TECHNO-ENTREPRENEURSHIP AND INNOVATION Marking scheme

 

DCIT 05202: TECHNO-ENTREPRENEURSHIP AND INNOVATION

 

TIME:   3HOURS                               Marking scheme                             June,2014

                     

 

                                         SECTION: A

                                        QUESTION (A):

 MULTIPLE CHOICES (5marks)

                         i.        A

                        ii.        A

                       iii.        A

                      iv.        A

                       v.        A

                      vi.        A

                     vii.        A

                    viii.        C

                      ix.        C

                       x.        A

 

 

   (B ): Math the items from column A with those of Column B by writing a Letter of the correct letter in the answer sheet provided (5marks)

 

S/N	Column A
1	(  D  )
2	(    E    )
3	(  H )
4.	(    C  )
5	(  F   )
6	(   B    )
7	(    J  )
8	(    A     )
9	(   G   )
10.	(      I     )

 

 

                                    

 

 

 

 

 

                                  QUESTION TWO:  (A)

 

       Briefly explain the following concepts 

1. environmental assessment (2)

is synonymously used along with the term “environmental scanning”. This is very vital for any business undertaking venture.

When entrepreneur performs an environmental assessment she/he will use the tool termed as SWOT Analysis. i.e.: External Environment (Opportunities and Threats) Analysis and Internal Environment (Strength and Weaknesses) Analysis

 

2. Patent (2marks)

A patent is a legal right to keep others from making, using or selling an invention. This legal right is granted by a government for a limited period of time.

3. Copyright (2Marks)

Copyright is a form of intellectual property that gives the author of an original work exclusive right for a certain time period in relation to that work, including its publication, distribution and adaptation, after which time the work is said to enter the public domain.

4. Asset(2)

Assets are the economic resources of the entity, and include such items as cash, accounts receivable (amounts owed to a firm by its customers), inventories, land, buildings, equipment, and even intangible assets like patents and other legal rights and claims

 

5. Liabilities(2marks)

Liability is defined as an obligation of an entity arising from past transactions or events or

   Liabilities are amounts owed to others relating to loans, extensions of credit, and other obligations arising in the course of business

6. Market(2marks)

A market is a group of consumers (potential customers) who have purchasing power and unsatisfied needs

7. Balance sheet (2marks)

Balance sheet is also known as statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company

                      

                              

                                 QUESTION TWO: (B)

As far as SWOT Analysis is concerned, Say whether the concept refers to the appropriate category as (S for Strength), (W for Weakness), (O for Opportunities), or( T for Threats)  in the following concepts. Use Abbreviations only, failure to do that, will lead to loosing credits. (5marks)

i.        I have a distinctive competence to start business[   S ]

ii.        I have enough financial resources for my Business. [ S   ]

iii.        I have very good competitive skills. [S    ]

iv.        I really do not clear strategic direction for my Business [  W  ]

v.        I feel like deteriorating competitive position.  [  W  ]

vi.        I am Vulnerable to competitive pressure. [  W  ]

vii.        There is a possibility to have new competitors. [  T  ]

viii.        There is a growing competitive pressure in the Business [  T  ]

ix.        Vulnerability to recession and business cycle.[ W    ]

x.        Growing bargaining power of customer or suppliers. [ T]   

                      

                         QUESTION THREE

                        Forms Of Business

 a) What is sole proprietorship? (1)

A sole proprietorship is a business that is owned and operated by one person

   b) Outline any four advantages of sole proprietorship. (2marks)

•          Easy and inexpensive to create.

•          Owner makes all business decisions.

•          Owner receives all profits.

•          Least regulated form of business                                                                                                                                                                                                                                ownership.

•          Business itself pays no taxes

   c) A partnership is an unincorporated business that is carried on by two or more people who intend to share the business profits, what are things in which each partner is likely to contribute? Outline any four. (2marks)

  i.        Property

 ii.        Money

iii.        Labor ,and or

iv.        Skills

 

QUESTION FOUR: BUSINESS PLANNING

i)a).1marks)

Business planning is a process that involves the creation of a mission or goal for a company, as well as defining the strategies that will be used to meet those goals or mission

b)  (1marks)

An executive summary previews the main points of an in-depth report or business plan; it is written for nontechnical people who don't have time to read the whole Business plan.

c)  (4marks)

 

 

 

 

 

 

 

 

 

 

c)  (3marks)

1. Business Start up Process
2. Business Consolidation Process
3. Business growth.

 

e) i)Marketing strategy is defined “as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.” Or a strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan. (1marks)

    ii)

1.    Product(o.5mark)

2.    Placement. (o.5 mark)

3.    Promotion. (o.5mark)

4.    Pricing strategy. (o.5mark)

   

 f) i) A summary of the actual or anticipated incomings and outgoings of cash in a firm over an accounting period (month, quarter, year). (1marks)

           ii) Four (4marks)

1. It helps the newly formed companies to know their inflow and outflow of cash and thus prevent cash shortage
2. Helps the investors judge whether the company is financially sound
3. Cash flow statement records the inflow and outflow of cash over a period of time
4. We provides Cash Flow statements on monthly, quarterly, six monthly or yearly bases
5. Helps the company to know whether it will be able to cover payroll and other immediate expenses
6. These statements will be highly helpful for planning and management of future financial commitments

                                        QUESTION FIVE:

                               ENTREPRENEURIAL NETWORKS.

1. Are those social and economic processes through which individual entrepreneur and organisations develop long-term relationships with particular sets of stakeholders for the purpose of accessing support and facilitating exchange (1mark)

 

2. (5marks)

•          Peers,  Subordinates, Team members , Directors, Customers, Suppliers, Investors

•          Union leaders, Government officials, Work units

•          Departments, Divisions, Subsidiaries, Offices

1. Mutual understanding(1mark)

Ø  Strive to have a clear understanding of what you intend to achieve from your networking initiatives

Ø  Strive to understand the expectations of the other parties you interact with:

            - Internal

            - External 

2.  Mutual benefits. (1mark)

Both parties win in a created relationship

Each part takes the other’s welfare into account

There is mutual exchange of:

Ø  Task-related benefits

Ø  Relationship-related benefits

3. Relationship contract. (1mark)

Ø  Think of a relationship as an implicit contract,  an unwritten agreement, wherein reciprocity prevails

-          A psychological/interpersonal contract

 

 

 

 

 

 

 

 

 

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