Multiple Choice Questions (MCQ2s): MCQ1: The psychologist sees an Entrepreneur as someone who is being driven by certain forces that are mainly internal, personal attributes and Answer: Values MCQ2: There are given situations where an Entrepreneur is not able to establish his or her own business and as such has to work in an Answer: Firm MCQ3: A manager Scientist or researcher who works inside an existing organization and notices opportunities for product improvements etc is Answer: Economist MCQ4: <span style="letter-spacing:-0.2pt">Many </span>Concepts<span style="letter-spacing:-0.2pt"> have been used to describe how managers can keep organizations from stagnating, make organizations adaptive, and promote organizational climates that support creative</span> Answer: learning MCQ5: The establishment of any entrepreneurial Venture is risky and the entrepreneur has to assume Answer: Risk MCQ6: The term Entrepreneur seems to have been introduced into Economics by Answer: Joseph Schumpeter MCQ7: <span style="letter-spacing:-0.4pt"> Entrepreneur was first accorded prominence by </span> Answer: Joseph Schumpeter MCQ8: Entrepreneurship is inhibited by the social system, which denies opportunities for creative facilities for Answer: Economical MCQ9: <span style="letter-spacing:-0.1pt">an entrepreneur as someone who is being driven by certain forces that are mainly internal, personal attributes and traits</span><span style="letter-spacing:-0.1pt"> by </span> Answer: Technologist MCQ10: Entrepreneurs within an organization is referred to as Answer: Intrepreneurs MCQ11: The functionality of an entrepreneur is based on some established Answer: Principles MCQ12: The conceptual cornerstone in the theory of entrepreneurship lies on Answer: risk MCQ13: The mix of norms, values and beliefs that are shared by a particular community be it a business community, a cultural (or ethnic) community, a country, or a geographical region defined as Answer: tradition MCQ14: Entrepreneurial culture can be rooted in a society through 4 main avenues. According to Answer: Fortin (2003), MCQ15: <span style="letter-spacing:-0.45pt">Difficulties Faced in Establishing an Entrepreneurial Culture include the followings except</span> Answer: Ignorance MCQ16: The business environment is made up of the internal and the external environment and the main macro-environmental forces/factors found in the external environment and micro-environmental forces/factors/ in the internal environment of the Answer: Economics MCQ17: <span style="letter-spacing:-0.35pt">One of the followings is the Major Environmental Factors</span> Answer: Cultism MCQ18: <span style="letter-spacing:-0.3pt">The entrepreneur needs to evaluate the strengths and weaknesses of the business </span> Answer: Once MCQ19: <span style="letter-spacing:-0.45pt">It is the responsibility of </span><span style="letter-spacing:-0.45pt">entrepreneur </span><span style="letter-spacing:-0.45pt">to assess the external environment of the business by critically looking at the opportunities and threats emanating from changes in the major external environmental factors</span><span style="letter-spacing:-0.45pt"> for</span> Answer: Entrepreneur MCQ20: Opportunity exploitation refers to activities conducted in order to gain economic returns from the discovery of a potential entrepreneurial Answer: Risks MCQ21: <span style="letter-spacing:-0.4pt">The </span><span style="letter-spacing:-0.4pt">approach will prevent you spreading your marketing budget and time too thinly</span><span style="letter-spacing:-0.4pt"> is known as</span> Answer: Narrow MCQ22: Entrepreneurs come up with great ideas that lead to creativity and Answer: Innovation MCQ23: For most entrepreneurs, ideas begin with interest in a subject or curiosity about finding a solution to a particular Answer: Problem MCQ24: Illumination occurs when the idea surfaces as a realistic Answer: Concept MCQ25: An idea once illuminated in the mind of an individual still has little meaning until verified as realistic and Answer: Useful MCQ26: Which kind of innovation changes the core design of one or more components but does not change the entire product architecture Answer: Technological innovation MCQ27: Which type of innovation is the reconfiguration of an established system to link together components and parts in a new way Answer: Technological innovation MCQ28: <span style="letter-spacing:-0.35pt"> Which phase is the starting point for new ideas?</span> Answer: Revenue Generation and Mobilization MCQ29: The Distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item's genuineness, and gives it owner the legal rights to prevent the unauthorized use referred to Answer: Patent MCQ30: A technological process is a means to make and improve products and Answer: Improve MCQ31: what helps in generating a large number of product ideas is Answer: Brainstorming MCQ32: Business idea arises from an opportunity in the Answer: Market MCQ33: Idea generation (ideation) is an emerging buzzword representing the creative process of generating, developing, and communicating new Answer: Ideas MCQ34: The value created by taking a resource or set of inputs, providing additional inputs or processes that increase the value of those inputs, and thereby generate a product or service that has greater market value at the next level of the value chain is referred to as Answer: Economic MCQ35: Socio economic value builds on the foundation of economic value creation by attempting to quantify and incorporate certain elements of Answer: social value