Entrepreneurship and small business

Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University College of Administrative and Financial Sciences Assignment 1 Entrepreneurship and small business (MGT 402) Due Date: 13/07/2024 @ 23:59 Course Name: Entrepreneurship and small business Course Code: MGT402 Student’s Name: Semester: Summer CRN: Student’s ID Number: Academic Year:2023-2024-Summer Semester For Instructor’s Use only Instructor’s Name: Students’ Grade: /Out of 30 Level of Marks: High/Middle/Low General Instructions – PLEASE READ THEM CAREFULLY • • • • • • • • • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted through email will not be accepted. The due date for the Assignment is by the End of Week 3 (13/07/2024) Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. Students must mention question number clearly in their answer. Late submission will NOT be accepted. Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted. Learning Outcomes: Describe the place of small business in history and explore the strengths and weaknesses of small business. (CLO1) Outline the solid understanding of the potential of entrepreneur in today’s competitive business world. (CLO2) Assignment 2 Reference Source: Textbook:Scarborough, N.M. & Cornwall, J. (2015). Entrepreneurship and effective small business management (11th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN: 9780133506327 (print); 9780133508239 (e-text). PART (A): 6 Marks 1. Explain the differences among creativity, innovation, and entrepreneurship. Why are creativity and innovation so important to the survival and success of a business? (3 Marks) (Minimum 200 words) 2. describe the role of the following groups in entrepreneurship: women, minorities, immigrants, “part-timers,” home-based business owners, family business owners. (3 Marks) (Minimum 200 words) PART (B): 9 Marks Choose one local small business and answer the following questions: A. Scope and type of business (3 Marks) • • • Business idea: what is the big idea? Is it a product or a service? What makes this idea different? Mission Statement. Company’s short-term and long-term goals and objectives. B. Business Philosophy (3 Marks) • • • Describe the most important company strengths and core competencies: What factors will make the company succeed? What do you think the major competitive strengths of this company? Risk Assessment: Evaluate the strengths and weaknesses of this business using SWOT. Products and Services (3Marks) • • Briefly discuss the products or services. Size of business: how many employees? How many offices and retail facilities? Important Notes: • Support your answers with course material concepts, principles, and theories from the textbook and scholarly, peer-reviewed journal articles etc. • You must include at least 6 references. • Use APA style for writing references. Good Luck Answers PART (A) 1. Answer Q12. Answer Q23. Answer Q3- PART (B) 1. Answer Q12. Answer Q23. Answer Q3-