SECTION B: SHORT ANSWER QUESTIONS [30 MARKS] Answer ALL questions. 1. Succession planning is a process that is used to i

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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