Q1: Short Questions (15)
I. Describe SWOT analysis:
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It's a strategic planning tool
used to identify internal strengths and weaknesses of a business or project, as well as external
opportunities and threats in the marketplace. It helps in assessing the current position and future
potential, guiding strategy development.
II. Outline the various ways of solving a problem in the marketplace by using your useful skills:
Solving marketplace problems involves leveraging skills like problem-solving, market research, innovation,
and effective communication. This can be done by identifying customer pain points, developing unique
solutions, testing and refining ideas, and effectively marketing them to the target audience.
III. Describe advanced types of SWOT Analysis:
Advanced SWOT analysis techniques may include more detailed assessments such as:
TOWS Matrix: Matches internal strengths and weaknesses with external opportunities and threats to
develop specific strategies.
SOAR Analysis: Focuses on Strengths, Opportunities, Aspirations, and Results, emphasizing positive
aspects and future goals.
PESTLE Analysis: Expands on SWOT by adding Political, Economic, Social, Technological, Legal, and
Environmental factors to consider external influences comprehensively.
Q2: Discuss the different traits of an entrepreneur (7):
Traits of successful entrepreneurs often include:
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Visionary Leadership: Ability to set a clear vision and inspire others.
Risk-taking: Willingness to take calculated risks.
Resilience: Ability to bounce back from setbacks.
Creativity and Innovation: Capacity to think outside the box.
Persistence: Determination to pursue goals despite challenges.
Adaptability: Flexibility to adjust strategies as needed.
Networking Skills: Ability to build and maintain relationships.
Q3: Outline the general entrepreneur resources:
Entrepreneurial resources typically include:
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Financial Resources: Funding sources such as savings, loans, investors, or grants.
Human Capital: Skilled workforce, mentors, advisors, and partners.
Physical Resources: Infrastructure, equipment, and facilities.
Intellectual Property: Patents, trademarks, copyrights, and trade secrets.
Networks and Relationships: Contacts, industry associations, and networking opportunities.
Support Services: Incubators, accelerators, and business support organizations.