Major competencies for successful entrepreneurship are:- A. Knowledge :- defined as a set or a body of information stored, which may recalled at an appropriate time. B. Skill:- defined as the ability to apply knowledge and can be acquired or developed through practice. C. Traits:- defined as the aggregates of peculiar qualities or characteristics which constitutes personal individuality. 13.Explain the term of entrepreneurship, creativity and innovation. Entrepreneurship :- is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace. 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 in order to enhance people’s lives or to enrich society. 14.What are the barriers of creativity? - Search for the one ‘right’ answer -becoming overly specialized - Focusing on being logical -avoiding ambiguity - Blindly following the rules -fearing looking foolish - Constantly being practical -fearing mistakes and failure - Viewing play as frivolous -believing that I’m not creative 15.Discuss the approaches of business expanding Business can be expanded through: - Market penetration approach: involves selling products. To penetrate and capture their market, a company might cut costs, improve distribution network, increase promotional activities etc
Market Development strategy: This technique entails expanding existing products to market that is new. This strategy targets reaching expansion or customer segments. Product Development strategy: This approach involves creating new products for markets that are new or for markets. Diversification: The purpose of diversification is to permit the business to enter new lines of company that are distinct from current operations.
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