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QUESTION 1: ENTREPRENEURIAL QUALITIES AND SUCCESS FACTORS

1.1 Outline entrepreneurial qualities and explain how they contribute to the success of a business.

1.2 Discuss five strategies that the chosen business can use to become profitable.

QUESTION 2: TRANSFORMING A BUSINESS PLAN INTO AN ACTION PLAN

2.1 Explain the steps the business should follow when drawing an action plan.

2.2 Advise on the steps that must be considered when planning a project.

QUESTION 3: SETTING UP/STARTING A BUSINESS

3.1 Explain aspects to be considered when initiating or starting up a business venture.

3.2 Outline any FIVE sources of capital that can be used by the entrepreneur when starting his/her business.

3.3 Describe factors that influence the choice of funding for a business.

3.4 Discuss reasons why businesses need funding.



Answer :

GinnyAnswer

Final answer:

Entrepreneurial qualities such as innovation and resilience contribute to business success. Strategies for profitability include market research and customer relationship building. Steps for action planning and project planning are crucial for achieving business goals.


Explanation:

Entrepreneurial Qualities: Some key entrepreneurial qualities include innovation, risk-taking, resilience, goal-oriented mindset, and leadership abilities. These qualities contribute to business success by fostering creativity, helping in decision-making, overcoming challenges, and inspiring others.

Strategies for Profitability: Five strategies a business can use to become profitable are market research to understand customer needs, cost management, effective marketing, diversification of products or services, and building strong customer relationships.

Action Plan Steps: Steps for drawing an action plan involve setting clear goals, identifying tasks, assigning responsibilities, setting deadlines, and monitoring progress regularly to ensure goals are met.

Project Planning Steps: When planning a project, important steps include defining objectives, creating a timeline, allocating resources, monitoring progress, and evaluating outcomes for successful project completion.

Starting a Business: Considerations when initiating a business venture include market analysis, legal requirements, financial planning, operational logistics, and risk assessment. Sources of capital for starting a business can include personal savings, loans, investors, crowdfunding, and grants.


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