ENTREPRENEURSHIP

PAST PAPERS (2024)

MARKET KNOWLEDGE:

Market knowledge in entrepreneurship refers to understanding the characteristics,

trends, and dynamics of the market where a business operates. It involves knowing
who the customers are, what they want, how much they're willing to pay, and who
the competitors are. Essentially, it's about having a good grasp of the environment in
which a business operates to make informed decisions and create successful
strategies.

ENTREPRENEURS ACTION:
Entrepreneurs' actions, involve the activities they take to start, manage, and grow a
business. This includes coming up with ideas, taking risks, making decisions,
organizing resources, and working hard to turn their ideas into successful ventures.
Essentially, it's about taking initiative and being proactive in creating and running a
business.

ENTREPRENEURIAL MINDSET:
An entrepreneurial mindset, simply put, is a way of thinking and approaching
problems like an entrepreneur. It involves being creative, adaptable, and proactive in
finding solutions, taking calculated risks, and seeing opportunities where others
might see obstacles. Essentially, it's about having a mindset geared towards
innovation, resilience, and seizing opportunities to achieve success.

LOSS ORIENTATION:
Loss orientation refers to a mindset where someone focuses more on avoiding losses
or negative outcomes rather than pursuing gains or positive outcomes. In other
words, they are more concerned about what they might lose rather than what they
might gain from a particular decision or action. It often involves being risk-averse and
prioritizing safety over potential rewards.
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PAST PAPERS (2024)
EXPORTING:
Exporting is when a business sells its products or services to customers who are
located in a different country than where the business is based. It's like sending
goods or services from one country to another for sale or use. So, if a company in the
United States sells its products to customers in France, it's exporting those products.

CULTURE:
Culture, in simple terms, refers to the way of life of a group of people. It includes
their beliefs, customs, traditions, language, arts, and social behaviours. Essentially,
culture shapes how people interact with each other and their environment, and it's
passed down from generation to generation. It can vary widely between different
societies and communities, influencing everything from daily habits to broader
societal norms and values.

EMERGING INDUSTRIES:
Emerging industries are new or growing sectors of the economy that show promising
potential for expansion and innovation. These industries often involve cutting-edge
technologies, new business models, or changing consumer preferences. Examples
could include renewable energy, virtual reality, or personalized medicine. Essentially,
they're areas where there's increasing demand or opportunity for businesses to
develop and thrive.

BUSINESS PLAN:
A business plan is like a roadmap that lays out what a business aims to do and how it
plans to achieve its goals. It typically includes details about the business idea, target
market, products or services, marketing strategies, financial projections, and
operational plans. Think of it as a blueprint that helps guide the direction and
operations of a business, outlining the steps needed to make it successful.
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PAST PAPERS (2024)
PARTNERSHIP:
A partnership is like a business team formed by two or more people who come
together to work toward a common goal. They share responsibilities, resources,
risks, and profits. It's like having co-captains steering the same ship, each
contributing their skills and efforts to make the business successful. Partnerships can
take various forms, such as general partnerships where all partners have equal rights
and responsibilities, or limited partnerships where some partners have limited
liability.

FEASIBILITY ANALYSIS:

Feasibility analysis is like investigating whether a business idea is doable and likely to
succeed. It involves examining factors like market demand, costs, resources, and
potential challenges to see if the idea is practical and worth pursuing. Think of it as a
way to test the waters before diving in, helping entrepreneurs understand if their
idea has a good chance of turning into a successful venture.

MARKETING PLAN:
A marketing plan is like a roadmap that guides a business on how to promote and
sell its products or services. It outlines the strategies and tactics the business will use
to reach its target customers, communicate its value proposition, and achieve its
sales goals. Think of it as a detailed strategy that helps businesses attract and retain
customers by effectively promoting what they have to offer.

ENTREPRENEURIAL STRATEGIES:
Entrepreneurial strategies are the plans and actions entrepreneurs use to start,
grow, and succeed in their businesses. These strategies can include how they will
attract customers, beat competitors, manage resources, and adapt to changes in the
market. Essentially, they are the smart moves and tactics entrepreneurs use to turn
their business ideas into successful ventures.