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PART (A): 6Marks
1. Explain the differences among creativity, innovation, and entrepreneurship. Why are creativity and innovation so important to the survival and success of a business? (3 Marks) (Minimum 200 words)
2. describe the role of the following groups in entrepreneurship: women, minorities, immigrants, “part-timers,” home-based business owners, family business owners. (3 Marks) (Minimum 200 words)
PART (B): 9 Marks
Choose one local small business and answer the following questions:
A. Scope and type of business (3 Marks)
• Business idea: what is the big idea? Is it a product or a service? What makes this idea different?
• Mission Statement.
• Company’s short-term and long-term goals and objectives.
B. Business Philosophy (3 Marks)
• Describe the most important company strengths and core competencies: What factors will make the company succeed? What do you think the major competitive strengths of this company?
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• Risk Assessment: Evaluate the strengths and weaknesses of this business using SWOT.
Products and Services (3Marks)
• Briefly discuss the products or services.
• Size of business: how many employees? How many offices and retail facilities?
Important Notes: –
• Support your answers with course material concepts, principles, and theories from the textbook and scholarly, peer-reviewed journal articles etc.
• You must include at least 6 references.
• Use APA style for writing references.
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