Q1)

1. Management Mistakes
2. Lack of Experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic and effective plan
6. Uncontrolled Growth
7. Poor location
8. Improper inventory control
9. Incorrect or unsuitable pricing
10. The inability of to move into entrepreneurial thinking mindset

from the previous secured permanent managerial position held.

Q2)

What is an entrepreneur? Give a brief profile of a typical entrepreneur. What is

the primary motivation for the typical entrepreneur?
Answer: An entrepreneur is someone who creates a new business in the face of risk
and uncertainty for the purpose of achieving profit and growth by identifying
opportunities and assembling the necessary resources to capitalize on them.
While entrepreneurs tend to exhibit no isolated set of required traits, an entrepreneurial
profile contains the following characteristics:
Desire for responsibility
Preference for moderate risk
Confidence in their ability to succeed
Desire for immediate feedback
High level of energy
Future orientation
Skill at organizing
Entrepreneurs are motivated most by a desire to control their own destiny, reach their
own potential, make a difference, reap unlimited profits, and enjoy what they are doing.

Q3 a)

What is the entrepreneurial secret for creating value in the marketplace?

Creativity and Innovation should be used in combination to allow the entrepreneur to solve real world
problems and to exploit opportunities and the profits that come with them. Creativity should always be
directed and complement the business plan.
Creativity is the ability to develop new ideas and to discover new ways of looking at problems and to
exploit opportunities that people face everyday. Innovation is the ability to apply creative solutions to
those problems and opportunities to enhance and enrich people's lives.
Different answer)))

The entrepreneurs secret for creating value in the marketplace is applying creativity and innovation
to solve problems and to exploit opportunities that people face every day. Creativity is the ability to
develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is
the ability to apply creative solutions to those problems and opportunities to enhance or to enrich
peoples lives. Entrepreneurship is the result of a disciplined, systematic process of applying creativity
and innovation to needs and opportunities in the marketplace.