Entrepreneurship
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This document contains questions about entrepreneurship, small business, business ownership forms, business plans, business objectives, and strategic planning. It asks about defining entrepreneurship, the relationship between small business and entrepreneurship, factors that influence entrepreneurship, why governments promote small business, constraints on small business lending, factors for choosing a business ownership form, advantages and disadvantages of sole proprietorships, the purpose of business plans, ensuring business growth, business objectives, advantages of purchasing an existing business, defining strategic planning, and the steps to develop a strategic plan.
Entrepreneurship
- 1. 1(a) Explain the term "entrepreneurship" according to Timons (1999) and Scheumpter (1984) (3Marks) (b) "Entrepreneuship is a behavior that can be acquired but can be conditioned by certain factors".Explain (4Marks) (c) What is the relationship between small-scale business and entrepreneurship?(4Marks) (d) "Entrepreneurship has distinct process that must be followed".Explain(4Marks) 2(a) The government of Kenya struggles to promote growth of small scale business and recently (2006) established Youth Development Funds.Why should the government endeavour to promote this sector?(10Marks) (b) Briefly explain the factors constraining lending to small scale enterprises.(5Marks) 3.(a) Explain the factors to be considered by an entrepreneur in choosing a form of business ownership.(8Marks) (b) The growth of sole proprietorship in Kenya is on the increase.Explain briefly the advantages and disadvantages of this kind or form of business ownership.(7Marks) 4 (a) What is a business plan?(2marks) (b) Briefly explain the purpose of a business plan to an organization.(8Marks) (c) Briefly highlight the essentials for ensuring sustainable growth of a business.(5Marks) 5 (a) What are objectives of any business an entrepreneur undertakes(6Marks) (b) Explain the advantages of purchasing an existing business other than starting one from scratch.(9Marks) 6 (a) Define the term "strategic planning".(2Marks) (b) Briefly explain the steps in developing a workable strategic plan.(13Marks)