Scribd Logo
Upload

Welcome to Scribd!

  • Tutorial Questions

    Uploaded by

    Ambrose Apolinary
    43 views7 pages

    Original Title

    TUTORIAL QUESTIONS

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    43 views7 pages

    Tutorial Questions

    Uploaded by

    Ambrose Apolinary

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 7
    TUTORIAL QUESTIONS Part I: ALL STUDENTS IN GROUPS (5 Marks) Use the attached questionnaire and interview 10 entrepreneurs in any of the eter industy that relates to the nature ofthe business plan you have chosen to develop. Such businesses may include: a) Manufacturing b) Furniture making ©) Hardware 4) Agro-business ©) Carwash 1) Library g) Retail h) Tailoring businesses i) Ere, ‘The questionnaire is designed to assist you to find information that will assist you in preparing your business plan. It will help you to familiarise yourselves on the nature of entrepreneurial ventures in the country with information such «is demographics of the business and the business owner(s), succession plan, knowledge ancl use of a business plan, marketing strategies and production processes, creativity, innevation, and knowledge transfer/sharing between the business and other businesses, financial management, knowledge and benefits of legal systems such as tax and other policies, etc. TUTORIAL QUESTIONS Part II: Tutorial Assignments (5 marks) Discuss the following statements using two company examples; one from Tanzania and the other based on Testa’s business success 8) Good entrepreneurs are risk takers and not risk avoiders ») Government regulations should foster innovation. «)_ Anentrepreneur is one who creates a new business in the face of risk and uncertainty, for the purpose of achieving profit and growth by identifying opportunities, and assembles the necessary resources to capitalize on those opportunities. With practical ‘examples, discuss the truthiness of this statement, . a) Based on actual statistics, describe the sector that dominates the Tanzania economy today. 1b) Describe the concept of “Open Innovation”. ¢) Discuss the primary cause of small business failures in developing countries such as Tanzania and recommend what has to be done basing on interviews with at least 10 entrepreneurs engaged in manufacturing businesses. a) Discuss the relationship between core competencies and competitive advantages in a ‘manufacturing business. ') Discuss the process, and importance ofa suecessful marketing plan and research to an entrepreneur. Describe how an entrepreneur can apply process in ‘the model of the opportunity recognition to innovate in a retail clothing business. 3. a) Clearly, describe the meaning ofa Business Plan ') Discuss the purpose and benefits of business plan to an entrepreneur involved ina flour manufacturing industry ) What is the role of Business Plan forthe business deseribed in (b) above? 4) Deseribe the proper guideines for Writing Successful Business Plan «) seus the reasons why most Tanzanian businesses fil to prepare a Busines Pla. +) Discuss the pitfils to avoid in Business Planning 7. a) Deseribe the purpose of industry/target market feasibility analysis. Identify the two Brimary issues that should be considered, ') Whatis the difference betwen a firm's industry and its target market? 6) Are more fits stated by individuals or foun teams? Discuss with examples from both Tanzania and international experiences. 4) seuss the advantages to founding a fim as a eam rather tan as an individual? 8) Why do most firms ned funding? Provide a brie explanation ofeach reason. ») Why is it better to sell benefits rather than features? Provide an example that illustrates this point, ©) Identify the financing options for new venture start-ups @ An entrepreneur who starts business without external funding is utilizing @ technique referred to as bootstrapping. Using a specific example, discuss the merits and demerits of such a technique, 9. a) Identify and discuss the characteristics of successful Tanzanian manufacturing entrepreneurs, by) Identify and describe in briefly the critical components of an effective business plan of atypical “Vikoba” organisation, 10.a) Discuss the competitive forces that determine industry profitability for an agro- business. 'b)_ Analyze market segmentation/branding issues critical to a tailoring venture success ©) Explain the business planning process for a typical Tanzanian furniture making business. 11.) Deseribe how to create strong ethical culture in an entrepreneurial venture +b) Explain the advantages and disadvantages of different types of business ownership ©) Describe financial planning and cashflow analysis 12, a)Explain the meaning ofthe following terms as used in business planning: i. Creativity ii, Innovation iii, Invention 13, 14, 15. 17. ) Describe two creative “Ve problem-solving techniques that business managers can employ to generate new ideas, ©) Distinguish aust between the economic and social perspective of eentvty @) Explain three e | NSS “stategies for promoting seienee, technology and innovation as envisioned inthe Tanzania vision 2095, ©) List down five rights, a) Describe the fi ‘ways through which a business may benefit from intellectual property 've adopter categories according to the theory of Diffusion of innovations. ») List five factors that influence the rate of adoption of innovation ° Discuss three major theories of creativity illustrating three viewpoi s of each on ‘what creates creativity in people and their major shortcomings. 4) Define the term intellectual property rights and explain four property rights that are enforceable, ©) Explain three precautions that a business team member can personally take to prevent the leakage of innovative secrets to competitors 4) Explain the steps of creativity process according to the System Model of Creativity ') List three levels of innovations and give an example foreach. ‘) Deseribe the components in the four phases model of creativity 4) Outline seven characteristies of a creative person a) What are the forms of Family Business? b) What are the ten commandment of Family Business? ©) Discuss the challenges of Family Business. 2) What are the effects of cultural background of a community in @ Business? ) What are the advantages & disadvantages of a Family Business? 4) What is Suecession Planning? ) What are the Stages of the Succession Process ina Family Business? a) Why study Women Entrepreneurship? 'b). What are the characteristics of Women Entrepreneurs? ©) What are the Barriers to Women Entrepreneurship? ) There are initia iy B cveseur “S Palin place to cater forthe welfare of women and to encourage ttepreneurshi : Patong women, Discuss which area those initiatives ar tailored under, ¢) For an increasing number of women, describe the best way to break the “plass- ceiling”, 18.9) Whats Social Entrepreneurship b) ee local examples, descrite wh are social entrepreneurs. 6) Discuss the role and importance of social entrepreneurship in Tanzania. 4) Explain how can the Tanzanian Government support social entrepreneurship. 19. There are five ‘actors that influence identification of opportunities. These ar: i, Entrepreneurial alertness Prior knowledge Discovery versus purposeful search ‘Networking versus solo entrepreneur v. Creativity Discuss 20. a) Explain the factors that influence business opportunity identification, >) Discuss the resources and resource constraints facing entrepreneurs. ©) Discuss the hierarchical approach to developing a business idea 4) Describe the collective factors for opportunity identification 21. a) Explain in which of the following markets producers would use either @ short or long channel of distribution: ‘A. Local consumers B. Generation Z C. Baby boomers D, Senior citizens +b) The manager of The Anchor Inn is presenting her business plan to her bank manager to support a request fora loan for a new-build restaurant as an extension tothe pub. “The business plan includes a section on the business's Market and Competition and @ section on its Financial Forecasts. Describe how Ch of th ese ‘Wo sections would help the bank's manager establish if the loan represents a r 4 loan represents a sound jy investment. c) The managers of he Rail way 'y Pub and Restaurant are thinking about running a series of h ‘One proposal is for food and '€ Month of January to increase restaurant dinner covers, an rink promotions themed around four countries with each theme running ig for a Week Di Bee sn tee, iscuss four points the managers should consider before food promotions throughout th 4) The business plan for ‘The Lobster Pot restaurant includes three key targets, which are ‘most important if th \ profit objective is to be achieved. These targets are: ‘+ Increase the g i ae '€ GFOss profit on sales to 60% throughout the year for the year. luce salaries and wage costs to 25% of sales. + Reduce controllable expenses to 15% of sales. ‘After 6 months the Lo! ’ s the Lobster Por's accounts show the following actual performance: Ts Total sales 480,000 Cost of sales 201,600 Salaries and wage costs | 134,400 Controllable expenses 70,000 Choose two of the targets and using the actual performance figures above, assess whether the business has achieved these targets in the first six months. ‘22, Read the case study below and answer the questions that follow, ing product innovation G ett Gillette has always believed that continuous new product development resulting from extensive «itself from its competitors. True to its corporate mantra of R&D is necessary to differe +, the company has introduces ‘innovation is Gillette’,

    You might also like