ASSIGNMENT COVER
REGION: MANICALAND
SEMESTER: 1
YEAR: 4
PROGRAMME: BACHELOR OF SOFTWARE ENGINEERING (HONOURS) INTAK E: 1
FULL NAME OF STUDEN T: BRUCE GRAYTON MUZAWAZI
EMAIL ADDRESS: bgmuzaw@gmail.com CELL: 0773 010 925
COURSE NAME: ENTREPRENUERSHIP
ASSIGNMENT No. e.g. 1 or 2:
DUE DATE: 15 MARCH 2019
1
PIN: P1667506B
ID. NO.: 75 – 416065 H 75
COURSE CODE: BITH 482
STUDENT’S SIGNATURE:
SUBMISSION DATE: 17 MARCH 2019
ASSIGNMENT TITLE: ASSIGNMENT 1
Instructions.
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NO marks will be awarded for the entire assignment if any part of it is found to be copied directly from
printed materials or from another student.
Complete this cover and attach it to your assignment. Insert your scanned signature.
Student declaration
I declare that:
 I understand what is meant by plagiarism
 The implications of plagiarism have been explained to me by the institution
 This assignment is all my own work and I have acknowledged any use of the published or
unpublished works of other people.
MARK ER’S COMMEN TS:
OVERALL MARK:
MARK ER’S SIGNATURE:
MARK ER’S NAME:
…………………………………….
DATE: ……………………..
QUESTION 1.
a) An entrepreneur decides to sell his woollen garments in the month of February on discount. Name
and explain the environmental factor which prompted him to take this decision. [3]
b) Steve Jobs and his friend Steve Wozniak were self-taught engineers who created one of the most
popular, revolutionary, technology brand, “Apple”. Steve Jobs was not the first person to have an
idea to create a user-friendly computer, and he was not the first person to come up with an idea about
music players or smartphones, but he was the first person to implement them. He covered potential
ideas and then implemented them in ways that no one had ever dreamed of before. Apple products,
whether they be a computer, laptop, iPod, iPhone, iTunes, or otherwise, are featured everywhere. Not
only Apple products are of high quality technological items, but the company also has superior
branding and a strong company image making them, one of the most popular and easily recognizable
brands in the world.
i. From this example, identify and explain any four traits/characteristics of Steve Jobs that helped him
to be successful in his business. [4]
c) Discuss steps that should be taken before the entrepreneur decides to pursue an opportunity. [6]
Question 2
a) Mr Nhamo came into possession of some money fortuitously. He has however always harboured
entrepreneurial ambitions. Mr Nhamo’s new found wealth has led him to conduct research into
business ownership. Due to his limited knowledge of business issues he is seeking some assistance.
A mutual friend has informed him that you are a fourth year student at Zimbabwe Open University
who is currently doing entrepreneurship , and that you would be a perfect candidate to advise him.
Based on this information Mr Nhamo contacts you and arranges an appointment.
i. Mr Nhamo pointed out that he was aware of the three approaches used to achieve new venture
ownership. He is currently exploring the acquisition of franchise option. He indicated that he heard
that three (3) types of franchise exist but he is unaware of them. Identify and briefly describe them
for Mr Nhamo. [6]
ii. After the above initial intervention by you, Mr Nhamo is more persuaded that he should go the
route of a franchise. However he is not too au fait with the ramifications of buying a franchise. He
wants you to briefly explain five (5) of the pros and cons of buying a franchise. [5]
b) Your boss, owns and manages a consultancy form, assigned you a new client. He sends you to
represent him at a conference on the ‘ Future of Entrepreneurship’ .You have to represent the
material that he has slated to do on ‘creativity and innovation’ the presentation is to specifically deal
with the creative process. Prepare this presentation in an essay format for this conference. [15]
Question 3
a) A friend of yours is about to start a business. This friend has secured the initial financing, and done
other preliminary background work. She recently heard that there are three main business ownership
structurers but unaware of these. Your friend asked you to prepare a report for the detailing the three
approaches and the implications of each approach. [15]
Question 4
a) List four components which should be included in a business plan [4]
b) Explain the contents of each of these components [8]
c) Explain what is a guerrilla marketing approach in relation [2]
d) Briefly outline the Timmons’ Entrepreneurship model, highlighting key components [10]
SOLUTIONS.
ANSWER 1.
a. Below are some of the environmental factors that prompted the entrepreneur to take this
decision.
i.
Economic factor consists of variables like supply and demand for the product.
ii.
Details of consumer trends, economic preferences, costing, discounting etc are all
economic decisions.
b. Four traits \characteristics of Steve Jobs that helped him to be successful in his business.
i.
High degree of commitment.
Launching a venture successfully requires total commitment from entrepreneurs. Steve Jobs
commitment helped him to overcome business –threatening mistakes and obstacles .His
commitment to his idea and venture helped his business to be successful.
ii.
Creative and Innovative.
Creativity and innovativeness are important for entrepreneurs to gain a competitive advantage in
their ventures. Through Steve Jobs’ creative and innovative minds and imagination, he managed
produce unique goods and services for customers.
iii.
Confident and Optimistic.
iv.
Skilled at Organizing
v.
Ability to set a vision
c. Steps that should be taken before the entrepreneur decides to pursue an opportunity;
i.
Do some soul-searching. - "Your startup is an embodiment of your whole and a
reflection of your beliefs," some writer named Mouawad explains. So before you open
your doors, spend some time reflecting on those beliefs, your passions, your intentions
for your new venture, and what your ideal company would look like.
At the same time, take an honest look at your own weaknesses and--paradoxical
as this sounds--try to find your own blind spots. If you want a successful
business, it's even more important to know what you need help with than to know
what you do well.
ii.
Pick the right type of business.-You'll have to devote a huge proportion of your waking
hours to your business if you want it to succeed. You'll also be devoting a huge amount
of your brain space to it--there will be times when you can think about little else. So it's
important to make sure the work that you're doing fits well both with your values and
with how you like to spend your time.
Consider not only the business itself, but the characteristics of the industry you're
selecting.
Some industries require you to be formal and understand traditions. Some depend
on your ability to form personal connections with customers. Others are so fastchanging you must constantly adapt to keep up. In some industries, everyone is
cordial and friendly while in others tough talk is the norm.
Consider whether all aspects of the business will be a good fit for you.
Finally, your business must provide the return on investment that works for you.
Evaluate the financials carefully--how much you stand to earn, and how other
businesses in the sector are faring--before you make up your mind.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.
Figure out how much money you'll need. -"A lot of businesses make optimistic financial
assumptions before starting their venture," again the writer Mouawad warns. That's a
mistake that can kill an otherwise successful business.
The key here is to ask yourself, "What's the worst that could happen?" And then
try to imagine a scenario even worse than that. How much money will you need
to survive no matter what goes wrong? That's the capital you should have right
from the start.
Hire the right people.-"Business is like sports: The best team usually wins," Mouawad
says. So make sure you have the best team you possibly can.
Take time over hiring, get to know the people who are going to be working with
you, and make sure they are a good fit for you and your company in terms of
their outlook, values, and personalities, as well as their actual job skills.
And once you've got the right team, make sure you keep them by giving them
jobs that they'll love and the opportunity to grow.
Create a winning culture.-We all talk about culture, but Mouawad says most
entrepreneurs fail to give this important issue enough thought. "Culture is a living
organism that requires constant monitoring and shaping," he says. "Once you come to
this realization and start managing expectations, you will discover a formidable lever to
inspire and motivate your team to achieve goals that may initially have seemed
impossible."
Learn empathy .- These days, both skilled employees and customers have a wider array
of options than ever before. So, Mouawad says, if you want your business to survive, it's
important to learn how to see things from others' point of view.
"Understand the world as it is, and not according to how you would like it to be,"
Mouawad says. "Every entrepreneur provides solutions to an existing problem or
need. The ability to empathize with others doesn't just make you a better person;
it also makes you better at business."
Find the metrics that matter most.- "Hard work diluted over multiple directions is not
likely to yield great results," Mouawad says. Spend some time thinking through what
success really looks like for your business, and which numbers you need to move to
really be successful.
Then create a strategy that focuses on those elements. That's a better recipe for
success than pursuing every opportunity that comes along.
Use incentives.- Incentives are powerful ways to encourage the behavior you want from
all stakeholders, from employees to customers to suppliers. Once you've completed the
above mentioned step 7 and know exactly which key metrics spell success for your
venture, you can use that information to structure incentives that will help improve those
specific areas.
Then track performance against those metrics to see if your incentives are having
the desired effect, and if not, adjust as necessary.
Experiment in stages.-Every industry, and every business, faces constant change, and
you will need to keep changing if you want sustained success.
Mouawad recommends making small changes and using pilot programs to try out
new ideas before committing your whole enterprise to them. Then evaluate the
results of your experiment to see if it had the predicted effect and make
adjustments if it did not.
Finally, "grow what works and prune what doesn't," Mouawad says.
Keep your eye on the future.- Running a successful company is a day-to-day challenge.
It can be easy to lose sight of the long term, so make sure you have the time and mental
space to think about where both your business and you are headed.
ANSWER 2.
a. There are 3 main types of franchise that exist and these are;
i.
Business format franchises
ii.
Product franchise or single operator franchises
iii.
Manufacturing franchises
i.
Business format franchise
 This type of franchise facilitates the expansion of the franchiser business by allowing individuals
to buy a business with an established brand name.
 New business owners will be supported throughout the initial business stages and will continue to
receive support in running their business .In return for the offered support, access to experienced
professionals, and the right to use the business name and trademark, the new business owner is
obliged to pay royalty to the owner of the business on a regular basis.
ii.
Product franchise or single operator franchises
 This type of franchise focuses on individuals who are selling products or delivering a service in a
specific trade or industry field.
 The franchiser will allow you to use their brand name and trademarks, provide you with uniform
and equipment needed to properly represent the brand and offer you ongoing support.
 Product franchises are a great option for first time business owners since the investment needed
is usually smaller than that of business franchises.
iii.
Manufacturing franchises
 In manufacturing franchises, the franchiser allows the franchisee to produce items using their
brand name and trade-name.
 While this type of franchise is most popular among food and drink companies, can also be found
throughout the manufacturing industry. The best example is would be a soft drink company, the
parent company will produce the concentrated syrup then sell it as well as the right to use the
brand name and trademark to a bottling company
b. Five pros and cons of buying a franchise;
i.
A proven system
When buying a franchise you are gaining years of experience spent by the franchisor building their brands
and systems .They have been through the process of trying what works and what doesn’t so that you don’t
have to.
ii.
Training and support
Perhaps one of the biggest advantages to buying a franchise is training and ongoing support you receive
from the franchisor .There will always be someone to call when a problem or question arises.
iii.
Name and recognition
Building a brand is no small feat and can also be quite expensive and time consuming .When you sign on
with a franchise the work has been done for you .Your customers already know your name and what to
expect .
iv.
Ongoing fees
Franchisors require the franchisee to pay on going royalties \ or advertising fees ,though you benefit from
the support and marketing efforts this affords ,you will always owe a percentage of your profits to the
franchisor .
v.
Contractual agreement
When you buy a franchise you sign an agreement which locks you in a specific period of 5 to 20 years.
Breaking a franchise agreement can be difficult and costly
c. Presentation on Creativity and innovation
 Creativity is defined as the tendency to generate or recognize ideas, alternatively or possibilities
that maybe useful in solving problems, communicating with others.
 Creativity is the ability to come up with new ideas and to identify new and different ways of
looking at a problem and opportunities.
 Innovation is finding ways to deliver new or better goods and services.
 An entrepreneur needs to think of new ideas to implement new strategies .According to Kuratko
and Hodgetts there are four main phases of the creative which are incubation;
 Knowledge accumulation
 Incubation
 Ideas
 Evaluation and implementation
Knowledge accumulation.
To start the creative process, one must read to gather all relevant information and investigation .This
involves some form of reading, discussions with others working in the same field, attending professional
seminars or workshops and so forth. With exposure, it gives the individual a wide perspective of
problems and a foundation for creativity in order to develop a new product, service and business.
The second phase is the incubation, in this phase individuals may not be directly involved in the related
activities or problems instead they will to get rid of the problems and their subconscious minds at work
on it .creative ideas are welcome regardless of their source .This may happen when one is sleeping
,relaxing ,reading materials unrelated to existing problems .
The third phase is called idea and it is the most exciting phase in the process of creativity .During this
phase, the solution or answer of the existing problem is finally found .Sometimes this phase is referred to
as the eureka factor .Whenever the individual is thinking of something unrelated to the business or
problem, ideas could emerge easily .Slowly this allows the person to begin formulating solutions as he /
she may obtain ideas that are usually difficult to obtain.
The last phase which is the evaluation and implementation will transform the ideas into reality .This is
an extremely difficult phase because it requires courage ,self evaluation , high confidence and
perseverance .The ability to identify ideas that are workable and practical will determine the success of
the entrepreneur in business .As the ideas that emerge from phase 3 is in a rough form the entrepreneur
needs to re-work the ideas by modifying and transforming the rough idea into its final shape .After that
,the entrepreneur can choose the best idea to carry out profitable business activity .
ANSWER 3.
Ownership structures;
i.
Sole proprietorship
Is one individual in business alone and this the most common type of ownership. This type of business is
simple to form and operate and may enjoy greater flexibility of management , fewer legal controls and
fewer taxes.
However the business owner is personally liable for all debts incurred in the business .Legally the sole
appropriator is inseparable from its owner this means and the owner of the business reports business
income and losses on his /her personal tax is personally liable for any business related obligation such as
debts and court judgement.
The advantages of a sole proprietorship include:
 Owners can establish a sole proprietorship instantly, easily and inexpensively.


Sole proprietorships carry little, if any, ongoing formalities.
A sole proprietor need not pay unemployment tax on himself or herself (although he or she must
pay unemployment tax on employees).
 Owners may freely mix business or personal assets.
The disadvantages of a sole proprietorship include:
 Owners are subject to unlimited personal liability for the debts, losses and liabilities of the
business.
 Owners cannot raise capital by selling an interest in the business.
 Sole proprietorships rarely survive the death or incapacity of their owners and so do not retain
value.
ii.
Partnership
It is a business owned by two or more people who agree to contribute money, labour and skills to a
business. Each partner shares the profits, losses and management of the business and each partner is
personally and equally liable for debts of the partnership.
Formal terms of the partnership are usually contained in a written partnership agreement
A partnership agreement clearly outlines the financial and managerial contributes of the partners and
carefully delineates the roles in the partnership relationship.
Advantages of partnerships
 Partnerships are easier and less expensive than companies to set up.
 Partners may carry on business under a trading name
 Partnerships combine the resources and expertise of a number of people.
 Partnerships are simple to administer. Profits and losses are shared between partners according to
his/her share (as specified in the 'partnership agreement').
 Unlike companies, partnerships do not have to disclose their profits to the public (i.e. greater
privacy).
 Changing the legal structure is relatively simple (i.e. changing from a partnership into a company
at a later stage).
Disadvantages of partnerships
 All partners together are personally responsible for business debts. Each partner is individually
liable for debts incurred by the other partners. This is known as being 'jointly and severally' liable
(i.e. unlimited liability).
 All partners have a right to participate in the management of the partnership (unless otherwise
agreed).
 Tax is charged at the personal tax rate. As business earnings increase, so does the tax rate.
 Partners cannot transfer their ownership to someone outside the partnership unless the other
partner(s) agree.
 Personal differences may interfere with business
iii.
Corporation
A corporation is the most advantageous way to start a business because it is a separate legal entity apart
from the individuals that own it .It is a more complex business structure.
 A corporation has certain rights and privileges and liabilities beyond those of an individual.
Doing business as a corporation may yield taxes or financial benefits, but they can be offset by
other considerations such as increased licensing fees or decreased personal control.
 A corporation has responsibility over ownership of capital and can take legal action against others
or vice versa.
 The life span of a corporation is not dependent on its members.

You can incorporate your business by filing articles of incorporation with the appropriate
agency in your state. Usually, only one corporation can have any given name in each state.

After incorporation, stock is issued to the company's shareholders in exchange for the cash or
other assets they transfer to it in return for that stock.
 Once a year, the shareholders elect the board of directors, who meet to discuss and guide
corporate affairs anywhere from once a month to once a year.
ANSWER 4.
a. Components included in a business plan;
Executive summary
Market Analysis
Marketing and sales Strategies
Service and Product Line
Funding request
b. Executive summary
This is the most important of the business plan . It is the first section that should tell readers where the
company is and where it wants to go .The items included in an executive summary is
 the mission statement
 date when the business started
 name of the business founders and the role they play
 the number of the employees
 location of the business and the branches or subsidiaries
 description of the plans or facilities , product manufactured
 bankers name ,the progress and the growth .
Market Analysis
The Analysis section illustrates the entrepreneur’s knowledge about a particular industry which the
business is in .It should also present a general overview and conclusion research data that has been
collected.
Marketing and Sales strategies
Marketing is the process of creating and attracting customers to the business .Entrepreneurs should realize
that customers are the lifeblood of the business .A business plan should include a sales forecast based on
the market analysis .Market strategy should be part of the on-going self- evaluation process and unique to
the company .It should include market penetration ,business growth ,channels of distribution and
communication .Overall sales strategy should be included in the sales strategy and sales activities.
Include also the marketing budget in this section .
Services and product Line
This section describes the uniqueness of the company’s services or products and the benefits to potential
and current customers .It should also focus on the areas where a distinct advantage exists by identifying
the problems for which the services or product provides a solution.
c. What is the Guerilla Marketing approach?
It is an advertising strategy that focus on low cost unconventional marketing tactics that yields maximum
results .it promotes products in public places or streets with little money .It is done in public places such
as shopping centers to attract big audience.
d. Timmons entrepreneurship Model
According to Timmons Model of entrepreneurship the three critical factors of successful venture are
opportunity , teams and resources .A successful entrepreneur is one that balance the factors .The
Timmons model bases itself on the entrepreneur .The entrepreneur search for an opportunity and finds it
,shapes the opportunity into a high –potential venture by drawing up team and gathering the required
resources to starting the business ,the entrepreneur risks risk his or her own carrier ,personal cash flow
and worth . The model also basis itself on the promise that entrepreneur earns rewards in commensuration
with the risk and effort involved in starting a business.
Opportunity Factor.
 The Timmons model of entrepreneur states that entrepreneurship is an opportunity driven or that
the market shapes the opportunity.
 A good idea is not necessarily a good business opportunity and the underlying market demand
determines the potential of the idea.
 An idea becomes viable only when it remains anchored in products and services that create or add
value to customers and remains attractive, durable and timely.
 Unlike a conventional entrepreneurship model that starts with business plan and identify an
opportunity ,the Timmons model starts with the market opportunity .
Team Factor.
 Once the entrepreneur identifies an opportunity he/ she works to start a business by putting
together the team and gathering the required resources.
 The size and nature of the opportunity determines the size and shape of the team.
 Timmons model places special importance on the team and considers a good team indispensable
for success .A bad team can waste a great idea.
 Among all resources, only a good team can unlock a higher potential with any opportunity and
manage the pressure related to growth.
Resources factor .
 The Timmons model discounts the popular notion that extensive resources reduce the risk of
starting a venture and encourages bootstrapping or starting with the bare minimal requirements as
a way to attain competitive advantages .The advantages of bootstrapping include :
 Drives down market cost
 Instills discipline and leanness in the organization

Encourages creative resources to archive more with the limited amount of money and
other resources available.
 The entrepreneur works to minimize and control rather than maximize and own .The role of
entrepreneur in managing resources includes building a good resource base to draw from when
required and drawing up a business plan through a fit and balance method that balances the
available resources with the opportunity and potential of the team.
REFERENCES
Module.P.Muyambo.ZOU.BITH482.Entreprenuership.May2016
Online.Available. http://stjoseph.ac.in/wp-content/uploads/2018/08/BA5014.2019 March 04
Online.Available.https://www.scribd.com/document/323969840/Innovation-andEntrepreneurshipvQP-.March 052019
Online.Available. https://studylib.net/doc/8886174/.2019March15
Online.Available.https://www.igiglobal.com/dictionary/structuralknowledge/28496.2019March0
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