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Thread: mgt602 mid term solve paper May spring 2011 virtual universit of pakistan

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    21 mgt602 mid term solve paper May spring 2011 virtual universit of pakistan

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    Paper # 01
    MCQs = 29
    Subjective Questions = 4
    1) 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
    · Someone who is trustworthy and who will risk his/her life for you
    2) 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.
    3) 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.
    4) Problem Inventory Analysis Techniques. (5 Marks)
    Problem inventory analysis uses individuals in a manner that is like to focus groups to generate
    new product ideas. However instead of generating new ideas themselves, consumers are provided
    with a list of problems in a general product category. They are then asked to identify and discuss
    products in this category that have the particular problem. This method is often effective since it
    is easier to relate known products to suggested problems and arrive at a new product idea then to
    generate an entirely new idea by itself.
    Paper # 02
    MCQs = 29
    Subjective Questions = 4
    1) 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.
    2) 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
    5. What’s the degree of standardization possible?
    3) 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
    4) Why entrepreneur should have good relation with lawyer
    1. Trust: Building a good relationship with an attorney who’s conscientious and cares about your success is
    invaluable. Having a thoughtful and client-oriented lawyer will give you a sense of security and peace of mind.
    Your attorney will do your worrying for you and identify the risks that can affect you then give you a way to
    avoid them.
    2. Save time: Time is money, and your time is best spent making money.
    c. A good attorney will already know what you’re up against and most times will find an answer faster than
    you can because of their training.
    3. Knowledgeable
    a. Your attorney should be up to date on all of the current decisions and regulations that affect your
    particular business situation. He should also be aware of local, state, and federal laws that affect your
    business. This knowledge base can go a long way to helping you get better deals, avoid bad deals, and avoid
    compliance issues.
    4. Skill set: Your skill set is your talent and identifying the resources to make your talent profitable.
    5. Focus/Freedom
    a. Having an attorney handle your legal affairs saves you money in the long run because your focus and
    attention doesn’t have to waiver or split between your business goals and effectively achieving those goals in
    the most risk averse manner.
    6. . Leverage
    a. The best way to leverage your negotiations to maximize their profitablility and redu
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