Student Declaration

I_____Muhammad Rizwan_____ Registration No.___17-arid-5428____, hereby declare that

by attempting the paper for the course _________ ENTREPRENEURSHIP ______, I will not

be involved in any kind of cheating/copying/plagiarizing in solving the short questions based

paper of Mid Term Examination Spring2021. I take full responsibility of my conduct. If I

found involved in any kind of such activity of cheating/copying/plagiarizing, then Institute

reserves the right to take any disciplinary action against me.

Student Signature
 Mid Exam / Spring 2021 (Paper Duration 24 hours)
(Online Assignment Based Question Paper)

Course No.: MGT-617 Course Title: ENTREPRENEURSHIP

Total Marks: 18 Date of Exams: 27-04-2021
Degree: BBA Semester: 8th Section:
Marks
Q. No. 1 2 3 4 5 6 7 8 9 10 Obtained/
Total Marks
Marks
Obtaine
d
Obtained Marks in Words:
Name of the Teacher:Muhammad Adnan Khan
Who taught the course:Signature of Teacher / Examiner:

To be filled by Student

Registration No.: Muhammad Rizwan Name: 17-arid-5428

(THEORETICALEXAMINATION)
 Mid Exam / Spring 2021 (Paper Duration 24 hours)
(Online Assignment Based Question Paper)

Course No.: MGT-617 Course Title: ENTREPRENEURSHIP

Total Marks: 18 Date of Exams: 27-04-2021
Degree: BBA Semester: 8th Section:
Marks
Q. No. 1 2 3 4 5 6 7 8 9 10 Obtained/
Total Marks
Marks
Obtaine
d
Obtained Marks in Words:
Name of the Teacher:Muhammad Adnan Khan
Who taught the course:Signature of Teacher / Examiner:

To be filled by Student

Registration No.: Muhammad Rizwan Name: 17-arid-5428

(THEORETICALEXAMINATION)

Answer the following questions. Be precise in answering the questions. All questions
carry equal marks.

Question No. 01:Do you really think that entrepreneurs think effectually? What about
yourself—do you sometimes think effectually? In what ways is it good? Then why are we
taught in business classes to always think causally? Are there particular problems or tasks in
which thinking causally is likely to be superior to effectuation? When might effectuation be
superior to causal thinking?
Answer:

Yes, I believe they must think effectually. Entrepreneurs have to believe that they can make
the future happen so they don’t need to be worried about predicting the future. Entrepreneurs
are behind their goals so they have solved the problems to achieve them.
In the business study curriculum we have more focus on managerial skills than
entrepreneurial. So that’s the reason to focus on causal thinking. So one of the reason that we
have more managers than entrepreneurs. because entrepreneurship is a risk taking activity
and causal thinking is basically evaluation process that kills your entrepreneurial skills.
Causal thinking is the process of logically combining events and consequences in order to
identify a dilemma. It entails looking back at the history and recent behaviours in order to
make potential assumptions. This assumes that thinking causally will reveal who or what is to
blame for a specific incident or result. More importantly, if our company is struggling, we
will determine why it is failing by determining the cause.
There is a need for an effectual mind frame in the early stages of a market because there is a
steady increase in complexity, and while there is a lot of uncertainty, you can't stick to a
strategy. When a new challenge emerges, the effectual thinking entrepreneur enjoys the
exploration of complexity because it means chance. Effectual thinkers' practises allow them
to be innovative and bring something new to the market.

Question No. 02:To be cognitively flexible seems to require that the entrepreneur continually
question himself or herself. Doesn’t that create doubt that can be seen by employees and
financiers such that success actually becomes more difficult to achieve? Besides, although
flexibility is a good thing, if the firm keeps changing based on minor changes in the
environment, the buyers are going to become confused about the nature of the firm. Is
adaptation always a good thing?
Answer:

When you have cognitive flexibility, you see any challenge as an opportunity to improve.
When solving problems, this gives you a positive and relaxed demeanour. And the more
concentrated you are, the more likely you are to solve problems. Many company leaders
struggle because they avoid their challenges, do not try solutions, and do not make an attempt
to approach them from a new perspective. People with a flexible outlook know how to
persevere in the face of many setbacks. They set goals for themselves to keep studying and
improving. That is why they become unmovable, unbreakable, and successful.

It's crucial to be adaptable. If you want to be an entrepreneur, the only constant in your life
would be transition. If you don't adapt, your company will be swept away by the tide of
transformation. Most of the time, what you start out doing isn't necessarily what you end up
doing when you're good. As you launch your company, you'll notice that some of the stuff
you expected to work don't. You'll run into something that you weren't expecting to work.
You'll observe people in your business doing things that will benefit your business, and you'll
adopt them.

Question No. 03:Isn’t “corporate entrepreneurship” an oxymoron? Do the characteristics of

an established organization, such as its routines and structure, increase efficiency but at the
same time kill any entrepreneurial spirit? Is there any way that a companycan have the best of
both worlds?
Answer;

In the recent age, every corporation encourages creativity within their organization. They
encourage everybody in the organization to come up with new ideas and be creative.
Organizations have a standard structure in place to help them innovate and expand their
businesses. For example, ARY have started its different projects like Sahulat Bazaar, travel
agency etc. Organizations with a strong entrepreneurial track record are unquestionably
survivors and descendants, and their productivity levels are considered to be comparably
large. So it's not an oxymoron at all.
This progress of the organization by following effective plans and practices the
entrepreneurial skills increases the efficiency and as well as entrepreneurship spirit. It can
work together in an organization by following ways; employees should be offered
opportunities to use the tools available to them because they feel very positive in their
creativity, which the company should promote and follow. It positively affects the ideas and
inspiration. Management should spread this sense of trust among the employees.

Question No. 04:Is it a waste of time to detail the firm’s strategy in the business plan when
theaudience for that plan (e.g., venture capitalists) knows that things are not goingto turn out
as expected and, as a result, places considerable importance on thequality of the management
team? Why not submit only the resumes of those inthe management team? If you were a
venture capitalist, would you want to seethe business plan? How would you assess the quality
of one management teamrelative to another?
Answer:

For an entrepreneur it is difficult to develop and execute business strategies on a regular

basis. The more experience an entrepreneur has designing and building project plans, the
more innovative a master business plan can be. Business proposals are detailed designs for a
company's next venture in and of itself. Even though the public believes the strategy will fail,
the entrepreneur will not actually fail during the execution process. The developer can
propose the business idea to venture investors until it has been completed. Any defects or
potentially erroneous facts may be brought to light and fixed this way. Any businessperson
needs to know how to put together a solid business strategy. A strategy could aid in the
restructuring of the business world. It may also set a new standard for entrepreneurs to strive
for. Simply submitting the resumes of the management team will not fulfil, assure, or
guarantee the desired destination and results, without which investors will have no reason to
invest. If I were an investor, I would absolutely demand to see the business proposal. I'd pay
particular attention to the product's concept and distinguishing features, as well as how to
make it marketable. as well as doing so at a fair cost in order to promote the product and the
brand in the long term. I'd also like to call attention to the causes that are affecting the issues,
as well as the solutions that can be taken to achieve results.

Question No. 05:Do you think that the Internet can be a source of advantage for one firm
overother firms or do you think that it is a necessity just to be able to compete? justify your
answer.

The internet's invention and widespread use has ushered in a huge wave of improvements in
industry and the way the world does business. Indeed, the internet made the global
marketplace more available through instant connections and networking channels. Despite
the fact that the advantages of internet companies have brought a slew of new benefits to
businesses, the below are only a few of the many advantages of doing business online:

Universal connectivity, 24 hours a day, seven days a week, better customer experience by
greater flexibility, cost savings, quicker product distribution, expanded professionalism,
fewer paper wasting, opportunities to run the company from anywhere in the world.

Question No. 06:Is going international something that only large and established firms
shouldpursue after they have achieved success in their domestic markets “right off thebat”?
Which sorts of products are more amenable to “going international” bysmall and new firms?

Answer:

Well, indeed! It is highly advised not to shake the board too much in the early stages of a
company. It is critical for a new company to establish a strong foothold in the domestic
market by assessing local consumer demands, segmenting the market, determining
performance, and then extending the business to the provincial level, state level, national
level, and finally international level.
Lessons gained at each point must be applied correctly at the next step. A new company
should prepare for internationalization of any commodity, such as textiles, fast moving
consumer goods, and so on, depending on the needs of the rest of the world.