Business Management and Entrepreneurship Basics

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Questions and Answers

What are the four key elements of a SWOT analysis?

Strengths, Weaknesses, Opportunities, Threats

What are the 3 main components of an opportunity?

The emergence of an opportunity, the time window of an opportunity, and the recognition of an opportunity.

How does an entrepreneur turn an opportunity into a business venture?

An entrepreneur turns an opportunity into a business venture by identifying, evaluating selecting and developing it.

What is an example of a new business venture that was created to solve a problem?

Baby Einstein Signup and view all the answers

The business model canvas (BMC) was developed by Alexander Osterwalder in 2008, and provides a framework to summarize the entire business plan in one page.

True (A) Signup and view all the answers

What are the nine blocks of the Business Model Canvas?

Key Partners, Key Activities, Value Propositions, Customer Relationships, Customer Segments, Channels, Revenue Streams, Key Resources, and Cost Structure. Signup and view all the answers

What are the four main types of business formation in Malaysia?

Sole proprietorship, partnership, company, and co-operatives. Signup and view all the answers

What is the difference between a sole proprietorship and a company?

A sole proprietorship is owned and managed by a single person while a company is a separate legal entity with its own set of shareholders, directors, and management. Signup and view all the answers

What are three differences between a sole proprietorship and a partnership?

The number of owners (1 vs. 2 or more), the liability for business debts, and the duration of business. Signup and view all the answers

What are the three categories of business regulations in Malaysia?

Approval and licensing, employment policies and legislations, and taxation. Signup and view all the answers

Explain the concept of 'quality management'.

Quality management is the process of ensuring that products and services consistently meet customer expectations and requirements. Signup and view all the answers

What are the eight major principles of Total Quality Management (TQM)?

Customer Focus, Leadership, Engagement of People, Process Approach, System Approach to Management, Continuous Improvement, Evidence-based Decision Making, and Relationship Management. Signup and view all the answers

What is meant by 'entrepreneurial motivation'?

Entrepreneurial motivation refers to the passion and drive that fuels an individual to pursue entrepreneurial opportunities and achieve business goals. Signup and view all the answers

Is it necessary for a successful entrepreneur to be motivated?

True (A) Signup and view all the answers

What is meant by "Personal Entrepreneurial Competencies (PECs)"?

Personal Entrepreneurial Competencies (PECs) are the skills and attributes that successful entrepreneurs possess to effectively execute their entrepreneurial venture. Signup and view all the answers

What are the 13 Personal Entrepreneurial Competencies?

Initiative, Sees and Acts on Opportunities, Business Opportunities, Persistence, Hard Work, Information Seeking, Maintaining High Quality Work, Taking Personal Pains on Contract, Commitment to Work Complete, Efficiency Orientation, Systematic Planning, Problem Solving, Self-Confidence, Assertiveness, and Persuasion. Signup and view all the answers

What is the difference between incremental and radical innovation?

Incremental innovation is about making gradual improvements to existing products or processes, while radical innovation involves a complete shift in the value proposition, creating entirely new products or services. Signup and view all the answers

What are the three types of incremental innovation?

Extension, Duplication and Synthesis. Signup and view all the answers

What is the purpose of a business plan?

A business plan outlines the strategic direction, operational plan, financial forecasts, and marketing strategies for the venture. Signup and view all the answers

Who reads a business plan?

Entrepreneurs, investors, financial institutions, government agencies, and other relevant parties. Signup and view all the answers

What are the three key areas of feasibility analysis?

Market, operation, and finance. Signup and view all the answers

What are the three main aspects of an administrative plan?

Business vision, mission, and objectives, organization structure, and administration budget. Signup and view all the answers

What are the five essential elements of a SMART objective?

Specific, Measurable, Achievable, Realistic, and Time-bound. Signup and view all the answers

What are the four major components of a marketing plan?

Product or Service Offered, Target Market, Market Trend, Size and Share, and Competition. Signup and view all the answers

What are the four main categories of market segmentation?

Demographic, Psychographic, Geographic, and Buying Behaviour. Signup and view all the answers

What are the four Ps of marketing?

Product, Price, Place, and Promotion. Signup and view all the answers

What are the five main types of pricing strategies?

Cost-based pricing, Value-based pricing, Competition-based pricing, Other pricing strategies, and Place or Distribution Strategy. Signup and view all the answers

What is operations management??

Operations management is a set of activities that transforms inputs into outputs, ensuring efficient and effective production of goods and services. Signup and view all the answers

What are the three main parts of a financial plan?

Project implementation cost schedule, Pro-forma cash flow, and Pro-forma income statement. Signup and view all the answers

Define 'Information, Communication, and Technology (ICT)?

ICT refers to technologies that enable the creation, access, transformation, and use of information by various users. Signup and view all the answers

What are five benefits of ICT to businesses?

Accuracy in business planning, Effective marketing, Higher global sales, Systematic management, and Provide real-time monitoring. Signup and view all the answers

What are three main types of social media for business?

Facebook, Instagram, and LinkedIn. Signup and view all the answers

What is the meaning of the term "entrepreneur"?

An entrepreneur is an individual who embarks to do a job. Signup and view all the answers

What are four ways an entrepreneur can affect the economic future of Malaysia?

An entrepreneur can affect the economic future of Malaysia by increasing cash flow, creating future investment, increasing economic growth, and creating new jobs. Signup and view all the answers

List and explain four (4) of Iman al-Ghazali's seven steps for success.

The steps are: repentance, temptation, obstacles, and motivation. Signup and view all the answers

Is it necessary for a successful entreprenuer to be motivated? Discuss.

True (A) Signup and view all the answers

Discuss briefly on Personal Entrepreneurial Competencies (PEC).

PECs are the key behavioral competency that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively. Signup and view all the answers

What are the two main components of today's entrepreneurship?

Creativity and innovation. Signup and view all the answers

Why is innovation important in entrepreneurship?

Innovation helps entrepreneurs to survive for a long run, to keep growing, to make profit and to be able to sustain their business as well as unable to survive for the future. Signup and view all the answers

What are the different sources of innovation?

The sources are: customers, unexpected sources, incongruity, changes in industry or market, demographic changes, customers’ perception, new knowledge and scientific and non-scientific knowledge. Signup and view all the answers

Elaborate the different types of incremental innovation.

The types are: extension, duplication and synthesis. Signup and view all the answers

Define business opportunities.

A business opportunity is a situation that enables an entrepreneur to offer products or services to interested or potential buyers or end users. Signup and view all the answers

What are the three main stages involved in selecting business opportunity?

The steps are: identifying opportunity, evaluating opportunity, and selecting opportunity. Signup and view all the answers

Briefly explain the process and purpose of conducting SWOT analyses?

SWOT analysis is a structured planning which evaluates four aspects of an organization, project or even a business venture. Signup and view all the answers

What are the main benefits of Business Model Canvas?

Business Model Canvas is one of the tools that summarises the whole business plan in one page. Signup and view all the answers

Explain the types of business formation.

The types of business formation are: starting from scratch, buying an existing business and acquiring a franchise. Signup and view all the answers

Elaborate the advantages and disadvantages of each business formation.

Each business formation has it's own set of advantages and disadvantages. Starting from scratch allows the entrepreneur to choose the preferred form, while buying an existing business provides existing track record and customers. Acquiring a franchise reduces business risks and provides guidance from the franchisor. Signup and view all the answers

What are the options an entrepreneur has in order to start a business venture?

An entrepreneur has three options for business formation: starting from scratch, buying an existing business, and acquiring a franchise. Signup and view all the answers

Why buying an existing business be advantageous to starting a business from scratch?

Buying an existing business provides an existing track record, customers, and a built-in market presence. It can save time and resources in the initial stages of establishing a business. Signup and view all the answers

Discuss advantages and disadvantages of buying a franchise to both franchisor and franchisee.

For the franchisor, it helps to generate revenue without having to invest capital. For the franchisee, it reduces business risks and provides guidance from the franchisor. Signup and view all the answers

Identify common business entities in Malaysia.

The common business entities are: sole proprietorship, partnership, limited company, private limited company, public limited company, foreign limited company and unlimited company. Signup and view all the answers

Describe the advantages and disadvantages of sole proprietorship and partnership?

A sole proprietorship is easy to set up but has unlimited liability. A partnership has more capital and resources but can be challenging to manage. Signup and view all the answers

What are the characteristics of a sole proprietorship?

A sole proprietorship is owned and managed by a single person or a group of individual owner/managers. Signup and view all the answers

Describe the procedure of winding up a company.

The process can be initiated by a creditor, owner, or shareholder. The company is then liquidated and the assets are distributed to the creditors and the remaining to shareholders. Signup and view all the answers

Explain business regulations required for a business.

Business regulations are a need of a business. These regulations ensure that business is conducted in a lawful and ethical manner. These regulations are the law or rules prescribed by the authority that governs business organisations. Signup and view all the answers

Identify various business support systems available to entrepreneurs.

Business support systems are divided into two parts: business regulations and business support system. This system offers assistance and support to entrepreneurs in starting up their business and ensuring its growth. Signup and view all the answers

What are the objectives of preparing a business plan?

The objectives of preparing a business plan are to evaluate the viability of the proposed business, to plan resources and allocate them appropriately, to apply for business financing, to use as a guideline for the plan, and to meet business objectives in a volatile business environment. Signup and view all the answers

Describe the elements of the main body of a business plan.

The main body of a business plan includes: introduction, purpose, business background, business opportunities, owners’/partners’ background, marketing plan, operation plan, financial plan and conclusion. Signup and view all the answers

What are the steps to develop a business plan?

The steps includes: define business vision, mission and objectives, develop an organisation chart, identify administration personnel, prepare schedule of tasks and responsibilities, developing a schedule of remuneration, determine office furniture and fittings, develop administration budget and present administration budget. Signup and view all the answers

Formulate your business vision, mission and objectives.

A leader in green technology products and commitment to product innovation. Signup and view all the answers

List the duties and responsibilities of a managing director (owner) of a business.

The duties and responsibilities of a managing director are to ensure that the company's operations and outputs align with the sales forecast, to motivate and guide staff, and to make strategic decisions for the company's future. Signup and view all the answers

Construct an organization structure of an offline and online business in the cosmetic sector.

The organization structure would depend on the specific size and scope of the business. Signup and view all the answers

Understand the importance of preparing a marketing plan.

A marketing plan outlines a company's marketing mix strategy that outlines its target market, customer needs, marketing goals, and how to reach those customers. Signup and view all the answers

Identify marketing plan components.

The components are: product or service, target market, market segmentation, market trend, size, and share, competition, sales forecast, marketing strategies. Signup and view all the answers

Describe the steps in preparing a marketing plan.

The steps include: product or service, target market, market trend, size and share, competition, sales forecast, marketing strategies and prepare marketing budget. Signup and view all the answers

Prepare marketing plan.

A marketing plan is a dynamic document that requires constant adaptation and refinement. Signup and view all the answers

Explain the concept of operation in business.

Operation management in business refers to a set of activities that transform inputs into outputs. Signup and view all the answers

Understand the operations plan involving resource allocation to budget development, and decision making.

The operations plan deals with the efficient and effective utilization of resources to achieve smooth flow of producing output. Signup and view all the answers

Prepare an operations plan.

An operations plan is a detailed document that outlines the steps required for efficient and effective operation management. It should be based on the specific needs and requirements of the business. Signup and view all the answers

You intend to set up a pizza restaurant. After doing some research, you found some additional information that would help you configure your restaurant layout. Your notes of information are as below:

*To begin with, customer demands have changed. Serving high-quality pizza at an affordable price is no longer enough. Customer wants speed, convenience and ______ in their dining experience. Nowadays, people prefer to order, take away and eat when get out quickly. Pizza parties, carry-out customers, celebration of sports league in an eat and get quick Restaurant-on-the-go for birthdays clients want their pizzas ready when arrive. Restaurant-enlight in carry-out, customers speed, convenience and are becoming a trend. Today’s family prefers celebration out of the home and in restaurants.'

ambience Signup and view all the answers

Using your own creativity and the additional notes, figure out and sketch the layout of your pizza restaurant.

A pizza restaurant layout should consider factors such as the flow of customers, the efficient placement of equipment, and the overall atmosphere Signup and view all the answers

What is the main purpose of a financial plan?

Financial plan is essential for business. It helps to evaluate the viability of business ideas by providing estimation of profit and loss, financial planning, and making decisions on the source of financing. Signup and view all the answers

What are the steps to prepare a financial plan?

The steps include: gather financial inputs, project implementation cost schedule, source of finance, loan amortization schedule, pro forma cash flow statement, pro forma income statement, pro forma balance sheet, financial analysis and prepare financial budgets. Signup and view all the answers

Discuss the differences between internal source of financing and external source of financing.

Internal financing refers to funding from the entrepreneur’s own contribution or the company's operating profit. External financing refers to funding from external sources like banks or investors. Signup and view all the answers

Identify the elements of cash flow statements.

There are four components in a cash flow statement: cash inflow, cash outflow, cash surplus or deficit and ending cash balance. Signup and view all the answers

Understand what is Information and Communication & Technology (ICT).

ICT refers to technologies which allow the creation, access and manipulation of information by users. It is a combination of information technology, telecommunications, and broadcasting technology in terms of creating and utilizing systems and software. Signup and view all the answers

Describe electronic commerce.

Electronic commerce is the buying and selling, marketing, delivery and payment are conducted electronically. Signup and view all the answers

Understand the types of social media and social networking use.

Various social media platforms are available for businesses today, such as Facebook, Instagram, Twitter, Linkedin. Signup and view all the answers

Define quality management.

Quality management is the process to ensure the product or services meet the customer's needs and requirements. Signup and view all the answers

Define total quality management (TQM) and eight TQM principles.

Total quality management (TQM) is a management philosophy that emphasizes continuous improvement and customer satisfaction. Eight TQM principles are: customer focus, leadership, engagement of people, process approach, system approach to management, continuous improvement, evidence-based decision making, relationship management. Signup and view all the answers

The work of Crosby (1979) reinforces the currents operational management approach and must be perpetually improved always reduces cost and raises profits. In this manner, he believed that higher quality remains significant and influences and his view that quality influential measure of business has progressed towards quality indicator that can be used to understand how far the business has progressed towards quality performance.

True (A) Signup and view all the answers

Discuss eight major elements of TQM Principles.

Customer focus, leadership, engagement of people, process approach, system approach to management, continuous improvement, evidence-based decision making, and relationship management. Signup and view all the answers

List of the importance of quality for a business.

Quality is key for a business. It helps to reduce cost, raise profits, increase customer satisfaction and increase profits. Signup and view all the answers

What is the primary purpose of a business plan?

To outline the strategic direction and operational goals of a business (B) Signup and view all the answers

Which of the following best describes Total Quality Management (TQM)?

An approach emphasizing continuous quality improvement across the organization (C) Signup and view all the answers

What does a feasibility analysis primarily assess?

The potential risks and rewards of a business idea (B) Signup and view all the answers

What is a key component of market segmentation?

Identifying distinct groups of consumers with similar needs (B) Signup and view all the answers

In the context of entrepreneurship, what is considered radical innovation?

Completely new ideas that disrupt existing markets (A) Signup and view all the answers

Why innovation is important in entrepreneurship?

Innovation in entrepreneurship is important for entrepreneurs to survive for a long run, to keep growing, to make profit and to be able to sustain their business as well as unable to survive for the future. Entrepreneurs will explore further. Entrepreneurs should always hunt for new ideas in order to be creative and transform the creative ideas as products, services or processes as part of innovative effort. Signup and view all the answers

Briefly explain the process involved in selecting business opportunities.

The process of selecting business opportunities involves three distinct processes: identification, evaluation, and selection. Signup and view all the answers

What are SWOT analysis and the purpose of conducting SWOT analysis?

SWOT analysis is an analytical tool that evaluates four aspects of a business, project, or even a business venture. It helps entrepreneurs understand their strengths and weaknesses internally and opportunities and threats present in their external environment. Signup and view all the answers

The purpose of preparing a business plan is to obtain a business loan of RM50,000.00 from `Maybank`.

False (B) Signup and view all the answers

Business background is important for a business plan?

True (A) Signup and view all the answers

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Study Notes

Fundamentals of Entrepreneurship

This book covers the fundamentals of entrepreneurship, including motivation, competencies, creativity, innovation, business opportunities, business formation, business regulations, support systems, business plans (administration, marketing, operations, and financial plans), ICT use, quality management, and a list of contributors and index.
The book is written from a local Malaysian perspective, focusing on business formation, regulations and support systems.
It aims to be a comprehensive textbook for introductory entrepreneurship courses in Malaysia and other higher education institutions.
It details the importance of a business plan and how to prepare one.
The book provides definitions and examples for different types of businesses, including sole proprietorship, partnership, limited liability partnership, and companies in Malaysia.
It includes discussion on Islamic entrepreneurship, ethical considerations.
It outlines a variety of techniques and tools for entrepreneurs, including SWOT analysis and the Business Model Canvas.
The book covers various support systems available for entrepreneurs, such as financial, marketing, and technical support.
It provides strategies for entrepreneurial motivation and competencies.
It explores the process of identifying and evaluating business opportunities.
A substantial portion of the document describes essential aspects of identifying, analysing, and ultimately selecting business opportunities.
It offers examples of how these concepts could be implemented in practice.
The book addresses the importance of quality management, including defining total quality management and its eight principles.
It provides the procedures for registering, renewing, or changing a business' particulars.
It covers the process of winding down or terminating a business.
The book outlines important elements of an operations plan.
It includes details of how to create a financial plan for a business, including determining financial feasibility, relevant sources of financing, financial analysis (liquidity, efficiency, profitability), and various financial statements.
The role of ICT in modern business is explored, including different types of Electronic Commerce and the benefits of social media engagement.
It provides a comprehensive guide for creating a well-structured marketing plan.

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Questions and Answers

What are the four key elements of a SWOT analysis?

What are the 3 main components of an opportunity?

How does an entrepreneur turn an opportunity into a business venture?

What is an example of a new business venture that was created to solve a problem?

The business model canvas (BMC) was developed by Alexander Osterwalder in 2008, and provides a framework to summarize the entire business plan in one page.

What are the nine blocks of the Business Model Canvas?

What are the four main types of business formation in Malaysia?

What is the difference between a sole proprietorship and a company?

What are three differences between a sole proprietorship and a partnership?

What are the three categories of business regulations in Malaysia?

Explain the concept of 'quality management'.

What are the eight major principles of Total Quality Management (TQM)?

What is meant by 'entrepreneurial motivation'?

Is it necessary for a successful entrepreneur to be motivated?

What is meant by "Personal Entrepreneurial Competencies (PECs)"?

What are the 13 Personal Entrepreneurial Competencies?

What is the difference between incremental and radical innovation?

What are the three types of incremental innovation?

What is the purpose of a business plan?

Who reads a business plan?

What are the three key areas of feasibility analysis?

What are the three main aspects of an administrative plan?

What are the five essential elements of a SMART objective?

What are the four major components of a marketing plan?

What are the four main categories of market segmentation?

What are the four Ps of marketing?

What are the five main types of pricing strategies?

What is operations management??

What are the three main parts of a financial plan?

Define 'Information, Communication, and Technology (ICT)?

What are five benefits of ICT to businesses?

What are three main types of social media for business?

What is the meaning of the term "entrepreneur"?

What are four ways an entrepreneur can affect the economic future of Malaysia?

List and explain four (4) of Iman al-Ghazali's seven steps for success.

Is it necessary for a successful entreprenuer to be motivated? Discuss.

Discuss briefly on Personal Entrepreneurial Competencies (PEC).

What are the two main components of today's entrepreneurship?

Why is innovation important in entrepreneurship?

What are the different sources of innovation?

Elaborate the different types of incremental innovation.

Define business opportunities.

What are the three main stages involved in selecting business opportunity?

Briefly explain the process and purpose of conducting SWOT analyses?

What are the main benefits of Business Model Canvas?

Explain the types of business formation.

Elaborate the advantages and disadvantages of each business formation.

What are the options an entrepreneur has in order to start a business venture?

Why buying an existing business be advantageous to starting a business from scratch?

Discuss advantages and disadvantages of buying a franchise to both franchisor and franchisee.

Identify common business entities in Malaysia.

Describe the advantages and disadvantages of sole proprietorship and partnership?

What are the characteristics of a sole proprietorship?

Describe the procedure of winding up a company.

Explain business regulations required for a business.

Identify various business support systems available to entrepreneurs.

What are the objectives of preparing a business plan?

Describe the elements of the main body of a business plan.

What are the steps to develop a business plan?

Formulate your business vision, mission and objectives.

List the duties and responsibilities of a managing director (owner) of a business.

Construct an organization structure of an offline and online business in the cosmetic sector.

Understand the importance of preparing a marketing plan.

Identify marketing plan components.

Describe the steps in preparing a marketing plan.

Prepare marketing plan.

Explain the concept of operation in business.

Understand the operations plan involving resource allocation to budget development, and decision making.

Prepare an operations plan.

Using your own creativity and the additional notes, figure out and sketch the layout of your pizza restaurant.

What is the main purpose of a financial plan?

What are the steps to prepare a financial plan?

Discuss the differences between internal source of financing and external source of financing.

Identify the elements of cash flow statements.

Understand what is Information and Communication & Technology (ICT).

Describe electronic commerce.

The purpose of preparing a business plan is to obtain a business loan of RM50,000.00 from `Maybank`.

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