Enjoy my summary from udom university Tanzania

1. Masinda pg. 1
BT 0210 Summary:
1. What is project?
 A project is a complex task which use resources such as labor, materials, equipment,
information technological and finance in a limited time period.
2. What is project managements?
 Project management is the application of knowledge, skills, tools, and techniques to
project activities to meet the project requirements.
3. Project stakeholders are entities that have an interest in a given project. eg
 Bankers
 Suppliers
 Customers
 Investors
 Employees.
4. Mention types of project
 Development Vs Business oriented
 Capital Vs Non-capital
 Service Vs Non-service project
5. Mention at least five project constrains.
 Time an activities can either take shorter or longer amount of time to complete.
 Cost -it is imperative they have an estimated cost when undertaking a project.
 Risks – e.g. threats due to natural calamities
 Resources – e.g. unavailability of skilled & competent Human Resources
 Quality – e.g. conformance to a Quality Model
 Budget – Sponsor imposed funding limits
 Schedule – e.g. Customer imposed completion dates
 Scope – e.g. work as defined in Contract
 conformity

2. Masinda pg. 2
6. Mention at least five project attributes.
 Non-repetitive
 Unique purpose
 Require resources
 Multi- disciplinary
 Specific deliverable
 Temporary-specific due date
 Have a primary sponsor and customer
 Focus on issues of risk and ambiguity
 Passes through a series of phases, events and activities
7. Mention project objectives.
 Measurable
 Attainable
 Realistic
8. Project Life Cycle is a collection of phases that projects go through from initiation to
close.
9. Briefly explain phases of the project
 Project Initiation- a project is formally started, named and defined at a broad level
during this phase.
 Project Planning- project management development complete to individual plans for
time, costs, risks, resources, quality, budget, schedule, scope and communications.
 Project Execution- the project deliverable is developed and completed, following to
the plan as developed in the previous phase.
 Project Monitoring and Control- measuring the project performance and progression
with respect to the project management plan.
 Project Closure- A project is formally closed in this phase.

3. Masinda pg. 3
10. Briefly discuss entrepreneurial process.
1) Idea Generation- every new venture begins with an idea
2) Identifying Opportunities- in this step you can ask the question whether there is an
opportunity worth investing in.
3) Plan and Prepare the venture- once you have decided that an opportunity, you need
a plan for how to capitalize on that opportunity.
4) Company formation- once there is a sufficiently compelling opportunity and a plan,
the entrepreneurial team will go through the process of choosing the right form of
corporate entity and actually creating the venture as a legal entity.
5) Growth- after launch, the company works toward creating its product or service,
generating revenue and moving toward sustainable performance.
11. New Venture Creation is an international cross-disciplinary semester with focus on
business creation and business management.
12. Important issues in new venture creation:
 Does the entrepreneur have good ideas and the courage to give them a chance?
 Is the entrepreneur prepared to meet and master the test of strategy and competitive
advantage?
 Can the entrepreneur identify a market niche that is being missed by other established
firms?
 Can the entrepreneur identify a new market that has not yet been discovered by existing
firms?
 Can the entrepreneur generate first-mover advantage by exploiting a niche or entering
a market before competitors?

4. Masinda pg. 4
13. Discuss the main source of business ideas that a young graduate can exploit.
 Electronic repairing
 Event entertainment
 Establish tuition center
 Establish a close company
 Electronic money transaction
 To engage in livestock keeping
 To engage in agriculture activity
 Establish internet cafe and stationary
 Establish studio for filming and video editing
14. Of the three types of people listed below, which ONE do you think stands a good chance
of succeeding in a business? Please give a reason
i. People who have become unemployed.
ii. People who have technical skills or who know how to make product or how to
deliver a services, but who work for others.
iii. People who see opportunity to make profit by selling a product or providing a
services.
ANSWER:
People who have become unemployed- will stands a good chance of succeeding in a
business.
15. What is entrepreneurship?
 Entrepreneurship is the process of discovering new ways of relating resources.
IMPORTANCE OF ENTREPRENEURSHIP
 Entrepreneurs are their own bosses.
 Encourages innovation and creativity.
 It is a catalyst for economic change and growth.
 It offers the prestige of being the person in charge.
 Creates an opportunity for a person to make a contribution.
 It provides the ability to be involved in the total operation of the business.
 Offers a greater possibility of achieving significant financial rewards than working for
someone else.
 It gives an individual the opportunity to build equity, which can be kept, sold, or passed
to the next generation.

5. Masinda pg. 5
16. Give the uses of a business plan
 For the entrepreneurs
 In financial institutions
 For the customers/client
17. What is Entrepreneurs?
 Entrepreneurs is someone that creates a new business.
18. Types of entrepreneurs:
 Nascent Entrepreneur in the process of starting a new business.
 Habitual Entrepreneur has prior business ownership experience.
 Serial Entrepreneur continues the cycle of closing and establishing.
 Portfolio Entrepreneur through inheriting, establishing, and purchasing the businesses.
 Novice Entrepreneur has no prior business ownership experiences as a
business founder, inheritor, or purchaser.
a) Uses of a business plan for the entrepreneurs
 It is an aid in tendering for contracts.
 It provides a basis for future planning.
 It help to improve an enterprise’s performance.
 It an important instrument for decision-Making.
 It is an important aid for negotiating finance or trade credit.
 It encourages the small business entrepreneur to arrange his or her thoughts logically
19. What is Business plan?
 Business plan is a written description of your business's future.
20. Importance for Business Plan
 It is an aid in tendering for contracts.
 It provides a basis for future planning.
 It help to improve an enterprise’s performance.
 It an important instrument for decision-Making.
 It is an important aid for negotiating finance or trade credit.
 It encourages the small business entrepreneur to arrange his or her thoughts logically
21. Key Components of a Business Plan
 Finance features
 Business concept
 Finance requirement
 Major final achievement
 Current business situation

6. Masinda pg. 6
22. Mention five Traits or Characteristics of entrepreneurs:
 Passion- finally, it's impossible to be a successful entrepreneur if you aren't passionate
about your work.
 Trust- mutual trust is a necessity when working in a position of leadership, especially
in the context of a small team that typically defines startups. Self-confidence
 Patience too many entrepreneurs get started with a business based on dreams of
becoming an overnight millionaire.
 Agility- startups have one critical weapon that distinguishes them from their larger,
better-established counterparts.
 Resilience- entrepreneurship is going to dole out constant challenges, some of which
you've already considered but many of which you'll never see coming.
b) Uses of a business plan in financial institutions
 It helps to innovate what the customer needs
 Mobilize deposits from members and non-members;
 Provide financial services to low income entrepreneurs;
 It helps to organize the term and simplify efficient of work.
 Increase opportunities for the poor to access financial services;
 Loan a certain percentage of these funds to urban and rural producers, traders and small
scale farmers.
c) Uses of a business plan for the customers/client
 To avoid big mistakes: The last thing you want to do is work on your start-up for a
year, only to realize you were doomed to fail from the start.
 To counterbalance your emotions: At times during your start-up experience, you'll
be manic so passionate about your ideas you lose sight of reality.
 To make sure everyone's on the same page: Chances are, you are not building a
company by yourself.
 To develop a game plan: At a start-up, execution is everything.
 To raise capital. If you raise or borrow money even from friends and family you'll
need to communicate your vision in a clear, compelling way.

7. Masinda pg. 7
Benefits of having a business plan
 An opportunity to test out a new idea to see if it holds real promise of success
 A clear statement of your business mission and vision
 A set of values that can help you steer your business through times of trouble
 A blueprint you can use to focus your energy and keep your company on track
 Benchmarks you can use to track your performance and make midcourse corrections
 A clear-eyed analysis of your industry, including opportunities and threats
 A portrait of your potential customers and their buying behaviors
 A rundown of your major competitors and your strategies for facing them
 An honest assessment of your company’s strengths and weaknesses
 A roadmap and timetable for achieving your goals and objectives
 A description of the products and services you offer
 An explanation of your marketing strategies
 An analysis of your revenues, costs, and projected profits
 A description of your business model, or how you plan to make money and stay in business
 An action plan that anticipates potential detours or hurdles you may encounter
 A handbook for new employees describing who you are and what your company is all
about
What can go wrong without a business plan
 Running out of cash before you open your doors because you haven’t anticipated your
start-up costs
 Missing sales projections because you don’t really know who your customers are and what
they want
 Losing customers because your quality or service falls short
 Becoming overwhelmed by too many options because you never took the time to focus on
a mission and vision for your company
 Going bankrupt because you don’t have a rational business model or a plan for how to
make money