Questions and Answers of Entrepreneurship Starting Operating

“Service sector success is heavily determined by the quality of the service known as High-touch.” Do you agree? Explain.
Describe the sources and nature of the demand for services and comment on the opportunities for service sector ventures.
Interpret the characteristics inherent to the service sector ventures and discuss the advantages emanating from them in favor of service venture startups.
Illustrate the major considerations of product development and the generally accepted steps of the product development process.
Discuss the nature of the technology; High-tech, Mid-tech, and Low-tech, and their relevance to the choice of production.
What are the advantages inherent to the production sector that attract an entrepreneur?
“Choice of production is determined based on the industry specific advantages and the personal preferences.” Discuss.
Describe the different types of orientations available for a produc-tion entrepreneur to choose from.
“Production of right goods requires knowledge and knowledge is connected to a number of sources.” Explain.
Describe the methods that are employed to identify opportunities for production.
Elaborate on the following approaches to production;a.Inventive approach b.Extension approach c.Duplication approach d.Synthesis approach e.Imitation approach.
Distinguishproductionentrepreneurshipfromservice entrepreneurship.
Comment on the curve “N” and the growth management strate-gies derived from the Growth Management Scheme.
Critically evaluate the arguments for and principles of the Venture Growth Management Scheme.
“The parity and intensity of competency accumulation help classify ventures.” Discuss the importance of classifying ventures according to these criteria.
Discuss the relationship between the intensity of business compe-tency accumulation and venture growth potentials.
Distinguish balanced accumulation from unbalanced accumulation of 5-Cs and describe how the competency accumulation parity and disparity cause venture growth differentials.
“The 5-C model is an extension of Hayakawa’s Growth principles.” Explain how the 5-C model differs from the original model.
Explain how the following business competencies are accumulated in a venture;a.Credibility accumulation b.Capital Accumulation c.Consideration Accumulation d.Capability Accumulation e.Clientele
What are the main business competencies that are supposed to bring about sustainable venture growth according to Hayakawa’s Growth principles?
Describe the propositions of Arnold C. Cooper’s growth model and critically examine its recommendations.
“Venture growth is not only the growth of revenue but also the total progress of the venture.” Discover the perspectives of venture growth.
a.What is perpetual growth?b.Why perpetual growth is essential for a venture?c.Why is perpetual growth needed?
“Growth Management is not only a concern of the slowly growing ventures but also of the fast-growing ventures.” Discuss this statement with examples and referring to growth objectives.
Describe, referring to cash flow bottlenecks also, the “Valley of Death” syndrome encountered by business startups.
Examine, providing relevant data, why most business startups fail during the first few years after commencement of business.
Explain what growth management is and why growth needs to be managed.
“With setting up of business functions and management functions, the venture creation process is complete and the business starts to operate.” Elaborate this statement.
Explain how the business functions are determined and business objectives are set.
Describe the steps and concerns involved in setting up of manage-ment functions for a new venture.
“Business registration process differs among nations due to different legal systems.” Compare the easiness or difficulty of business registration in two countries.
“It is a prerequisite to select a suitable business form, after formu-lating a business model and before initiating the venture creation process.” Explain why this need arises.
“Business model canvas is a common format for business modeling that suggests seven strategies and two focus areas.” Comment.
a.What is Business Model Matrix?b.What are the four types of business orientations?c.How is the Business Model Matrix useful?
“Business model is developed based on the answers to the following key questions.” Discuss.a.What to produce b.How to produce c.Whom to sell d.How to sell.
Identify and describe the major business modeling strategies.
Business model is designed to achieve (a) Value creation (b) Value capturing, and (c) Value delivering targets. Explain.
Discuss the purpose of a business model and point out what a business model does.
Explain why an entrepreneur needs to be ready with a business model prior to starting up a venture?
Differentiate between business modeling and business model.
Provide the information required under the following components of a feasibility plan;Executive summary Business concept description Product and service plan Marketing plan Operations plan Human
Is there a universally adopted standard format for a feasibility plan? If not, identify the components that should necessarily be included in a feasibility plan.
Explain the factors that determine the soundness and completeness of a feasibility plan.
What are the general business feasibilities searched by a business planner prior to preparation of the real feasibility plan?
Depict industry life cycle to ascertain advantages and disadvantages of the industry at the point of time when entrepreneur plans to enter the market.
“BCG Matrix is more useful a tool for entrepreneurs who expand into new business projects and plan new product lines.” Critically evaluate this statement.
“The Product-Market Matrix helps entrepreneur to determine appropriate product and market strategies.” Examine.
“SWOT analysis can guide entrepreneur to correctly formulate strategic position of the proposed venture.” Discuss.
“The Five-Force framework is helpful to identify the areas where competitiveness can be instilled for the proposed venture.” Explain.
Describe how useful is the PESTEL analysis in developing a feasibility plan.
Describe who prepares feasibility plans for whom, on what purpose, and under what planning premises.
“Feasibility planning involves costs and benefits.” Discuss this statement highlighting how they affect the corporate startups and small business startups.
Elaborate the circumstances where the need for feasibility planning arises.
Differentiate between feasibility planning and feasibility plan.
Describe how an image is raised to fetch market value and then to protect it through Image Rights.
“Trade Secret is a registered right of the owner of undisclosed information.” Discuss the special features of Trade secrets and the possibility for protection.
“Design rights sometimes can conflict with patents, copyrights, and trademarks.” Describe how design rights can be established in reconciliation.
Distinguish Trademarks from patent rights providing examples for the circumstances where they conflict and stand out.
Describe the characteristics of Patent Rights and the procedure of patenting an invention.
Explain the circumstances where Copyrights emerge and the methods of their protection.
Describe the circumstances where intellectual property rights arise and how such rights can stand against infringement of intellectual property.
Elaborate the procedures for and subsequent steps of registra-tion of intellectual properties with the World Intellectual Property Organization.
Examine the authority vested in the UNESCO and WTO as alternative intellectual property protection institutions.
Describe, providing examples, national and local intellectual prop-erty organizations and their jurisdictions in protecting intellectual properties.
What is the World Intellectual Property Organization (WIPO) and its role in protecting intellectual property rights?
“Intellectual properties are vulnerable to counterfeiting.” Explain what is counterfeiting and why intellectual property needs to be protected against counterfeiting.
Describe the relationship among the following;a.Invention b.Innovation c.Intellectual property.
What are the determinants of intellectual property rights?
Distinguish intellectual property from intellectual property right.
Explain, with examples, the possibilities of adding extraordinary value in the resource transformation process deviating from the normal innovation path
Depict the relationship among resource conversion, innovation, demand priority, value creation, and profit and derive an innovation path specific to your example.
What are the orientations of innovations? Enquire into the reasons behind different orientations.
Describe the features of the following forms of innovations;a.Destructive innovation b.Disruptive innovation c.Breakthrough innovation d.Radical innovation e.Incremental innovation f.Sustained
“Innovation is not confined to goods.” Expand this statement introducing other types of innovations also into your list.
Provide an account on the sources of innovations. Describe each with a specific example.
Describe the vision and mission of innovation and by which means innovations are accomplished.
Describe the innovation process referring to the following steps;a.Analytical planning b.Organizing resources c.Implementation d.Commercial application.
Explain the importance of and the need for research and develop-ment effort for entrepreneurs.
Conduct a mini web survey to find R&D expenditures and intel-lectual property rights of nations in the recent years.
Describe the relationship between interdependence of the inven-tion process and the innovation process.
Explain the invention process through the following steps;a.Idea germination b.Preparation c.Incubation d.Illumination e.Verification.
“Invention turns out to be an intellectual property of a person or an organization.” Elaborate.
What is invention and why is it important in entrepreneurship?
“Rituals are signs of venture potentials.” Relate rituals to venture opportunities and recognize their vastness for innovation of goods
“Human habits create tremendous opportunities for entrepreneur-ship.” Explain this statement referring to an industry that has adopted human habits as its business opportunity.
Describe the merits of resource conversion method and explain why resource-based entrepreneurship is promoted by Entrepreneurship Development Programs.
Is intuition a method or a trait? Explain how intuition functions in ascertaining opportunities.
“Brainstorming is a popular method adopted for ascertaining venture opportunities.” Explain whether startups also can benefit from brainstorming as the corporates do.
Describe how the Mind Mapping exercise can help isolating a specific opportunity in a specific industry among many.
Explain how external sources of inventions can be useful for an entrepreneur to recognize venture opportunities.
What is the product drawback analysis method? Explain how this method is useful for imitative entrepreneurs.
“Sensitivity observation method can reveal a host of opportunities stemming from unfulfilled needs and wants.” Discuss.
Explain what types of senses that can be useful for an entrepreneur to cleverly recognize venture opportunities.
Describe the sources of venture opportunities and the prospective startups that might find them useful to exploit.
“Window and Corridor principles powerfully explain the rise and fall of entrepreneurial opportunities and recommend the right time for entrepreneur to respond to them.” Elaborate this statement.
Explain how explicit opportunities lead to Red Ocean Market and implicit opportunities lead to Blue Ocean Market.
Differentiate between explicit and implicit opportunities and describe the circumstances they occur.
Which definition do you prefer to accept from the following in describing venture opportunities; “market gaps” or “unfulfilled needs and wants?” Explain why.
Explain whether entrepreneurship is an action or a process and elaborate the sub-processes of entrepreneurship.
Discuss limitations of the orthodox theories of entrepreneurship and assess the significance of the Intervention Hypothesis as an alternative theory, also, highlighting its foundation, construct, and

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