ……… environment entails providing conditions for effective,
efficient and profitable enterprise development
a. encouraging business (M9).
b. unfavourable business
c. political business
64. Albarka Restaurant just introduced a process of obtaining an invoice before receipt of
Gurasa and Suya; this singular act makes the restaurant
a. Intrapreneurial
b. Innovative (M5).
c. Monopoly
d. Oligopoly
65. Environments play a significant role in influencing the motivation of women entrepreneurs.
A reason why women entrepreneurship in developed countries is not necessity-driven, and
opportunity-driven in developing countries
a. True (M7).
b. False
c. Ambiguous
66. Involving women in development processes and decision making is referred to as
the………
a. participatory approach
b. decision-making approach
c. integrated approach
d. mainstreaming approach (M7).
67. Looking further than profits and taking into consideration the planet and people shows that
the entrepreneur is……
a. avoiding business malpractice
b. building customer satisfaction
c. maintaining good customer confidence
d. socially responsible (M8).

68. Features of creative individuals involve all the following except
a. Copying and gender based (M3).
b. Humble and proud
c. Rebellious and independence
d. Playfulness and discipline
69. Why do some intellectual property rights expire after a specified period?
a. To encourage copy work (M3).
b. To enable the creator/inventor to have fair reward for his work
c. To enable government generate revenue
70. All the options below are three basic roles of entrepreneurs except
a. The innovator
b. The regulator (M4).
c. The promoter
d. The catalyst
71. ……………….. is defined as the transformation in patterns of organizational activity
a. Innovation
b. Creativity
c. Change (M5).
d. Divestment
72. Which of the following is not the role of an entrepreneur?
a. The negotiator (M4).
b. The innovator
c. The promoter
d. The catalyst
73. ………………. refers to the influences and pressures exerted by external factors on the
business.
a. Culture
b. Technology
c. Business environment (M9).
d. Business atmosphere

74. The following are sources of organizational change except
a. Intense competition
b. Economic factors
c. Change in technology
d. Change in perception (M5).
75. A family business can be described as
a. A venture that is mainly owned by members of a single family (M6).
b. A venture that is mainly not owned by members of a single family
c. A business where the principals and actors are not related by kinship or marriage
d. A business that is jointly owned by two unrelated partners.
76. A creative method used by Toyota Corolla that gradually allows them to make their car
better and better with each new model new features are added is known as
a. Evolution (M3).
b. Revolution
c. Reapplication
d. changing direction
77. A style of business leadership that involves identifying opportunities for hi-tech business
perspective is otherwise known as ……………………
a. technopreneurship (M4).
b. technology incubation
c. ICT-preneurship
d. high impact-preneurship
78. A subject-matter of copyright can be protected through
a. Safe-keeping with the court or police as the case may be
b. Keeping records with the Nigerian Copyright Commission (M3).
c. Taking personal precautionary measures
79. A type of an opportunity that has to do with the exploration of existing markets where
demand and supply are already available is known as
a. Discovered type.
b. Created type

c. Recognized type (M9).
d. Enacted type
80. According to one of the following theories, once innovation occurs, it spreads rapidly like
wild fire. Which one?
a. Disruptive innovation
b. Osmosis theory of innovation
81. All of the following are among the disadvantages of family business except
a. Risk to the family in launching a business
b. Nepotism and the differences in competences and merit of family members
involved in the business
c. Unity and cooperation of family versus business need to foster diversity and
competition
d. Family traditions that always foster innovation and opportunities (M6)
82. All the following are pre-requisite conditions to become a social entrepreneur except
a. Strong ethical fibre
b. Creativity
c. Powerful driver
d. Must be religious (M8).
83. All the following are reasons people resist change except
a. Uncertainty
b. poor communication
c. Work-life balance (M5).
d. Group resistance
84. An owner of copyright and his legal heirs are entitled to an interest up to
a. 30 years for the inventor and 20 years for the legal heirs respectively
b. For the lifetime of the inventor and 70 years for the legal heirs (M3).
c. 20 years for the both the inventor and his legal heirs
d. All of the above depending on the circumstances
85. Conditions favouring successful leadership succession in a family firm include

a. A sound, unprofitable business
b. Stable, unhealthy family relationships
c. Advance planning for followership succession
d. Positive family leadership and a team-oriented management structure (M6).
86. Copyright covers all but one of the following
a. Automobile spare parts (M3).
b. Cinematograph films
c. Sound recordings
d. Musical works
87. Creativity is an imaginative process as opposed to innovation which is a ………………
a. productive process (M3).
b. business process
c. distribution process
d. marketing process
88. Delegation of some responsibilities and focusing on more important issues is part of
……………………. management in business
a. Personal
b. People
c. Time (M9).
d. Resource constraint
89. Enterprises in what sector are more likely to be owned by women?
a. Oil sector
b. Textile sector (M7).
c. Agricultural sector
d. Banking sector
90. Entrepreneurs scan for business opportunities from the following except
a. Competitor
b. Supplier
c. Buyer strength
d. High supply (M9).

91. Everyone has a good business idea from time to time but it takes the spirit of
………………… to turn these innovative business ideas into real, sustainable businesses
a. Businessman
b. Intrapreneurship
c. Entrepreneurship (M9).
d. Smart competitor
92. Factors like inflation, exchange rate, fiscal/monetary policies, purchasing power etc., are
all categorized under which of the following environmental influences?
a. Social
b. Technology
c. Economic (M2).
d. Political
93. Factors that make women entrepreneurship distinct does not include
a. Demographics
b. Cultural factors
c. Institution
d. Education (M7).
94. Families can play a big role in shaping relations in family-owned businesses by answering
the following questions except
a. How can I motivate my child to take an interest in the business?
b. What type of education and expertise will be more helpful in preparing my child
for leadership?
c. How can I encourage favouritism in managing and developing my child for a
followership role? (M6).
d. Is sibling rivalry likely to be a problem, and can it be avoided?
95. For patent to be protected, all the following but one must be satisfied
a. It has to be novel or show some inventive stages
b. It has to be beneficial to mankind
c. It has to be of international standard in contents and spirit (M3).
d. It must not be an ordinary scientific formula

96. In entrepreneurship, a simple learning tool that helps focus the way toward success is
known as
a. Failure
b. Success
c. Ambition
d. Determination (M1).
97. In SWOT analysis, impediments to attaining goals is best known as
a. Strength
b. Opportunity
c. Weakness
d. Threat (M9).
98. In the present era of digital transformation, all businesses are systematically reinventing
their production methods for the sake of speed and efficiency. This means they are using
one of the following types of innovation
a. An innovation in management and work
b. Technological innovation (M5).
c. Process innovation
d. Breakthrough innovation
99. Intellectual property rights protect only
a. All creativities, relevant and irrelevant
b. Human creativity (M3).
c. All of the above
100. ………………… is a factor that motivates groups and individuals to bring about
social change
a. Societal recognition
b. Creation of value (M8).
c. Innovation
d. Wealth maximization0
101. Mr. Tausayi runs a venture where he assists poor students who cannot pay their
school fees, but his sources of revenue come mainly from donations and charity. In his own

thinking, Mr. Tausayi believes he is a social entrepreneur. Based on your knowledge of
social entrepreneurship, is he right?
a. Yes (M8).
b. No
c. I don’t know
102. Alh. Rabiu, a renowned technologist in Kano, is determined to use …………. to
protect his new invention from unauthorized duplication
a. Anti-virus
b. Security personnel
c. Intellectual property right (M3).
d. Business acumen
103. Nokia, Samsung, Techno and others switching to android technology and
developing retina and glossy outlooks has shown their resolve to product innovation
a. True (M5).
b. False
c. Impossible
d. Ambiguous
104. One of the following is not an aspect of creativity
a. Person
b. Process
c. Promotion (M3).
d. Product
105. One of the following is not an environmental factor affecting businesses in Nigeria
a. Economic
b. Social
c. Human (M2).
d. Political
106. One of the following is not a constituent of the intellectual property rights
a. Copyrights
b. Patent

c. Trademarks and names
d. Registered companies (M3).
107. One of the most-cited examples of social entrepreneurs in the world is
a. Muhammadu Buhari
b. Muhammad Yunus (M8).
c. Muhammad Kabir (Man of the people)
d. Muhammad Imam Ahmad
108. …………………….. is referred to as technology value-added entrepreneur
a. Socio-preneur
b. Engineer-preneur
c. Science-preneur
d. Techno-preneur (M4).
109. Which initiative aimed at alleviating the challenges women face in
entrepreneurship involves devising a plan or strategy to involve women in the development
process in specific activities?
a. Mainstreaming approach (M7).
b. Participatory approach
c. Integrated approach
d. Policy approach
110. One of the sustainable ways to source for funding for social organization is by
…………
a. donor dependency
b. embracing entrepreneurship
c. seeking government action (M8).
d. public adverts
111. One way to manage change resistance is
a. timing of the change (M5).
b. use of sanction
c. constitution consultation
d. production compression
112. Opportunities can also be identified from SWOT analysis

a. True (M9).
b. False
c. None of the above
113. Patent means
a. Sick person
b. Licence (M3).
c. A document
d. Pharmacy
114. People create for many reasons but the most important reason as far as
entrepreneurship is concerned is the need to ……………
a. communicate ideas
b. solve problems (if this option were not here, then it would be option ‘a’) (M3).
c. make money
d. start a business
115. Results from a US survey indicate that increasing numbers of women have
discovered that the best way to break the “glass ceiling” that prevents them from rising to
the top of many organizations is to
a. get higher education
b. start their own companies (M7).
c. study science-based courses
d. study business-based courses
116. The ability to develop new ideas to discover new ways of looking at problems and
opportunities is best known as
a. Innovation
b. Entrepreneurship
c. Creativity (M3).
d. critical thinking
117. The court with exclusive jurisdiction to hear and determine cases on intellectual
property rights is
a. The Supreme Court of Nigeria
b. Intellectual Property Court of Justice

c. Federal High Court (M3).
d. The High Court of the Federal Capital Territory
118. The environmental factors that deal with tax, government policies/regulation, etc,
is called
a. Economic
b. Natural
c. Political (M2)
d. Demographic
119. The following are all sources of innovation except
a. process need
b. deregulation (M5).
c. revolution
d. demographic changes
120. The following are sources of business opportunity except
a. World Wide Web
b. Personal interest
c. Media
d. EEP (M9).
121. Which of the following is not among the components of technology?
a. Equipment
b. Methodology
c. Drawing (M4).
d. Skill
122. The following are unique opportunities presented by technological development to
entrepreneurs except
a. failed company
b. finance (M4).
c. brainstorming
d. adaptation
123. The following products were transformed during the First Industrial Revolution in
the year 1770-1830 except

a. textile
b. chemicals
c. agriculture
d. transportation (M4).
124. ………………. is one of the ways by which governments can encourage social
entrepreneurship
a. Creating an enabling environment (M8).
b. Encouraging competition
c. Deregulation of economies
d. Privatization
125. ………………. is an ideology ingrained in African culture which has aided the
development of social entrepreneurship.
a. Individualism
b. Socialism
c. Communalism (M8).
d. Capitalism
126. The following are some of the advantages of family business except
a. higher level of concern for its family employees (M6).
b. capability to plan and prepare for the long haul
c. higher levels of concern for its community and non-family members
d. emphasis on quality and value
127. The generic name for entrepreneurs that come up with intervention programmes to
address issues of concern in their societies is ……………
a. social entrepreneurs (M8).
b. entrepreneurs
c. technopreneurs
d. creative entrepreneurs
128. Trademark and trade names provide protections for
a. the state and all its security personnel
b. banks and other financial institutions
c. literary and artistic works

d. manufacturers, marketers and consumers (M3).
129. What is the peak age group of women starting business?
a. 35-44
b. 45-54 (M7).
c. 55-64
d. 25-34
130. ……………….. can be defined as the art of generating solution to problem by the
force of imagination and reasoning
a. Innovation
b. Value addition
c. Creative thinking (M3).
d. Creativity
entrepreneurship involves continuous dialogue in the course of formulating and
implementing programmes that involve and affect women?
a. Mainstreaming approach
b. Participatory approach (M7).
c. Integrated approach
d. Policy approach
entrepreneurship addresses issues in a broad perspective and in a coordinated manner?
a. Mainstreaming approach
b. Participatory approach
c. Integrated approach (M7).
d. Policy approach
133. Which of the following is not a barrier to women entrepreneurship?
a. Socio-cultural factors
b. Legal and regulatory environment
c. Access to finance
d. Education (M7).
134. Which of the following is not a pattern of businesses owned by women?

a. They tend to be smaller
b. They employ a smaller capital base
c. They cluster in producer-oriented sectors (they don’t, instead, they cluster in
‘consumer’-oriented sectors) (M7).
d. They generate lower sales turnover than those owned by men
135. Which of the following is not among the factors that influence the technological
environment and business?
a. Sources of finance (M4).
b. Technological development
c. Technology infrastructure
d. Sources of technology
136. Which of the following is not among the institutions that support technological
entrepreneurship in Nigeria?
a. Technology Incubation Centre (TIC)
b. National Office for Technology Acquisition and Promotion (NOTAP)
c. Institute of Industrial Research and Development (IIRD) (M4).
d. Federal Institute of Industrial Research Oshodi (FIIRO)
137. Which of the following is NOT among the new technology and entrepreneurship
opportunities?
a. Information communication
b. Big band technology (M4).
c. Biotechnology
d. Nanotechnology
138. The following are the best management practices in family business except
a. Solicit ample input from outsiders to keep things in perspective
b. Abolish channels for constructive communication (M6).
c. Build a culture that accepts continuous change
d. Promote family members only according to their skill levels
139. Which of the following is not generally a main motivator for women entrepreneurs?
a. Desire for control
b. Philanthropic commitment to society

c. Profit making (M7).
d. Sharing ideas and innovation
140. ………………… involves the ability to bring into existence new things, ideas,
products and processes through imaginative skills
a. Value proposition
b. Competition
c. Creativity (M3).
d. Uniqueness
141. Which among the following options is not a breakthrough idea?
a. Mobile phones
b. Rockets
c. Electric cars
d. Bicycles (M3).
142. ……………… is a strategy for coping with role/relationship issues in a family
business where members of a family summon in a remote location to discuss business
matters
a. Family council
b. Family retreat (M6).
c. Family business constitution
d. Family succession planning
143. An entrepreneurial behaviour from an employee of an organization is known as
a. Intrapreneurship (M1).
b. Personal value
c. Personal entrepreneurship
d. Self-fulfilment
144. To thoroughly ascertain the factors influencing one’s business, one needs to carry
out
a. SWOT analysis (M9).
b. Cost-benefit analysis
c. PESTEL analysis
d. Business assessment

145. The type of innovation that seeks to replace the existing innovation is known as
a. Disturbing innovation
b. Replacement innovation
c. Disruptive innovation (M5).
d. Take-over innovation
146. The serious effect that the development of e-commerce in Nigeria has on the
traditional businesses can be seen from one of the following environmental factors
a. E-business revolution
b. Political factors
c. Technological factors (M2).
d. Development factors
147. The national income divided by the total population is known as
a. Per Capita Income (M2).
b. Per Capital Income.
c. Par Capita Income
d. Par Capital Income
148. All of the following are theories of entrepreneurship except …………
a. functional
b. behavioural
c. personality
d. creativity (M1).
149. All of the following are strategies to manage change resistance effectively except
a. Leadership
b. Timing of change
c. Begging (M5).
d. Negotiation
150. All of the following are factors that hinder longevity of family businesses except
a. local competition
b. global competition
c. technological change
d. business planning (M6).

151. The major difference between economic entrepreneurship and social
entrepreneurship is their primary objective. This statement is
a. True (M8).
b. False
c. Ambiguous
d. Incomplete
152. The major difference between creativity and innovation is that
a. the latter precedes the former
b. creativity is thinking while innovation is action (M5).
c. innovation relates to business organization
153. The inability of non-Muslims to properly establish and run liquor business in Kano
is due to the presence of
a. Hisbah Board
b. socio-cultural factors (M2).
c. language barrier
d. ecological factors
154. The following are not the combinations that make up the classifications of
entrepreneurship except …………
a. Corporate, International and Economic
b. Corporate, Social and Domestic
c. Corporate, Economic and Social (M1).
d. Government, private and Partnership
155. All of the following are sources of business opportunities except
a. Hobby
b. Environmental signal (M9).
c. Prior experience
d. Social network
156. The five stages of opportunity-identification process are all the following except
a. Revaluation (M9).
b. Evaluation

c. Incubation
d. insight
157. The current reduction in purchasing power as a result of persistent inflation can be
studied under which external factor to the business?
a. Political factor
b. Socio-cultural factor
c. Monetary policy
d. Economic factor (M2).
158. The cultural background of a community affects businesses through all the
following except
a. Operating days
b. Business succession
c. Workshop structure
d. Business location (M6).
159. The combination of external and internal factors that influence a company’s
operating situation are known as
a. Business challenges.
b. Business environment
c. Business killer
d. Business changes (M5).
160. The art of generating multiple solutions to a particular problem is called
a. Critical thinking
b. Creative thinking (M3).
c. Hybrid thinking
d. Miscellaneous thinking
161. The art of instigating the creation of new enterprise from an existing enterprise is
known as
a. Renewable enterprise
b. Hybrid enterprise
c. Mixed entrepreneurship
d. Corporate entrepreneurship (M1).

162. Technology presents the following unique opportunities to entrepreneurs in a
business environment except
a. research result
b. online presence (M4).
c. adaptation
d. government patent
163. A major turning point in business history that remarkably changed production
method from manual intensive to capital intensive is known as
a. Production transformation revolution (M4).
b. Industrial labour extinction
c. None of the above
164. A copyright holder enjoys all the following rights except
a. making and selling copies
b. determining who performs the work
c. permitting others to produce
d. cannot resale copies (M3).
165. A combination of imaginative skills and reasoning makes ………. possible
a. Creativity (M3).
b. Critical analysis
c. SWOT analysis
d. Opportunity
166. Soft Heart organization built restaurants in Kakankayi town to provide employment
opportunities to the extreme poor people where the workers of the restaurant are the target
people. This is a good example of
a. Social entrepreneurship (M8).
b. Sociopreneurship
c. Charity organization
d. Intrapreneurship
167. One of the following theories asserted that a “firm with entrepreneurial spirit
normally replaces less-innovative incumbents”
a. Theory of entrepreneurship

b. Theory of creative destruction
d. Market theory of replacement
168. One of the following is not among the institutions supporting technological
entrepreneurship
a. Technology Dissemination Centre (TDC) (M4).
b. Technology Incubation Centres (TICs)
c. Raw Material Research and Development Council (RMRDC)
d. National Agency for Technological Acquisition and Promotion (NATAP)
169. One of the following is among the factors that influence opportunity identification
search
a. Innovation
b. Creativity (M9).
c. Planning
d. All of the above
170. One of the following business resources is perishable and fixed in supply
a. Fixed assets
b. Raw materials
c. Human resources
d. Time (M9).
171. The major reason why entrepreneurship does not always result in new venture
creation is because it is not only
a. a monetary function
b. a social function
c. an economic function (M1).
d. All of the above
172. All of the following are sources of innovation except
a. demand and supply (M5).
b. process needs
c. demography
d. new knowledge

173. Men entrepreneurs are driven by passion while women entrepreneurs are driven by
profit
a. True
b. False (M7).
c. Ambiguous
d. Incomplete
174. Low literacy level poses a threat to the success of women entrepreneurship because
a. it restricts networking
b. it erases a sense of fear of failure
c. it further exacerbates work-family balance challenge
d. it limits access to support packages (M7).
175. Indomie, Coca-Cola and BUK logos and slogans are protected by
a. Patent
b. Royalty
c. Copyright
d. Trademark (M3).
176. In the African setting, ………………. is a reason why women prefer to run their
businesses in the informal sector
a. Legal difficulty (M7).
b. Cultural backing
c. Overcrowded formal sector
d. Abundance of support services in the sector
177. In Nigeria, a business such as Dantata Sawoe & Sons Ltd, where a business
instigates the start-up of another business is an example of ……………
a. family-influence start-up
b. family corporate renewal.
c. family corporate venturing (M6).
d. family investments
178. In most cases, an innovation that results in new patent right is known as
a. breakthrough innovation (M5).
b. technological innovation

c. scientific innovation
d. intellectual property right
179. In a family business…………….
a. ownership is shared by members of multiple families
b. the Board of Directors hold the controlling shares
c. significant ownership is maintained by members of a single family (M6).
d. business ownership is passed to at least three generations
180. Generally, there are………… types of opportunities based on demand and supply
availability in the market
a. 2
b. 4
c. 3 (M9).
d. 7
181. For one to be a social entrepreneur, he/she has to have all the following qualities
except
a. powerful drive
b. ethical fibre
c. creativity
d. profit motive (M8).
182. Family businesses do not evolve to become family businesses. They are usually
created with the intention of establishing a family business
a. True
b. False (they are not often started with the explicit objective of becoming a
family business. They rather evolve into a family business if and when a new
generation becomes involved in operations) (M6).
c. Ambiguous
d. Incomplete
183. Economic entrepreneurship measure success in terms of profit whereas social
entrepreneurs measure their success in terms of practical contributions they make to
societies
a. True (M8).

b. False
c. Ambiguous
d. Incomplete
184. Contrary to the Western family setting, in the Nigerian
context………………becomes the basis for interaction among family members
a. degree of relationship
b. common ancestry (M6).
c. marriage
d. kinship
185. Cinematography and architectural designs are protected by
a. Patent
b. Trademark
c. Copyright (M3).
d. Royalties
186. All of the following are types of creative contributions except
a. Redefinition
b. Replication
c. Redirection
d. Re-examination (M3).
187. ……………. provides protection and reward for people’s creative works
a. Intellectual Design Rights
b. Intellectual appreciation rights
c. Intellectual Property Rights (M3).
d. Internet Property Rights
188. All of the following are factors that affect the motivation of women
entrepreneurship except
a. Educational level
b. Credit availability
c. Types of microfinance banks (M7).
d. Number of children
189. All of the following are components of technology except

a. Communication (M4).
b. Techniques
c. Strategies
d. Skills
190. As a student of BUK who is highly creative and innovative but you are unable to
create a venture due to one reason or the other. Could you still be considered as an
entrepreneur?
a. Yes (entrepreneurship does not often lead to venture creation) (M1)
b. No
c. Ambiguous
191. Any idea or procedure that is technologically-inclined is protected by which law?
a. Copyright law
b. Trademark
c. Patent law (M3).
d. Royalty law
192. Any effort that increases competitiveness through rejuvenation and redefinition of
organization can be called
a. Fossilization
b. Entrepreneurial instinct
c. Innovation (M3).
d. All of the above
193. An entrepreneur who runs an enterprise for the purpose of making monetary gains
is also referred to as
a. Economic entrepreneur (M8).
b. Social entrepreneur
c. Political entrepreneur
d. Intra entrepreneur
194. An entrepreneur who resisted change when forced to move to a new location on the
ground of high relocation cost has considered one of the following factors
a. Uncertainty about the impact of change

b. Group resistance
c. Emotional turmoil
d. Economic implication (M5).
195. …………… is a government policy that came from CBN through commercial
banks which at the end affects individuals and businesses
a. Fiscal policy
b. Federal government policy
c. Monetary policy (M2).
d. All of the above
196. An entrepreneur has all of the following features except
a. Perseverance
b. Creativity
c. Opportunity-exploring
d. Low confidence (M1).
197. All of the following are challenges of family business except
a. diverging ideologies of the two different units: family and business (M6).
b. continued strategic renewal
c. keeping the entrepreneurial momentum alive
d. the interdependence of succession planning and board planning
198. Achieving gender equality in entrepreneurship involves
a. developing policy issues for gender differences in entrepreneurship (M7).
b. allowing the use of non-moveable assets as collateral for bank loans to facilitate
women’s access to finance
c. regulating the migration of women into high-growth sectors
d. combating cross-country empirical data analysis
199. According to Module 7, a business opportunity can also come from
a. PESTEL analysis
b. Environment impact analysis (M7).
c. SWOT analysis
d. Feasibility analysis

200. A style of business that involves identifying opportunities for hi-tech business
perspective is otherwise known as
a. ICT-preneurship
b. High impact factor
c. Technopreneurship (M4).
d. Technology incubation
201. A situation where there is need for EEP handout in Coke Village and there is no
supply, to an entrepreneur, this is a/an ……….. of opportunity
a. discovered type (M9).
b. recognized type
c. enacted type
d. easy type
202. A situation where a restaurant owner that observed a constant long queue at his
eatery decided to hire more chefs and then finally solved the problem, this entrepreneur
has considered one of the following sources of innovation
a. High demand
b. Process needs (M5).
c. Changes in market
d. Unexpected occurrences
203. A salaried employee of an organization who voluntarily developed and improved
the work process in an organization which added value to the firm is called what?
a. A master
b. An intrapreneur (M1).
c. A supervisor
204. A recent upgrade of facilities and structures by Access Bank to improve methods
is known as
a. Innovation in product and services
b. Style innovation
c. Innovation in process (M5).
d. Motivation in management

205. A recent technological upgrade in the banking industry may be a source of
……………. to many laggard banks in Nigeria
a. Opportunity
b. Threat (M9).
c. Strength
d. Weakness
206. ……………….. remains by far the largest field of women enterprise
a. Wholesale/retail
b. Merchant
c. Retail (M7).
d. Intermediary
207. Which of these categories of authors divided entrepreneurship into behaviours,
processes and outcomes?
a. Mazuyka and Birley
b. Histrich, Peters and Shepherd
c. Stokes, Wilson and Mador (M1).
d. Galio and Katz
208. …………….. is a reason why women entrepreneurs engage in entrepreneurship as
a second or third profession
a. Absence of credit
b. Low entrepreneurial drive
c. Having previous careers (M7).
d. Age
209. Women engage more in family businesses. They are also likely to be more engaged
in textile business than their male counterparts
a. True (M7).
b. False
c. Ambiguous
d. Incomplete
210. Why do you think a Hausa movie ‘Sai Lahira’ was acted by Ali Nuhu and in another
movie was acted by Adam Zango?

a. It was not copyrighted (M3).
b. It was not patented
c. It was not trademarked
d. All of the above
211. According to Koon (2011) business environment can be studied through
a. SWOT analysis
b. PESTEL analysis (M1).
c. Environmental analysis
d. PEST analysis
212. The current Biafra agitation can be seen from business environment context as
a. Economical
b. Socio-cultural
c. Political (M2).
d. Regional
213. Per capita income is the income per
a. Country
b. Head (M2).
c. Business person
d. All of the above
214. Technology entrepreneurship is a style of business leadership that involves the
following except
a. identifying high potential technology intensive business opportunities
b. real time decision making skills
c. a process if industrial innovation and technology transfer
d. franchising with business association (M4).
215. Industrial revolution refers to the rapid development of industry in Britain in the
late 18th and 19th centuries, brought about the introduction of machinery. It was
characterized by the following except
a. use of steam power
b. growth of factories
c. mass production of manufactured goods

d. space tech computers electronics, roboties, satellites, genetic-engineering,
biotech, cloning nanotech etc. (M5).
216. Which of the following is NOT the role of an entrepreneur?
a. Government/Private patent (M4).
b. The innovator
c. The promoter
d. The catalyst
217. Technology presents unique opportunities to entrepreneurs within a business
environment. The following are some of the opportunities present to entrepreneurs except
a. Rapidly expanding market
b. Visit/inquiring from government agencies
c. Technology Incubation Diary (TID) (M4).
d. Failed company or product
218. Technology changes may lead to capital saving, cost reducing or demand creating
innovation which according to Schumpeter, can be achieved in one of the following ways,
except
a. Introduction of a new production method
b. Utilization of a new raw material
c. Innovation of a new product including quality
d. Technology market (M4).
219. Which of the following is not among the new technology and entrepreneurship
opportunities?
a. information communication technology
b. Big band technology (M4).
c. Biotechnology
220. Which one of the following is not among the organization that support
technological entrepreneurship in Nigeria
a. Technology Incubation Centres (TIC).
b. Wudil Institute of Research and Incubation Centres (WIRIC) (M4).
c. National Office for Technology Acquisition and Promotion (NOTAP)

d. Federal Institute of Industrial Research, Oshodi (FIRRO)
221. Which of the following statement is not correct?
a. First industrial revolution (1770-1830) is all about mass production of textiles,
chemical, iron casting and mechanized agriculture
b. Second industrial revolution (1830-1880) is all about means of transportation such
as steam engines, steam ships and rails shipping
c. Third industrial revolution (1880-1945) is all about Electrical components steel
d. Fourth industrial revolution (1900-1990) is all about Nuclear tech,
automobiles, trucks, tractors aircraft and petrochemicals (M4).
222. In business environment analysis, political factors include all the following except:
a. Taxation policy
b. Fiscal policy (M2).
c. Trade regulation
d. Corruption index
223. One of these policies come from federal ministry of finance through CBN
a. Fiscal policy
b. Monetary policy (M2).
c. Government expenditure
d. Lender of last resort
224. In business finance the ‘cost of finance’ include
a. Agency fee
b. Loan amortization
c. Interest rate (M2).
d. Product factor cost
225. An individual inbuilt values that predisposes him/her to take risk, create new
venture and succeed than other is called
a. Background
b. Personality (M2).
c. Gender
d. Education
226. Uncertainty avoidance is a trait closely related to the attitude of

a. Risk taking (M2).
b. Entrepreneurial mind-set
c. productive culture
d. Failure phobia
227. The relationship between creativity and innovation is that the former precedes the
latter. This statement is
a. False
b. True (M3).
c. Ambiguous
d. Incomplete
228. One of the following thinking focuses on many possibilities
a. Creative thinking (M3).
b. Innovative thinking
c. Critical thinking
d. Open door policy thinking
229. One of the following creative methods differ from the rest in the sense that it
focuses on problem solving rather than new product or service creation
a. Synthesis
b. Revolution
c. Changing direction (M3).
d. Evolution
230. Brainstorming is an example of
a. Creative thinking (M3).
b. Critical thinking
c. extraction thinking
d. collective thinking
231. Creative works that have economic value and is protected by law is known as
a. Trademark
b. Patent
c. Copyright
d. none of the above (M3).

232. A sculpture can only be protected by
a. Copyright (M3).
b. Patent law
c. Trademarks
d. Property right
233. Among all the intellectual property right an entrepreneur or inventor enjoys, the
only one that doesn’t expire is known as
a. Copyright
b. Trademark (M3).
c. trade secrete
d. patent
234. For a work to qualify for copyright protection it must be both fixed and
a. Specific
b. Quantifiable
c. Flexible
d. Original (M3).
235. A very important exception to the rule of copyright infringement is the concept
known as
a. Charity use
b. Fair use (M3).
c. Endowment
d. Photocopy right
236. In the law of intellectual property, the term used to refer to payment made for the
use of another person’s property is known as
a. Hire fee
b. Loyalty
c. Royalty (M3).
d. Rent
237. The original make-up of Nigerian societies which tended towards communalism is
considered favourable to the practice of
a. Social entrepreneurship (M8).

b. Economic entrepreneurship
c. Community entrepreneurship
d. Capitalism
238. The use of business model in social entrepreneurship is mainly for
a. Profit making
b. Sustainability (M8).
c. Market share
d. Charity provision
239. Social enterprises apply business model to social problem only because there is
available funding for social activities, this statement is
a. True
b. False (M8).
c. Ambiguous
d. Incomplete
240. One of the following social entrepreneurs was credited for inventing micro finance
bank in the world
a. David Bornstein
b. Bill Drayton
c. Micro-Schumpeter
d. None of the above (Muhammad Yunus) (M8).
241. One major difference between charity organization and social entrepreneurship is
that the former is self-sustaining. This statement is
a. True
b. False (M8).
c. Ambiguous
d. Incomplete
242. …………. Is defined as a process whereby an individual (or a group of individual)
in association with existing organization creates a new organization or instigates renewal
or innovation within the organization
a. Strategic entrepreneurship
b. Corporate entrepreneurship (M1).

c. Dynamic entrepreneurship
d. Functional entrepreneurship
243. ………… refers to the invention or organization of any new thing that has value
a. Creativity (M3).
b. Reasoning
c. Invention
d. Strategizing.
244. Entrepreneurship involves
a. New venture creation
b. Creativity and innovation
c. Identification of opportunities
d. All of the above (M1).
245. According to Stoke, Wilson and Mador, the definition of entrepreneurship could be
categorized into three (3) dimensions: Behaviours, Process and Outcome. The main focus
of the process dimension in on
a. the development of a new business or innovation strategy and the writing of
business plan (M1).
b. the competitive behaviour that drives the market process
c. the results of entrepreneurship
d. A and C
246. ……….. analysis is considered the ‘starting point’ of doing business and
environmental analysis
a. SWOT analysis
b. Profitability
c. PESTEL analysis (M2).
d. Economics analysis
247. The actual process of business development involves all of the following except
a. Step-by-step action plan
b. Clarity, motivation and purpose
c. Assessing a network of successful entrepreneurs
d. Uncertainty avoidance (M2).

248. Any novel activity which instigates organizational change and economic value if
referred to as
a. Entrepreneurship (M1).
b. Innovation
c. Intrapreneurship
d. Creativity
249. The ………… approach of entrepreneurship conceptualized the concept in terms
of the entrepreneurs’ interaction with the environment
a. Functional (M1).
b. Personality
c. Behaviours
d. Dynamic learning
250. In actual sense, to become entrepreneurial, one has to create a new venture. This
statement is
a. True
b. False (M1).
c. Ambiguous
d. Incomplete
251. All the following are personality traits of an entrepreneur except
a. Risk aversion (M1).
b. Forward looking
c. Fearlessness
d. Resilience
252. ……… is a reason why there are few female mechanics in Northern Nigeria
a. Religion
b. Culture (M2).
c. Ethnicity
d. Tribe
253. Generally, men tend to venture into different sectors of business from women. They
are egged on low-tech business, while women in high-tech
a. True

b. False (M7).
c. Ambiguous
d. Incomplete
254. Passion rather than profit is the driving factor behind women entrepreneurs’
motivation
a. True (M7).
b. False
c. Ambiguous
d. Incomplete
255. ……… are the reasons why we study women entrepreneurship separate from men
entrepreneurship except
a. Superiority of men over women
b. Diversity of entrepreneurial practices
c. Neglect of women entrepreneurship (M7).
d. Biological difference
256. Financing institution are more sceptical to finance women-owned venture because
women
a. Have a lower educational level
b. Are loan defaulters
c. Have a high failure rate
d. Are engaged in services sector (M7).
257. Women entrepreneurs’ behaviour is distinct due to all the following except
a. Subjective perceptions
b. Dual career (M7).
c. Demographics
d. Culture factors
258. According to UK’s global entrepreneurship report, the peak age at which people
start business is ….
a. 25-50 for men and 35-40 for women
b. 34-44 for men and 35-40 for women
c. 35-44 for men and 45-54 for women (M7).

d. 30-44 for men and 35-44 for women
259. For an increasing number of women, the best way to break the ‘glass-ceiling’ is to
a. Quit their jobs
b. Engage in innovation
c. Start their own companies (M7).
d. Search for opportunities
260. The largest field of women enterprises is in the …………… industry
a. Trading
b. Retail (M7).
c. Food
d. Wholesale
261. In starting and running a business, the ……. environment does not favour African
Women
a. Ecology
b. Legal (M7).
c. Technological
d. A & B
262. Changes in economic condition creates a vacuum for innovation in products and
services. Legal changes however stagnate innovation.
a. True (M5).
b. False
c. Ambiguous
d. Incomplete
263. In Nigeria one of the following factors serves to obtain business ideas
a. Government regulations
b. New venture
c. Market research (M9).
d. Potential business
264. One of the following is a basic steps of opportunity recognition process
a. Market ideas
b. Location ideas

c. Initial new venture ideas (M9).
d. Institutional ventures
265. Before you embark on establishing business it is good to have
a. Prior experience (M9).
b. Connection
c. Wife
d. Bank account
266. The following are stages of opportunity identification, except
a. Preparation
b. Incubation
c. Capital (M9).
d. Insight
267. Which of the following Nigerian entrepreneurs built up their business from family
business?
a. Late Moshood Abiola (M6).
b. Bill-Gate
c. Muazu Hassan
268. One of the following is an assumption about family business
a. Consolidating family relationship
b. Founders core values
c. Family corporate venture (M6).
d. Family completion business
269. Which of the following is a merit of family business?
a. Consolidating family relationship (M6).
b. Founders core values
c. Altercation among family members
d. Adversity of risk
270. An entrepreneur tends to resist change because of
a. Potential cost disparities
b. Group acceptance

c. Communication (M5).
d. Values and norms
271. In Arab nations, Thursdays and Fridays are deemed ‘no work’ days, just as Sunday
is for Christians. When a family business operates in these settings
a. Available workdays for that business are limited (M6).
b. Productivity is hampered
c. Competition would thrive
d. Low survival rate would follow
272. Social organizations like AHIP, WOFAN to mention a few are vital to societies,
However, these organizations can only operate as non-profit
a. True (M8).
b. False
c. Ambiguous
d. Incomplete
273. The generic name for entrepreneurs that come up with the intervention programmes
to address issues of concern in their societies is ….
a. Social entrepreneurs (M8).
b. Entrepreneurs
c. Technopreneurship
d. Creative entrepreneurs
274. The three dimension of entrepreneurship are said to exclude all the following except
a. Opportunity
b. Behaviour (M1).
c. Procurement
d. Result
275. …….. allows existing firms to re-engineer by providing an antidote to fossilization
a. Political entrepreneurship
b. Corporate intrepreneurship
c. Corporate entrepreneurship (M1).
d. Social entrepreneurship

276. After a careful scan of Bayero University, you realized that establishing a bakery
would be viable business idea/opportunity. The opportunity is a…………
a. Recognized opportunity
b. Discovered opportunity (M9).
c. Created opportunity
d. Enacted opportunity
277. A technology value added entrepreneur is referred to as what?
a. Technocrat
b. Techno master
c. Technopreneur (M4).
d. Technologist
278. One of the following is a branch of science and technology concerned with the
design, building and structure
a. Engineering (M4).
b. Technical
c. Technologist
d. Scientist
279. The use of system for storing, retrieving, and sending information is also referred
to as what
a. ICT (M4).
b. ICC
c. ICH
d. ICCT
280. Disturbed with the current state of unemployment in Nigeria, you decided to engage
is a deliberate search for the demand and supply level of a particular product to see if there
is a gap to be filled. In other words, you are engaged in ……
a. Opportunity evaluation
b. Product/market research (M9).
c. Idea scanning
d. Macroeconomic analysis

Part B.
Vital Key Points to Note.
 The resources and resources constraints facing entrepreneurs are: manpower (men or the
employees), money (financial resources), materials (physical resources), machinery
(Technology and Equipment), and time as a resource
 An entrepreneur is a person who is willing and able to convert a new idea or invention into
a successful innovation or a person who organizes and operates a business or businesses,
taking on greater than normal financial risks in order to achieve the desire objectives.
 Entrepreneurship is the act of being an entrepreneur, which can be defined as one who
undertakes innovations, finance and business acumen in an effort to transform inventions
into economic goods through innovations.
 There are three basic roles of an entrepreneur, which are:
o The innovator: She/he turns creativity into reality. The entrepreneur as innovator
produces new things or creates new ways of doing things. Many innovators are
obsessive or single-minded about their invention.
o The promoter: He/she is concerned more about how to develop the innovation into
a viable and successful business proposition.
o The catalyst: He/she facilitates the functions of the innovator and the promoter by
 Identifying opportunities for innovation
 Identifying new business opportunities
 Committing resources to exploit these new opportunities
 Taking a personal risk whether in financial or status terms
 Contemplating and accepting the consequences of failures.
 The acronym PESTEL is derived from 6 environmental factors significant to
entrepreneurial performance:
o Political factor, which include:
 Taxation policy, trade regulations, political stability, security of life and
property, and corruption index.
o Economical factor, which include:

 Inflation rate, growth in spending power, rate of people in a pensionable
age, recession or boom, access to finance and cost of finance, production
factor cost, per capita income, and monetary/fiscal policies.
o Socio-cultural factor, which include:
 Age distribution, education levels, income level, diet & nutrition, local
custom, and religion.
o Technological factor, which include:
 Technological changes, new or improved distribution channels, improved
communication and infrastructure, knowledge transfer and technology
absorption.
o Environmental/ecological factor, which include:
 Waste disposal, energy consumption, pollution monitoring, etc.
o Legal factor, which include:
 Legal system, registration of business and business premixes, licenses and
permits, product safety standards, advertising regulations.
 PESTEL analysis is considered the starting point of ‘doing business’ and environmental
analysis, and these will be used to discuss the Nigerian business environment. It is the
acronym that best represents the entrepreneurial environment in Nigeria.
 Business opportunity scanning is the study and interpretation of the political, economic,
social and technological events and trends which influence a business, an industry or even
the total market.
 According to Stokes, Wilson and Mador, the variety of definitions of entrepreneurship
offered by a number of authors could be categorized into three main dimensions, which
focus attention on: behaviours, processes, outcomes.
 Entrepreneurship does not always involve new business enterprise or business venture
creation, according to Wilson and Mador.
 Entrepreneurship mindset is seen as a mindset of bringing about sustainable change.
 The actual process of business development is:
o Validate your perfect market
o Create a financial success strategy
o Step-by-step action plan

o Clarity, motivation & purpose
o Effortlessly grow & succeed
o Access a network of successful entrepreneurs.
 SWOT analysis is the analysis of the business and the environment in which it is operating
in terms of available strengths, weaknesses, opportunities and threats.
 Creativity involves the ability to bring into existence new things, ideas, products and
processes through imaginative skills.
 Creativity is a function of three components: expertise, creative thinking skills and
motivation.
 Creative thinking can be defined as the art of generating solution to problem by the force
of imagination and reasoning.
 Creative thinking is an activity of the mind seeking to find answers to some of life’s
questions.
 Creative thinking is the process which we use when we come up with a new idea. It is the
merging of ideas which have not been merged before. Brainstorming is one form of creative
thinking: it works by merging someone else’s ideas with yours to create a new one.
 Creativity is a process by which a symbolic domain in the culture is changed. New
products, services, ideas, and machines are what creativity is all about.
 All innovation begins with creative ideas. In other words, creativity is the starting point for
innovation.
 Creativity is an attitude and the ability to accept change, and to look for new ideas and
possibilities.
 Three reasons why people are motivated to be creative include:
o Need for novel, varied, and complex stimulation
o Need to communicate ideas and values and
o Need to solve problems.
 Four “Creativity Profiles” that can help achieve goals, are:
o Incubate (Long-term Development)
o Imagine (Breakthrough Ideas)
o Improve (Incremental Adjustments)
o Invest (Short-term Goals).

 Critical thinking differs from creative thinking in the following ways:
o Critical thinking is much of the thinking done in formal education. It emphasizes
the skills of analysis – teaching students how to understand claims, follow or create
a logical argument, figure out the answer, eliminate the incorrect paths and focus
on the correct one.
o Creative thinking focuses on exploring ideas, generating possibilities, looking for
many right answers rather than just one. Both of these kinds of thinking are vital to
a successful working life of an entrepreneur.
 The dominant factors that theories of creativity have focused on are usually identified as
“the four Ps” — process, product, person and place.
o Focusing on Process is shown in cognitive approaches that try to describe thought
mechanisms and techniques for creative thinking
o Focusing on Product usually appears in attempts to measure creativity and the
ability to produce more.
o Focusing on the nature of the creative Person considers more general intellectual
habits, such as openness, autonomy, expertise, exploratory behaviour and so on.
o Focusing on Place considers the circumstances in which creativity flourishes, such
as degrees of autonomy, access to resources and the nature of gatekeepers.
 Characteristics of creative individuals include:
o They have a great deal of energy, but they are also often quiet and at rest.
o They tend to be smart, yet also naïve at the same time.
o They have a combination of playfulness and discipline, or responsibility and
irresponsibility.
o They alternate between imagination and fantasy on the one end, and rooted sense
of reality at the other.
o They seem to harbour opposite tendencies on the continuum between extroversion
and introversion.
o They are remarkably humble and proud at the same time.
o To a certain extent, they escape rigid gender role stereotyping and have a tendency
toward androgyny.
o They are thought to be rebellious and independent.

o Most creative persons are very passionate about their work, yet they can be
extremely objective about it as well.
o The openness and sensitivity of creative individuals often exposes them to suffering
and pains yet, also display a great deal of enjoyment.
 Several methods have been identified for producing creative results. The five classic ones
are:
o Evolution – This is the method of incremental improvement. New ideas stem from
other ideas, new solutions from previous ones, the new ones slightly improved over
the old ones.
o Synthesis – With this method, two or more existing ideas are combined into a third,
new idea
o Revolution – Sometimes the best new idea is a completely different one, a marked
change from the previous ones
o Reapplication – Look at something old in a new way. Go beyond labels
o Changing Direction – Many creative breakthroughs occur when attention is shifted
from one angle of a problem to another. This is sometimes called creative insight
 The attitudes that block creativity are:
o Oh no, a problem!
o It can’t be done.
o I can’t do it. Or there’s nothing I can do.
o But I’m not creative.
o That’s childish.
o What will people think?
o I might fail.
 Intellectual Property (IP) refers to creations of the mind: inventions, literary and artistic
works, and symbols, names, images, and designs used in commerce. Intellectual Property
can also be defined as creative works that have economic value and are protected by law.
 Intellectual Property is divided into two categories: Industrial property and Copyright
 Comprehensive legal protection for intellectual property did not become common until the
18th century. Protection for trademarks was originally left to the states but eventually, in
1870, Congress adopted the first Federal trademark law.

 Intellectual Property (IP) in Nigeria can be traced back to the colonial era when the English
Trademark Ordinance was introduced into the colonies even before the amalgamation of
the Northern and Southern Protectorates.
 The World Trade Organization’s Trade Related Aspect of Intellectual Property Rights
(TRIPS) Agreement of 1994, obliges members to provide intellectual property protection
in its laws. TRIPS established minimum standards for the availability, scope, and use of
seven forms of intellectual property: copyright, trademarks, geographical indications,
industrial designs, patents including (Plant Variety Protection, PVP), layout designs for
integrated circuits and undisclosed information (trade secrets).
 The main types of intellectual property are patents, copyrights, and trademarks.
 Patent law protects inventions that demonstrate technological progress. It is closely linked
to technological progress.
 Copyright law protects a variety of literary and artistic works, including paintings,
sculpture, prose, poetry, plays, musical compositions, dances, photographs, motion
pictures, radio and television programs, sound recordings, and computer software
programs.
 Trademark law protects words, slogans, and symbols that serve to identify different brands
of goods and services in the marketplace. Trademark rights never expire, so long as a
merchant continues to use the trademark to identify a given product.
 Intellectual property is administered under two set-ups in Nigeria, which are:
o Industrial Property; the Nigerian perspective: This deals with trademarks, patents
and industrial designs.
o Copyright; the Nigerian Perspective: Copyright which is protected in Nigeria by
the Copyright Act.
 Copyright does not continue indefinitely. The law provides for a period of time during
which the rights of the copyright owner exist. The period or duration of copyright begins
from the moment when the work has been created, or, under some national laws, when it
has been expressed in a tangible form. In countries party to the Berne Convention, and in
many other countries, the duration of copyright provided for by national law is as a general
rule the life of the author plus not less than 50 years after his death.
 In Nigeria, the duration of copyright depends on the nature of work involved:

o For Literary, musical or artistic works other than photographs, copyright in the
work will expire seventy years after the end of the year in which the author dies. If
the Author is a corporate body or Government, copyright will expire seventy years
after the end of the year in which the work was first published.
o For Cinematograph films and photographs, the copyright will expire fifty years
after the end of the year in which the recording was first made.
o With respect to broadcast, copyright will expire 50 years after the end of the year
in which the broadcast first took place.
 By section 1 of the Copyright Act, the following are entitled to copyright protection:
o Literary works
o Artistic works
o Cinematograph Film
o Sound Recordings
o Broadcast
 The institutions supporting technological entrepreneurship in Nigeria, are:
o Technology Incubation Centres (TIC)
o National Office for Technology Acquisition and Promotion (NOTAP)
o Raw Material Research and Development Council (RMRDC)
o Federal Institute of Industrial Research, Oshodi (FIRRO).
 Innovation, which means to create something new, has the following elements:
o Challenge: what we are trying to change or accomplish — the-“pull”.
o Customer focus: creating value for your customers — the “push”.
o Creativity: generating and sharing the idea(s) — the “brain”
o Communication: The flow of information and ideas — the “life blood”
o Collaboration: people coming together to work together on the idea(s) — the
“heart”
o Completion: implementing the new idea — the “muscle”
o Contemplation: learning and sharing lesson lead to higher competency — the
“ladder”
o Culture: the playing field of innovation includes:

 Leadership (sees the possibilities and positions of the team for action — the
role model)
 People (diverse groups of radically empowered people innovate — the
source of innovation)
 Basic values (trust and respect defines and distinguish innovation
organization — the backbone)
 Innovation values (certain values stoke the fires that makes the “impossible”
possible — the spark)
 Context: innovation is shaped by interactions with the world.
 The forms of innovation are:
o Innovation in process
o Innovation in product or services
o Innovation in management and work organization
 The three types of innovation are:
o Breakthrough Innovation — unique innovation which in most cases determines the
basis for further innovation in that area or field.
o Technological Innovation — the technological innovation occurs more frequently
than breakthrough innovation and in general is not at the same level of scientific
discovery and advancement Examples of technological innovations are voice and
text messaging, the jet airplane, the personal computer, the flip watch for containing
pictures, etc.
o Ordinary Innovation — the ordinary innovation is the one that occurs most
frequently. This kind of innovation extends the technological innovation into a
better product or service. These innovations usually come from market-led or
market- push innovation.
 According to the diffusion theory, once innovation occurs, innovations may be spread from
the innovator to other individuals and groups. It can be described using the S-Curve, also
known as “diffusion curve”.
 The key elements to Roger’s definition of diffusion are:
o The Innovation: an idea, practice(s) or objects that is perceived as new by
individuals or a group of adopters.

o Communication Channels: the means by which innovations move from individual
to individual, or group to group.
o Time: the non-spatial interval through which the diffusion events occur.
o A Social System: a set of interrelated units that are engaged in joint problem solving
activities to accomplish a goal or goals.
 Change is defined as the transformation in patterns of organizational activity. Change has
also been defined as modification of those forces keeping a system’s behaviour stable.
Change can be seen as an overhaul of both internal and external environments of an
organization.
 The forces responsible for change are: economic factors, change in technology, social
causes, political and legal changes and intense competition.
 Some of the factors that increase entrepreneur resistance to change include: uncertainty
about the impact of change, economic implications, lack of proper communication, the
group resistance, emotional reasons.
 The Strategies for managing change resistance are: education and communication,
participation and involvement, negotiation and agreement, timing of change, leadership.
 Entrepreneurs respond to technical changes in four stages: scanning the environment,
evaluation of opportunity, resource acquisition, technological and market development.
 Barriers to women entrepreneurship are:
o Socio-Cultural Factors
o Legal and Regulatory Environment
o Access to Finance
o Sense of Self-Worth and Role-Models
o Networking
o Support Services and Other Factors.
 Initiatives put in place to cater for the welfare of women and to encourage entrepreneurship
among women are:
o Mainstreaming: This involves devising a plan or strategy to involve women in the
development process or in specific activities.
o Participatory approach: This involves continuous dialogue in the course of
formulating and implementing programmes that involve and affect women.

o Integrated Approach: Women entrepreneurs’ issues and constraints are addressed
in a broad perspective and in a coordinated manner.
 Results from a US survey indicate that increasing number of women have discovered that
the best way to break the “glass ceiling” that prevents them from rising to the top of many
organizations is to start their own companies.
 Family business is a business owned by a family but run by non-family managers.
 Family business is a business owned by a large, multi-national corporation but run by a
local family.
 Family business is a business jointly owned by two unrelated partners, each of whom has
a son in the business.
 There are five forms of family business, thus:
o Family Influenced Start-ups: Family influenced start-ups commonly occur and
usually involve new business in which family ownership, vision and or leadership
shape the strategic intent, decision making, and financial goals of the business.
o Family Corporate Venturing: This is like entrepreneurship within an established
family business, In this stance, the family business catalyses the start-up of new
business
o Family Corporate Renewal: An existing family business may be operated in an
industry characterized by stiff competition making growth of the business slow and
difficult. The families’ entrepreneurial action in this instance will be directed
towards creating new streams of value through innovation and transformational
change. This enables the family business to launch new products and or services;
penetrate markets controlled by competitors or even enter new markets, and in some
cases design and deploy new business model.
o Provision of Family Private Cash: Most new ventures are funded through family
private cash. Family funding is usually based on altruistic sentiments toward the
family rather than formal; is very soft and might not even have repayment period
or interest component.
o Family Investment Funds: Family funds are common as families (whether formal
or informal) sometimes find themselves with surplus cash which is in excess of
their investment needs.

 There are ten commandments in family business, which are: induction and grooming;
ownership structure; preserving wealth; conflict resolution mechanism; business vision,
strategy and governance; family vision, strategy and governance; succession planning;
compensation and rewards for planning; recruitment and reward for non-family
professionals; retirement and estate planning.
 Challenges of a family business are:
o Families assuming that their past success will guarantee their future success;
o The legacy value attributed to the business does not translate into a market value or
advantage;
o Families want a legacy pass in the market such as being recognized as good citizens
for operating for a long period;
o Leaders try to balance the risk profile of their shareholders with the risk and
investment demands of the marketplace;
o Risk profiles differ between senior and successor generations;
o Families find it hard to pass the responsibility of managing the firm into the hands
of younger generations which they deem less capable;
o Families build the first-generation business on the founder’s intuition, but then
business never establishes more intentional entrepreneurial processes or confirmed
strategy for the future to keep the entrepreneurial contributions alive;
o Families rarely make use of the same financial strategies as those used by fellow
entrepreneurs to grow the business;
o Families do not get rid of unproductive assets and underperforming businesses to
reallocate resources to more productive places;
o Successor generation family members feel entitled to get a business rather than seek
next generation entrepreneurial opportunity;
o Senior leaser communicates to the next generation that business planning and
entrepreneurial analysis is a waste of time;
o The family member is given part of the business to run as part of their legacy, and
this is deemed to be entrepreneurship in the family;
o Lack of an exit strategy;
o Succession planning;

o High turnover of non-family members;
o Lack of training of new family members who join the business;
o Lack of outside opinions and diversity on how to operate the business.
 Cultural background may affect family business in the following ways:
o Work days available for operation;
o Gender structure of the work force/management;
o Nature of investment;
o Succession in the business
 Advantages of family business include:
o Strength of family relationships during challenging periods of business change
o Financial sacrifices that family members make for the good of the firm
o Operation as a family business distinguishes the firm from its competitors
o Higher levels of concern for its community and non-family employees
o Capability to plan and prepare for the long haul
o Emphasis on quality and value
 Disadvantages of family business include:
o Conflict among family members, which may result in:
 Risk (consequences of failure) to the family in launching a business
 Nepotism and the differences in competencies and merit of family members
involved in the business
 Family traditions versus the business need to innovate and seize
opportunities
 Unity and cooperation of family versus business need to foster diversity and
competition
 Family loyalty versus the necessity to provide opportunities for non-family
employees
o The Founder’s Imprint on the Culture
 The founder’s core values become a transmitted part of the culture (for
better or worse).
 Succession, in organizational theory and practice, refers to the process of transferring
managerial control from one leader or one generation of leaders to the next.

 The stages of succession planning in a family business are:
o Pre-Business Involvement
o Education and Personal Development
o Proof of Competence
o Formal Start in the Business
o Declaration of Succession
 Social entrepreneurs are individuals with innovative solutions to society’s problems. They
are ambitious and persistent, tackling major social issues and offering new ideas for wide-
scale changes.
 Government can support social entrepreneurship in any of the following ways:
o Encourage social innovation;
o Creating an enabling environment for social innovation entrepreneurship;
o Rewarding social-entrepreneurial initiatives for exceptional performance;
o Scale successful approaches, or
o Produce knowledge.
 The sources of business opportunities in Nigeria are:
o Entrepreneurs’ Social Networks
o Prior Experience
o Existence of a similar business
o Hobby/personal interest
o Market research
o Electronic and print media
 Opportunity recognition connotes perceiving a possibility for new profit potential through
(a) the founding and formation of a new venture, or (b) the significant improvement of an
existing venture.
 Scanning for Business opportunities cover:
o Technology, basic research and development, application of research and
development;
o Government regulations;
o Economic conditions;
o Buyer strengths;

o Demographic, economic, attitudinal, awareness, educational;
o Labour markets;
o Competitors; and
o Supplier strength
 The five stages that lead to Opportunity identification are: preparation, incubation, insight,
evaluation, and elaboration.
 Opportunity search result could be classified into:
o Recognized Type: For opportunities that are recognized, deductive reasoning is
used to either actively or passively filter for venture worthy ideas.
o Discovered Type: In this type of opportunity, when only the demand exists, but
supply does not, and vice versa, then the non-existent side has to be discovered.
o Creation/Enactment Type: This type of opportunity is based on the principle of
enactment where the entrepreneur creates new means and new ends by using
effectual reasoning.
 There are five factors that influence identification of opportunities. These are:
o Entrepreneurial Alertness
o Prior Knowledge
o Discovery versus Purposeful Search
o Networking versus Solo Entrepreneur
o Creativity
Major parts of this document are sourced from the EEP 3201 Modules (1 to 9), provided by Bayero
University, Kano. It is STRICTLY FOR ACADEMIC PURPOSE, AND NOT FOR SALE.
Onimisi – fluent in silence!

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Document prepared by Hadi Onimisi Tijani, from Faculty of Law, BUK.

The answers here

EEP-3201 – Entrepreneurship and Innovation Life Saver.

By Onimisi – Fluent in Silence!

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Vital Key Points to Note.

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