a. What is entrepreneurship? b. State four selling skills required by an entrepreneur C. State five activities to be performed by an entrepreneur to ensure successful operation of his market outlet.
Explanation
a. Entrepreneurship is the willingness of an individual to identify a business opportunity, establish, bear associated risk and manage the business at a profit. b.
She would also require innovative skills to generate new ways of doing things performance of her business She would also require leadership skills to be able to motivate her customers to buy more of her products She would also need organizational/ time management skills to be able to plan her schedules effectively She would need interpersonal skills to be able to interact favourably with her customers She would also require problem solving/decision making skills to enable her convince her customers
c.
Good customer care: he must provide excellent services to his customers to ensure that they do repeat purchase and spread positive information about the company After-sales service: he must also provide efficient and effective after- sales services on selected items to facilitate customer satisfaction Quick service delivery: he must also install equipment to enhance effective and efficient service delivery Staff training: he must also institute effective staff training scheme to enable the employees deliver excellent services to customers stock availability: he must ensure that all items sold by the outlet are readily available to avoid the problem of inventory shortage and loss of customers Socially responsible: he must also develop and implement policies that would address the needs of the host community customer reward scheme: he would need to offer rewards to customers who buy from the outlet to show that their efforts are recognised and appreciated Transportation: he conveys goods purchased to his outlet and delivers goods to customers Insurance: he insures his outlets against risk Buying and selling of goods: he organizes the buying and selling activities in his outlet Product planning: he would carry out product planning in his organization Market research: he would carry out market research with the aim of finding out the needs of customers recruitment: he recruits staff that would help him achieve the company's goals Promotion: he would promote his business and products to the Consumers decision making: he would make decisions about the day running of the business Provision of capital: he would ensure that adequate capital needed for the business is provided.
