Entrepreneurship (2020)

ENTREPRENEURSHIP
PAST PAPERS 2020

CORRIDOR:
In entrepreneurship, a "corridor" refers to the path or series of opportunities that

entrepreneurs encounter and can explore as they develop their business
CREATIVITY:
Creativity in entrepreneurship is about coming up with new and original ideas to

solve problems or improve things. It involves thinking outside the box to create
innovative products, services, or ways of doing business that can make a company
stand out and succeed.
BUSINESS PLAN:
A business plan is a written document that outlines what your business is, what it
aims to do, and how it plans to achieve its goals. It includes details like what
products or services you'll offer, who your customers will be, how you'll make
money, and how you'll manage the business. It's like a roadmap for starting and
running your business.
COPY RIGHT:
Copyright is a legal protection that gives creators control over their original works,
like books, music, movies, and art. It means only the creator can decide how their
work is used, shared, or sold. Others need permission to use it. It's like owning the
exclusive rights to your creation.
TRADEMARK:
A trademark is a symbol, word, or phrase that identifies and distinguishes a

company's products or services from those of others. It's like a brand name or logo
that shows something comes from a particular company, helping customers
recognize and trust that brand.
ENTREPRENEURSHIP
PAST PAPERS 2020
SPECIALTY PRODUCT:
A speciality product is a unique and high-quality item that customers specifically

seek out because it has unique features or a strong brand. People are usually willing
to put in extra effort to buy it and may even pay a higher price for it. Examples
include luxury cars, designer clothes, or gourmet foods.
ILLUMINATION:
Illumination in entrepreneurship refers to the moment when a great idea or solution

suddenly becomes clear. It's like a light bulb turning on in your mind, giving you a
new understanding or inspiration that helps move your business forward.
LICENSING:
Licensing is when a company gives permission to another company or person to use
its products, brand, or technology in exchange for payment. It's like renting out the
rights to use something you own so that others can make, sell, or use it too.
ENTREPRENEURSHIP:
Entrepreneurship is the process of starting and running a business, where individuals
identify opportunities, take risks, and use their creativity and resources to turn ideas
into successful ventures. It's about being innovative, resilient, and willing to pursue
goals even in the face of challenges.
CHANGE AGENT:
A change agent is someone who actively works to bring about change within an
organization or community. They identify areas for improvement, inspire others to
embrace change, and lead efforts to implement new ideas or approaches. It's like
being a catalyst for positive transformation.
ENTREPRENEURSHIP
PAST PAPERS 2020
INCUBATION:
Incubation, in simple words, is a process where new ideas or businesses are nurtured
and supported to help them grow and develop. It's like providing a safe and
supportive environment for young plants to grow before they are ready to thrive on
their own. Similarly, in business, incubation involves providing resources, guidance,
and mentor ship to help start-ups succeed.
UTILITY PATENT:
A utility patent is a legal protection granted by the government to inventors for new
and useful processes, machines, articles of manufacture, or compositions of matter.
It gives the inventor the exclusive right to use, make, and sell their invention for a
certain period, usually 20 years from the date of filing the patent application. It's like
a safeguard that ensures no one else can copy or use the inventor's idea without
permission.
IMPORTING:
Importing is when a country brings in goods or products from another country to use
or sell within its own borders. It's like buying things from a different place because
they might be cheaper, better quality, or not available locally.
INNOVATION:
Innovation is about coming up with new ideas, inventions, or ways of doing things
that bring positive change or improvement. It's like finding creative solutions to
problems or making things better in a unique and effective way.
INVENTION:
An invention is a new product, process, or idea that someone has created for the
first time. It's like a fresh discovery or a unique creation that didn't exist before.
ENTREPRENEURSHIP
PAST PAPERS 2020
PATENTS:
Patents are legal protections granted by the government to inventors for their new
and useful inventions. They give the inventor exclusive rights to use, make, and sell
their invention for a certain period, usually 20 years from the date of filing the
patent application. It's like a way to safeguard an inventor's idea, ensuring others
can't copy or use it without permission.

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ENTREPRENEURSHIP

PAST PAPERS 2020

In entrepreneurship, a "corridor" refers to the path or series of opportunities that

Creativity in entrepreneurship is about coming up with new and original ideas to

A trademark is a symbol, word, or phrase that identifies and distinguishes a

A speciality product is a unique and high-quality item that customers specifically

Illumination in entrepreneurship refers to the moment when a great idea or solution

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