mgt602 Midterm Past Papers

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External partner search features. (3 marks)
Below are some of the things one always tries to find in their partner that not only makes a great partner but are the hallmarks of a great relationship.
Someone who is caring and honest.
Someone who is open, responsive and who you can trust as a friend.
Someone who is trustworthy and would risk his life for you.

What is a business plan? (3 marks)
A business plan is a written document prepared by an entrepreneur that describes all relevant external and internal elements involved in starting a new business. It deals with both short-term and long-term decisions. A business plan is like a road map for the growth of the company. The Internet also offers blueprints for corporate planning.

Why is a business plan important? (5 marks)
A business plan is important because of the learning curve in running or starting a business before you run out of resources and are forced to close. Therefore, a business plan will help you to establish a solid framework, model, and system in advance, as well as deal with potential problems and risks, so that you can run a business efficiently. A financial business plan will save you a lot of time and money. The beauty of a business plan is that it actually shapes the future of your business the way you want it to be. This gives you more control over future achievements.

How do you present a business plan to potential investors?
It is often necessary for an entrepreneur to present a business plan verbally to investors.
Typically, the entrepreneur gives a short (20-30 minute) presentation of the business plan. An entrepreneur has to sell his business concept in a short period of time. 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 there a need for rapid market entry?
2. Will the joint venture result in a competitive advantage?
3. Division of Responsibilities Between US and Foreign Operations.
4. Will the joint venture reduce the chances of expropriation (miners)?
5. What degree of standardization is possible?

What will be your strategic plan for entering the international market?
If you decide to enter the international market, there are a few things to keep in mind. If you decide to enter the international market, you must change your mindset. Every country has its own tradition and culture. A single product, brand name and marketing campaign is not enough to introduce your business to other countries. You need to know the country and country specific requirements. The most important thing that is required is research about the country where you are trying to introduce your business. Study the culture, needs and market for your product.