Business Growth
Business Plan
Challenges and Opportunities
Nature of Entrepreneurship
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100
The potential reward for the entrepreneur, his employees, the community and the ECONOMY for venturing into business
What is economic growth
100
This section outlines how a business will be structured, including managerial roles, job descriptions, and an organizational chart.
What is the Managerial Summary?
100
This represents a strategic asset to a business to protect an innovative new product
Intellectual property
100
The capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit.
What is entrepreneurship
100
The REAL winner of Pop the Balloon: MOB Edition
Zane Martin
200
A business can integrate with another company at the SAME stage of production
What is horizontal integration?
200
"The firm must then give a clear overview of the strategies that it will employ in order to gain a competitive edge"
What is competitor analysis
200
This is a problem faced by small firms COMPARED TO large firms
What is lack of economies of scale
200
Non-profit organizations often use this form of entrepreneurship
Social entreprenurhsip
200
Peter is planning to introduce a new product as soon as possible. He is having financial issues and needs to know if consumers will purchase the product. Peter sends his employees to the mall to interview shoppers.
What SAMPLING technique is Peter doing?
What is convenience sampling
300
Advertising can be very expensive and as a result some small firms are not able to advertise. However, as firms get larger they can implement advertisements and other promotional tools.
Marketing economies of scale
300
If John had conducted a feasibility study, he could have analyzed this aspect, which evaluates whether the business can generate enough revenue to cover expenses and make a profit.
What is Financial Feasibility?
300
"The products being offered by these international firms are being sold at cheaper prices than those of the local small business. Therefore people will buy the international product to make the best use of their money" This challenge is referred to as
What is globalization/trade liberalisation
300
"We are living in a rapidly changing world and so the entrepreneur must be willing to adapt to any situation that may arise." This characteristic is:
What is flexibility
300
In addition to selling appliances, Hogg's Furniture Ltd offers delivery, installation, and repair services, warranties, showrooms, and waiting areas. Which of the following types of PRODUCT best describes this offer?
What is augmented product
400
Which criteria is MOST appropriate for measuring the size of a food processing factory?
What is level of output
400
One area of feasibility that Dunkley and Friends Co. should have tested before producing metal manhole covers, this factor examines whether customers or organizations will purchase the product.
What is market feasibility?
400
Jean is very skilled in dressmaking. She is planning to set up a small business as a sole trader. What challenge is Jean MOST LIKELY to face?
What is sourcing capital
400
One of the reasons why the GOVERNMENT promote the creation of MSMEs is that they allow people to work or purchase products that make their lives easier, thus improving their _?
What is standard of living?
400
MediCare has a CT scanner to market to hospitals. Employees go out and interact with hospitals in hopes of getting purchases. This form of advertising can be BEST described as
What is personal selling
500
Zachary is a computer manufacturer. Dominic owns a computer store outlet. One day, Zachary decided to purchase Dominic's store. What is this form of integration?
What is forward vertical integration
500
Jerry is in the process of seeking a loan from Banks Ltd to start his own firm. Which component of the business plan would be of GREATEST interest to Banks Ltd.
What is executive summary
500
Mrs. Cochrane-Carlyle has recently opened a restaurant. At the end of the first week of operations, she realizes that she doesn't have sufficient cash to pay her employees. This scenario illustrates the challenge of:
What is working capital deficiency
500
This drawback of entrepreneurship terrifies Joel's Fishing Ltd. as he worries that the business can fail and he can lose EVERYTHING, even his _ as collateral
What is personal assets
500
Sally is a marketing manager for Gonks Co. She has made an advertisment to give consumers factual information about her new product, "Slims", instead of creating a brand image. This form of advertising is described as
What is informative advertising