Entrepreneurship - spring 25 - mid

1. Many people believe that entrepreneurs are born with a natural ability to succeed, while others think that entrepreneurship can be learned. Explain why the idea that 'entrepreneurs are born, not made' is a myth. It is often believed that entrepreneurs share a set of common traits and characteristics. What are these key qualities that contribute to their success? [CLO 1, Level 2] [5 Marks] 2. Opportunity recognition is a crucial skill in entrepreneurship, but some individuals excel at identifying potential business opportunities more than others. What key personal characteristics enable certain people to recognize opportunities more effectively? [CLO 1, Level 1] [5 Marks] 3. Identify the three ways of an opportunity. How do economic, social, technological, and political forces impact the process of recognizing business opportunities, and why is it important to assess these factors when observing market trends? [CLO 1, Level 3] [5 Marks] 4. Suppose you are starting a preventive healthcare business at (DIU), focusing on services such as cardiac arrest prevention, suicide prevention, back pain management, or diabetic sugar level control. Evaluate the financial feasibility of this venture by analyzing key factors, including: • Startup Costs: Initial investments required for equipment, training, licensing, and facility setup. • Operating Expenses: Recurring costs such as staff salaries, utilities, maintenance, and marketing. • Pricing Strategy: How will services be priced to remain affordable yet profitable? • Target Customers: Who are the primary customers? (students, faculty, staff, or the local community) • Revenue Sources: Identify potential income streams such as membership fees, service charges, grants, or corporate partnerships. Provide relevant examples and calculations to support your analysis. [CLO 2, Level 5] [5 Marks] 5. What are the fundamental components of a well-structured business plan. Analyze a marketing plan that should be considered when formulating a business plan to ensure competitiveness and long-term sustainability? [CLO 2, Level 4] [5 Marks]