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Agbm 103: Principles Of Entrepreneurship Question Paper

Agbm 103: Principles Of Entrepreneurship

Course:Bachelor Of Agribusiness Management

Institution: Chuka University question papers

Exam Year:2013

CHUKA

UNIVERSITY

UNIVERSITY EXAMINATIONS
EXAMINATIONS FOR THE AWARD OF DEGREE IN BACHELOR OF AGRIBUSINESS MANAGEMENT
AGBM 103: PRINCIPLES OF ENTREPRENEURSHIP
STREAMS: AGBM TIME: 2 HOURS
DAY/DATE: MONDAY 22/4/2013 8.30 AM – 10.30 AM
INSTRUCTIONS:

ANSWER QUESTION ONE AND ANY OTHER TWO QUESTIONS

1. (a) Tom, a friend of yours, has always had a nagging desire to be his own boss. He
has a good job with a well reputable ICT firm in the city but has several business ideas for new products that he can’t get his employer interested in an would wish to start his own business. He is however, not sure whether his business ideas represent a good business opportunity and whether he should quit and start his own company or stick with his employer.

Required:

(i) Distinguish a business idea and a business opportunity. [4 Marks]

(ii) State and explain at least six characteristics of a good business
opportunity. [6 Marks]

(iii) As an entrepreneur, what advice would you give to Tom and what does he
require to be successful if he was to start his own business. [10 Marks]

(b) Describe the concept of entrepreneurship as an “agent of change” and a force of
“creative destruction” as explained by Carl Menger and Joseph Schumpeter respectively. [10 Marks]
2. (a) Explain the term net working and why it is important to an entrepreneur.
[8 Marks]

(b) Entrepreneurship and small business ownership are sometimes used
interchangeably though both have significant differences. Discuss the differences and similarities if any among the two terms. [12 Marks]

3. (a) Distinguish between creativity and innovation and explain their benefits to an
entrepreneur. [10 Marks]

(b) Describe the internal locus of control and external locus of control type of
personality in relation to entrepreneur behavior. [10 Marks]

4. (a) Selection of a good business location is critical to its success. Briefly discuss five
factors that an entrepreneur would consider in the selection of a good business location. [10 Marks]

(b) Highlight the activities involved in the entrepreneurship process. [10 Marks]

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Agbm 103: Principles Of Entrepreneurship Question Paper

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