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TradeSolutions (ITS). This Isa Fast-growing Business That Develops Cutting-edge Software to Facilitate the Smooth Operation of

Вопрос

TradeSolutions (ITS). This isa fast-growing business that develops cutting-edge software to facilitate the smooth operation of e-commerce and e-trade transactions within the regional and global marketplace. This is not Mjuzi's first business venture. He has also set up businesses selling herbal teas, selling local gems and arranging boat tours for tourists; all of which failed. He has always been on the lookout for business opportunities. When he started using his hobby of video filming to offer his skills to film companies as a freelance cameraman he quickly developed a very large number of important business contacts. He is now one of the best- known freelance cameramen in Arusha. But ITS is his biggest success by far.He discussed the opportunity to set up a software development company with an old school friend who was trained in software design and development. Mjuzi brought in his marketing skills and contacts to the partnership that they formed. They were also joined by another partner who brought financial skills as well as software design experience. After much success selling software to the Caribbean market, Mjuzi and his business colleagues - who by now have converted ITS into a limited company -plan to provide Page 1 of 2 advanced customized software on a global scale. Mjuzi's vision and that of his other directors is fueled by adrive to succeed and a love for the software development business. They are determined to make ITS one of the big names in the industry. a) Explain any five qualities Mjuzi has that make him a successful entrepreneur. (10 marks) b) Explainany four advantages that Mjuzi gained from setting up ITS with two other partners? (8 marks) c) Discuss any six challenges that face ITS in its aim to become a global software business. (12 marks) QUESTION TWO a) Explain five benefits of developing a business plan to a business person. (10 marks) b) Describe five reasons why businesses train their employees. (10 marks) QUESTION THREE a) Explain any FOUR forms of business organizations. (8 marks) b) Describe any THREE disadvantages of each. (12 marks) QUESTION FOUR a) Explain any FIVE factors leading to business failure in Kenya today.(10 marks) b) Corporate social responsibility is a necessary evil to any business. Explain FIVE reasons/merits companies should embrace corporate social responsibility. (10 marks) QUESTION FIVE a) Explain any TEN roles played by the government in business (10 marks) b) Explain any FIVE relevancies of e-commerce in the business today. (10 marks)

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эксперт · Репетитор 3 лет

Ответ

QUESTION ONEa) Five qualities that make Mjuzi a successful entrepreneur include:1. Persistence: Mjuzi has faced multiple business failures but continues to pursue new opportunities, demonstrating resilience and determination.2. Creativity: He has successfully transitioned from failed ventures to developing a software company, showcasing his ability to think outside the box and identify unique business opportunities.3. Risk-taking: Mjuzi is willing to take calculated risks by starting a new business in a competitive industry, which is essential for entrepreneurial success.4. Networking: He has built a large number of important business contacts, which has helped him in his various business ventures and provided him with valuable resources and support.5. Adaptability: Mjuzi has the ability to pivot and adapt to changing market conditions and technological advancements, which is crucial for the success of his software development company.b) Four advantages that Mjuzi gained from setting up ITS with two other partners include:1. Diverse Skill Set: By partnering with individuals with different skill sets, such as software design, marketing, and financial expertise, Mjuzi was able to bring together a well-rounded team that could address various aspects of the business.2. Shared Responsibilities: With multiple partners, responsibilities are shared, which can lead to increased productivity and efficiency in the business operations.3. Pool of Resources: The partnership allowed for the pooling of resources, such as financial capital, expertise, and networks, which can contribute to the growth and success of the business.4. Enhanced Decision-Making: With multiple perspectives and ideas, the decision-making process can be more comprehensive and effective, leading to better business outcomes.c) Six challenges that face ITS in its aim to become a global software business include:1. Competition: The software industry is highly competitive, with numerous established players and new entrants constantly emerging, making it challenging for ITS to differentiate itself and gain market share.2. Technological Advancements: Keeping up with rapid technological advancements and staying ahead of the curve can be a significant challenge for ITS as it seeks to develop advanced customized software.3. Regulatory Compliance: Navigating the complex regulatory landscape in different countries can be a challenge for ITS as it expands its operations globally.4. Cultural Differences: Managing and adapting to cultural differences in various markets can be a challenge for ITS as it seeks to tailor its software products to meet the needs of diverse customer bases.5. Financial Constraints: Expanding into new markets and investing in research and development can be costly, and ITS may face financial constraints that could limit its growth and competitiveness.6. Talent Acquisition and Retention: Attracting and retaining top talent in a highly competitive industry can be a challenge for ITS as it seeks to build a strong and capable team to drive its global expansion.