SUBJECT: ENTREPRENEURSHIP AND NEW VENTURE CREATION

CLASS: WEEKEND
NAME: PRINCE ANTWI BOASIAKO
INDEX NO.: 01222185B

QUESTION 1
One who decides to venture into a business may have to go do it alone or team up with others.
Explain what in your own opinion would inform one’s decision?

ANSWER
One’s decision to go do it alone or team up in business may depends on factors such as
resources, individual skills and strength, risk tolerance and lucrativeness of the venture. Doing it
alone may come with the pros and cons of autonomy. That is, one enjoys the profit and loss all
alone and lack diversification of expertise. On the other hand, teaming up brings complementary
expertise, shared responsibilities and skills but required effective collaboration. In my own
opinion, assessing these factors may influence one’s decision and choice.

QUESTION 2
What may influence you to choose a particular product and a market when you make up your
mind to venture into business enterprise?

ANSWER
Opting a product and market for a business is influence by factors like; market demand, personal
interest and expertise(passion), competition analysis, scalability and potential profitability.
Moreover, assessing consumer needs, identifying unique selling points and considering the target
audience help in a correlating the chosen product with a viable market.
QUESTION 3
When you would like to start a small business, you need to identify the various form of small
business organization. Name and explain any two of them.

ANSWER
i. Sole Proprietorship: This form of business organization is own and operate by only
one individual. It’s the simplest form and offer full control to the owner. They are
personally responsible for the business’s liabilities and enjoy all the profit. However,
the owner bears all the financial risk burden alone.
ii. Limited Liability Company: This kind of business is the combination of a corporate
and partnership. It provides limited liability for its owners, shielding personal assets
from business debts. Limited liability company also offer flexibility in management
and taxation, allowing members to choose how they want to be taxed.