1. What is the first step in venture creation according to the module?

A. Ideation
B. Solution Design
C. Validation
D. Feedback

2. What is the main goal of ideation in venture creation?

A. Identifying a specific, real-world problem
B. Building a prototype
C. Launching a product
D. Conducting market surveys

3. What does MVP stand for in entrepreneurship?

A. Minimum Viable Product
B. Most Valuable Pitch
C. Market Validation Plan
D. Maximum Value Potential

4. Which of the following best describes validation?

A. Confirming the problem with real people
B. Launching the final product
C. Hiring a marketing team
D. Applying for funding

5. What should be the primary motivation behind starting a business?

A. Solving real problems
B. Making quick profits
C. Gaining social media fame
D. Impressing peers

6. In the feedback and refinement stage, what is most important?

A. Using customer input to improve
B. Lowering your prices
C. Changing your business name
D. Increasing advertisement

7. What is a delivery blueprint in venture creation?

A. A plan for how customers will access the product
B. A marketing brochure
C. A financial audit report
D. A product review document

8. Why is systems thinking important for a venture?

A. It helps build infrastructure for growth and sustainability
B. It focuses only on product features
C. It helps avoid paying taxes
D. It removes the need for customer support

9. Which of the following is a valid example of ideation from the module?

A. NYSC corps members struggle to afford sanitary pads during camp
B. Creating a fashion brand
C. Opening a restaurant in Lagos
D. Posting products online

10. What research method was used by the education student to validate her
idea?
A. A survey of 50 students
B. A product demo
C. A classroom experiment
D. An online course

11. What was used to accept offline payments for study guides?
A. POS agents
B. ATM machines
C. PayPal
D. Mobile banking apps only

12. Why did the digital lessons business move to monthly subscriptions?
A. Based on customer feedback
B. To reduce competition
C. Because weekly was cheaper
D. For marketing purposes

13. What does “scalability” refer to in a business?

A. Ability to grow operations and serve more people
B. Reducing staff size
C. Outsourcing marketing
D. Using big words in proposals

14. What is the last step in the six-step venture creation process?
A. Systems Thinking
B. Feedback Collection
C. MVP Launch
D. Delivery Blueprint

15. How can students identify real-world problems for venture ideas?
A. By observing their environment and listening to people
B. Guessing what might sell
C. Copying foreign businesses
D. Reading business textbooks only
16. What is the role of logistics in venture delivery?
A. Ensuring products or services reach the customer
B. Designing app logos
C. Naming the brand
D. Making ads

17. According to the 2023 SMEDAN Report, what percentage of Nigerian small
businesses fail within two years
A. 80%
B. 60%
C. 50%
D. 30%

[Link] major reason most ventures fail is

A. Planning and execution gaps
B. Lack of vision
C. Too much funding
D. Government policies

19. Which of the following is an example of poor market validation

A. Creating a delivery app students refuse to use
B. Running student surveys before launch
C. Offering free trials in the first month
D. Redesigning product packaging

20. A common team-related reason businesses fail is

A. Wrong team with overlapping roles
B. Recruiting too many staff
C. Outsourcing tasks
D. Paying high salaries

21. Which practice often kills cash flow

A. Mixing business and personal funds
B. Reinvesting profits
C. Tracking expenses weekly
D. Offering discounts strategically

22. Founders who stop collecting feedback after launch are likely victims of
A. Overconfidence
B. Poor planning
C. Lack of demand
D. Customer loyalty

23. Which is NOT mentioned as a key cause of venture failure

A. High product quality
B. No real demand
C. Weak team dynamics
D. Overconfidence

24. Why did the UNN delivery app fail

A. Students preferred bike riders on WhatsApp
B. Poor funding
C. Lack of marketing
D. Too expensive

[Link] inventory records is an example of

A. Poor financial management
B. Market validation
C. Team overlap
D. Customer service

26. What sustains a venture beyond enthusiasm

A. Structure, foresight, and risk management
B. Branding
C. Promotion
D. Motivation

27. Which is NOT part of the startup checklist

A. Ignoring competition
B. Testing product/service
C. Fair pricing
D. Clear team roles

28. An operational checklist includes

A. Tracking income/expenses weekly
B. Buying cars for staff
C. Increasing salaries
D. Celebrating anniversaries

29. What should businesses do if one supplier fails

A. Have backup suppliers
B. Wait for recovery
C. Close operations
D. Borrow from banks

30. Operational checklist recommends checking in with customers within

A. 72 hours
B. 24 hours
C. One week
D. One month
31. Which belongs to the growth checklist
A. Reinvesting profits
B. Avoiding marketing
C. Spending all income
D. Ignoring feedback

32. Why do many ingenious products in Nigerian universities fail

A. Weak marketing
B. Poor product quality
C. Lack of production tools
D. Excessive competition

33. What is described as the heartbeat of venture success

A. Marketing
B. Finance
C. Technology
D. Innovation

34. What determines a products success besides quality

A. Visibility and customer resonance
B. Number of employees
C. Size of capital investment
D. Government policy

35. What must entrepreneurs cultivate before sales

A. Attention and trust
B. Large investments
C. Legal certification
D. International standards

36. According to the module when should marketing begin

A. Long before product launch
B. After the product sells
C. After two years of business
D. Only during promotions

37. What primarily drives purchasing decisions

A. Emotional impulses and desires
B. Technical product features
C. Government endorsements
D. Random market trends

38. Which of these is a psychological driver of consumer behavior

A. Emotion
B. Cost minimization
C. Government regulation
D. Environmental policy

39. Buying a product repeatedly without switching is best explained by which

driver
A. Habit
B. Trust
C. Utility
D. Price war

40. Which driver is most related to brand reputation and reliability

A. Trust
B. Habit
C. Emotion
D. Price sensitivity

41. Building WhatsApp or Telegram groups helps retention because it

A. Creates community engagement
B. Reduces production cost
C. Attracts government support
D. Eliminates competitors

42. Which of the following represents the Marketing Message Builder formula
A. Problem solved Product Service Benefit to user
B. Capital Supplier Government support
C. Competitor Market Share Export
D. Budget Product Advertisement

43. Example of a message using the formula is

A. No Electricity Our Power Banks Charge in 30 Minutes Guaranteed
B. Nigeria is a large country with millions of people
C. Our product is very good
D. We will try our best

44. What is the purpose of testing different taglines with peers

A. To see which tagline is most memorable
B. To increase prices immediately
C. To measure production costs
D. To apply for a loan

45. An effective marketing message should be

A. Concise and memorable
B. Complex and detailed
C. Technical and lengthy
D. Focused only on price

46. The strongest tagline is usually the one

A. Most easily recalled by peers
B. Longest and most descriptive
C. Most expensive to advertise
D. Endorsed by government officials

47. Which e-commerce model involves businesses selling directly to other

businesses?
A. B2B
B. B2C
C. C2C
D. P2P

48.A student buying food from a campus Instagram vendor is an example of:
A. B2C
B. B2B
C. C2C
D. G2C

49. When one student sells used textbooks to another through [Link], this
represents:
A. C2C
B. B2B
C. B2C
D. G2C

[Link] custom T-shirts to classmates is classified as:

A. B2C
B. B2B
C. C2C
D. P2P

51. Helping schools identify affordable suppliers fits under which model?
A. B2B
B. B2C
C. C2C
D. D2C

52. One major benefit of digital platforms for students is:

A. Democratized access to markets
B. Guaranteed profits overnight
C. Zero competition
D. Automatic government funding
53. Which of these is NOT part of an effective product listing?
A. Ignoring product details
B. Product name and description
C. Price and payment method
D. Delivery arrangements

54. Which factor strongly influences customer response in online markets?

A. Clarity and trustworthiness of listings
B. Ignoring reviews
C. Overpricing without justification
D. Avoiding feedback

55. An effective online listing should include:

A. Unique selling points (USPs)
B. Vague descriptions
C. Hidden prices
D. No payment options

56. In digital sales, trust is built primarily through:

A. Transparency and reliable service
B. Anonymous sellers
C. Inconsistent pricing
D. Poor customer support

57. Peer reviews of product listings help students improve:

A. Appeal, clarity, and trustworthiness
B. Spelling mistakes only
C. Logo design only
D. Business names only

58. Which of the following best explains why money follows proof not just
passion
A. Investors prefer enthusiasm over plans
B. Capital is attracted by demonstrated credibility
C. Banks prioritize untested ideas
D. Charisma alone guarantees funding

59. What is the first sign of commitment that attracts potential supporters
A. Borrowing large loans
B. Using personal savings to test ideas
C. Attending pitch competitions
D. Waiting for grants

60. In Nigeria why do funders prioritize credibility over charisma

A. Charisma is rare among entrepreneurs
B. Investors dislike presentations
C. Proof of traction reduces risk
D. Regulations demand it

61. Which stage requires legal business registration to access funds

A. Idea stage
B. Proof of concept
C. Expansion scaling phase
D. Family contributions

62. What is the main truth for student entrepreneurs seeking capital
A. Capital is owed to them
B. Investors invest blindly
C. No one owes you capital
D. Charisma attracts money

63. Which is NOT an early stage financing source

A. Personal savings
B. Family and friends
C. Student cooperatives
D. Venture capital

64. Which type of funding is most suitable during the expansion/scaling phase
A. Family contributions
B. Campus savings groups
C. Venture capital and development finance institutions
D. Personal pocket money

65. What is a major risk of depending only on passion without results

A. It may reduce credibility with investors
B. It increases product quality
C. It guarantees grants
D. It eliminates competition

66. Why should student entrepreneurs treat family contributions with respect
A. They are donations
B. They come without expectations
C. They require accountability and trust
D. They must always be repaid with interest

67. What is the essence of student financing structures

A. To rely on passion only
B. To match funding sources with business stages
C. To avoid cooperatives
D. To depend only on competitions

68. Which source is most demanding in terms of documentation

A. Personal savings
B. Friends and family
C. Venture capital firms
D. Student cooperatives

69. Why do angel investors add mentorship besides money

A. To gain control of the startup
B. To increase failure rates
C. To strengthen startup growth
D. To avoid equity ownership

70. Strong competition entries begin with

A. Vague aspirations
B. Real problems and validation
C. Copying other pitches
D. Charisma only

71. Which combines essay writing with pitching?

A. LEAP Africa
B. TEF Pitch Challenge
C. UBA National Essay & Pitch
D. Ventures Platform Demo Day

72. A student saving ₦5000 for a prototype demonstrates

A. Lack of seriousness
B. First-line personal investment
C. Investor funding
D. Bank credit

73. Guerrilla marketing emphasizes

A. Creativity over budget
B. Heavy TV advertising
C. High corporate sponsorship
D. Government funding

74. Which of the following is an example of guerrilla marketing

A. WhatsApp status marketing
B. Billboard advertising
C. International TV campaigns
D. Newspaper columns

75. A key feature of guerrilla marketing is that it is

A. Low cost and high impact
B. Government funded
C. Dependent on large capital
D. Internationally sponsored

76. On Nigerian campuses guerrilla marketing often relies on

A. Social events and peer influence
B. Radio jingles
C. International conferences
D. Government endorsements

77. The main goal of customer retention is

A. Keeping customers long term
B. Getting government contracts
C. Reducing production costs
D. Importing products

78. Which of these is a low-cost retention strategy

A. Addressing customers by name
B. International expansion
C. Celebrity endorsements
D. Mass media advertising

79. Which AI tool can generate branded visuals and promotional texts?
A. Canva Magic Write
B. Excel
C. Blockchain ledger
D. IoT sensor

80. A main advantage of AI for startups is:

A. Increasing manual work
B. Reducing speed of service
C. Automating repetitive tasks
D. Eliminating customer service

81. AI can help businesses track:

A. Consumer trends
B. Exam schedules
C. Road traffic
D. Classroom attendance

82. IoT refers to:

A. Connecting devices through the internet for data exchange
B. Offline manual networking
C. A type of blockchain
D. Traditional marketing

83. Which of the following is an example of IoT in business?

A. Smart delivery tracking
B. Manual ledger keeping
C. Filing student records
D. Campus posters

84. IoT can improve:

A. Logistics and inventory management
B. Gossip among students
C. Manual farming
D. Exam preparation

85. What is the main benefit of IoT for small businesses?

A. Higher electricity bills
B. Real-time monitoring and efficiency
C. Delayed service delivery
D. Increased paperwork

86. IoT applications are most useful for:

A. Stock control and logistics
B. Random advertising
C. Manual accounting
D. Exam writing

87. Blockchain technology is primarily known for:

A. Secure, transparent transactions
B. Manual recordkeeping
C. Power generation
D. Cooking food

88. One application of blockchain for small businesses is:

A. Securing digital payments
B. Increasing print costs
C. Reducing campus WiFi
D. Advertising with flyers

89. Which of these is NOT a feature of blockchain?

A. Transparency
B. Decentralization
C. Data immutability
D. Frequent alteration of records

90. Blockchain can help small ventures by:

A. Building trust in transactions
B. Eliminating all customers
C. Blocking online sales
D. Printing receipts manually

91. Which business challenge is blockchain best suited for?

A. Trust and security in payments
B. Marketing design
C. Campus laundry services
D. Student attendance

92. Virtual Reality (VR) is best described as:

A. A computer-generated immersive experience
B. Manual teaching aid
C. Traditional customer service
D. Paper-based simulation

93. Augmented Reality (AR) differs from VR because it:

A. Overlays digital content onto real environments
B. Requires no technology
C. Is purely entertainment
D. Uses only written notes

94. Venture failure unfolds mostly as

A. Gradual accumulation of mistakes
B. A single catastrophic event
C. A competitor takeover
D. A government decision

95. Which of these is a hidden vulnerability

A. Market research gaps
B. Team role clarity
C. Proper financial records
D. Customer satisfaction

96. Overlooking disorganized team dynamics leads to

A. Setbacks and confusion
B. Higher profits
C. Market validation
D. Faster growth

97. Financial imprudence often arises from

A. Mixing personal and business funds
B. Budget forecasting
C. Strong bookkeeping
D. Weekly income tracking

98. Which factor is NOT part of execution discipline

A. Daydreaming
B. Monitoring performance
C. Consistency
D. Swift adaptation

99. Students who practice execution discipline are

A. More likely to scale sustainably
B. Dependent on luck
C. Ignoring opportunities
D. Doomed to fail

100. Monitoring performance helps entrepreneurs

A. Correct issues early
B. Abandon planning
C. Reduce training
D. Avoid paying tax