SECTION B: SHORT ANSWER QUESTIONS [30 MARKS] Answer ALL questions.

1. Succession planning is a process that is used to identify individuals who can replace employees in leadership positions when they exit an organization. State five (5) benefits of succession planning in small business organisations. (5 marks)

2. Differentiate the following important entrepreneurial concepts

a. Entrepreneur and Manager (3 marks)

b. Entrepreneurial cognitions and Opportunity recognition (3 marks)

c. Innovator and an Entrepreneur (3 marks)

d. Innovation threshold and Diffusion of Innovation (3 marks)

e. Social entrepreneurship and Corporate entrepreneurship (3 marks)

3. Write brief notes on of the following terms: a. The meaning of copyright and what type of material does it cover? (3 marks) b. Intellectual property, and why is it considered an asset to a business? (3 marks)

4. A Sharing economy is an Economic model where individuals are able to borrow or rent products from others. With websites such as Airbnb, Uber, private homeowners allow guests stay for a pre-agreed price. In this sense, the owner shares his home with the guests.

a. State two (2) advantages of sharing economy service to consumers (2 marks)

b. Provide two (2) advantages of a sharing economy services to service providers (2 marks