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Ayesha Khan

MGM102Entrepreneurship I 1 What are the three key differences between small businesses and entrepreneurial businessesSAG1 Size Small businesses remain small entrepreneurial businesses are expected to grow2 Age Small business operations remain the same entrepreneurial business ventures expand3 Growth goals Small businesses dont expect to grow much entrepreneurial businesses strive for growth2 Describe the three types of firms in David Birchs ModelEMG1 Elephants Large businesses with great marketplace powerLess flexible operations2 Mice Small businesses that generate a lot of economic activity and jobs More flexible operations3 GazellesEntrepreneurial businesses seeking rapid growth and higher profitsStrives on innovation and using new technology 3 What are the greatest challenges for entrepreneurs launching a new businessa Difficulties in raising sufficient capitalb Constant change in technology and the environmentc High failure rate 4 What are the advantages and disadvantages of a small businessAdvantagesAllows people to be their own bosses for a limited investmentWork environment allows great learning opportunitiesContributes to society through innovation and job creationDisadvantagesHigh competition among firmsLimited room for advancementRequires great investment of timeMGM102Jacky WongEntrepreneurship II 1 What are the three steps in launching an entrepreneurial ventureOOB1 Opportunity recognition2 Opportunity formation3 Business planning 2 What does business planning involvea Articulating the opportunityb Operational aspectsc Financial aspects 3 What are the four qualities needed for an opportunity to be market viableAADV1 AttractiveThere must be an existing or potential market for the productservice2 AchievableMust be practical and physically possible3 DurableThe window of opportunity must last long enough for the business to be profitable4 ValuecreatingPotential revenue must exceed all business costs 4 What are the advantages and disadvantages of purchasing an existing businessAdvantages Value of existing business relationships and revenue Greater predictability Disadvantages 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 entrepreneurs1 Vision imagining and recognizing business opportunities2 Dedication and Drive requires diligence and risktaking3 Commitment to excellence devotion of time and energy to all aspects of the business
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