COURSE CODE BMS 3131 INSTRUCTOR Dr. EYONG AYUK A-E. TIME ALLOWED 1 HOUR TOTAL MARKS 20 NAME NDE HURICH DILAN MATRICULE ICTU20223351
CATCH UP CONTINUOUS ASSESSMENT
INSTRUCTIONS: Read carefully.
Answer all questions. Time allowed is 1 Hour. Be mindful of orderly presentation of your work and the necessity of good English.
Entrepreneurship has been described as an action-oriented way of thinking, the focus of which is creativity, innovation and change. Therefore, it is not surprising to see that entrepreneurs are among the more creative and innovative players of organizational change.
Question 1. Describe with tangible examples, the different types of entrepreneurs you know? (5 mks) The different type of entrepreneur I know are :
Rugged individualist: Steve Jobs, co-founder of Apple, is our man. He valued personal vision and self-reliance, often making bold decisions against conventional wisdom to create revolutionary products like the iPhone. Business entrepreneur: Jeff Bezos, founder of Amazon, can be put in this this category. He's consistently driven by profit and growth, expanding Amazon from an online bookstore to a global e-commerce and technology giant.
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Innovative entrepreneur: Elon Musk with Tesla and SpaceX demonstrates this type. He's introduced new electric vehicle technology and revolutionized space travel with reusable rockets.
Imitative or adoptive entrepreneur: Many smartphone manufacturers in China, like Xiaomi or
Oppo, started by adopting and improving upon existing smartphone technology, making it more accessible to a broader market.
Question 2. Define with illustration, the relationship that exists between creativity, innovation and entrepreneurship? (5mks) Entrepreneuship = innovation + creativity Creativity, innovation, and entrepreneurship form a dynamic, interconnected relationship that drives business creation and growth. Creativity sparks the initial idea, like envisioning clothing made from discarded plastic bottles or using our traditional medicine in a modern way. Innovation then transforms this creative concept into a practical solution, developing methods to turn plastic into wearable fabric or finding ways to bring traditional medicine to the modern world. Entrepreneurship completes the cycle by building a business around this innovative solution, such as launching a sustainable fashion brand. This relationship is cyclical and self- reinforcing. The challenges encountered in entrepreneurship fuel new creative thinking, leading to further innovations. For instance, our eco-fashion entrepreneur might creatively expand into new product lines, innovate better recycling techniques, and grow the business into new markets. Essentially, entrepreneurship provides the structured, disciplined approach needed to bring creative ideas and innovative solutions to the marketplace, addressing real needs and opportunities. Question 3.
Describe using examples the entrepreneurial process? (5 mks)
The entrepreneurial process involves several key stages, each crucial for transforming an idea into a successful business venture. It begins with idea generation, where entrepreneurs identify viable business opportunities. For example, in Cameroon, many entrepreneurs have turned to agribusiness after recognizing the country's rich agricultural potential and the growing demand for local produce. Following this, the feasibility analysis and planning stage involves evaluating the practicality of the idea through market research, competition assessment, and financial planning. Cameroonian entrepreneurs might analyze the demand for cassava-based products, given the country's high cassava production and its central role in the local diet.
Next, resource acquisition is essential, involving the securing of necessary funds, human capital, and materials. In Cameroon, many entrepreneurs leverage microfinance institutions or government grants designed to support small businesses. Implementation follows, where the business plan is put into action by launching the product or service and starting operations. For instance, a Cameroonian entrepreneur launching a mobile payment platform would establish the
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necessary technology infrastructure, partner with financial institutions, and market the service to potential users.
The final stage is growth and scaling, focusing on expanding the customer base, increasing production capacity, and possibly entering new markets. Successful entrepreneurs in Cameroon, such as those in the tech industry, might expand by introducing new digital services, investing in advanced technology, or seeking opportunities to export their innovations to other African countries. Each of these stages is vital in the entrepreneurial process, enabling the transformation of innovative ideas into thriving businesses through careful planning, resource management, and strategic
Question 4
Why is entrepreneurship significant and relevant in the context of the Cameroonian society? (5 marks)
Entrepreneurship is crucial in Cameroonian society due to its potential to address numerous
persistent challenges, creating significant opportunities for progress. With high unemployment rates, particularly among youth, entrepreneurship offers pathways to self-employment and job creation, reducing reliance on limited formal sector jobs. It also boost economic diversification, decreasing the country's dependence on oil and agricultural exports, thereby enhancing economic resilience. Successful entrepreneurial ventures contribute to poverty reduction by improving income and living standards, while also driving innovation to solve local problems. Moreover, entrepreneurship empowers marginalized groups, promoting social inclusion and equality, which are vital for comprehensive social and economic development in Cameroon.
