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Ayesha Khan

MGM102 Entrepreneurship I 1 What are the three key differences between small businesses and entrepreneurial businesses SAG 1 SizeSmall businesses remain small entrepreneurial businesses are expected to grow 2 AgeSmall business operations remain the same entrepreneurial business ventures expand 3 Growth goalsSmall businesses dont expect to grow much entrepreneurial businesses strive for growth2 Describe the three types of firms in David Birchs Model EMG 1 ElephantsLarge businesses with great marketplace power Less flexible operations 2 MiceSmall businesses that generate a lot of economic activity and jobsMore flexible operations 3 Gazelles Entrepreneurial businesses seeking rapid growth and higher profits Strives on innovation and using new technology 3 What are the greatest challenges for entrepreneurs launching a new business a Difficulties in raising sufficient capital b Constant change in technology and the environment c High failure rate 4 What are the advantages and disadvantages of a small business Advantages Allows people to be their own bosses for a limited investment Work environment allows great learning opportunities Contributes to society through innovation and job creation Disadvantages High competition among firms Limited room for advancement Requires great investment of time MGM102 Jacky Wong Entrepreneurship II 1 What are the three steps in launching an entrepreneurial venture OOB 1 Opportunity recognition 2 Opportunity formation 3 Business planning 2 What does business planning involve a Articulating the opportunity b Operational aspects c Financial aspects 3 What are the four qualities needed for an opportunity to be market viable AADV 1 Attractive There must be an existing or potential market for the productservice 2 Achievable Must be practical and physically possible 3 Durable The window of opportunity must last long enough for the business to be profitable 4 Valuecreating Potential revenue must exceed all business costs 4 What are the advantages and disadvantages of purchasing an existing business Advantages Value of existing business relationships and revenue Greater predictabilityDisadvantages High cost of purchasing an existing business Existing business may have poor business relationships Possible loss of expertise 5 What are the 3 key leadership characteristics in successful entrepreneurs 1 Vision imagining and recognizing business opportunities 2 Dedication and Drive requires diligence and risktaking 3 Commitment to excellence devotion of time and energy to all aspects of the business
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