Entrepreneurship & Small Business Management Final Exam

Required

PART I: Multiple-choice (2pts each; total: 20pts.)

Select the correct answer from the given alternatives and tick the appropriate box.
4.Marry just opened a small restaurant. While she has had some customers in her
restaurant, it is not enough to pay employees and make a profit. Most small
businesses fail because of the same reason. Which of the following is this an
example of?
(2 Points)
A. Inadequate cash flow
B. Hiring
C. Forecasting
D. Employee turnover
5.The most essential role of the executive summary in the business plan is to:
(2 Points)
A. describe the company’s goals in detail
B. explain the business plan’s objectives in detail
C. identify the means by which company performance will be measured
D. attract investors
6.The owner receives all of the profits of the business and can act quickly in
making business decisions when the form of business ownership is a:
(2 Points)
A. Corporation
B. Partnership
C. Limited Liability Company
D. Sole proprietorship
7.Peter is facilitating a group brainstorming session to generate new business
ideas for the company. Which of the following attitudes is important for Peter to
demonstrate?
(2 Points)
A. Judgmental
B. Neutral
C. Passive
 D. Authoritarian
8.One of the stages in creativity process is characterized by ‘Aha’ or the ‘Eureka’
moment.
(2 Points)
A. Preparation
B. Illumination
C. Incubation
D. Evaluation
E. Elaboration
9.For which stage of Micro & Small Enterprise development, the Ethiopian Federal
Micro & Small Enterprise Development Agency has a strategy that aims to
disseminate knowledge of international standards and better production
technology?
(2 Points)
A. Maturity stage
B. Start-up stage
C. Growing stage
D. Decline stage
E. Preparation stage
10.All of the following are important issues that entrepreneurs should consider
when they are evaluating the various forms of business ownership except:
(2 Points)
A. Tax considerations
B. Managerial ability
C. Management succession plans
D. Cost of formation
E. None of the above
11.The stage of the entrepreneurial process in which the entrepreneur prepares a
business plan for a new venture is:
(2 Points)
A. Actualization
B. Concept development
C. Discovery
D. Resourcing
12.Which one of the elements in a business plan describes about product and
service of the business?
(2 Points)
A. Marketing plan
B. Industry analysis
C. Operations plan
D. Company description
E. None of the above
13.Effective implementation of a business plan for entrepreneurship entails all of
the following except:
(2 Points)
A. Financing and Starting the New Venture
B. Choosing the right location and layout
C. Building an entrepreneurial team
D. Marketing for the New Ventures
E. None of the above
Back
Next
Never give out your password.Report abuse
This content is created by the owner of the form. The data you submit will be sent to the form owner.

Powered by Microsoft Forms

|
Privacy and cookies
| Terms of use

Entrepreneurship & Small Business Management Final Exam

Required

Part II: Essay-type questions (5 pts. each; total: 20pts.)

 Instruction: Answer the following questions precisely and support your answers by examples and
illustrations.

14.Outline and describe the five direct policy supports arranged by Ethiopian
Government to facilitate the development of Micro & Small Enterprises in the
country.Required to answer. Multi Line Text.
(5 Points)
market.

blicinstitutionstosourcecertainportion of their annual proc

15.‘Need for Achievement Theory of McClelland’ has documented five specific

characteristics of an entrepreneur. What are these specific characteristics of an
entrepreneur?Required to answer. Multi Line Text.
(5 Points)

l accomplishment is intrinsically more satisfying to them.

1) They set moderate realistic and attainable goals for them.

2) They take calculated risks.

3) They prefer situations wherein they can take personal responsibility for solving problems.

4) They need concrete feedback on how well they are doing.

5) heir need for achievement exist not merely for the sake of economic rewards or social recognition
rather personal accomplishment is intrinsically more satisfying to them.

16.Describe the similarities, differences and interrelationships among creativity,

innovation and entrepreneurship.Required to answer. Multi Line Text.
(5 Points)

ppropriate solution and reap a return on its investme nt.

entrepreneurship has become associated with creativity, the ability to develop something original,
particularly an idea or a representation of an idea. Innovation requires creativity, but innovation is
more specifically the application of creativity
Creativity is a state, a talent, or an ability to think of new ideas. There are no limits, restraints or
requirements. It’s a mental or intellectual exercise of imagination.

Innovation is the application of that creativity to create a thing or a process, or as a way to improve
something that already exits.

The main difference between creativity and innovation is the focus. Creativity is about unleashing the
potential of the mind to conceive new ideas. Innovation is about introducing change into relatively
stable systems. It's also concerned with the work required to make an idea viable.

Creativity is subjective, making it hard to measure, as our creative friends assert.

Innovation, on the other hand, is completely measurable. Innovation is about introducing change
into relatively stable systems. It’s also concerned with the work required to make an idea viable. By
identifying an unrecognized and unmet need, an organization can use innovation to apply its
creative resources to design an appropriate solution and reap a return on its investment.

17.Suppose that you applied for loan to Awash Bank to establish your own new
venture. The Bank, however, asks you to prepare and submit a well organized
business plan. Outline and describe the important elements to be considered in
this business plan by giving examples for each of the elements.Required to
answer. Multi Line Text.
(5 Points)
7: Operations Plan
8: Management Team and Com
9: Overall Schedule
10: Financial Projections

1: Executive Summary

2: Company Description

3: Industry Analysis

4: Market Analysis

5: Marketing Plan

6: Design and Development Plan

7: Operations Plan

8: Management Team and Company Structure

9: Overall Schedule

10: Financial Projections

Back
Submit

Never give out your password.Report abuse

This content is created by the owner of the form. The data you submit will be sent to the form owner.

Powered by Microsoft Forms

Privacy and cookies

| Terms of use