a. What is entrepreneurship? b. State four selling skills required by an entrepreneur C. State...

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.