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Fundamentals Of Entrepreneurship(Buss 221) Question Paper

Fundamentals Of Entrepreneurship(Buss 221)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME: 2 HOURS

INSTRUCTIONS
Answer question one and any other two questions.
Question One
Explain the meaning of the following concept/terms as used in entrepreneurship.
(10 Marks)
Craft entrepreneurship.
Economics of scale.
Liquidity ratio.
Focus group.
Intellectual property.
Describe five major steps that need to be taken by government to foster entrepreneurship growth in Kenya.
(5 Marks)

Entrepreneurs are advised to evaluate and screen business ideas even if it is one. Briefly explain the personal factors that one should put into consideration.
(5 Marks)

Compare and contrast social entrepreneurship from corporate entrepreneurship.
(5 Marks)

Explain the significance of a business plan.
(5 Marks)

Question Two
A group of young people from your county have invited you to address them during a regional entrepreneurship seminar. Your topic is ’sources of finance for starting a business venture.’ Justify 5 key sources you will include in your presentation.
(10 Marks)

Briefly discuss 5 key internal motivation factors that may enhance entrepreneurial behavior.
(5 Marks)

Distinguish limited partnership from limited companies.
(5 Marks)

Question Three
Identify a viable business opportunity in your county and explain how a business SWOT analysis can be used to reveal important information to inform a business entry strategy.
(10 Marks)

Describe the advantages of computerized business records keeping system over the manual system.
(5 Marks)

You have been consulted to offer professional advice to an entrepreneur who has just bought an existing restaurant in your county. The entrepreneur has identified deteriorating business image as a key problem which was inherited from the previous owner. Describe five points you will include in your advice as a solution to the identified problem.
(5 Marks)

Question Four
With reference to communities of your choice, explain how social-cultural factors can hinder entrepreneurial behavior.
(10 Marks)

Retention of highly performing employees is critical during the growth stage of an entrepreneurial venture. Describe five key strategies that can be used to attract and retain a highly performing workforce in horticultural industry.
(5 Marks)

You have been contracted as a resource person during the formation of a new clearing and forwarding company and subsequent drafting of a memorandum of understanding. Describe the contents that need to be included in the memorandum of understanding document.
(5 Marks)

Question Five
An entrepreneur should conduct thorough analysis of the competition before, launching an entrepreneurial venture. Discuss factors of consideration during the analysis and clearly explain the reasons why you think they are important.
(10 Marks)

How does an entrepreneur differ from an employee?
(5 Marks)

Using relevant examples, discuss the key elements of economic theory of entrepreneurship as propagated by Joseph Schumpeter.
(5 Marks)

Fundamentals Of Entrepreneurship(Buss 221) Question Paper

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