Development of an entrepreneurial mind-set in higher education

This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

Development of an entrepreneurial mind-set in higher education


Intellectual Output [2] 2 | P a g e

Assessment tool for the entrepreneurship competence

Program: Erasmus+

Key Action: Cooperation for innovation and the exchange

of good practices

Project Title: Development of an entrepreneurial mind-set

in higher education

Project Acronym: EmindS

Project Agreement Number: 2017-1-CY01-KA203-026768

Intellectual Output: Assessment tool for the entrepreneurship

competence

DISCLAIMER

This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.




Table of Contents

Contents

Table of Contents ..................................................................................................... 3

List of Tables ........................................................................................................... 4

Competence 1.1.Spotting opportunities ................................................................... 4

Competence 1.2. Creativity .................................................................................... 10

Competence 1.3. Vision ......................................................................................... 15

Competence 1.4. Valuing Ideas ............................................................................. 24

Competence 1.5. Ethical and Sustainable thinking ................................................ 30

Competence 2.1. Self-awareness and self-efficacy ................................................ 33

Competence 2.2. Motivation and perseverance ..................................................... 37

Competence 2.3. Mobilising resources .................................................................. 45

Competence 2.4. Financial and economic literacy ................................................ 53

Competence 2.5. Mobilising others ....................................................................... 59

Competence 3.1. Taking the initiative ................................................................... 66

Competence 3.2. Planning and Management ......................................................... 73

Competence 3.3. Coping with uncertainty, ambiguity and risk ............................. 79

Competence 3.4. Working with Others .................................................................. 84

Competence 3.5. Learning through Experience ..................................................... 88

Checklist ................................................................................................................ 92




List of Tables Competence 1.1.Spotting opportunities

DESCRIPTOR: Identify and seize opportunities to create value by exploring the social, cultural and economic landscape

Level 5

Learning Outcome:

Question type 1: Multiple Choice or True/False/DNK (do not know)

The Question Alternative Answers Right Answer Remarks

1. If you were starting a company or even a new product line, which tool would you use in order to highlight the key risks and frame your work?

a) Opportunity Assessment b) Business Model Canvas c) None of them d) Both of them

a) Opportunity Assessment b) Business Model Canvas c) None of them d) Both of them

b) Maximum 10 marks

2. Which of the following idea should adopt a car industry in order to stay competitive in today’s market?

a) Rejection of hybrid technology b) Hands-free driving c) Digital navigation You may choose more than one answer

a) Rejection of hybrid technology b) Hands-free driving c) Digital navigation

b), c) 5 marks for each correct answer

Maximum 10 marks

We’ve heard too many stories of leaders trapped by conventional thinking: Microsoft’s wariness of open-source software, Polaroid’s grudging move into digital cameras, media companies’ distaste for blogs




3. Which of the above in NOT a principle of needs analysis

a) The opinion of end users. b) Market research. c) Continue to monitor user feedback after the product launch. d) Analyse current profitability and risk

a) The opinion of end users. b) Market research. c) Continue to monitor user feedback after

the product launch. d) Analyze current profitability and risk

d) Maximum 10 marks

It’s part of the financial analysis

4. A pattern of has economic value if all value-

creating economic transformations and

transactions are irreversible.

True or False?

True or False?

True Maximum 10 marks

5. Asking short answered question instead of

open-ended, is better practice when you contact

needs analysis.

True or False?

True or False

False Maximum 10 marks

For example, ask “What kinds of problems are you facing today that were nonexistent 12 months ago?” Open-ended questions will earn you better answers than a closed-ended question that leads to a yes or no answer.




Question type 2: Open Ended Questions

The Question Answer Leading to Full Scores Scoring

Instructions

Remarks

6. State the cases where it is

best to use Business Model

Canvas those and where it is

best to use Opportunity

Assessment.

A Canvas is especially helpful when you are starting a

new business, or creating an entirely new product line.

In contrast, in the case of an existing product, you are

constantly considering new projects, new designs, and

new features, and for those reasons an Opportunity

Assessment is designed as a very lightweight tool for

highlighting the risks of the new effort.

5 points for

adequate

explanation for

the use of

Business Model

Canvas a

5 points for

adequate

explanation for

the use of

Opportunity

assessment

Maximum score: 10




7. List 3 key elements that you

need to keep in mind in order to

produce value or opportunities.

Know your audience. You need to know exactly who it is you’re talking to, what their intentions are and how you can help them move forward.

Apply the right content. in the appropriate situation. A good content and context strategy manages to serve the right media as well as the right content to the audience.

Clarity and reliability of data. Collect and gather only what you need, when you need it and if you can use it to actually provide content with an added value to your audience.

Personalization. Personalize each customer experience in part by understanding intent from the first page visit to the last interaction on any channel.

Continuous test and optimization. It’s important to learn what works and what doesn’t though for the most part and the only way to do that is by testing and optimizing.

3.3 points per

bullet. Answer(s)

may vary

Maximum score: 10

8. Provide examples on how one could take advantage of:

1. Financial Opportunities

2. Customer service opportunities

3. Growth and learning opportunities

Financial Opportunities: o Responding to customer needs and start

new product line o Enter new geographical areas o Identify innovative ways to increase

customer retention eg loyalty programmes

Customer Opportunities: o Improve online interface

3.3 points for

each example.

Only one

example per

category should

be marked.

Maximum score: 10




Provide one example per category.

o Innovative ways of cross selling o understand your customers’ purchasing

habits and adapt accordingly

Learning & Growth Opportunities: o cross-training opportunities to improve

culture and thus retention?

9. What is the main purpose of

Business Model Canvas?

Business Model Canvas main purpose is to help its users to understand their business model. Using the canvas users will gain understanding into the insights of their customers, the value propositions they are offered and the channels that they flow by, and in overall, the ways that their company makes money. Business model canvas can help users to understand their own business model or that of a competitor!

10 points for

adequate

explanation of

the main purpose

of Business

Model Canvas

Maximum score: 10

Question type 3: Problems, or Case Study

Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks

10. Create the Business Model Canvas for a

local bakery (provide ten steps)

Step 1 (of 10): Customer Segments

Step 2 (of 10): Value Propositions

Step 3 (of 10): Channels

Step 4 (of 10): Customer Relationships

Step 5 (of 10): Revenue Streams

1 points per step. Answer(s) may vary

Maximum score: 10

Maximum

score: 10




Step 6 (of 10): Key Activities

Step 7 (of 10): Key Resources

Step 8 (of 10): Key Partnerships

Step 9 (of 10): Cost Structure

Step 10 (of 10): Applications, Analysis & Next Steps




Competence 1.2. Creativity

DESCRIPTOR: Explore and experiment with innovative approaches

Level 5

Learning Outcome: I can describe and explain different approaches to shaping open-ended problems and different problem solving strategies



1. Brainstorm is a very effective method to use when trying to develop a

solution to a problem

True or False?

True or False? True 10 marks

2. In order to solve an open-ended problem you have to know why it is

important to solve it.

True or False?


3. An open ended problem has only one optimum solution

True or False?

True or False? False 10 marks




4. Your initial problem lies with boosting the sales, however what you are

trying to answer is how to cut the costs. How are you approaching the

problem?

a) Paraphrasing it give thought another boost

b) Go the other way around (180o degrees)

c) Broaden the focus to a wider problem

d) Redirecting the focus to something else that could solve the problem

e) Ask why this problem occurred

a) Paraphrasing it give thought

another boost

b) Go the other way around (180o

degrees)

c) Broaden the focus to a wider

problem

d) Redirecting the focus to

something else that could solve

the problem

e) Ask why this problem occurred

d) 10 marks

5. A colleague comes to you with the question How can we limit congestion

on the roads? But you say that instead you should consider answering: How

can we keep road congestion from growing? Which technique are you trying

to apply?

a) Paraphrasing it to give thought another boost

b) Go the other way around (180o degrees)

c) Broaden the focus to a wider problem

d) Redirecting the focus to something else that could solve the problem

a) Paraphrasing it to give thought

another boost

b) Go the other way around (180o

degrees)

c) Broaden the focus to a wider

problem

d) Redirecting the focus to

something else that could solve

the problem

a) 10 marks




e) Ask why this problem occurred e) Ask why this problem occurred

6. Which are the first two steps when solving a problem. (choose two of the

below)

a) The Problem Analysis b) The Results of that Implementation c) The Implementation Plan d) The problem definition and description e) The next steps

a) The Problem Analysis b) The Results of that

Implementation c) The Implementation Plan d) The problem definition and

description e) The next steps

a), d)

5 marks each

10 marks total

Maximum

10 marks

7. Why is it very important to Analyse each problem prior to solving it?

a) To make sure that no one else does this before you

b) To find out the solution as soon as possible

c) To make sure that you are solving the actual problem and not the

perceived one

d) To make sure that you are solving the perceived problem and not the

actual one

e) To be able to evaluate the different solutions.

a) To make sure that no one else

does this before you

b) To find out the solution as soon

as possible

c) To make sure that you are

solving the actual problem and

not the perceived one

d) To make sure that you are

solving the perceived problem

and not the actual one

e) To be able to evaluate the different solutions.

c)

10 marks





The Question Answer Leading to Full Scores Scoring Instructions Remarks

8. Your colleague comes to you

with a work related problem

that is prohibiting them to

successfully complete their

task. What is the stream of

thought that you will follow in

order to successfully resolve

this? Please describe the steps.

The solution should follow the below stream of thinking:

1) Recognizing a need 2) Defining the problem, the objectives and the constraints

3) Collecting information and data 4) Generating alternative solutions 5)

Evaluating the consequence of different solutions 6) Deciding and specifying the

final 'best' solution.

For each of the

numbered steps of

the list that is

mentioned/described

the trainee gets 10/6.

Maximum

10 marks.

9. What do you think

paraphrasing a problem is? Can

you use and example of your

own.

Restating the problem using different words without losing the original meaning.

i.e. Initial statement: How can we limit congestion on the roads?

Paraphrase: How can we keep road congestion from growing?

Trying to say the same thing with different words puts a slightly different spin on the meaning, which triggers.

Five points for

explaining and five

for an example

Maximum

10 marks.






10. A colleague from your work team

comes to you nagging about the

collaboration with another team

member that will not communicate and

collaborate with them as they are too

lazy to do so and they are asking for you

to find a way to replace that person.

What would you do to resolve the

problem? Describe.

The solution should follow all steps of the problem-solving

stream of thought.

The solution should follow the below stream of thinking:

1) Recognizing a need 2) Defining the problem, the objectives

and the constraints 3) Collecting information and data 4)

Generating alternative solutions 5) Evaluating the consequence

of different solutions 6) Deciding and specifying the final 'best'

solution.

For each step that the assessor

recognise appoints one mark. If

the actual step is mentioned

appoints 0.3 more. If just the

step is mentioned (no

description or thoughts 0.6 per

step).

Maximum

10 marks




Competence 1.3. Vision

DESCRIPTOR: Develop a vision to turn ideas into action

Level 5

Learning Outcome: I can prepare a vision statement for my (or my team(s) value creating activity that guides internal decision-making throughout the whole process of creating value)



1. A vision statement answers the questions:

What are the activities we need to perform to

reach our long term goals

True or False?

True or False?

False. Maximum 10 marks

A vision statement answers the question: Where

are we going? What do we want to achieve or

accomplish?

2. A good vision statement should be:

a) Brief b) Generic c) Succinct d) Extremely specific e) Clear about who you are

a) Brief b) Generic c) Succinct d) Extremely specific e) Clear about who you are f) Clear about who you wish

to become

a, c, e, f

2,5 marks for

each correct

answer

Maximum 10 marks

A good vision statement has to represent things in

a broad sense, but without sounding generic.




f) Clear about who you wish to become

You may choose more than one answer

Vision statements should not be too narrow in

focus, since if it is too detailed e.g. contains very

specific goals, might not be applicable in long term.

3. Which of the following vision statements is

a good vision statement?

a) A hunger-free America

b) The sky's the limit!

c) We like ourselves just the way we are.

a) A hunger-free America

b) The sky's the limit!

c) We like ourselves just the way

we are.

a)

(Feeding

America)

Maximum 10 marks

The sky's the limit! (Avery Dennison): That is a pretty lofty ambition for a company whose product is stick-on labels. A good mission statement should have some relationship to reality.

We like ourselves just the way we are: "MGM Resorts International is the leader in entertainment & hospitality--a diverse collection of extraordinary people, distinctive brands and best in class destinations." It is billed as MGM Resorts' mission statement, but it is just a flattering self-description. Say what you aspire to be, not why you already think you are great.

4. Which of the following questions form a company’s vision?

a) What problem are we seeking to solve?

b) Where are we headed? c) Why does our organization exist?


a) What problem are we seeking to solve?

b) Where are we headed? c) Why does our organization

exist?

a), b)

5 marks for each

correct answer

Maximum 10 marks

c) Why does our organization exist?

(clarifying question for mission)




5. A vision statement is very crucial for every

organization, because

a) Communicates the organization’s reason for being.

b) Specifies how it aims to serve its key stakeholders.in terms of product, markets, customer, etc.

c) Lays out the organization’s purpose for being.

a) Communicates the organization’s reason for being. b) Specifies how it aims to serve its key stakeholders.in terms of product, markets, customer, etc. c) Lays out the organization’s purpose for being.

c) Maximum 10 marks

a) & b) are elements of mission statements



6. Our advertising company vision is to make

every brand more inspiring and the world more

intelligent.

Do you consider the abovementioned statement

as a good example of vision statement? Which

are the strengths and weaknesses of this

Although the statement reveals ambitiousness, it cannot be considered as realistic. The parts of the statement ‘every brand’ and ‘making the world more intelligent’ are too vague. On the other hand; the part ‘making brands more inspiring’ sounds sensible and provides some depth to the statement.

Weaknesses: a) Vague b) Too reliant

Strengths: a) Desirable b) Easy to communicate

4 points for adequate

comment on the

statement.

1.5 points per

Weakness/Strength.

Maximum score: 10

Examples of good vision statements:

Teach for America: One day, all children in this nation will have the opportunity to attain an excellent education.

Warby Parker: To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.




statement? Provide four Weakness/Strengths

actions

IKEA: To create a better everyday life for the many people.

7. We are committed to achieving new standards

of excellence by providing superior human

capital management services and maximizing the

potential of all stakeholders – clients, candidates

and employees – through the delivery of the

most reliable and responsive services.

Do you consider the abovementioned statement

as a good example of vision statement? Which

are the strengths and weaknesses of this

statement? Provide three Weakness/Strengths

actions

The statement is not very clear and at the same time is too subjective. ‘New standards of excellence’. ‘Superior human capital management’. ‘Maximising the potential’. It makes it hard for a client/stakeholder to find himself in line or even inspired by so general and non-specific content statements.

Weaknesses: a) Uninspiring b) Vague c) Not distinctive d) Difficult to communicate

Strenghts: Desirable


comment on the

statement.

2 points per

Weakness/Strength.

Answer(s) may vary

Maximum score: 10

Maximum score: 10 marks

8. List and briefly analyze two basic elements of

strategic vision.

Realistic: A vision must be based in

reality to be meaningful for an

organization. For example, if you are

developing a vision for a computer

software company that has carved out a


analyzed element.

Maximum score: 10




small niche in the market developing

instructional software and has a 1.5

percent share of the computer software

market, a vision to overtake Microsoft

and dominate the software market is not

realistic!

Credible: A vision must be believable to

be relevant. To whom must a vision be

credible? Most importantly, to the

employees or members of the

organization. If the members of the

organization do not find the vision

credible, it will not be meaningful or

serve a useful purpose. One of the

purposes of a vision is to inspire those in

the organization to achieve a level of

excellence, and to provide purpose and

direction for the work of those




employees. A vision which is not credible

will accomplish neither of these ends.

Attractive: If a vision is going to inspire

and motivate those in the organization,

it must be attractive. People must want

to be part of this future that's envisioned

for the organization.

Future: A vision is not in the present, it is

in the future. In this respect, the image

of the leader gazing off into the distance

to formulate a vision may not be a bad

one. A vision is not where you are now,

it's where you want to be in the future.

(If you reach or attain a vision, and it's no

longer in the future, but in the present,

is it still a vision?)

9. List three channels for communicating

business’ or organization’s vision effectively.

Great channels to use are

company newsletter

2.5 points per channel. Maximum score: 10 marks




Mentioned one possible danger of over

communicating your vision.

an intranet

companywide meetings

posters in the break room

one-on-one meetings

good old-fashioned casual

conversation.

Communicating a poor or misaligned

vision

Communicate your vision through many

channels without focusing on those with

the greater impact for your target

audience.

2.5 points for adequate

explained danger of over

communication.





Definition of the Task Elements to be Included to the Right Answer Scoring

Instructions

Remarks

10. Your start up business is involved

in the market of pastries. You have to

write the vision statement for your

business. The first step is to state

clearly what your business do in terms

of outputs.

The second step is to equip your

statement with a pinch of uniqueness,

by adding that special element that

your firm enhance to the

abovementioned outcome.

At the end, you have to consider some

elements that will hold your vision in

touch with the real world.

Be exceptionally clear about what it is your

organization actually does by looking forward to the

actual outcome of your process.

In this example, it is assumed that your firm makes

pastries. Although the outcome is pastries you may

need to focus on the enjoyment of the consumers ie

the feelings you cause.

In order the statement to be more specific, the

unique element of your company must be provided.

For this example it might be the traditional way of

making the pastries (recipes that are past from our

ancestors) or some secret/natural local ingredients.

Finally the element that connects your business with

everyday life must be added, e.g. that your products

3.3 points for

adequate

explanation of

every step

Maximum score: 10

Examples of good vision statements:

Ms Cupcake

Everybody deserves great cake. It is

our job to create indulgent and

decadent cakes for them regardless

of what they can, and cannot eat.

DAN cake

The vision of DAN Cake is to

become the leading and preferred

supplier of European standard

premium cakes in Bangladesh.

Bethel Bakery Vision:




Keeping those three guidelines in

mind, construct the vision statement

for your pastry business.

represent an everyday habit that closes a hard

working day of your customers.

To be Pittsburgh’s Premier Bakery

creating an exceptional product and

customer service experience to new

and loyal customers everywhere.




Competence 1.4. Valuing Ideas

DESCRIPTOR: Recognize the potential an idea has for creating value and identify suitable ways of making the most out of the idea

Level 5

Learning Outcome: I can recognise the many forms of value that could be created through entrepreneurship, such as social, cultural or economic value



1. Which of the following do you consider to be forms

of value created by entrepreneurship?

a) Innovation b) Job creation c) Economic growth d) Governmental control e) Environment protection You may choose more than one answer

a) Innovation

b) Job creation

c) Economic growth

d) Governmental control

e) Environment protection

a), b), c)

3,3 marks for

each correct

answer

Maximum 10 marks

Governmental control is not

considered to be factor of

adding value of

entrepreneurship

2. Which of the following can represent a value

created from entrepreneurship?

a) Protecting Environment

a) Protecting Environment

b) Humanitarian Issues

c) Socially Conscious Business

a), b), c) Maximum 10 marks




b) Humanitarian Issues

c) Socially Conscious Business


3.3 marks for

each correct

answer

3. What the acronym PEST stands for?

a) Political, Economic, Social and Technological.

b) Political, Ecological, Social and Technological.

c) Popular, Economic, Social and Technological.

d) Political, Economic, Social and Technical.

a) Political, Economic, Social and

Technological.

b) Political, Ecological, Social and

Technological.

c) Popular, Economic, Social and

Technological.

d) Political, Economic, Social and

Technical.

a) Maximum 10 marks

4. Which of the following constitutes a political value

created through entrepreneurship?

a) New state tax policies for accounting

b) International economic growth

c) Automated processes in the industry

a) New state tax policies for accounting

b) International economic growth

c) Automated processes in the industry

a) Maximum 10 marks

International economic growth

is economic valueAutomated

processes in the industry is a

technical value




5. How will you characterize the job created in the

context of entrepreneurship?

a) Social value

b) Economic value

c) Cultural value

a) Social value

b) Economic value

c) Cultural value

a) Maximum 10 marks

According to Forbes

(https://www.forbes.com/sites/

greggfairbrothers/2013/04/01/

entrepreneurs-the-

environment-and-social-

value/#3e588e0d15be)



6. Comment on the term Social

Enterprise. In your opinion,

a. What is the main

objective of Social

Enterprise

b. What entrepreneurial

aspect does it serve?

The European Commission provides the term ‘social enterprise’ the following

meaning: ‘an operator in the social economy whose main objective is to have a

social impact rather than make a profit for their owners or shareholders.

Social entrepreneurship is the field in which entrepreneurs tailor their activities to

be directly tied with the ultimate goal of creating social value. In doing so, they

often act with little or no intention to gain personal profit. A social entrepreneur

“combines the passion of a social mission with an image of business-like discipline,


explanation of the

term and 5 for the

adequate explanation

of the aspect served.

Maximum

score: 10

https://www.forbes.com/sites/greggfairbrothers/2013/04/01/entrepreneurs-the-environment-and-social-value/#3e588e0d15be








innovation, and determination commonly associated with, for instance, the high-

tech pioneers of Silicon Valley” (Dees, 1998).

7. What is the difference

between creativity and

innovativeness?

Creativity: Creativity is the ability to see new ways of doing things and discovering

new opportunities.

Innovativeness: Innovativeness is the ability to make the opportunities work in

practice by working out new combinations and seeing the new idea through to the

end.

10 points for


of the difference

Maximum

score: 10

8. In PEST analysis, choose two

out of four factors that are

represented in the acronym,

and comment on their

significance.

Τhe Political factor deals with the regulations and legal factors assessing them in

terms of their ability to affect the business environment and trade markets. The

main issues addressed in this section include political stability, tax guidelines,

trade regulations, safety regulations, and employment laws.

The Economic factor examine the economic issues that are bound to have an

impact on the company. This would include factors like inflation, interest rates,

economic growth, the unemployment rate and policies, and the business cycle

followed in the country.

With the Social factor, a business can analyze the socio-economic environment of

its market via elements like customer demographics, cultural limitations, lifestyle


comment on every

factor.

Maximum

score: 10




attitude, and education. With these, a business can understand how consumer

needs are shaped and what brings them to the market for a purchase.

The Technology factor argues whether technology has an impact (positively or

negatively) especially at the case of the introduction of a product or service into a

marketplace. Technological advancements, lifecycle of technologies, the role of

the Internet, and the spending on technology are research.

9. Write down three social

values gained through

entrepreneurship

Shift in educational requirements, thrust for learning.

Increase population growth rate.

Making a difference in the world. Do not be afraid of challenging

conventions.

Integrity in working and social life.

Confidence to self and others

Respect and inclusiveness for all humans.

3.3 points for every

social value.

Maximum

score: 10





Definition of the Task Elements to be Included to the Right

Answer

Scoring Instructions Remarks

10. In 1955, the Andalusian province of Almeria, in southeaster Spain,

was a drought ridden area with little infrastructure and a GDP per capita

of less than half the national average. Today, it is the top Spanish fruit

and vegetable growing area, ranking among the wealthiest third of

Spanish provinces in GDP per capita.

Almeria’s rapid rise is the story of two interlinked cooperative

institutions – its cooperative bank and its cooperatively organised

farmers and their related organisations.

Can you define what were the forms of values that represented by those

two entrepreneurship organization in the providence of Almeria, that led

to this extraordinary outcome?

Social value

Economic growth

Job creation

The cooperative farmers’ organisation

added social and economic value,

minimizing the levels of unemployment,

providing large-scale training to new

agricultural products and technics and

access to external markets.

10 points for


Maximum

score: 10




Competence 1.5. Ethical and Sustainable thinking

DESCRIPTOR: Act responsibly

Level 5

Learning Outcome: I can argue that ideas for creating value should be supported by ethics and values relating to gender, equality, fairness, social justice and environment sustainability



1. Sustainability and gender equality are two terms that are not closely connected.

True or False? True or False? False 10 marks

2. Corporates’ ethics should take under consideration the well being of their employees.

True or False?


3. Business ethics only apply and affects those inside the organisation .

True or False?


4. Business ethics are usually regulated by the legal system of the country that the company is operating its headquarters

True or False?


5. Business Ethics cannot have an impact on its economic growth and financial revenues

True or False?





6. When discussing sustainability initiatives of a company we are refereeing only to their green initiatives that a company applies in order to promote sustainability.

True or False?


7. Social Media can influence corporate ethics.

True or False?




8. Pose three questions that

should be answered when we

discuss business ethics.

In whose interests should firms be managed? Who should manage them? What

do firms owe their workers, and what do workers owe their firms? What moral

rules should guide firms’ engagement with customers? Should firms try to solve

social problems? What responsibility do they have for the behavior of their

suppliers? What role should firms play in the political process?

Any three similar to

these will do.

3.33 for each correct

answer

Maximum

10 marks

9. Which are the main

stakeholders to take under

consideration when it comes to

corporate ethics?

1) Consumers 2) Employers 3) Society

3.33 for each answer

Maximum

10 marks






10. The 50% of the

employees of a new

company which designs

and manufactures

jewellery have some

kind of disability. What

kind of ethical

questions can be raised

from this practice?

Which are the

stakeholders that are

affected by that?

Some ethical questions/statements that are both for and against the company are the

following:

Is the company doing that το help the disabled or to gain popularity?

Is it a marketing scheme?

Is this fair for the people that might be better qualified for the job?

Is it something that will add to the quality of the product?

Does this affirmative action positively affects the position of disabled people at the

area?

Will this set a good or bad example for other companies?

The stakeholders are the employees, the local community, the customers and the

suppliers.

Each question receives 1

mark (maximum 6).

1 mark per stakeholder.

Maximum

10 marks




Competence 2.1. Self-awareness and self-efficacy

DESCRIPTOR: Reflect on your needs, aspirations and wants in the short, medium and long term

Level 5

Learning Outcome: I can translate my needs, wants and interests and aspirations into goals that help me reach them



1. When you set SMART goals you are more probable to succeed.

True or False?


2. When working on a project you don’t have to have specific and

fragmented goals from the beginning in order to work efficiently. You

may decide as you go.

True or False?

True or False? False

3. In order to succeed your goals you have to make sure that

a) Are measurable

b) Are Quickly achieved

c) Time doesn’t bound you

a) Are measurable

b) Are Quickly achieved

c) Time doesn’t bound you

d) Are promising

a), e)

Maximum

10 marks




d) Are promising

e) The activities are relevant to what you want to succeed overall

f) Are not very specific in order not to limit you

You can give more than 1 answer

e) The activities are relevant to what

you want to succeed overall

f) Are not very specific in order not to

limit you

4. In order to accomplish my goals I have to “go with the flow”

True or False?


5. In order for a goal to be achieved we have to plan everything before

hand and stick to that plan no matter what.

True or False?


6. In order to achieve my goals I have to plan before hand but be

flexible enough to make changes when required.

True or False?


7. You are a new graphic designer that values the quality of her/his

work and your long-term goal is to make a name on it. A client comes

to you with a very aspiring project that it is exactly what you want to

do, however the given time is very limited. What do you do?

a) You tell the client that you will do it

anyway, after all you are new at your job

and you want to get noticed

b) You inform the client that this is your

specialty, however you will need either

b) 10 marks

The final

goal is to

have their




a) You tell the client that you will do it anyway, after all you are

new at your job and you want to get noticed

b) You inform the client that this is your specialty, however you

will need either some more time to do it or you will have to

scale down a bit, in order not to compromise the quality

c) You quickly hire someone so you can do it quicker together.

some more time to do it or you will have

to scale down a bit, in order not to

compromise the quality

c) You quickly hire someone so you can do it

quicker together.

name made

on quality,

that is why

the ii. Is the

correct

answer.



Instructions

Remarks

8. What does SMART stands for? Specific

Measurable

Achievable

Relevant

Time Bound

For each one of

the correct

answers receive

2 marks

Maximum

10 marks

9. What does the Achievable, in

SMART goals, stands for?

Realistic and attainable. In other words, it should stretch your abilities but still

remain possible. When you set an achievable goal, you may be able to identify

previously overlooked opportunities or resources that can bring you closer to it.

An answer

similar to the

one given gives

Maximum

10 marks




An achievable goal will usually answer questions such as:

How can I accomplish this goal?

How realistic is the goal, based on other constraints, such as financial factors?

someone all the

marks.



10. Paul Faust, VP of Business Development states that:

Our business - and indeed our brand - is built on being responsive. Just as we recommend our customers use a memorable phone number to increase calls and improve response rates, we must translate that to answering customer questions promptly and efficiently. How this goal could be smart?

Example answer :

Specific: We will respond to all customer questions immediately and resolve issues within 24 hours of receipt.

Measurable: Calls will be answered within three rings of the line. Support tickets will be closed within 24 hours of being opened by a service rep. Achievable: We will have sufficient service team members on hand to meet the response and resolution metrics.

Relevant: Improving response rates and connecting with customers is the core of our brand; therefore, we must exemplify that quality to all customers. Time-bound: Response and resolution metrics will be reviewed every month for compliance. If targets are not achieved, we will implement improvement measures that will restore service levels before the next monthly review.

For each concept of the

SMART method that is

mentioned is 1, plus 1

point for a correct

description concerning

the situation (Not only

the one described in

the examples but

similar to).

Maximum

10 marks




Competence 2.2. Motivation and perseverance

DESCRIPTOR: Be determined to turn ideas into action and satisfy your need to achieve.

Level 5

Learning Outcome: I can celebrate short-term achievements, in order to stay motivated



1. Celebrating small victories might end up to become

exhausted and demotivated.

True or False?

True or False? False Maximum 10 marks

This outcome may occur if you’re just rushing from one task to another. In general leaders should motivate their teams through small celebrations of small victories

2. When somebody makes a minor mistake, he/she almost

always feels bad about it. When somebody accomplishes a

small goal, she/he almost never feels good about it.

True or False?

True or False? True Maximum 10 marks

People overemphasize mistakes and

forget to motivate others even with

a congratulations statement on

small victories.




3. Which of the following are motivation strategies?

a) Eliminate procrastination

b) Change your location

c) Questioning company leadership


a) Eliminate

procrastination

b) Change your location

c) Questioning company

leadership

a), b)

5 marks for each

correct answer

Maximum 10 marks

4. Which of the following tasks can drive your effort and

enhance your ability to achieve your goals?

a) Count your wins

b) Talk to yourself like a champion

c) Create Successful Habits

d) Be Accountable To Someone


a) Count your wins b) Talk to yourself like a

champion c) Create Successful

Habits d) Be Accountable To

Someone

a), b), c), d)

2,5 marks for each

correct answer

Maximum 10 marks

5. Which of the following are strategies that keep your self-

motivated?

a) Keep financial goals as a priority

b) Be flexible at your timeframes

c) Have a setback plan

a) Keep financial goals as a priority b) Be flexible at your timeframes c) Have a setback plan

c) Maximum 10 marks






6. Disseminating achievements

within your company is

considered a good practice that

can sometimes act additionally

or even replace inner

celebration.

Propose actions, in order to

disseminate your

accomplishments to your

colleagues and public.

Issuing of:

press releases

e-mails or letters

Publication of:

newsletters

articles in specialized

magazines.

3,3 points per proposed

action

Answer(s) may vary

Maximum score: 10

Disseminating your positive outcomes, will inform

colleagues and community and at the same time will

guide you to take those achievements seriously.

Mentioning and thanking in public those colleagues

that have directly contributed is a strong motivator

to them as well,.

7. List and analyze three

strategies of keeping yourself

motivated

Visualize your goals. Positive imagery is a powerful way to remain inspired to advance. Think about your goals every day. Imagine your life once you’ve reached your professional goals, and use these images to motivate yourself.

3.3 point per well

analysed strategy.

Answer(s) may vary

Maximum score: 10




Be realistic. Advancing your career is all about attaining your goals—but those goals must be realistic; otherwise you’re just setting yourself up for failure. Bear in mind that every time you meet an objective, you’re advancing in the right direction. Carefully review your plans, and determine whether you need to add smaller, interim goals that will help you feel confident on the way to your bigger objectives.

Have a setback plan. It’s essential to be prepared to deal with setbacks. Approach misfortunes as a learning opportunity by 40elegate40 what you could have done better and how you can improve your performance in the future.

Learn positive self-talk. Just like a teacher encourages its pupils by assuring them they can do it, you should learn to encourage yourself with positive self-talk. If you’re afraid of failure and you tell yourself a task is too difficult, chances are you won’t do well. If,




on the other hand, you tell yourself a task is a challenge and an opportunity to test your skills and learn new ones, you’re creating a positive situation for yourself in which you’re not limited by your own apprehension.

Develop a routine. Developing a routine consist a powerful tool to stay positive and motivated. The more you grow accustomed to doing certain things like studying or networking for a specific amount of hours a day at a certain time, the easier it becomes.

Create a synergetic environment. Synergetic competition can help you up your game and surpass your own expectations. Find one or two colleagues or friends who are also looking to advance their careers, and inspire each other to continuously do better.

Reward yourself. A strategy known from Ford’s years, rewarding employees inspires




them to perform better. You can apply a similar strategy to your career advancement efforts. However, instead of only celebrating when you’ve achieved a goal, take the time to reward yourself simply for your hard work.

8. List four reasons explaining

why is planning important?

Your stress level diminishes

You don’t endanger other drivers

You don’t get insomnia

You wake to a purpose

You can enjoy your family time more

If you find out your schedule is too full to accomplish the things that must be done tomorrow, you can delegate.

You eliminate the “Decision Dilemma”

2.5 point per reason.

Maximum score: 10

Answer(s) may vary

Maximum score: 10






Answer


9. It is imperative for any business organization to

retain the top employees by means of motivation. An

engaged workforce is a productive workforce.

Businesses cannot achieve desired goals without

experienced and qualified staff. Therefore,

organizations need to motivate their employees to

obtain the best possible results for a long period of

time. There are several techniques that businesses

should consider in regard to motivation and retention

of top performing employees.

Please mention two techniques.

Monetary Compensation

Organizational Culture

Clear Communication

Employee Involvement

Learning & Development Opportunities

5 points per technique.

Maximum score 10 points

Use this link to

research about this

topic:

http://www.businessdi

ctionary.com

10. For most individual motive strength is associated

with a strong beliefs that justify the commitment, the

intense effort toward goal achievement, or the relative

setbacks.

Success is an individual responsibility:

Achievement motivated individuals tend to believe that initiative, effort, and persistence are key determinants of success at demanding tasks.

Demanding tasks should be encountered as opportunities

Please assign 3.33 points

per correct answer.

Maximum score: 10

http://www.businessdictionary.com/definition/retention.html

http://www.businessdictionary.com/

http://www.businessdictionary.com/




Consider yourself as a senior manager, who is

approached by a younger colleague seeking for advice

regarding the core beliefs that differentiate

achievement motivated individuals.

What would be your top three advices, in order to help

him to boost his/her career?

Achievement motivated individuals tend to see demanding tasks where success is uncertain as ‘challenges’ or ‘opportunities’.

Achievement 44elegate44 is enjoyable and can also be valuable

Achievement motivated individuals associate effort on demanding tasks with dedication, concentration, commitment and involvement. Moreover, they value hard work in and of itself.

Skills can be improved

Achievement-motivated individuals have a strong belief that they can improve their performance on demanding tasks with practice, training, coaching, and dedication to learning.

Persistence works

Achievement motivated individuals are inclined to believe that continued effort and commitment will overcome initial obstacles or failures.




Competence 2.3. Mobilising resources

DESCRIPTOR: Get and manage the material, non-material and digital resources needed to turn ideas into action.

Level 5

Learning Outcome: I can develop a plan for dealing with limited resources when setting up my value creating activity.


The Question Alternative Answers Right

Answer

Remarks

1. Which of the following consist time management techniques

that boosts productivity?

a) Delegate & outsource

b) Systemise & organize

c) Desire to learn every little detail before acting

d) Doing someone else’s work, inability to say “no”

a) Delegate & outsource

b) Systemise & organize

c) Desire to learn every little

detail before acting

d) Doing someone else’s work,

inability to say “no”

a), b)

5 marks for

each correct

answer

Maximum 10 marks

c) Desire to learn

every little detail before

acting (time consumers)

d) Doing someone

else’s work, inability (time

consumers)

2. You have started you SME and you do not possess the financial resources in order to buy software for your business. Which of above software can be alternatives for your situation?

a) Linux

b) Mac

a)

b)

Maximum 10 marks




a) Linux b) Mac c) Windows 10 d) Microsoft Office e) Open Office f) Outlook g) Gmail h) Dropbox Premium i) Onedrive


c) Windows 10

d) Microsoft Office

e) Open Office

f) Outlook

g) Gmail

h) Dropbox Premium

i) Onedrive

c) , e)

2,5 marks for

each correct

answer

3. Which of the above factors consist non-material costs for producing

photocopies for your business?

a) Energy spend of photocopy machine b) Paper consumed producing photocopies c) Ink used in photocopies d) Cost of maintains e) Storage handling of consumables f) Time spent by staff to produce photocopies.


a) Energy spend of photocopy machine

b) Paper consumed producing photocopies

c) Ink used in photocopies d) Cost of maintains e) Storage handling of

consumables f) Time spent by staff to

produce photocopies.

e)

f)

5 marks for

each correct

answer

Maximum 10 marks

4. Which of the following sentences are boundaries to delegation?

a) Asking for help indicates a lack of ability

b) Feel guilty about the act of delegating work

a) Asking for help indicates a

lack of ability

b) Feel guilty about the act

of delegating work

a)

b)

c)

Maximum 10 marks




c) Be reluctant to relinquish any part of the work c) Be reluctant to relinquish

any part of the work

3,3 marks for

each correct

answer

5. Which of those practises can help to effectively tackle the problem

of limited resources?

a) Train all stuff of an organization, in order to be “at the same page”

b) Update your everyday procedures, turning into more complex one

c) Do not track allocated tasks, since this act consumes time

a) Train all stuff of an

organization, in order to be

“at the same page”

b) Update your everyday

procedures, turning into more

complex one

c) Do not track allocated

tasks, since this act consumes

time

a) Maximum 10 marks



6. You have decided that you want to start your own non-

You can consider volunteerism, for tasks that do not require specific

knowledge or competences.

2.5 points per justified

element.

Maximum

score: 10




profit organization that helps refugees.

Your financial resources are limited, you cannot afford to pay high wages, and you are afraid that this will lead to high percentages of employee turnover and difficulties in finding staff.

On the other hand, you need employees to be able to produce value for the refugees.

How can you deal with this limited resource? Propose four ways to deal with this issue.

You can take advantage of several employment plans (eg Erasmus mobility

programmes, funded employment and so on)

Also ask for employees with lower credentials and no work experience and

invest time in their training.

Additionally, at your post for application, clearly state that there are multiple

benefits for the employees in the future.

For example, that your organization will provide mentorship to employees

through daily guides or/and strong new employee orientation programs, that

will enable them to strengthen and further develop their knowledge, skills and

competences in their field.

Furthermore note that employees will receive recognition of their work;

through certificates and attestations that will add value to their curriculum

vitae and recognition of their effort.

7. Time is one of the main

resource limitations that a small

business has to deal with. Write

down two measures in order to

overcome time limitations.

Efficiency understand what factors contribute to any inefficiency and how to work smarter rather than harder – so you achieve more in less time.

Prioritising

identify what you need to deal with first. Once you’re in control of your time, you’ll be able to stop rushing around chasing ‘urgent’ deadlines and instead find time to deal with the things that are important to you.

Setting limits

5 points per adequate

explained measure.

Maximum

score: 10




take control of your time through recognizing your limits, learning how to respond to your needs, and how to say ‘no’ whilst still holding onto your self-respect and the respect of the people around you.

8. Provide 1 strategy that will

allow you to begin a start up

with limited financial resources.

Two main strategies, namely lowering the costs or collect funds from outside sources are proposed.

1. Lowering the costs

You can reduce the needs of your business. Alter your business model demanding just the basic needs to at the beginning. For example, the employ expenses can be reduces, if you have the opportunity to start a company as a consultant or freelancer, eliminating “employee”. Explore the option to work from home instead of use an office space. With a little research you might be able to detect cheaper sources of supplies, or services that are not too expensive. Furthermore, produce as many resources as can be your own.

Give yourself and your business a “warmup” period. Instead of starting right away, make a beginning with just the basics. Minize your scope, your audience and your profit, in order to get a head-start.

2. Collect fund from outside sources

Friends and family might be the first resource of funding, since you are reliable to their eyes.

Angel investors and Venture capitalists who have the resources and are willing to invest in your business idea in some exchange e.g. for partial ownership of the company,.

Crowd funding. Attract funding of supporters who share your vision and values and are willing to contribute to your idea .

10 points for one

strategy

Maximum

score: 10




Government grants and loans. The Small Business Administration exist solely to help small businesses grow. Many offer loans and grants to help you get started.

Bank loans. You can always explore the option of opening a line of credit with the bank if your credit is in good standing.

9. State and analyse the use of

four digital solutions that will

help you manage your value-

creating activities efficiently.

Agile CRM is a cloud-based CRM with a ton of great features and email support at the free level, also manages 50,000 contacts and unlimited deals, tasks, and documents.

Capsule is an easy to use and easy to learn software. Capsule is free for up to two users with 10MB of storage and 250 contacts.

Infusionsoft is a marketing tool. Infusionsoft Complete can track up to 10,000 contacts for you, but Infusionsoft also offers less complex programs that accommodate less if you don’t need this capacity. You can live-record interactions with clients or customers and incorporate comments or details regarding how “hot” they are, as well as their preferences or quirks.

Monday.com is a project management tool to manage all parts of your business. Create structures to plan your team workload, manage your projects, clients, and much more. It makes it fun and easy for everyone to collaborate, focus on what’s important, and get more done at work. It’s the first visual tool of its kind and shows you exactly where things stand at a single glance.

NetSuite is the world’s #1 cloud ERP solution, providing a unified platform to streamline all business processes, like accounting, CRM, and ecommerce. With built-in business intelligence, reporting, and real-time visibility across your 50ractice50ion, NetSuite empowers businesses of all sizes and industries to unleash growth, reduce IT costs, and eliminate operational inefficiencies—

2,5 points per answer.

Answers may vary.

Maximum

score: 10




allowing you to focus on key, revenue-generating decisions, rather than worry about your back-end systems.

ezTalks Cloud Meeting lets you to communicate with colleagues in HD video and crystal-clear audio comfortably and conveniently. Besides video communication, this software also empowers you to chat with in privately or publicly with its built-in instant messaging tool.

Slack This business communication software is actually a messaging app that gathers all your communications with your team members in just one place. It gives you real-time messaging and searching for teams, as well as archiving.



10. Last year you have started

your small business and you are

the manager of this business.

You want to expand your

business significantly over the

next year. However your

resources are limited. What

actions do you think that are

crucial to obtain in order to

Be Laser Focused Narrowing down which markets you want to approach. Develop a disciplined method to expanding your business and ensure that every new market you explore offers at least one of the following advantages over others: A larger customer base, potentially with a higher willingness to pay Access to cheaper supply of labor or raw material, leading to cost efficiencies

Have a Written Business Plan Very few lenders, including banks, the government, or even friends or family members, will lend you or give you money if you don’t have an updated business plan that clearly explains how you’ll use the money and how you’ll pay it back.

Bootstrapping Bootstrapping; finding the means within your company to come up with additional funding. For example, you can look at ways at reducing your

5 points per action.

Answer(s) may vary

Maximum

score: 10




achieve your goals? (provide

two actions)

expenses so that you can use your profits or retained earnings to grow your business, instead of borrowed money.

Taking Advantage of Tax Breaks, Subsidies, and Incentives The provincial and federal governments offer tax breaks, subsidies, and incentives to businesses for initiatives that they feel are priorities.

Find Creative Ways To Reduce Your Customers’ Risk Search the market and find out who is most in need of your service, then come up with creative ways for them to try your service.

Work Toward Profitability Be profitable in what you do. When you are focused and making money, you can then afford options of spin-offs with innovative ideas, giving to your people, or paying expenses related to exploring new approaches, people or technologies.




Competence 2.4. Financial and economic literacy

DESCRIPTOR: Plan, put in place and evaluate financial decisions over time

Level 5

Learning Outcome: I can explain the difference between a balance sheet and a profit-loss account.



Answer

Remarks

1. The profit and loss statement

and the balance sheet are the

only financial statements that

companies issue regularly.

True or False?

True or False? False Maximum 10 marks

Cash-flow statement is another financial statement that companies

issue regularly.

2. The balance sheet

summarizes the financial

position of a company for a

certain period of time.


Maximum 10 marks

The balance sheet summarizes the financial position of a company for one specific point in time.

Because the balance sheet informs the reader of a company’s financial position as of one moment in time, it allows someone—like a creditor—to see what a company owns as well as what it owes to




True or False? other parties as of the date indicated in the heading. This is valuable information to the banker who wants to determine whether or not a company qualifies for additional credit or loans. Others who would be interested in the balance sheet include current investors, potential investors, company management, suppliers, some customers, competitors, government agencies, and labor unions.

3. Financial statement that

indicates the success or failure

of a business, over a period of

time is called:

a) A cash flow statement b) A retained earnings

statement c) An income statement

(profit and loss statement)

d) A balance sheet

a) A cash flow statement

b) A retained earnings

statement

c) An income statement

(profit and loss

statement)

d) A balance sheet

c) Maximum 10 marks

4. Financial statements are

prepared mainly for:

a) Internal users of

financial information

a) Internal users of


b) External users of


c) Creditors of the business

b) Maximum 10 marks




b) External users of


c) Creditors of the

business

d) Managers of the

business

d) Managers of the

business

5. Purchases + opening stock-

closing stock=?

a) Amount of sales b) Gross profit c) Cost of goods sold d) Net income

a) Amount of sales

b) Gross profit

c) Cost of goods sold

d) Net income

c) Maximum 10 marks

6. Which of the following

financial reports shows the

profitable of a business?

a) Income statement b) Balance sheet c) Cash flow statement d) Statement of changes in

equity

a) Income statement

b) Balance sheet

c) Cash flow statement

d) Statement of changes in

equity

a) Maximum 10 marks






7. What is the main difference

between balance sheet and

profit and loss statement in

terms of time?

The P&L statement shows revenues and expenses during a set period of time. The

length of the period of time covered in the P&L statement may vary, but common

intervals include quarterly (three months) and annual statements.

On the other hand, profit and loss statement and the balance sheet involves their

respective treatments of time.

10 points for


Maximum

score: 10

8. What is the main difference

between balance sheet and

profit and loss statement in

terms of purpose?

The P&L statement clearly states whether the company is profitable or not. Whereas accountants use the P&L statement to help gauge the accuracy of financial transactions and investors use the P&L statement to judge a company’s health, the company itself can review its own statement for productive purposes. The purpose of monitoring financial statements is to reveal where revenue is strong and where expenses incurred efficiently.

Balance sheets carry out more broad information, regarding company’s owns and owes and long-term investments. Instead of income statement, the balance sheet shows the full value of long-term investments or debts. Balance sheet was named after the way that the three major accounts eventually balance out in order to equal each other. All assets listed in a specific section, and their sum must equal the sum of all liabilities and the shareholders’ equity.

10 points for


Maximum

score: 10




9. List and justify three possible

sources for financial equity

Personal Savings: Personal resources can include profit-sharing or early

retirement funds, real estate equity loans, or cash value insurance policies.

Friends and Relatives : Founders of a start-up business may look to private

financing sources such as parents or friends. It may be in the form of equity

financing in which the friend or relative receives an ownership interest in the

business.

Venture Capital: Venture capital refers to financing that comes from

companies or individuals in the business of investing in young, privately held

businesses.

Angel Investors: Angel investors are individuals and businesses that are

interested in helping small businesses survive and grow.

Government Grants: Federal and state governments often have financial

assistance in the form of grants and/or tax credits for start-up or expanding

businesses.

3.3 points per

mentioned source.

Maximum

score: 10






10. The accountant of your

company notice increasing sales

but decreasing profits. Which

document do you think that will

reveal the possible problem and

will help you to search for new

solutions in order to reduce

costs of operation, balance

sheet or P&L?

P&L, since it shows the financial state over a period of time and with close monitor

can be decided if this is a permanent or just transient issue.

Furthermore, P&L is the tool that states whether the company is profitable or not.

5 points per fully

justified reason.

Answer(s) may vary,

Maximum score: 10




Competence 2.5. Mobilising others

DESCRIPTOR: Demonstrate effective communication, persuasion, negotiation and leadership

Level 5

Learning Outcome: I can communicate the vision for my (or my team’s) venture in a way that inspires and persuades external groups, such as funders, partner organisations, volunteers, new members and affiliate supporters



1. Storytelling can be a method to be

used to communicate your business

vision.

True or False?

True or False?

True As Gary Vaynerchuk remarks, “No matter what you do, your job is to tell a story”

When you tell a good story, you give life to a vision. A good story told by a gifted storyteller will create trust, capture hearts and minds, and serve as a reminder of the vision. Additionally, people will find it easier to repeat the story that to talk about the vision statement.

2. Do you consider one-on-one

conversations to be a good practice in

order to communicate your vision?

True or False?

True or False?

True Personal connections give influencers the opportunity

to transmit information, receive feedback, build

support and create energy around the vision.




3. Which of the following practices are

considered as good pitching practices?

a) Providing big business plan to review b) Speaking with clichés c) Choose the Right Audience d) Turn your pitch into a story


a) Providing big business plan

to review

b) Speaking with clichés

c) Choose the Right Audience

d) Turn your pitch into a story

c)

d)

5 marks for each

correct answer

Maximum 10 marks

4. Assertiveness is considered a good

communication practice in order to

disseminate your vision before moving

into action-planning

True or False?

True or False?

True 10 marks

5. Which of the following are

considered to be good practices in order

to influence opinions in relation to your

value- creating activity?

a) Build Trust With Your Co-Workers

a) Build Trust With Your

Co-Workers

b) Be Flexible

c) Listen to Others

d) Focus on Argument

rather than Actions

a)

b)

c)

3,3 marks for each

correct answer

Maximum 10 marks

Focus on Actions Rather Than Argument

Be Assertive, Not Aggressive




b) Be Flexible c) Listen to Others d) Focus on Argument rather than Actions e) Be Aggressive


e) Be Aggressive

6. What are the core elements that a

vision statement should include, in

order to stimulate the audience and

communicate its purpose efficiently?

a) Powerful Visualizations

b) Simple Metaphors

c) Technical terms

d) Heavy calculations.


a) Powerful

Visualizations

b) Simple Metaphors

c) Technical terms

d) Heavy calculations.

a)

b)

c)

d)

2,5 marks for each

correct answer

Maximum 10 marks






Instructions

Remarks

7. Propose two ways of communication

of your vision. Tell a story. When you tell a good story, you give life to a vision.

Perfect your “elevator speech.” Be prepared to talk about your vision in restricted time frame.

Use multiple forms of media. The more channels of communication you use, the better the chance of your organization understanding the vision.

Have one-on-one conversations. Engage people on a personal level.

Draw a crowd internally. Include everyone within your organization who will motivate others to buy into your vision.

Go outside the company. Involve stakeholders and shareholders.

Make memories. Use creatively all channels of communication.

Guide the expedition. Use every mean available to update your vision.

Back up what you’re talking about. Keep a close distance among your words and your actions.

5 points per way.

Answer(s) may

vary

Maximum

score: 10

8. Summarize 2 basic elements of

effective pitch potential investors or

donor

Take only ten minutes. Timing is critical. The less time your pitch takes, the better.

Turn your pitch into a story. Storytelling is a scientifically-proven way to capture a listener’s attention and hold it. Besides, it makes your pitch unforgettable.

Be laser-focused. Investors’ time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect.

5 points per

element.

Answer(s) may

vary

Maximum

score: 10




Explain exactly what your product or service is. Show your potential investors a picture of, or give them the actual product to handle.

Explain exactly what is unique about your product or service. If you are not producing or providing anything different from the run-of-the-mill widget, don’t even go to the meeting. Go back to your drawing board, and design something better.

Explain exactly who your target audience is. Use demographic and psychographic features to pinpoint your customers.

Explain exactly how you intend to acquire these customers. Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it. Contrary to pithy maxims, great products don’t sell themselves. You sell the product.

Explain your revenue model. Investors invest because they want to make a return on that investment.

Be wildly enthusiastic. A good technique for increasing your energy level is to add about 50 percent more energy than you feel comfortable with. Entrepreneurs must crawl out of their comfort zone.

Dress to kill. You can judge a person by the way he or she looks. That may be unfair, and you may resent it, but you’re not going to overcome this natural human tendency.

Practice your pitch. And then practice it again. And again.

Anticipate questions, and answer them ahead of time. If an investor is interested, he or she will ask more questions. Be ready for these questions.

9. As the founder of your company, you

have to step back and think about your What my team know about the current status of our project or goal or

bigger strategy?

3.3 points per

question.

Maximum

score: 10




team. You might know your colleagues

well enough, but attitudes may change

over time. Think over your team’s KPI’s

and write down three important

prerequisite questions in order to

understand better your team. Keep in

mind that the goal is the answers to

those questions to help you transmit to

your team’s members the vision of your

company.

What are my team’s expectations?

How my team feel about itself and organization right now?

How would they challenge the vision?

What would make the team resistant to vision?

How can I help my team?

What problems am I trying to solve that will make their lives better in

some way?

Answer(s) may

vary



10. You and your colleagues

discuss about the vision

statement of your start-up.

Those statements are compact and focused, although make no difference from

any other vision statement. The statement of being profitable and working to

increase market share is a necessity to being a business.

5 points per

argument. Answer(s)

may vary

Maximum

score: 10




One of them propose the

following: Our vision is to be the

most profitable company in our

industry. Another one argues:

our vision is to be #1 in our

industry. Do you agree with

those statements? Support

your opinion with arguments or

provide your own proposal.

(provide four arguments)

Therefore, vision statements needs to be more than just a statement. It must

also contains other elements, as:

a thought, concept, or object formed by the imagination

the act or power of imagination

mode of seeing or conceiving

unusual discernment or foresight

the act or power of seeing

Source: Excerpts from Merriam-Webster




Competence 3.1. Taking the initiative

DESCRIPTOR: Take up challenges

Level 5

Learning Outcome: I take action on new ideas and opportunities, which will add value to a new or existing value-creating venture



Answer

Remarks

1. One way to increase value of your

business is to increase the speed you

deliver the service or product to the

customers

True or False?


2. Observing everyday activities is not very

proactive in order to put your ideas into

action

True or False?

True or False?

False Keeping a keen eye is elementary in order to turn your

ideas into action. Examples and methods that are used in

another field, might be suitable for yours too. As an

example, a person who came up with the idea of flying




dolls, was watching his kids playing outside with their dolls

and catching “whirligig” seedlings from a large maple tree

and throwing them in the air. He started wondering what

would happen if you attached those kinds of natural

“wings” to a doll and there it was, an idea made more than

$300 million worldwide.

3. Which of the following actions are

examples of good delegation?

a) Calculating the amount of time it will take to carry out designated tasks b) Hiring a search firm to generate candidates for an opening c) Selecting the employee whose skills less match the task requirements Evaluating the performance of the elegate before the transfer of responsibility You may choose more than one answer

a) Calculating the amount of

time it will take to carry out

designated tasks

b) Hiring a search firm to

generate candidates for an

opening

c) Selecting the employee

whose skills less match the

task requirements

d) Evaluating the

performance of the

67elegate before the

transfer of responsibility

a), b)

5 marks for

each correct

answer

Maximum 10 marks




4. Which of the following actions will add

value to your venture?

a) Selecting employees who align with

company’s values

b) Make everybody feel understood

c) Avoid to assign certain

responsibility to certain persons

d) Review the results but not the

impact of specific actions

You may choose more than one

answer

a) Selecting employees who

align with company’s values

b) Make everybody feel

understood

c) Avoid to assign certain

responsibility to certain

persons

d) Review the results but not

the impact of specific

actions

a), b)

5 marks for

each correct

answer

Maximum 10 marks

5. Which of those tips can help you convert

your ideas into reality?

a) Believe in Yourself

b) Do not accept consultation

c) Be impatient

d) Disregard Work/Life Balance

a) Believe in Yourself

b) Do not accept

consultation

c) Be impatient

d) Disregard Work/Life

Balance

a) Maximum 10 marks






6. You and your team arise with

a new and suitable idea for your

project.

What actions will you take in

order to materialise it? (provide

up to three actions)

Get Aligned. Connect directly your new idea with the goals and objectives of your

organization.

Get Clarified. Before put your idea into action, make sure you truly understand all the parameters and possible results.

Get Organized. Plan out the implementation steps. Draw a timeline. Planning is important, so spent time on it.

Get Help. Calculate the resources you will need and work on lining them up early on involving all the necessary people to assemble those resources.

Get Focused. Create the space and time to turn the idea into reality. Focus your efforts towards result.

Get Over Them. Choose the right idea over the good one. Be willing to let go all those ideas that maybe are good but do not serve your aims and goals.

3.33 points per action.

Answer(s) may vary

Maximum

score: 10

7. Propose measures that

proactively will help add value

on your existing ideas. (provide

up to four measures)

Always be alert for ways to make something work better.

Be the example for implementing those processes.

Think of ways to save money and reduce costs.

Be helpful to your colleagues and team members.

Volunteer for tough projects and assignments.

Always be prepared. Research your field and drown examples from other

endeavourers.

2.5 points per

measure. Answer(s)

may vary

Maximum

score: 10






8. The role of the administrative staff

in your company is to purchase office

supplies.

Your task as entrepreneur is to

develop him/her so this person will

not only follow the standard

procedures, (place orders for items

requested from approved vendors,

and ensure the purchased products

are received) but with your guidance

will improve her skills as well as the

value of the company.

Write down and justify three

mentoring suggestions.

Researching vendors to find more competitive pricing and making

informed recommendations to decision-makers.

Aggressively negotiating with existing vendors for better pricing.

Creating an “office supply sharing” program between departments

so inventory does not pile up in one area while another is always in

need.

Purchasing in bulk when appropriate to increase savings.

Strategically purchasing to take advantage of sales, rebates and

discounts.

Offering tips to help staff members reduce waste of supply

inventory, and perhaps starting some kind of competition or reward

system to inspire participation.

3.3 points per

suggestion. Answer(s)

may vary.

Maximum

score: 10




9. You acquire the new idea for your

start-up and now is the time to

transform it into reality. What would

be your next few steps in order to

make your dream happen? Display

three steps of your course of action.

Research the market

Do not dive into any market until you have a clear idea of the competition, where you fit in, and the steps you will have to take to become a major player.

Create a business plan

Regardless of your idea, timeline, or how much money you plan on spending, it’s imperative to create a business plan that can provide guidance now and in the future.

Set a budget

Look into other details regarding your finances. Find a mentor. Once you have a budget in mind, you will find it easier to make the right financial decisions as you take your business from idea to the real thing.

Find a mentor

It’s important to find a mentor who can show you the way, help you avoid trouble, and put you on the right path to success.

Set a start date

Without a start date, you may find yourself facing one unnecessary delay after the next. If you truly want to take the big leap, you need to set a start date and then do whatever it takes to reach this goal.

3.3 points per justified

step. Answer(s) may

vary.

Maximum

score: 10

10. You have developed a small company that creates designer top quality souvenirs that promote your country but are developed with top quality materials. Your resources do not allow you to produce volume.

As you have a top-level quality product, it is imperative to invest also on top level in quality and design packaging.

Identify exclusive places where you can have your product (eg airports, aircrafts etc.)

Have an exclusive website through which you can distribute your product.

2.5 points per

proposal. Answer(s)

may vary

Maximum

score: 10




Identify ways in which you can add value to what you offer to your clients

Give serial numbers to each of your souvenirs, produce limited quantities and increase the pricing




Competence 3.2. Planning and Management

DESCRIPTOR: Set long- medium- and short- term goals.

Level 5

Learning Outcome: I can define long-term goals arising from the vision for my value-creating activity.



1. You have developed an enterprise that sells out-door furniture. The vision of the company is described as:

To offer a wide range of outdoor furnishing items of good design and quality, durability and easy maintained, at affordable prices, serving everybody’s needs and making people happy.

Could the following statement to be in line with company’s vision, serving as a long term goal for customers service department?

Achieving at least 95 percent positive customer feedback in next year’s customer evaluation research.

a) True

b) False

a) True

b) False

True 10 marks




2. Which of these examples are presenting long-

term goals?

a) Saving a small amount of money b) Saving up for an office extension or the update of company’s software c) Getting a good evaluation grade for a project, that my company participated in d) Getting good evaluation for previous year projects, that my company participated in You may choose more than one answer

a) Saving a small amount of money b) Saving up for an office extension or

the update of company’s software c) Getting a good evaluation grade for

a project, that my company participated in

d) Getting good evaluation for previous year projects, that my company participated in

b), d)

5 marks for

each correct

answer

Maximum 10 marks

3. True or False? Share leadership responsibilities

does not constitute a priority that serves your

teams vision.

True or False?

True or False False Effective leaders should take stock of their employees and spot the leaders among teams. These key employees take initiative, inspire and encourage others, and positively impact productivity and morale at team’s spirit.

4. Which of the following methods represent

performance appraisal methods

a) Management by Objectives b) Performance Standards c) Finance performance form d) Indicator-based Approach


a) Management by Objectives

b) Performance Standards

c) Finance performance form

d) Indicator-based Approach

a), b)

5 marks for

each correct

answer

Maximum 10 marks

c) Finance performance form (financial appraisal tool)

d) Indicator-based Approach (risk assessment method)




5. Which of the following statements are presenting

long-term goals?

a) Become very good at using a computer

b) Write your resume

c) Read the employee handbook

d) Practice typing on the computer today

a) Become very good at using a

computer

b) Write your resume

c) Read the employee handbook

d) Practice typing on the computer

today

a) Maximum 10 marks



6. Between the following two statements, which one describes a long-term goal and which one describes a company’s vision? Provide a short justification of your answer.

To become the world’s most appreciated, most eco-friendly, and most profitable transporter

In 5 years, our company will increase its share of sales for the European region by 5 percent by adding four new dealership locations.

Vision: To become the world’s most appreciated, most

eco-friendly, and most profitable transporter

Long-term goal: In 5 years, our company will increase

its share of sales for the European region by 5 percent

by adding four new dealership locations.

10 points for

adequate

justification.

Maximum

score: 10

7. Read carefully the following examples. Decide and

justify which one represents a vision and which one

Vision:

Martin Luther King Jr. since in his speach created powerful and specific images arising from the values of brotherhood, respect, and freedom for all—values that

10 points for


Maximum

score: 10




represents a long-term goal, providing arguments to

support your reply.

Martin Luther King Jr. in his “I Have a Dream” speech, he

described a world where his children “will not be judged

by the color of their skin but by the content of their

character.”

President John F. Kennedy announced the Apollo Moon

Project: to put a man on the moon by the end of the 1960’s.

resonate with the values that founded the United States.

Long-term Goal

President John F. Kennedy The purpose and values were not clear. Nevertheless, the image of the end result was powerful; therefore, the goal was reached in the face of overwhelming obstacles.

8. What types of information should be included in an

action plan? (provide up to two information types)

Who is going to do what – assigning the responsibilities and setting targets;

When – estimating the schedule and duration of activity;

In what order – determining the sequence and dependence of activities;

How – defining human, technical and financial resources needed;

What for – identifying and selecting indicators that can be used to track progress and monitor the performance of the action.

5 points per type.

Answer(s) may vary

Maximum

score: 10




9. List four basic elements that a project plan should

include

Objectives

Scope that correlates to the requirements

Resources, including technology, budget, team roles and responsibilities

Schedule

Assumptions

Dependencies

Risk assessment and management plan

Change control plan

2.5 points per type.

Answer(s) may vary



10. Consider that your local community vision

states: A vibrant rural economy driven by new

and growing business.

Write down at least two long-term goals that

derive from that vision.

Develop training programmes to support

producers in developing small ventures to

sell their products (within the next two years)

Develop a network of entrepreneurs that can

identify synergies and help each other (in two

years)

5 points per goal.

Answer(s) may vary

Maximum score: 10.

https://www.usability.gov/how-to-and-tools/methods/requirements.html

https://www.usability.gov/how-to-and-tools/methods/project-team.html

https://www.usability.gov/how-to-and-tools/methods/project-team.html




Recruit local leaders interested and

experienced in business creation (in one

year)

Recruit experienced and reliable consultants

Identify and analyze market opportunities for

possible business rural ventures

Build a membership base




Competence 3.3. Coping with uncertainty, ambiguity and risk

DESCRIPTOR: Make decisions when the result of that decision is uncertain, when the information available is partial or ambiguous, or when there is a risk of unintended outcomes.

Level 5

Learning Outcome: I can apply the concept of affordable losses to make decisions when creating value



1. When applying the concept of affordable losses where do you need to

put your focus on?

a) Comparison of what you have to win to what you have to lose when you apply your idea.

b) Minimise the risk by only investing what you are willing to lose. c) Focus on what you can succeed in the case the project reach its goal d) All of the above

a) Comparison of what you have to win to what you have to lose when you apply your idea.

b) Minimise the risk by only investing what you are willing to lose.

c) Focus on what you can succeed in the case the project reach its goal

d) All of the above

b)

Based on the

description

of affordable

loses concept

10 marks

2. The concept of affordable loss is based on the notion that someone should invest only what they are willing to loose.

True or False?

True or False? True

10 marks

3. When we are designing the path to achieving our goals, we have to focus only on what we are going to gain of the outcome.





True or False?

4. Why is it important to know what we will loose when deciding our next entrepreneurial move?

a) As at the end the losses may be more that the gains

b) As we might not “survive the journey” of achieving the goals

c) As we may be discouraged and decide that is not worth proceeding

with the implementation.

d) All of the above

e) A & B

a) As at the end the losses may be

more that the gains

b) As we might not “survive the

journey” of achieving the goals

c) As we may be discouraged and

decide that is not worth

proceeding with the

implementation.

d) All of the above

e) A & B

e) A&B

10 marks

5. Should an entrepreneur invest?

a) All that they have

b) What they are willing to loose

c) Either way will work out.

a) All that they have

b) What they are willing to loose

c) Either way will work out.

d)

10 marks

6. According to the affordable loss logic, you can maintain control by taking small steps in one direction instead of working towards long-term goals.

True or False?

True or False? True

10 marks




7. When taking decisions concerning long terms goals you have less chances of investing resources that you are not willing to loses.

True or False?


10 marks



Instructions

Remarks

8. How will you proceed when developing and entrepreneurial plan having the concept of affordable losses in mind.

You can minimize the risk of a project by only investing 1) what you are willing to lose – 2) rather

than focusing on what can be achieved if the project succeeds. You should therefore practice

how 3) to make decisions and perform actions where you can manage the potential loss if your

actions do not get the expected outcome.

According to the affordable loss logic 4) you can maintain control by taking small steps in one

direction instead of working towards long-term goals with unpredictable outcomes. By

approaching decision making this way you can avoid investing time or money that you are not

actually willing to lose.

2.5 marks for

each of the four

essential

elements

Maximum

10 marks




9. What is the main idea behind the affordable loss principle?

Invest only as much as one can afford to lose. In extreme ideal case it is zero. The affordability is

not just about material aspects it can be spiritual, psychological, social etc.

Invest only as

much as one can

afford to lose. (8

marks).

The rest the 2

marks.

Maximum

10 marks



Answer


10. A baking student, that works part time at a restaurant and as an apprentice next to an exceptional Pastry chef, which she has promised to employee her fulltime once she is through with her studies. However, she is thinking of quitting her job, once she gets her degree, to proceed with opening a pastry shop that will honor the memory and recipes of her grandfather, the first and most lovable pastry baker in town. Many people encourages her to do so as she is the only one who can replicate his recipes so successfully. She is thinking that the budget needed the project is 20000 euros and at the moment she can invest 1000 euros, thus she needs to think where she can find the rest of 19000 euros to proceed and she is focusing on how to find more investors. The expected income after the first 2 years is 40000 euros.

The remaining investment budget and the expected profit are not something that we initially take in mind when we apply the principle of affordable costs.

The money of own investment is very relevant, however someone may also think for how long they can stay without income in the case the entrepreneurial activity does not go as planned and how to proceed. For example she may need to think that she can afford to pursue her idea uninterrupted for two year, as

5 marks for the

concepts mentioned

in the first paragraph

and 5 marks for the

second.

Max 10

marks




According to the above description does she seems to think according to the affordable losses principles. If not which are the above-mentioned information that are not relevant to the affordable losses principle. What else should she take in mind?

she also has a student loan. If everything that she can afford to lose (money, time, experience next to experienced bakers) are lost then she need to proceed with altering her plans.




Competence 3.4. Working with Others

DESCRIPTOR

Level 5

Learning Outcome: I can identify the boundaries of the system that are relevant to my value creating activity Business



1. The business model Canvas is a tool providing specific elements to develop your

business model.

True or False?


2. The first step to complete your business model canvas is to design its elements.

True or False?


10 marks

3. When designing my next entrepreneurial steps I have to consider all the areas that may affect my efforts and see how those are connected.

True or False?

True or False? True

10 marks




4. By identifying the areas and the key stakeholders of my endeavor I can recognise where are my boundaries’ and barriers.

True or False?

True or False? True

10 marks

5. When considering my entrepreneurship endeavor I have to consider which will be my key partners.

True or False?

True or False? True

10 marks

6. I can create a business model without knowing which is my cost structure.

True or False?


7. Which of the below are areas that should be filled in an a Business model Canvas.

a) Key partners b) Key activities c) Key resources d) Key concept e) Similar Business f) Other Ideas g) Barriers

You may choose up to three answers

a. Key partners b. Key activities c. Key resources d. Key concept e. Similar Business f. Other Ideas g. Barriers

a) b) c)

3.33 marks for each answer

Maximum

10 marks






8. Which are the areas that the business model Canvas is consisting of.

1) Key partners 2) Key activities 3) Key resources 4) Value propositions 5) Customer Relationships 6) Channels 7) Customer Segments 8) Cost Structure 9) Revenue Streams

1,1 mark for each pf the areas

mentioned.

Maximum

10 marks

9. What is the order that you should complete your business Canvas model in order to lead to success

1) Customer Segments 2) Value propositions 3) Channels 4) Customer Relationships 5) Revenue Streams 6) Key resources 7) Key activities 8) Key partners 9) Cost Structure

0,55 mark for area mentioned and

0,55 mark when it is in the right

order.

Maximum

10 marks






10. You and your two friends/colleagues have

decided to proceed with your entrepreneurial

idea and open your art hostel. A place to host

young artists from all over the world where they

can stay and enjoy the city as well as to meet

each other exchange opinions and techniques.

You are at the point where you need to consider

who will be the key Partners of your

entrepreneurship endeavor. How would you

handle that? Is there any specific of your

business model that you could use to guide you?

In order to successfully define your key partners you should have

a brainstorming session and explore many different areas like:

What Activities and Resources are important but not aligned

with what is uniquely strategy for you? What is outside of your

business type? Could partners do some of those? Why? Which?

It is very useful and important to connect Key partners to Key

Activities. If an activity is key, it is still part of your business

model. This is a way to denote which specific Partners are

handling various Key Activities for you.

You may develop this according to the Business model Canvas

Tool.

The reference of the

connection between

key partners and key

activities is 5 marks of

the question of the

question. The rest

could be questions

and technique used.

To grade

you may

use the

Business

Model

Canvas

logic.

Maximum

10 marks




Competence 3.5. Learning through Experience

DESCRIPTOR: Reflect and learn from both success and failure (your own and other people’s).

Level 5

Learning Outcome: I can understand what went wrong and what went well



1. The question “What needs to be done differently?” is the first one that we ask when we analyse the lessons’ learned of our endeavour.

True or False?


10 marks

2. During the lessons learned analysis both openness and judgement should be encouraged.

True or False?


10 marks

3. A lessons’ learned analysis is a process improvement tool that assesses expectations versus outcomes and then identifies what can be done differently.

True or False?

True or False? True

10 marks

4. A lesson learned analysis is a reflection upon the endeavor and it is not of great importance and does not need to take part after the conclusion of the process.


10 marks




True or False?

5. A reflection session should take place:

a) Only at the very end of the process, to see how to proceed with

future endeavors (what to keep, what to change)

b) Only on a prearranged time and date in order for everyone to be

prepared

c) Whenever a circle is closed and we want to see how to proceed

(what to keep, what to change)

a) Only at the very end of the process, to

see how to proceed with future

endeavors

b) Only on a prearranged time and date

in order for everyone to be prepared

c) Whenever a circle is closed and we

want to see how to proceed (what to

keep, what to change)

c) 10 marks

6. A good way to evaluate our endeavour is to compare our plan and

vision with the result.

True or False?

True or False? True

10 marks

7. If the result does not match our initial plan then we should change the

whole process.

True or False?


10 marks






8. Which is the first question

that we ask when we apply

lessons learned analysis?

What did we expect to occur? See correct answer for 10 marks. Maximum

10 marks

9. What is lessons’ learned

analysis tool?

A lessons’ learned analysis is a process improvement tool

that assesses expectations versus outcomes and then

identifies what can be done differently.

For the answer to be correct, 10 marks, it

should mention the assessment of

expectations versus outcomes, in any way.

Maximum

10 marks



10. Jenny has decided to open a bakery. She had

set her goals, made her business plans and set the

timeline for the opening day of the store. She has

A reflection should always take place, even when a goal is

achieved in order to see how the whole process went, how the

activities run, and if the side goals were achieved.

6 marks for

mentioning that a

reflection evaluation

Maximum

10 marks

https://twitter.com/intent/tweet?url=https://wp.me/p3wisW-aK&text=A%20lessons%20learned%20analysis%20is%20a%20process%20improvement%20tool%20that%20assesses%20expectations%20versus%20outcomes%20and%20then%20identifies%20what%20can%20be%20done%20differently.&via=MgmtJourney&related=MgmtJourney






cleverly promoted the store through various ways

and the opening day was a very big hit, however it

was three weeks after her initial planning.

However, since it was very important to have a

successful opening day, she has intensified the

promotion of the store and the opening became

more successful than expected. After that, and

since her initial goal of having a successful opening

was accomplished, she decided to continue with

her plan as is. Do you think that this is sensible?

Reflecting upon this story what would you take in

mind before proceeding to your next steps?

Thus, the first think to be included in the answer is that the

reflection/evaluation should have taken place in order to draw

the whole picture.

Reflecting upon the story we may see that the timeline was not

kept and we have to consider what did this take place, what

went wrong in order to avoid it in the future. Furthermore the

promotion may have been successful but the three week

extension costed more than what was initially budgeted thus,

we have to consider that for the next budgeting period.

On another issue, it seems that the actual timeline was very

successful thus, maybe in the future more time should be given

to tasks and activities.

should have taken

place, as the first cycle

was over.

1 mark for each

comment, that makes

sense that is made on

what should be

considered in the

future.




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Development of an entrepreneurial mind-set in higher education

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