Abigail Williams

Form 6B1
Entrepreneurship Unit 1 
Modular Examination 
January 2022
Answer All Questions form the following Cases

Case 1: Look before you Leap

Harry completed his BSc in Computer Science and was fortunate to land a job at an established
firm. However, after a few months on the job, he started thinking of going into business for
himself. He has decided to talk to a few persons whom he trusts. One friend has told him that he
does not have enough luck or money. His father has told him that it is not easy, and that ‘we are
not born in our family to be entrepreneurs’. Harry who was once excited about his own business
venture is now having second thoughts and has had a chat with his best friend, Amir. Amir has
recommended that Harry speak to a business expert, but advises that before starting a business,
Harry should at least know the business in depth, develop a solid business plan, be able to read
and understand the financial statements, manage people well and most of all, know his own
strengths and weaknesses.

1. (a) Outline TWO myths of entrepreneurship mentioned in the case.

Answer: Two myths of entrepreneurship mentioned in the case are entrepreneurs are born
,not made and  Entrepreneurs Are Often High-Tech Wizards.
[4 marks]

(b) List FIVE myths of entrepreneurship that are NOT mentioned in the case.
Answer: Five myths of entrepreneurship that were not mentioned in the case are:

 Entrepreneurs Are Loners and Introverts

 Entrepreneurs are job hoppers
 Entrepreneurs finance their business with venture capital
 Entrepreneurs are often ruthless and deceptive
 Entrepreneurs have limited dedication
[5 marks]

(c) Explain TWO critical success factors of entrepreneurship.

Answer: Two critical success factors of entrepreneurship are:

Willingness to take action- without actions you can't be an entrepreneur.

Entrepreneurial Knowledge- this is the cognitive, technical, and interpersonal skills required in
the practice of entrepreneurship.

[6 marks]
Total 15 marks

Case 2:  The Mind of the Entrepreneur 

Allison, a visionary, has been operating a small book rental enterprise at the University of
Clarendon. She is now at the stage of expanding it to other Jamaican colleges. Her friend,
Joshua, from the University of the North Indies, often called Allison inventive and inspired. He
found that she did not give up easily and was always looking for a challenge. He therefore
suggested that since her enterprise is well positioned, she should take advantage of this
opportunity. Allison is performance driven and keeps abreast of modern trends such as
information communication technologies (ICT), demand and demography changes and
globalization, in the hope that she can one day seize opportunities to venture into new frontiers.

2. (a) (i) Outline THREE entrepreneurial characteristics which have been attributed to
Allison in the case.
Answer:

 Achievement oriented – Allison is achievement oriented because she is passionate about

her enterprise being successful and she does not give up easily.
 Systematic Planner- Allison is a systematic planner because she envisions establishing
her rental enterprise to a higher stage.
  Hardworking- Allison is hard working because she was up for the challenges that would
come with her rental enterprise. She is also committed to and passionate about what she
does.

[6 marks]

(ii) Discuss the importance of TWO characteristics outlined in (a) (i).

Answer:

 The importance of a systematic planner is that they are to be goal oriented and establish
the mission and vision for the entity, strategic plans should be made to guide the
employees towards the goal of the entity.

 The importance of being hardworking is that even when the entrepreneur is faced with
difficulties he or she will still find a way to fix the situation and to complete the different
tasks at hand.

[6 marks]

(b) From the case, identify THREE factors that are driving contemporary
entrepreneurship in the modern economy.
Answer:
Three factors that are driving contemporary entrepreneurship in the modern economy are culture,
education and technological development.
[3 marks]

Total 15 marks

Case 3:  Doubt Bars the Way 

Annita and Andrea are recent graduates of the University of the West Indies; Annita studied law
while Andrea pursued business. Both were considered creative and innovative by their lecturers,
traits which could help them as employees or persons capable of establishing their own ventures.
Both graduates contemplated how to make money to take care of their personal and family needs
in Jamaica. Their first thought was to seek employment overseas, as it is difficult to get
employment locally. The other option was to start a venture; they thought that the latter option
was too risky for them, basing their thinking on some ideas they have long held about who is an
entrepreneur. 

John, a brother of Annita, encouraged them to be more entrepreneurial with their knowledge and
their network. He argued that at a time when there is a global recession, persons with
entrepreneurial drive and thinking could successfully start and sustain a venture. However,
Annita and Andrea argue that they are neither intrapreneurs nor entrepreneurs (terms they
consider alien to them), they have never operated a business, they do not have money and worse
yet, they are not lucky. Both of them have decided that they would rather invest their time in
trying to get a visa to go to Canada as there is a Canadian programme which they have heard
about that enables Caribbean nationals to become citizens and guarantees them jobs. 

3. (a) Outline the differences between an entrepreneur and an intrapreneur, for the
benefit of Annita and Andrea.

Answer: An entrepreneur is a person who sets up a business or businesses, taking on

financial risks in the hope of profit while an intrapreneur is a manager within a company
who promotes innovative product development and marketing.

[6 marks] 

   (b) In assisting Annita and Andrea to make a decision, identify FIVE myths
of entrepreneurship.

 Answer: Five myths of entrepreneurship are:

 Entrepreneurs Are Loners and Introverts
 Entrepreneurs are job hoppers
 Entrepreneurs finance their business with venture capital
 Entrepreneurs are often ruthless and deceptive
 Entrepreneurs have limited dedication

[5 marks] 
   (c) For FOUR of the myths identified in (b) above, state ONE reason why EACH is
considered. 
Answer:
 Entrepreneurs are often ruthless –entrepreneurs are said to be often ruthless, but that is
not the only reason why entrepreneurs want to start their own businesses.

 Entrepreneurs finance their business with venture capital - venture capital money is one
of the most expensive forms of funding entrepreneurs can get. The entrepreneurs try to
avoid using venture capital; they only use them as a last resort.

 Entrepreneurs have limited dedication - Dedication is an attribute that all entrepreneurs

should exhibit. The entrepreneurs are dedicated to becoming their own boss and they are
not dedicated to just one thing.

 Entrepreneurs Are Loners and Introverts – although some entrepreneurs may be seen
working alone at times this is not always.

[4 marks] 
Total 15 marks

4. FROM THE PRESENTATIONS DONE ON LOCAL, REGIONAL AND

INTERNATIONAL ENTREPRENEURS
 Write a brief summary on any  Local, Regional and Entrepreneur. 

Local Entrepreneur - Gabrielle Lynch is a twenty-one years old motivator, entrepreneure and
advocate for young mothers. She started Ivane's Dance Troupe and Dance Lessons in 2017,
while in high school.

Regional Entrepreneur - Daniel Williams is from the Dominican Republic. He is CEO/founder

of KOOL TECH a technology company that provides training, seminars, consulting services,
infomercials, website development, software development, communications and business
technology integration.
International Entrepreneur- Rbyn Rihanna Fenty is a Barbadian singer, actress, fashion
designer, and businesswoman. She has appeared in movies such as Home, Battleship and
Valerian and the City of a Thousand Planets.

                                                                                                                        Total 15 marks