MID TERM EXAMINATION

(ENTREPRENEURSHIP)

Due Date: 22 September 2022

Please answer all of questions below.

1. Business firms need to know what competition is and how the products, services, and
marketing strategies affect their business to survive. Whether they have big company
or a small, local business, competition has a direct influence on their success. One
way to analyze the competition and understand the industry is that by analyzing the
five competitive forces. Identify these five competitive forces that determine industry
profitability (20 marks)

2. New firms often find it extremely difficult to enter markets with barriers to entry.
Subsequently, the barriers to entry minimize market competitiveness, with greater
barriers to entry contributing to a significant lack of competitiveness. Explain the role
of “barriers to entry” in creating disincentives for firms to enter an industry (20 marks)

3. “Business plans are like road maps: it’s possible to travel without one, but that will only
increase the odds of getting lost along the way”. Explain the purpose of a business
plan (20 marks)

4. There are certain characteristics and skills that are particularly important for
entrepreneurs to have when starting and leading a venture. Briefly explain four primary
characteristics of successful entrepreneur (20 marks)

5. In entrepreneurship there are three types of start-up firms that most of the
entrepreneurs can begin with. Kindly discuss what are the types of start-up firms. (20
marks).
Instructions:

1. All the answer must be in hand writing.

2. Please scan all the answers and email to respective email address. (Can use
Cam Scanner apps/ Scan through printer)

3. All the files must be in PDF format.

4. Please put the cover page as provided below.

5. Before submitting your answer, please make sure your NAME and ID NUMBER
are written then put (MID TERM EXAM JULY 2022) in “subject” space. All the
assignments must be submitted at entkiera@gmail.com
 Cover Sheet for Mid Term Examination

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