Theory question 104
Entrepreneurship(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.
Show the model answer
(a) Entrepreneurship is the process of identifying a business opportunity, bringing together resources and starting and running a business while bearing its risks for profit.
(b) Any four: good communication; persuasion/negotiation (bargaining); listening; product knowledge; handling objections; closing a sale; prospecting for customers; courtesy and good human relations.
(c) Any five: stock goods customers want; set fair prices; display goods attractively; keep proper records; give good customer service; promote the outlet; keep the shop clean and secure; manage cash and credit carefully; monitor competitors; train and motivate staff.
Give each point as a full sentence, with an example where possible.