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Entrepreneurship Question Paper
Entrepreneurship
Course:Bachelor Of Science In Information Technology
Institution: Kca University question papers
Exam Year:2009
UNIVERSITY EXAMINATIONS: 2008/2009
SECOND YEAR EXAMINATION FOR THE DEGREE OF BACHELOR OF
SCIENCE IN INFORMATION TECHNOLOGY
BIT 2306: ENTREPRENEURSHIP
DATE: AUGUST 2009 TIME: 2 HOURS
INSTRUCTIONS: Answer question ONE and any other TWO questions
QUESTION ONE
COST OF SUCCESS
Success has a cost, which is why not everyone can have it. Successful people have love for success.
Being average disappoints them. They want to be the best in everything they are doing. They want to
make a difference. They want to lead and not follow others. Often, they go in the opposite direction, or
to put it differently, swim against the current. They are not contented with the present status but are
always looking for areas to improve on, just to achieve more. The good thing is that they are willing to
put in the extra effort required for better results.
Tom Peters and Nancy Austin in their book, Passion for Excellence: The Leadership Difference, have
written a chapter, ‘What Price Excellence’. “A passion for excellence means thinking big and starting
small”, they note. You must have a clear vision or purpose and will to bring it into fulfillment. They
argue that excellence is not for the faint hearted.
To have excellence or great success, you must believe that your vision or purpose is achievable and
that you must be committed to see it fulfilled. The rewards expected must convince you to find the
struggle or the fight for the purpose worthwhile. The conviction that it can be done, or you are able to
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do it and that it is worth achieving is absolutely essential. When you are optimistic, you are able to
summon and direct your resources to a given goal. Medical researchers have found that positive,
hardworking persons are healthier than cynics who are more prone to heart attack.
The above authors observe that there is no requirement that the cost of excellence is suffering. The cost
of success is time, energy, attention, and focus. Excellence is a high cost item because instead of taking
it easy and using your time and energy leisurely, you direct these to a set goal that you need to achieve.
It takes a lot of sacrifice, effort and discipline.
We observe this behavior with students, employees and business people-including farmers. Bill Gates,
the world’s leading billionaire, comments that people do not succeed because they do not put enough
effort in what they are doing. You cannot succeed in anything you do half-heartedly. In his book, The
power of Positive Thinking, Norman Vincent Peale comments, “passion makes the difference”. It
really does if you want to succeed. Passion for results is what separates successful people from the
failures. Enthusiasm shows whether you like what you are doing or are serious with what you are
saying.
A passion for Excellence is published by Fontana/Collins-US and UK, (1985)
From the above article;
a) Explain what it takes to succeed in business (10 Marks)
b) What are the main causes of business failure (10 Marks)
c) What does it cost to succeed? ( 3 Marks)
d) Explain any three importance of budgeting to a business enterprise. ( 3 Marks)
e) What is a business idea? Explain any two sources of business ideas ( 4 Marks)
QUESTION TWO
a) Argue for or against the precipitating events theory on characteristics of entrepreneurs.( 5 Marks)
b) What is a patent? Explain any three importance of a patent (5 Marks)
c) Discuss the five stages of creative process as advanced by Holt (2002) (10 Marks)
QUESTION THREE
a) Discuss the relative advantages of the three major legal forms of organizations. (12 Marks)
b) What is a trade mark? Explain any three importance of a trademark. (5 Marks)
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c) What is entrepreneurship? (3 Marks)
QUESTION FOUR
a) Discuss any five major sources of business finance. (10 Marks)
b) Explain any five most important financial records that an entrepreneur should keep. (5 Marks)
c) Being creative does not necessarily mean being entrepreneurial, discuss. (5 Marks)
QUESTION FIVE
a) Explain the three types of production systems (12 Marks)
b) Explain the importance of effective administration in an enterprise. (4 Marks)
c) Explain why it is important to draw a marketing plan. (4 Marks)
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