Benson Idahosa University

ENT 211: Entrepreneurship and innovation

Practice 319+ past questions for ENT 211 (Entrepreneurship and innovation) at Benson Idahosa University. Organized by topic with explanations. Free preview on Testwiz.

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About ENT 211 at Benson Idahosa University

ENT 211 (Entrepreneurship and Innovation) at Benson Idahosa University (BIU) introduces students to the foundational concepts of entrepreneurship, including the traits and motivations of successful entrepreneurs, the various forms of business enterprises, and the legal and regulatory environment. The course also covers practical tools such as feasibility studies, business planning, budgeting, market surveys, and cost and pricing strategies, preparing students to evaluate and launch viable business ventures.

Practicing past questions by topic for ENT 211 helps you master each concept systematically, reinforcing your understanding of how entrepreneurial theories apply to real-world business decisions. Topic-wise practice allows you to identify your strengths and weaknesses, focus your revision on high-yield areas, and build the confidence needed to excel in your BIU exams.

Topics covered

Entrepreneurial CharacteristicsBusiness Enterprise FormsFeasibility Study and ReportBusiness Planning and BudgetingBusiness Failure and Success FactorsMarket Survey and AnalysisBusiness Financing SourcesBusiness Location FactorsCost and Pricing StrategiesEntrepreneurial Motivation FactorsLegal Aspects of BusinessIntellectual Property Protection+31 more

Sample questions

1. An entrepreneur who hires workers based on their competence and professionalism, and delegates authority to relieve himself of routine tasks, is best classified as which type of entrepreneur?

a.A promoter entrepreneur who concentrates on marketing and sales activities

b.A craftsman entrepreneur who focuses on technical skills and hands-on work

c.A manager entrepreneur who emphasizes control and administrative efficiency

d.An opportunist entrepreneur who perceives and exploits new opportunities

2. Which of the following is NOT a characteristic of a small-scale enterprise?

a.A management structure that is often owner-operated and centralized

b.A simple organizational structure with few levels of management

c.A small capital base and a limited number of employees

d.A highly specialized staff dedicated to marketing functions

3. A feasibility report serves as a guide during the implementation of a project. Which of the following is the PRIMARY purpose of a feasibility report?

a.To determine the viability and potential success of a project

b.To outline the legal requirements for registering the business

c.To provide a detailed marketing plan for the product or service

d.To serve as a formal application for a bank loan or external funding

4. An entrepreneur has a business concept and has confirmed it is feasible. According to standard business practice, what is the MOST appropriate next step?

a.To register the business name with the Corporate Affairs Commission

b.To secure a loan from a financial institution to finance operations

c.To develop a comprehensive business plan to guide the venture

d.To immediately begin the process of hiring employees and managers

5. Which of the following is NOT a common reason why entrepreneurial ventures fail?

a.Delegation of duties to competent employees

b.Inadequate capital and poor financial management

c.Lack of a viable market for the product or service

d.Intense competition from established businesses

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Frequently asked questions

What are the key characteristics of an entrepreneur covered in ENT 211?

Key characteristics include risk-taking, innovation, proactiveness, self-confidence, persistence, opportunity recognition, and the ability to organize resources. These traits distinguish entrepreneurs from traditional managers and are central to the course.

What are the main forms of business enterprise discussed in ENT 211?

The main forms are sole proprietorship, partnership, limited liability company (LLC), and corporation. The course compares their advantages, disadvantages, legal requirements, and implications for ownership, liability, and taxation.

How does a feasibility study differ from a business plan?

A feasibility study assesses the viability of a business idea by analyzing market, technical, financial, and organizational aspects before committing resources. A business plan is a detailed roadmap that outlines goals, strategies, operations, and financial projections, typically used to secure funding and guide execution.

What are the common causes of business failure and success factors in ENT 211?

Common failure causes include poor planning, inadequate capital, lack of market demand, mismanagement, and ignoring competition. Success factors include thorough market research, effective management, financial discipline, adaptability, and a strong value proposition.