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Establishing And Managing Small Business(Entr 331) Question Paper

Establishing And Managing Small Business(Entr 331)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2011

TIME: 2 HOURS
Instructions: Answer Question ONE and any Other TWO Questions.
Question One
CASE STUDY
Build Your Future Inc.
Redefining a life and living with passion for years Patti dreamt of her own schedule, her own office and her own clients. When she turned 55 years, Patti knew it was time for her to spread her wings and fly into a new life, where she would not only help high school students build their future but also build her own new future. It would be a future that would include time for herself, her grandchildren, exercise, golf and most of all time to enjoy shopping sprees. Patti was passionate about finding the correct fit and balance in her life. After passionately teaching, tutoring and counseling for more than 30 years and with a secure pension in hand, Patti’s vast experience and counseling reputation at one of the leading high schools in the country spurred her to open an education counseling service business.
Patti’s passion for helping millennials find their way through the college planning process is a welcome relief to parents and teen with the National Association for college admission counsel reporting a 315 to 1 student ratio the trend towards stiffer admissions requirement and a much more competitive atmosphere, many parents and teens require a specialist like Patti to maneuver through the admission maze. Patti has definitely found her passion for students and as a side benefit, has increased her income substantially.
Patti has opted for self employment. What reasons drives people to self employment over wage employment.
(6 Marks)

It has taken Patti until the age of 55 years to fulfill her dream. What are the main barriers to self employment in general.
(10 Marks)

Patti is motivated by various factors to start her own business. What is motivation in business terms.
(4 Marks)

Question Two
How does McClellands’ acquired needs theory explain motivation in relation to business.
(6 Marks)
What do you understand by the following terms:
Opportunity recognition.
(2 Marks)
Window of opportunity
(2 Marks)

(c) What factors do you think promote self employment. (10 Marks)

Question Three
Give a detailed account of what you consider to be the role of small business.
(8 Marks)

Entrepreneurship need to prepare different types of plans when starting a new business. Discuss the plans in details.
(12 Marks)

Question Four
Discuss the process of establishing new enterprises.
(10 Marks)

What problem do new venture face.
(10 Marks)

Question Five
When a business is launched a form of legal entity must be chosen. What factors do entrepreneurs consider when selecting the best form of ownership structure for their business?
(14 Marks)
There are riches in niches. Giving examples explain the meaning of the following terms:
Market Niche
(3 Marks)
Target Market
(3 Marks)

Establishing And Managing Small Business(Entr 331) Question Paper

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