ENTRPRENEURSHIP REVIEW QUESTIONS
1. Explain the term entrepreneurship
2. Explain the meaning of entrepreneur
3. Explain the characteristics and traits for successful entrepreneur
4. Identify important personal entrepreneurial competencies they need to
possess
5. Cluster the personal entrepreneurial competencies
6. Explain economic importance of entrepreneurship
7. Identify the opportunities and challenges of entrepreneurship.
8. Describe the advantages and disadvantages of entrepreneurship
9. Define self employment
10. Mention characteristics of self employment
11. Explain reasons for self employment
12. Discuss the advantages and disadvantages of self employment
13. Distinguish self employment from wage employment
14. Define enterprise.
15. Explain the meaning of SME’s
16. Describe categories of SME’s
17. Explain the economic importance of SME’s
18. Identify institutions which link with SME’s
19. Discuss problems facing SME’s
20. Identify types of small enterprises
21. Explain the main types of information required for successful
business
22. Identify various sources of useful business information
23. Explain the importance of obtaining business information
24. Apply various business information sources for starting a
business
25. Explain the types of business assisting agencies
26. Identify various assistances from respective agencies
27. Use the assisting agencies in developing business
28. Explain meaning of business idea.
29. Determine sources of business ideas.
30. Explain procedures for generating business ideas
31. Determine feasibility and features of a business idea.
32. Generate business ideas
33. Define business opportunity
34. Differentiate a business idea from a business opportunity.
35. Describe characteristics of good business opportunities
36. Explain the meaning of analyzing the feasibility of business idea
37. Describe the importance of analyzing the feasibility of business
idea
38. Explain the meaning of SWOT analysis
39. Explain the procedures for carrying out the SWOT analysis
40. Carry out the SWOT analysis for the idea
41. Explain key requirements for setting up a business
42. Explain ways of minimizing risks in setting up a business
43. Apply the key requirement for setting up a business
44. Explain a market and marketing concepts
45. Identify customer segments, needs and wants
46. Explain the importance of carrying out a market survey
47. Carry out market survey
48. Explain the meaning of the potential market
49. Identify various sources of marketing information
50. Explain uses of marketing information
51. Explain the main factors in selecting a business location
52. Describe marketing mix (4P’s)
53. Determine factors to consider when selecting suppliers
54. Define networking
55. Explain importance of networking
56. State rules of networking
57. Describe principles of networking
58. Identify appropriate network stakeholders of a successful
entrepreneur
59. Explain the meaning of business ownership
60. Mention different types of business ownership
61. describe the organization structure of the different forms of
business ownership
62. Describe advantages and disadvantages of business ownership
63. Explain the main sources of capital for a business.
64. Explain where own capital can be obtained
65. Explain the factors to consider when evaluating for a loan
application
66. Explain procedures for applying the business loans
67. Apply for a business loan
68. Mention three uses of business capital
69. Explain importance of allocating business capital
70. Allocate business capital to selected business
71. Explain the criteria used to select qualified employees
72. Explain procedures for recruiting employees
73. Describe the importance of human resources in the business
74. Describe appropriate ways of managing employees in an
organization
75. Explain the concept of effective time management
76. Explain the importance of effective time management
77. Identify techniques of time management
78. Identify key time wasters
79. Plan time in running business activity
80. Explain the meaning of non financial records
81. Identify types of non financial records
82. Explain the importance of non financial records
83. Describe how to establish a record keeping system
84. Explain the meaning of financial record keeping
85. Explain the meaning of transaction in relation to business
86. Mention basic financial records
87. Explain the importance of keeping financial records
88. Keep financial records
89. Define cash flow
90. Explain the importance of cash flow
91. Explain steps of preparing cash flow
92. Prepare cash flow projection
93. Explain the meaning of profit and loss statement
94. Explain the advantages of preparing profit and loss statement in
the business
95. Describe procedures of preparing profit and loss statement
96. Prepare profit and loss statements.
97. Explain the meaning of balance sheet
98. Explain the importance of balance sheet
99. Describe the components of balance sheet
100. Prepare balance sheet
101. Define the term sales
102. Explain skills required in selling products/ services
103. Identify the characteristics of successful salesperson
104. Explain the ways of providing appropriate customer care
105. Describe ways of attracting customers
106. Discuss different strategies used to increase sales
107. Define the terms costs and costing.
108. Mention the types of costs
109. Identify ways of reducing costs
110. Explain importance of costing
111. Calculate different types of costs
112. Define the terms price and pricing
113. Explain importance of pricing.
114. Describe methods of pricing products/services
115. Calculate prices for products/services
116. Explain the meaning of break-even point
117. Determine components of break-even point
118. Describe the importance of calculating break-even point
119. Calculate break-even point
120. Define the term technology
121. Explain the importance of technology to small and medium
enterprises
122. Discuss factors to consider when choosing technology for a
business
123. Apply technology to a selected business
124. Define the term business plan
125. Explain main parts of business plan
126. Describe types of business plan
127. Describe the uses of business plan
128. Explain the procedures of preparing a business plan
129. Identify business plan stakeholders
130. Develop business plan
131. Explain the concept of mini business activity
132. Explain procedures required in setting up a mini business activity
133. Describe the importance of executing mini business activity
134. Execute mini business activity
135. Define the terms assessment and evaluation of business
performance.
136. Explain the importance of evaluating business performance
137. Describe factors to consider when evaluating the business
performance
138. Evaluate the business performance