MGT602= t Midterm Subjective Solved from Past Papers
By::: YASIR JAVAED
Characteristics of searching an outside partner. (3
Marks)
Following are a few things that one always tries to search
in their partner and which not only makes a great partner but also are the
characteristics of a great relationship.
· Someone who is caring and honest.
· Someone who is open and
responsive and with whom you can confide in like a friend.
· Someone who is trustworthy and
who will risk his/her life for you
What is Business Plan. (3 Marks)
A business plan is a written document prepared by the entrepreneur
that describes all the relevant external and internal elements involved in
starting a new venture. It addresses both short- and long-term decision making.
The business plan is like a road map for the business’ development. The
Internet also provides outlines for business planning.
Why business plan is
significant. (5 Marks)
Business plan is significant
because, in running or starting a business, the learning curve is short before
you run out of resources and are forced to close. Therefore, a business plan
helps you set up a sound framework, model and system ahead of time, as well as,
treat potential problems and threats, so that you can capably run a business. A
funding business plan will save you a lot of time and money. The beautiful
thing about a business plan is that it actually creates the future of your
business, as you want it to be. It gives you more control over what future
success will come. More importantly, it gives you a great process to grow the
future business you desire, whether that is a start up, acquisition, expansion
or build out.
How present business plan to
potential investor
It is often necessary for an
entrepreneur to orally present the business plan to investors.
Typically the entrepreneur
provides a short (20-30 minutes) presentation of the business plan. The
entrepreneur must sell their business concept in a short time period. A venture
capitalist or angel group may also ask the entrepreneur to present the plan to
their partners before making a final decision.
Strategic issues in
international entrepreneurship
Strategic Issues to Consider:
1. Is rapid
entry into the market needed?
2. Will joint
venture result in obtaining a competitive advantage?
3. The
allocation of responsibility between the U.S. and the foreign operation.
4. Would the
joint venture lower the chances of expropriation (mining ventures)?
5. What’s the
degree of standardization possible?
What will your strategic
planning while enter international market
When you decide to enter into the
international market you should keep few things in mind. When you decide to
enter into the international market you should change your mindset. Each and
every country has its own tradition and culture. The same product, brand name
and marketing campaign are not sufficient to introduce your business to other
countries. You have to know about the country and the requirements specific to
the nation. The important thing that is required is the research about the
country you are trying to expose your business into. Study the culture,
requirements and the market for your product. Learn about the international policies
of the country to avoid legal problems later. Talk more about your
international marketing strategy to friends and relatives living in other
countries. As you spend more of your time in doing this research you will be
able to get a clear idea of what people in other countries want from you. It is
important that you have to build a trust among the people about your product
