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C AR I BB EA NE X AM INA TI ON SC O UN CI L
CARIBBEAN ADVANCED PROFICIENCY EXAMINATION
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ENTREPRENEURSHIP – UNIT 1 – Paper ADVANCED 0 2 1 6 0 0 2 0

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Date: ENTREPRENEURSHIP – UNIT 1 – Paper ADVANCED 0 2 1 6 0 0 2 0

TEST CODE
02160032/SPEC
FORM TP 2013/SPEC
MAY/JUNE 2013
C AR I BB EA NE X AM INA TI ON SC O UN CI L
CARIBBEAN ADVANCED PROFICIENCY EXAMINATION
®
ENTREPRENEURSHIP
ENTREPRENEURIAL THEORY
UNIT 1 – Paper 032
2 hours
SPECIMEN PAPER
READ THE FOLLOWING INSTRUCTIONS CAREFULLY.
1. This paper consists of a case study and THREE questions, ONE from EACH module. Answer ALL THREE questions. EACH question is worth 20 marks. Write your answers in the spaces provided in this booklet. Do NOT write in the margins. If you need to rewrite any answer and there is not enough space to do soon the original page, you must use the extra lined pages) provided at the back of this booklet. Remember to draw a line through your original answer.
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If you use the extra pages) you MUST write the question number clearly in
the box provided at the top of the extra pages) and, where relevant, include
the question part beside the answer.
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INSTRUCTION: Read the case study and answer the questions that follow.
CASE STUDY
Go for Gold
Phillip and Nieema, two old schoolmates, met each other in Saint Lucia at the recently concluded Australian tour to the Caribbean. Phillip, who is a general sports enthusiast, had always wanted an opportunity to convert his passion into enterprise. In the discussion that followed, Nieema asked Phillip, Will you be going to the 2014 FIFA world cup finals in Brazil He disappointedly answered, No, it costs too much and I cannot afford it Nieema, being very optimistic, said, Man, you need to be there, there might be away to generate some money, or better still, make some money while you are thereto cover your costs and make a profit as well Phillip smiled, as he always wanted an idea regarding how to make money from products associated with sports. Phillip then asked, What could I do You know I am not an entrepreneur like you. Moreover I do not have the money to start any business Nieema responded, While you need money, that is not all, furthermore you already possess some characteristics of an entrepreneur. I think you are very creative and innovative. You are confident, hardworking, systematic in your planning and achievement oriented. These are major positives. With these kinds of attributes, you will not make the same mistakes that many persons who have money make. To further increase your chances of success, you should ensure that you know your business in depth, and have a clear business plan to map out your idea. Management is also critical and you are already a good manager of both people and your finances. Essentially, you should know your strengths and weaknesses so as to create an advantage. As you know, proper preparation prevents poor performance.”
Phillip replied, No matter how much you prepare, there are always risks, I do not have the luck as others and I am not a born entrepreneur like you Nieema smiled and said, Yes it is true that that there are always risks, but once you think through the entrepreneurial process you will be less likely to fail
Nieema continued, her tone as encouraging as always, We could develop an idea and business together. We know that the opportunity exists and we can get support from JBDC to develop the business concept and access some of the needed resources including the funding. The key is to ensure proper management in the implementation of the idea so you can reap the benefits of your efforts Remember however that in order to effectively implement the idea, you need a good management and marketing team, technical expertise and skilled employees. You must ensure that there are good distribution channels and consistent sources of supply. Additionally you must ensure that your operations and production facilities are up to standard with the national and international regulations. In doing so you will have a successful venture, which can be sustained and harvested whenever you so desire. Phillip responded, “Nieema, you are always optimistic. I know that the idea has to be very innovative and creative Nieema, in response said, Yes that is so, however there are sources of innovation, which we can use to differentiate our product from that of anyone else. There are new markets emerging, new technologies, new generations with changing behaviors, markets are being deregulated the entire political landscape has changed since 2000. Man, we are Caribbean we can find away within all these changes For the second time, Phillip smiled, but being cautiously optimistic he asked, Suppose someone tries to steal our ideas