Theory question 105
EntrepreneurshipJo-Bo, a young graduate established a retail outlet in his neighbourhood instead of seeking for a paid employment.
(a) State five activities Jo-Bo would carry out to ensure continuous patronage by customers.
(b) State five benefits Jo-Bo would derive from his decision.
Show the model answer
(a) Any five: stock a wide variety of quality goods; keep prices fair/competitive; treat customers politely; give credit to trusted customers; offer home delivery; display goods attractively; keep the shop clean; give gifts/discounts to loyal customers; keep regular opening hours; advertise and use social media.
(b) Any five: he is his own boss; he earns profit; independence in decision making; he can employ others; he develops business skills; self-satisfaction; flexible working hours; he can grow the business; he avoids unemployment.
Give each point as a full sentence, with an example where possible.