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Entrepreneurship(Buss 114) Question Paper

Entrepreneurship(Buss 114)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME: 2 HOURS

INSTRUCTIONS: Answer Question One and any Other TWO Questions
CASE STUDY
BUIDLING YOUR EMPIRE
Let`s face it………………No matter how miraculous your product or how phenomenal your service, if you can`t and sell it, it simply doesn`t matter. Your business will only be as successful as your ability to build your customer base, chose sales, deliver your products or services and generate revenues. Bottom line, making money is what its all about (or at least what most of it is about)!
Unfortunately this is where all too many entrepreneurs often fail. They are under the impression that their product or service is so wonderful that it will simply sell itself. Be realistic and know that will never happen!
Suppose you`re designed patented and manufactured the most innovative new lawn sprinkler over to hit the market or perhaps you have developed a new technology solution that will revolutionalize the entire database management industry. If you do it management industry, if you do it have strong marketing and advertising programs in place, a clear brand message and effective sales strategies no one will ever know. If customers don`t know them it won`t sale and you wont make any money. It`s that simple.
A huge amount of time and effort should be dedicated to building your sales and marketing creating sales and marketing materials designing print and online advertisements creating innovative promotions and managing the client sales process. Every successful entrepreneur must also be a strategic marketer, powerful sales representatives, shrewd advertising specialist and more!
Question One
a) Which steps should an entrepreneur undertake to ensure expansion of their enterprise? (5marks)
b) What are some of the challenges entrepreneurs face as they market their products? (10marks)
c) Differentiate between venture capitalist and angel investors explaining their conditions for investing in an enterprise. (10marks)
d) Why is it important to encourage intraprenuership in Kenya Organizations? (5marks)
Question Two
a) Despite its importance entrepreneurship is often faced by a myriad of
challenges. Indicate the major challenges encountered in
entrepreneurship highlighting possible solution to each challenge.
(8marks)
b) Explain factors that determine the viability of a business idea. (7marks)
c) Explain why its important to have a business plan while operating or starting up a business. (5marks)
Question Three
a) Explain how entrepreneurship contributes to the economic development of any nation. (8marks)
b) Discuss sight characteristics that would profile an individual in becoming a successful entrepreneur. (7marks)
c) Entrepreneurs are advised to evaluate and screen any business idea before venturing into it even if its one, explain why idea screening is important. (5marks)

Question Four
a) Elaborate various sources of funds that entrepreneurs can use to fund
their enterprises. (8marks)
b) Explain the differences in the following types of entrepreneurs as classified by Clarence Danhof.
i) Innovative entrepreneurs
ii) Imitative entrepreneurs
iii) Fabian entrepreneurs
iv) Drone entrepreneurs. (4marks)
c) Differentiate between:-
i) An Angel investore
ii) Venture capitalists (3marks)
d) Explain some of the social-cultural behaviors that inhibit entrepreneurial behavior. (5marks)

Question Five
a) Small businesses usually go through various hurdles which the owner must overcome to ensure its survival and growth. Discuss the entrepreneurial and managerial competencies that are required to ensure business survival. (10marks)
b) What is the role of entrepreneurship in economic development? (5marks)
c) 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.
(5marks)

Question Six
a) A group of unemployed youths have approached you for advice on how to
start an income generating activity.
i) How can they go about generating business ideas? (8marks)
ii) Why is it important for them to prepare a business plan. (7marks)
b) Using relevant examples discuss the key elements of the psychological
theory. (5marks)

Entrepreneurship(Buss 114) Question Paper

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