2023-2024

UG
MDC1004- Foundations of Economics for Entrepreneurship
Continuous Assessment- 15-02-2024

Marks: 25

Instructions:
1. Write your answers independently to the best of your knowledge; refrain from copying them from
others.
2. This examination allows the use of class notes as it is an open-book format for question preparation.

Q. Formulate your business idea by addressing the following key points:

(i) Determine the specific sector in which you plan to establish your business. (2 Marks)

(ii) Suggest a name for your business and justify how this name will be best for your business.
(2 Marks)

(ii) Identify existing businesses similar to yours, if any. (2 Marks)

(iii) Identify potential competitors in the market and assess their significance. How your
business be different from theirs/How will you compete with them? (3 Marks)

(iv) Define the target consumers or buyers for your products/services. (3 Marks)

(v) Outline your production strategy for delivering the product/service. (4 Marks)

(vi) Analyze the various costs associated with production, categorizing them as Fixed and
Variable costs, and provide justifications. (4 Marks)

(vii) Create a Risk Matrix for your business, evaluating the feasibility of your business idea in
terms of potential risks. (5 Marks)