SECTION A [40 MARKS] Answer ALL questions in this section. Read the following case study and answer ALL the questions that follow. Entrepreneurship Is All About Overcoming Obstacles Entrepreneurship is not a destination; it is s a journey. On this journey, successful entrepreneurs don't have an expectation of arriving to some finish line. If you do have that expectation, you won't continue to push yourself to step outside of your comfort and grow. You won't seek out the things that truly help your business experience explosive results because all those things require you stretching yourself. On any journey, you have times of joy and more than a few setbacks. During the times of joy, you feel like you can accomplish anything. It gives you the strength and motivation to continue to put in the work that helps your business. During the hard times, negative feelings and emotions can easily take over. Before you know it, you are feeling sorry for yourself and you tum to your familiar coping mechanism. That coping mechanism could be food, alcohol, binge- watching TV or any other thing that takes your focus away from what you want to accomplish in your business. Since you don't have a boss or company dictating your day and what you accomplish, that time "coping could turn into weeks of your doing no work at all Becoming a successful entrepreneur means understanding hard times are when you need to push. When there are obstacles, here's what you need to do. Acknowledge, then process your thoughts. The only way to get through obstacles is to start with acknowledging that they're there. Don't try to suppress those thoughts -- let them out. When you try to suppress them, they grow stronger and threaten to get control. Once you have given yourself two minutes, take control of your thoughts Focus on what brings you joy and what you're grateful for in your life. Focus on what you can control. Life is messy. Change is hard. Growing a business is not easy and it feels like everything can go wrong at once. There are always going to be things you can't and shouldn't try to control. There are, however, things you can do something about. If your marketing plan is off, you can readjust. If your sales are lacking, you can go back what you know works. If a team member is causing more trouble than is worth helping them, you can let them go. Ask for help, then take action. Some obstacles feel like more than you can handle. Seeking counsel and support can be the difference between you getting through it or failing. Don't try to be Wonder Woman or Superman. Seek help. Talking and planning with someone who understands and is trained in dealing with a crisis is valuable. Then, make decisions that are action-based. If a decision pushes you toward the action that helps your business, make it. One of the best ways to recover from difficult situations is to take massive action. Taking action on the things you can control will give you progress. As you consistently take action, you'll be closer to your goal before you even realize. Obstacles don't have to be business breakers in your life. You can learn from them and use them to make you a stronger and wiser entrepreneur. The most successful entrepreneurs understand that it's not the crisis - it's your response that determines how successful you'll be (Adapted from: https://www.entrepreneur.com/article/312223) QUESTION 1 (20 Marks) It is implied in the extract that to enhance chances of success in business, entrepreneurs should have certain attitudes and characteristics. With reference to the case study, critically discuss SEVEN (7) personal characteristics that an entrepreneur should have. QUESTION 2 (20 Marks) The objectives of an entrepreneur vary depending on the entrepreneur and his/her circumstances. Critically discuss the objectives of an entrepreneur (60 MARKS] SECTION B Answer ANY THREE (3) questions in this section. QUESTION 3 (20 Marks) The market or task environment refers to the environment that immediately surrounds the organisation. Elaborate on FIVE (5) elements of the market environment. QUESTION 4 (20 Marks) You are the marketing manager of a private higher education institution and some employees in your department have being given the task to organise a career day for schools in the community. Using suitable examples, explain FOUR (4) steps of the control process that you will undertake to monitor their activities and take corrective action, where necessary. QUESTION 5 (20 Marks) Once established, banks become a regular source of financing. Explain five criteria that lenders and investors use when evaluating the creditworthiness of entrepreneurs seeking financing. QUESTION 6 (20 Marks) Logistics management is part of all the levels of planning and execution in an organisation, including strategic operational and tactical. Explain the following aspects of logistic management: 6.1 Importance of logistic management 6.2 Logistics management process 6.3 Types of Logistics 6.4 Objectives and activities of logistics management