MNE2601 - Introduction to Entrepreneurship and Small business management EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!

MNE2601 - Introduction to Entrepreneurship
and Small business management EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW!!
Opportunity - An idea that is attractive, durable and timely and is anchored
in a product or service that creates and adds value for the end user


Entrepreneurship - The emergence and growth of a new business


Entrepreneurial Success factors - - Passion
- Locus of Control
- Need for Independence
- Need for Achievement
- Risk taking and uncertainty
- Creativity and innovation
- Leadership
- Good human relations
- Positive Attitude
- Determination and persistence
- Persistent problem solving
- Commitment

, Managerial Success factors - - Planning
- Knowledge of competitors
- Mainly market oriented
- Client service
- High-quality work
- Financial insight and management
- Business knowledge and skills
- The use of experts


Push factors
(A necessity: an entrepreneur starts a business

because there is no other alternative.) - - Unemployment
- Job insecurity
- Career limitations
- Not fitting in with the organisation
- Limitation of financial rewards in a conventional job
- No other alternatives


Pull factors
(An opportunity: an entrepreneur starts a
business to take advantage of an opportunity
to work for himself or herself and to make

more money.) - - Independence
- Achievement