MGT602 SUB/OBJECTIVES

FINAL TERM- 100%

ENTREPRENEURSHIP
GUESS PAPER 2024
BY SULMAN ALI GUJJAR
0341-7547044

OBJECTIVES

1. Social pressure is the type of which of the following business in innovation? Personal
barriers
2. Which is not principle of effectuation? Crazy pilot principle
3. Which principle deals with the assessing downsides of things and examining what an
entrepreneur can lose ____ Affordable Loss Principle
4. -------- Controlling one’s environment and being responsible of decision made.----
PILOT IN THE PLAN
5. Strategic management and entrepreneurship are ---------to each other. -----somehow
related
6. -------- Are potential options available in external environment that a
venture/entrepreneur can exploit to achieve its vision, mission, goals and objectives.------
------ Opportunities
7. -------Are negative forces in external environment that inhibit the business venture’s
capability. ---- Threats
8. Focus strategy where an entrepreneur selects one or more narrow (niche) market
segment to serve.
9. Reel camera and Symbian phone technology markets are at the -------stage of the
industry------Decline stage
10.which is not phase in BCG Matrix? BULL
11.----------Stage of BCG matrix means that the product has low market share and high
market growth rate.---- Question mark.
12.Sequence where writing business plan--------- Business Idea, Business plan,
practical business
13.Which section of the business plan holds supporting documents for actual business plan?-
---- Appendix
14.Which section ---------- pitches the opportunity rationale.-------- Executive
Summary
15.Information about the legal status------- is given in the section------------ Title Page
16. Which of the following the statements deals with addition in cash?
17.Which of the following associated the amount of the income earned with resources to
generate it. --- Profitability Ratios.
18.---------Measure the overall financial stability of firm----------- Financial Stability
Ratios
19.Net profit margin = Net income/----------- Net Sales
20.Rent and insurance are the types of---------- Fixed costs
21.Which of the following divides an organizational structure based on industries or
customers? ----- Market-Based Structure
22.The amount of money which is required and given in payment for buying somethings-----
--- Price
23.Which is not institutional markets ---------- GROUP OF STUDENTS
24. Which is the institutional markets ---------- hospitals
25. Which is the example of consumer market --------- buying decision.
26. -------not consumer market ---------
27. what is the 4th phase of grenier growth model? control crisis
28. what is the 3rd phase in growth through delegation? autonomy crisis
29.which of the following is not the principle of effectuation? Crazy pilot principle
30.Definition of pilot in the plane principle. you are yourself responsible for
everything. Your future can be influenced by your own actions.
31.Definition of bird in hand principle. Create solutions to the problem with the
means/resources available at the moment
32.social pressure is type of which barrier? personal barriers
33. what is internal beneficiary of business plan. potential employee
34.what is external benefit in business plan. potential investor
35. Tools using to address the needs of customers belong to? Approach section
36. Approach discusses the (tool, resources, mechanism)
37.____ are external user ( consumer)
38._____suggests how to create uncontested market space and make the competition
irrelevant. (Blue Ocean Strategy)
39.______are negative forces available in the external environment that inhibit the business
venture’s capability to achieve its vision, mission, goals and objectives.(Threats)
40. B2C and B2B are (totally different organisms )
41. Incremental Innovation: is referred to the series of improvements a company make
in its existing products and services with time.
42. Architectural innovation: is what the giant companies like Google and Amazon do.
They take their domain related technology, expertise and skills and then implement it to a
different market.
43. Radical innovation: is the type of innovation which people actually think as
innovation stereotypically. It is the rarest type of innovation. It involves innovating new
technologies, business models or services which create new markets. The examples of
radical innovations are invention of microwave, airplane etc.
44. Crazy quilt principle: (focus on co-creation and partnership instead of competition. It
can bring new directions and funds for your project)
45. Potential option opportunity
46.Broad long range….. Goals
47. Focus strategy: is where an entrepreneur selects one or more narrow (niche) market
segment to serve.
48. Appendix.. supporting documents
49. Need: States of felt deprivation
50. Approach discusses the tool: Approach discusses the tool, resources, mechanism,
plan and strategy to fulfill the needs of the target customers.
 51. line extension: “Extending an existing brand name to new forms, colors, sizes,
ingredients, or flavors of an existing product category.
52. Brand extension: “Companies extend a current brand name to new or modified
products in a new category.”
53. Sole proprietorship: is a business owned and operated by a single person who enjoys
the whole profit and bears all the loss. This form of business has unlimited liability which
means in case of non-payment of debt, the proprietor’s business property as well as
personal property will be taken to pay off the debt.
54.limited liability partnership ..LLP
55. Proforma: Proforma financial statements are similar to historical statements but they
show projected figures rather than actual amounts.
56.Risk at 4th phase in Greiner Growth model: control crisis
57.Risk at 3rd phase: autonomy crisis
58. Cash cow: (high relative market share, low market growth)

SUBJECTIVES

Define Lemonade:
The entrepreneurial approach of turning unexpected challenges into opportunities. It embodies
the principle of effectuation, urging entrepreneurs to be flexible, embrace uncertainties, and
transform surprises into profitable ventures.

Differentiate the utility of internal & external users

Internal Users: Internal users, such as employees and management, utilize information for day-
to-day operations, decision-making, and performance assessment within the organization.
Internal data aids in strategic planning and operational efficiency.
External Users: External users, like investors and creditors, rely on financial reports for
investment decisions. External information provides insights into a company's financial health,
stability, and potential returns.

Define need and want and demand with examples:

Need is a state of felt deprivation. (Kotler and Armstrong) Anything that you feel is lacking in
you is called need. For example: need for food or shelter.
Let’s see when this need is converted into want. According to Philip Kotler and Armstrong, want
is “The form human needs take as they are shaped by culture and individual personality”. Your
need becomes your want based on the culture, weather and belief system of the area you are
living in. for example: needing nourishment (need) might transform into a preference for sushi or
pizza (want) based on cultural influences and individual tastes.
Demand is “Human wants that are backed by buying power”. (Kotler and Armstrong)

What are the Ingredients of Appendix:

An appendix or annexure is another important and informal part of a business plan document. It
includes supporting documents i.e. resumes/CVs of entrepreneurs, legal documents (registration,
agreements, contracts etc.), pictorial information (location map, animated visuals, cite graphics
etc.).

Cash Flow:
In entrepreneurship, cash flow refers to the summary of changes in a company's cash position
over a specific timeframe. It encompasses operating, investing, and financing activities,
providing insights into why and how cash fluctuations occur, crucial for financial management
and strategic decision-making.

Crisis in Greiner Growth model of business:

1. Growth Through Creativity Phase: Focus on cost reduction and survival; informal
communication.
2. Growth Through Direction Phase: Leadership crisis; leaders must work for the venture and
create an enabling environment.
3. Growth Through Delegation Phase: Autonomy crisis; entrepreneurs delegate tasks,
employees seek autonomy.
4. Growth Through Coordination Phase: Growth challenges with defined hierarchy; crisis of
control.
5. Growth Through Collaboration Phase: Rules slow decision-making; red tape barriers
emerge.
6. Growth Through Growth through Alliances: Maturity stage; forming alliances presents
strategic challenges for sustainable growth.

Define and discuss the NABC Approach:

NABC Approach involves addressing a significant client or market need with a distinctive
approach offering compelling advantages over competitors or alternatives. It evolves through
iterations, employing visuals like drawings or mockups. The developed approach transforms into
a comprehensive business plan, encompassing market positioning, costs, staffing, partnerships,
deliverables, timetable, and intellectual property protection.

Differentiate between Sales and profit with example:

Sales represent the total revenue generated from product or service transactions, showcasing
business activity. For example, increased product sales in the success stage of business growth.
However, profit is the income remaining after deducting all expenditures from sales, crucial for
assessing the venture's financial health and sustainability.

Differentiate between marketing strategy and differential strategic

Marketing strategy: Involves the overall plan to reach and persuade a target market. While
designing a marketing strategy, following steps are involved. 1. Identify the customer need 2.
Choose your value proposition 3. Design a consistent brand and message 4. Select your target
audience 5. Select the marketing/social channel for your startup 6. Build your referral network 7.
Assemble smart marketing team 8. Become your product’s loyal user 9. Be vigilant to
customer’s feedback 10. Relationship marketing
Differentiation strategic: Differentiation strategy in which the entrepreneur seeks to build
customer base by positioning its product or service in a unique or different fashion and where the
customers also value its differentiation. Differentiation strategy is applied when, 1= If customers
are brand conscious, 2= If customers value and demand for differentiation, 3= If customers are
not price conscious, 4= If customers are not ready to compromise on quality, 5= Integrated
marketing campaign

Briefly explain the pilot of plane principle of effectuation.

The Pilot-in-the-Plane Principle in effectuation asserts that entrepreneurs are akin to pilots,
responsible for their ventures. It emphasizes self-control and the desire for autonomy.
Entrepreneurs, driven by the need for control, make decisions, work independently, and
understand their actions shape the outcomes of their ventures.

Cost effects strategy vs differentiate strategy:

Cost Leadership: Involves being a low-cost producer, focusing on mass production, potential
quality compromise, or technological breakthrough. Suited for industries with price-conscious
customers willing to compromise on quality.
Differentiation Strategy: Aims to build a customer base through unique positioning, appealing
to brand-conscious customers valuing differentiation and quality. Integrated marketing
campaigns reinforce the strategy.

liabilities and debt owes company. Difference between short term and long
term liabilities:
Liabilities represent what a company owes. Short-term liabilities are obligations due within a
year, like accounts payable. Long-term liabilities extend beyond a year, such as bonds or
mortgages. Short-term liabilities impact current liquidity, while long-term liabilities affect
overall financial stability, often involving larger sums with extended repayment periods.

Business orientation matters in business plan? Example

An entrepreneur's orientation significantly impacts a business plan's depth. A deeply oriented
entrepreneur includes more details, influenced by education and perception of a plan's
importance. For instance, a tech-savvy entrepreneur might provide intricate details in a business
plan for a software startup, showcasing a profound understanding of the industry nuances.

Ansoff matrix:
Ansoff matrix is also a very good tool for analysing product or market expansion. It was
developed by Igor Ansoff and was published in 1957 in Harvard Business Review with the
article title, “Strategies for Diversification”. Even in the present era, this model is still very
popular.

Crazy Quilt Principle of effectuation:

Crazy Quilt Principle While causation relies on detailed competitive analysis, effectuation
focuses on co-creation and partnership. The crazy quilt principle focuses on building
partnerships instead of beating competition. Since effectual entrepreneurs start their business
without a predetermined target market, the detailed competitors’ analysis becomes less useful for
them as they do not have an idea of who will be their competitors. Instead, they take their
product to nearest possible potential customers. Some of the individuals or firms they interact
with make commitments with the entrepreneurs by investing their means/resources in terms of
time, efforts and money. This partnership principle or crazy quilt principle merges best with
affordable loss principle to bring entrepreneur’s product into the market with little expenditure.
In the initial stages of venture development, these partnerships with suppliers, customers and
other stakeholders help reduce the uncertainty and fear of failure. Lastly, since in the beginning
entrepreneur doesn’t not know which market to serve, these strategic partnerships and network,
to a great extent, determine which market/markets the entrepreneur will eventually target.

Enlist five characteristics of sole proprietorship:

Sole Proprietorship: A business owned by one person, who bears unlimited liability for the
enterprise.
 Entrepreneur owns and manage the business
 Single ownership of venture ü Easy to form
 Proprietor and Proprietorship are the same entity
 Small scale
 Tax on Proprietor’s income
 Unlimited lability

”complexity” in business plan matters? Explain with example

The nature of a business decides the extent of a business plan. The level of complexity is
different for different businesses. The business plan requirements For instance, a business like a
cement factory, with intricate operations and technical requirements, demands a more detailed
and comprehensive plan compared to a less complex venture like a fast-food restaurant. It is
critical to understand that, the more complex a business is, lengthier its business plan will be.
The complexity and depth of a business plan will help to reduce business risk and avoid
unwanted mistakes. Thus it is recommended to write an in-depth business plan in case of a
complex business. It is not a healthy notion to avoid writing an in-depth business plan due to its
complexity and robust technical requirements.

How does the factor of complexity effect the extent of a business plan
document?
The complexity of a business directly influences the length and depth of a business plan. More
complex ventures, like a cement factory, necessitate lengthier and more detailed plans, crucial
for risk reduction and avoiding errors, emphasizing the importance of comprehensive planning in
intricate business scenarios.

Write thee core principles of blue Ocean strategy.

1. Reconstruct Market Boundaries… overcome believes.
2. Reach beyond existing Demand… go for uncontested space.
3. Get the strategic sequence right… value innovation first.

Nishat Linen is a renowned brand offering clothes, jewellery, bedding. which

kind of organizational strategy should they choose?
Product-Based Structure: For Nishat Linen, dealing with diverse product lines like clothes,
jewelry, and bedding, a product-based organizational structure is suitable. This approach
involves forming separate teams for each product category, enabling independent functions such
as marketing, finance, and operations for each.

Differentiate between product and service.

“Product is anything that can be offered to market for attention, acquisition, use or consumption
that might satisfy a need or want”. (Kotler and Armstrong) and secondly what service is;
“Service is anything or benefit that one party can offer to another that is essentially intangible
and does not result in any ownership of anything”.

Differentiate between institution based market & customer based market.

Institution-Based Market: Governed by entities like government, private institutions, profit, or
nonprofit organizations. Buying decisions are systematic, legally bound by rules, and involve
tenders.
Customer-Based Market: Targets individual consumers. Strategies focus on sales, marketing,
and servicing tailored to individual preferences. Less regulated compared to institutional
markets, allowing flexibility in approaches and tactics.

Write and elaborate two components that affect the extent of business plan.
There are five components that effect the extent of business plan: 1-Entrepreneurs orientation,
ability and preference 2-Complexity of business 3-Level of Competition 4-Level of uncertainty
5-Available time & money resources
1= An entrepreneur's orientation significantly impacts a business plan's depth. A deeply oriented
entrepreneur includes more details, influenced by education and perception of a plan's
importance. For instance, a tech-savvy entrepreneur might provide intricate details in a business
plan for a software startup, showcasing a profound understanding of the industry nuances.
2= The complexity of the business: The nature of a business decides the extent of a business
plan. The level of complexity is different for different businesses. The business plan
requirements for a cement factory would be different (much complex) from fast food restaurant
or a barber shop (less complex). It is critical to understand that, the more complex a business is,
lengthier its business plan will be. The complexity and depth of a business plan will help to
reduce business risk and avoid unwanted mistakes. Thus it is recommended to write an in-depth
business plan in case of a complex business. It is not a healthy notion to avoid writing an in-
depth business plan due to its complexity and robust technical requirements.

Differentiate between Fixed cost & variable cost with example.5

Fixed Cost remains constant irrespective of sales or production levels, including expenses like
rent, insurance, and salaries. For instance, a monthly rent of $1,500 for a store is a fixed cost,
unaffected by changes in sales.
Variable Cost fluctuates with production levels, such as costs of materials used. If a bakery's
ingredient costs increase with higher bread production, ingredient costs are variable. Total cost is
the sum of fixed and variable costs.

Write ten steps of marketing strategy.

Marketing strategy: Involves the overall plan to reach and persuade a target market. While
designing a marketing strategy, following steps are involved. 1. Identify the customer need 2.
Choose your value proposition 3. Design a consistent brand and message 4. Select your target
audience 5. Select the marketing/social channel for your startup 6. Build your referral network 7.
Assemble smart marketing team 8. Become your product’s loyal user 9. Be vigilant to
customer’s feedback 10. Relationship marketing

Explain five personal barriers in creativity & innovation.

1. Personality and Behavior Barrier: Some individuals, not inclined to take risks, may stick to
existing, familiar products. Those lacking the personality trait for innovative thinking may resist
venturing beyond conventional ideas, hindering creativity.
2. Social Pressure: Negative responses from friends or family can create social pressure,
discouraging creative ideas. This pressure may lead entrepreneurs to conform to conventional
products for societal acceptance.
3. Lack of Passion: Demotivation, stemming from negative feedback, can diminish an
entrepreneur's initial excitement about a creative idea, resulting in decreased passion and
innovation.
4. Lack of Direction: Entrepreneurs without a clear direction or inconsistent personalities may
struggle to focus, impeding their ability to think creatively and innovatively.
5. Fear of Failure: The fear of failure, intensified by social pressure and rejection, hampers an
entrepreneur's confidence. This fear may lead to conservative decision-making, hindering the
pursuit of innovative ideas.

Difference between flat and tall organizational structure.

Flat Structure deals with an organizational structure where employees are only a few steps away
from senior leadership and decision making is centralized. In the beginning of the start-up,
organizational structures are usually flat where employees report directly to the owner or CEO.
Tall Structure deals with multiple layers of reporting and decentralized decision making. In the
growth stage of business venture, when an entrepreneur has a big team, there are multiple layers
of employees. Each layer of employees’ report to the upper layer. For example, labors report to
the line managers and the line manager reports to the senior manager. Further, senior manager
reports to the middle manager who reports to the manager operations.

Difference between vision and mission statement

1= Vision statement defines the anticipated future orientation of the business venture whereas 2=
mission statement outlines the company’s business, objectives and its approach to reach those
objectives. A good mission and vision statement must have a philosophy. Vision and mission
statement must be aligned with each other.

Explain Affordable Loss Principle

Rather than focusing on maximizing profits, effectual entrepreneurs adhere to the Affordable
Loss Principle. This involves assessing what they can afford to lose instead of upfront
investment calculations. The principle emphasizes cultivating opportunities with a low cost of
failure, allowing entrepreneurs to make decisions based on manageable risks and uncertainties.

Explain individual assessment and venture assessment

Individual Assessment: Individual assessment involves self-evaluation for an entrepreneur. It
includes 1= Am I clear about my destination?, 2= Are my skills sufficient for kick start or
growth?, 3= What are my limitations?
Venture Assessment: Venture assessment evaluates the business itself, like 1= Is venture’s
objectives and goals measurable?, 2= Is product/service design competitive?, 3= Is my pricing
strategy competitive?

5 benefits of business plan of business idea.

1. Guidance: A business plan serves as a roadmap, guiding entrepreneurs on how to turn
their business dreams into practical realities.
2. Communication: It facilitates effective communication with internal stakeholders
(entrepreneurs, potential employees) and external parties (customers, suppliers,
investors).
3. Comprehensive: The plan provides a comprehensive overview, covering different
aspects of a new venture from startup to profitable operation.
4. Formal Planning Process: It involves a formalized planning process, ensuring a
structured approach to business development.
5. Orientation and Adaptability: The extent and depth of the plan can be tailored based on
entrepreneurs' orientation, business complexity, competition, uncertainty, and available
resources.

What is dynamic environment in An entrepreneurial ecosystem:

In the entrepreneurial ecosystem, the dynamic environment refers to the ever-changing

conditions shaped by the evolving needs and behaviors of customers, markets, resources, and
organizations. This dynamic environment forms the mid-layer of interaction, illustrating the
continuous adaptation and responsiveness required from entrepreneurs. They must navigate and
engage with the fluctuations and shifts in these external elements to effectively plan, strategize,
and succeed in their ventures within the dynamic and unpredictable business landscape.

Difference between effectuation and caution leadership statement.

The difference lies in the entrepreneurial approach. Causation involves predefined goals with a
focus on finding means to achieve them, such as choosing a high-return market. Effectuation,
introduced by Saras Sarasvathy, centers on utilizing existing means to develop goals over time. It
doesn't start with predetermined goals but allows objectives to emerge based on available
resources and entrepreneurial imagination.

Market based organization and structure based organization:

Market-Based Organization: This structure categorizes the organization based on industries,
markets, or customers. Teams are formed for different markets, serving diverse segments like
government, consumer, or B2B markets. It ensures separate teams for distinct markets, allowing
independent functional operations.
Structure-Based Organization: This structure classifies the organization based on functions,
products, markets, or geographical locations. Examples include Functional, Product-Based, and
Geographical Structures, each organizing the company around specific job functions, products,
or geographic areas.

Benefits of well written business plan.

1-Comprehensive 2-Communication 3-Guidance 4-Formal Planning Process
Guerrilla marketing:
Guerrilla Marketing is a Strategy that focuses on low-cost unconventional marketing tactics that
assures maximum customer engagement and yields maximum results.

Market Extension Merger:

In this merger, two businesses that are selling the same product in different markets share their
markets. It is also called the market extension merger.

Product Extension Merger:

In such a merger, two businesses selling different but related products are combined for a joint
venture.

lemonade principle of effectuation:

Lemonade principle (surprises and mistakes are unavoidable. An entrepreneur should use the
mistakes and surprises to find new opportunities.)

Give three strategies in strategic management:

1. Strategy formulation 2. Strategy implementation 3. Strategy evaluation and control

Why packaging is important give 3 reasons

Packaging is important because: 1= Consumer influence, 2= Ensure product quality, 3= Brand
recognition, 4= Brand reinforcement

Give five stages of business growth:

1. Existence Phase: In this initial stage, the entrepreneur focuses on acquiring and retaining
customers. Products and services are delivered to new and existing customers, marking
the beginning of the business growth journey.
2. Survival Phase: Positioned between existence and success, the entrepreneur assesses the
viability of the business idea. Encouragement comes from a slight increase in product
sales and revenue, often reaching or approaching the breakeven point.
3. Success Phase: The business achieves profitability, maintaining a customer base. The
entrepreneur distinguishes between sales and profit, develops brand rapport, and
competes effectively in the market.
4. Take-off Phase: Entrepreneurs contemplate further business growth, strategizing for
expansion and exploring new opportunities.
5. Resource Maturity: Entrepreneurs focus on better financial management,
diversification, and specialized activities at the departmental level, ensuring steady
income and sustained growth.

What reasons should give by the competitors to increase in price

Competitors may justify an increase in price due to various factors, including cost inflation,
enhanced product quality or features, improved value addition, or the introduction of a premium
version. They might argue that the price hike aligns with the product's nature, life stage, or
promotional campaigns. Competitors could also cite the need to maintain profitability or cover
increased demand. Their response to price changes aims to strategically position the product and
manage customer and market dynamics effectively.

Bird in hand principle of effectuation:

When successful entrepreneurs start a new business, they first start with the available resources
or means. The bird in hand principle infers that the business should be started with the
means/resources currently available. These resources are categorized as follows:
 Who I am- what skills, abilities and tastes an entrepreneurs has
 What I know- his/her education, experience and expertise
 Who I know- his/her professional and social network
Using the mixture of these means, an entrepreneur can start imagining the new possibilities.
Usually, he/she starts a business at a small scale with closest available resources or means and
directly implements it without any detailed planning. With each decision, possible results are
realigned. Ultimately, certain emerging things result in clearly achievable goals. The end goals
are the result of aspirations, abilities, skills, and imagination of the entrepreneur and the people
he/she has interacted with.

Write Environmental effect on business plan?

Environmental factors profoundly impact a business plan, encompassing economic conditions,

market trends, regulatory changes, and societal shifts. These elements shape strategy, affecting
market opportunities, risks, and the overall feasibility of a business plan in a dynamic and
evolving environment.

Stages of well written business plan?write name?

The stages of a well-written business plan are as follows:
1. Title Page
2. Table of Contents
3. Executive Summary
4. General Business Description
5. Management Plan
6. Total Product & Service Plan
7. Marketing Plan
8. Operations & Production Plan
9. Financial Plan
10. Appendix
These stages provide a comprehensive framework, covering aspects from business rationale to
financial details, ensuring a strategic and comprehensive business plan.

Functional plan within business plan document?

A functional plan within a business plan document details the specific strategies and activities
related to individual business functions, such as marketing, finance, operations, and human
resources. It outlines how each function contributes to achieving overall business goals and
objectives.

Need which entrepreneurs used to answer the need of NABC framework?

Entrepreneurs use the NABC (Need, Approach, Benefit, Competition) framework to address
significant client or market needs by developing a distinctive approach that provides compelling
advantages over competitors or alternatives. This iterative process involves visual elements like
drawings or mockups and culminates in a comprehensive business plan covering various aspects
of the venture.

If the price of the products lower, reaction by competitiors.

When a company lowers the price of its products, competitors may respond in various ways.
Competitors' reactions can include maintaining their prices, maintaining prices with additional
value, reducing their prices, increasing prices while enhancing quality, or launching a low-price
product line. The response depends on the competitive dynamics, market conditions, and
strategic objectives of each competitor. The goal is often to retain or increase market share and
adapt to the changing pricing landscape initiated by the competitor.
Neither profit Nor loss... this statement is related to which BCG matrix phase?
And what are the two techniques to avoid this problem.
The statement "Neither profit nor loss" is related to the Dog phase in the BCG matrix. In this
phase, a product has low market share and low market growth, resulting in limited profitability.
Two techniques to address this issue are product redesigning and changing the market. By
updating the product or entering a new market, entrepreneurs can potentially rejuvenate the
product, avoid losses, and explore avenues for growth within the BCG matrix framework.

Properties of good entrepreneur

A good entrepreneur possesses resilience, adaptability, vision, leadership, and effective
communication skills. They are risk-takers, innovative thinkers, and possess a strong work ethic.
Continuous learning, decisiveness, and the ability to inspire others contribute to entrepreneurial
success.

Business plan is link between idea and physical business; do you agree with
this statement?
Yes, I agree. A business plan serves as the crucial link between an entrepreneurial idea and the
practical implementation of a business. It outlines the vision, strategy, and operational details,
providing a roadmap for turning the concept into a tangible and successful venture.