Topic 19

Question 1

Stages in setting up a business -> 6

Answer 1

1. Idea generation
2. Research
3. Planning
4. Financing
5. Location
6. Launch

Question 2

Day-to-day operations -> 6

Answer 2

1. Financial management
2. Administration
3. Marketing
4. Purchasing
5. Managing people
6. Production and quality control

Question 3

Expansión strategies

Answer 3

. Entering new markets or regions
. Introducing new products or services
. Acquiring smaller competitors

Question 4

Benefits of Intrapreneurship

Answer 4

1. Encourages creativity
2. Drives growth
3. Employee engagement
4. Risk-free employees

Question 5

Barriers to entrepreneurship -> 6

Answer 5

1. Lack of access to finance
2. High costs of loans
3. Lack of entrepreneurial skills
4. Bureaucracy (‘red tape’)
5. Risk aversion
6. Market challenges

Question 6

Risk management

Answer 6

1. SWOT analysis -> evaluate strengths, weaknesses, opportunities & threats
2. Business plans -> identify risks
3. Market research -> understand costumer behaviour
4. Insurance -> mitigate financial losses

Question 7

Managing uncertainty

Answer 7

1. Flexibility -> adapt quickly to market changes
2. Diversification-> reducing dependency on single product
3. Continuous improvement -> innovating processes or products