ENT 211 Past Questions and Answers

ENT 211 – Entrepreneurship and Innovation Questions and Answers

Entrepreneurial Behavior and Characteristics

• Q: A growing body of work shows that entrepreneurial behavior is dependent on _______ and _________ factors.
  A: Social and economic.
• Q: Entrepreneurs are _________ for economic change.
  A: Catalysts.
• Q: It is widely maintained that entrepreneurs are ________ individuals.
  A: Unusual.
• Q: The specific characteristics of an entrepreneur can be broken down into ________, ________, and ________.
  A: Psychological, sociological, and economic.
• Q: Collins and Moore studied 150 entrepreneurs and concluded that they are _____ and _____ people.
  A: Tough and pragmatic.

Entrepreneurial Knowledge and Skills

• Q: In the contemporary world, entrepreneurial skills can be acquired through ____________.
  A: Systematic knowledge and practice.
• Q: In Chapter 1, _______ studies of some successful entrepreneurs were carried out to serve as motivational personalities to younger generations.
  A: Case studies.
• Q: Entrepreneurs always have a strong belief about a market opportunity and are willing to accept a high level of _____, _____, or ________ risk to pursue it.
  A: Financial, personal, or social risk.
• Q: Entrepreneurial spirit is characterized by ____ and _____.
  A: Innovation and risk-taking.
• Q: Entrepreneurship ranges in scale from ____ to _____.
  A: Solo projects to major undertakings.

Types of Entrepreneurs and Entrepreneurship

• Q: Cole found that there are four types of entrepreneurs, namely:
  A: The innovator, the calculating inventor, the over-optimistic promoter, and the organizational builder.
• Q: The term intrapreneurship is derived from __ and __.
  A: “Intra” (internal) and entrepreneurship.
• Q: The major difference between an intrapreneur and an entrepreneur is that the fruit of success benefits the ______ rather than the _______.
  A: Organization… Intrapreneur.
• Q: Behavioral characteristics of intrapreneurship include ____, ______, ______, and _______.
  A: Initiative, ability to think outside the box, risk-taking, and leadership.
• Q: In Nigeria, the private sector encourages _______ as a strategy for the growth of their various organizations.
  A: Intrapreneurship.

Historical Perspectives on Entrepreneurship

• Q: Notable early economists wrote enthusiastically about entrepreneurs as ________ of progressive economies.
  A: Change agents.
• Q: ______ combined the theories of Cantillon and Adam Smith.
  A: Jean-Baptiste Say.
• Q: ______ invented the mechanical reaper in 1831.
  A: Cyrus McCormick.
• Q: The 19th-century entrepreneurs were the ________.
  A: Captains of industries.
• Q: As a ______, the entrepreneur plays a very strategic role in the economy.
  A: Prime mover of change.
• Q: Africa is said to have ____ million SMEs.
  A: 65.

Entrepreneurial Culture

• Q: The roots of ___, ___, and ____ encountered more resistance in the African psyche.
  A: Capitalism, utility, and individualism.
• Q: Cultural issues lie entirely in the distinction made by each culture between _________ and ___________.
  A: Cardinal values of civilization and instrumental values.
• Q: ________ is the foundation of a dynamic economy.
  A: A strong entrepreneurial culture.
• Q: A culture of entrepreneurship is particularly strong in _____________ markets.
  A: Rapid-growth.
• Q: ________ is one of the most precious things a company has, said ________.
  A: Culture… Herb Kelleher, founder of Southwest Airlines.
• Q: _____ serves to socialize the employee.
  A: Culture.
• Q: An entrepreneurial culture is not optional; it is an ___________.
  A: Absolute necessity.
• Q: According to Prosek, the key to unleashing creative energy is to create an entrepreneurial culture based on four pillars:
  A: 1. Authenticity
  2. Commitment to people
  3. Commitment to business
  4. Continuous effort
• Q: Sustaining entrepreneurial culture starts with _____ and also __________.
  A: Who you hire… Reward system.
• Q: Creating ____________ leads to the creation of a business that will continue to grow by adapting to change and actively pursuing new opportunities in the market.
  A: An entrepreneurial culture.

Notable Entrepreneurs and Their Contributions

• Q: Naveen Jain is an ________, _________, and _________.
  A: Entrepreneur, philanthropist, and technology pioneer.
• Q: ______ identified 10 secrets of becoming a successful entrepreneur.
  A: Naveen Jain.
• Q: Naveen Jain is the founder of:
  A:
  • World Innovation Institute
  • Moon Express
  • Inome and InfoSpace
• Q: Success does not necessarily come from breakthrough innovation but from _______________.
  A: Flawless execution.
• Q: He believes that a business plan is too long if it’s ________.
  A: More than one page.
• Q: Behind every overnight success lies ______________.
  A: Years of hard work and sweat.
• Q: Most companies die of ______________ rather than __________.
  A: Indigestion… Starvation.
• Q: He also said in most cases, your ___ and ___ are still your best guide.
  A: Heart and gut.

Aliko Dangote and Entrepreneurship in Africa

• Q: Dangote is ranked by ______________ as the _____ richest person in the world.
  A: Forbes… 43rd.
• Q: Alhaji Aliko Dangote was born on _________________.
  A: 10th of April, 1957.
• Q: Dangote is the ________ of Nigeria’s business circle.
  A: Golden child.
• Q: Dangote Cement accounts for a quarter of the _______________ total market cap.
  A: Nigerian Stock Exchange.
• Q: In the journey of entrepreneurship, _________ is supreme.
  A: Resilience and vision.

---