MARK JUNE L.

APORADOR

Master in Business Administration (MBA) April 13, 2019

BA 307- Entrepreneurship with Electronic Commerce

Instruction: Place a mark [/] on your chosen answer.

1. Can you start a project and see it through to completion in spite of a myriad of
obstacles? [/] Yes [ ] No
2. Can you make a decision on a matter and then stick to the decision even when
challenged? [/] Yes [ ] No
3. Do you like be in charge and be responsible? [/] Yes [ ] No
4. Do other people you deal with respect and trust you? [/] Yes [ ] No
5. Are you in good physical health? [/] Yes [ ] No
6. Are you willing to work long hours with little immediate compensation? [/] Yes [
] No
7. Do you like meeting and dealing with people? [/] Yes [ ] No
8. Can you communicate effectively and persuade people to go along with your
dream? [/] Yes [ ] No
9. Do others easily understand your concepts and ideas?
10. Have you had extensive experience in the type of business you wish to start? [/]
Yes [ ] No
11. Do you know the mechanics and forms of running a business (tax records, payroll
records, income statements, balance sheets)? [/] Yes [ ] No
12. Is there a need in your geographic area for the product or service you are intending
to market? [/] Yes [ ] No
13. Do you have skills in marketing and/or finance? [/] Yes [ ] No
14. Are other firms in your industrial classification doing well in your geographic
area? [/] Yes [ ] No
15. Do you have a location in mind for your business? [/] Yes [ ] No
16. Do you have enough money financial backing for the first year of operation? [ ]
Yes [ /] No
17. Do you have enough money to fund the start-up of your business or have access
to it through family or friends? [ ] Yes [/] No
18. Do you know the suppliers necessary for your business to succeed? [/] Yes [ ] No
19. Do you know individuals who have talents and expertise you lack? [/] Yes [ ] No
20. Do you really want to start this business more than anything else? [/] Yes [ ] No
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QUESTIONS FOR DISCUSSION:

1. Referring to the Entrepreneur Assessment Quiz above, divide the 20 questions

into two groups: those that you think primarily reflect inherent personal
characteristics that would be difficult or impossible for an adult to change, and
those that you think are leaned skills. Justify your choices. Why is each attribute
important to the success of a new venture? List some attributes not on this list
that are also important.

Questions that that I think primarily reflect inherent personal characteristics that
would be difficult or impossible for an adult to change:

1) Can you start a project and see it through to completion in spite of a myriad of
obstacles?

It is one of the most difficult characteristic to acquire because we need to be intrinsically

motivated as it requires positive mindset. This attribute is concern about how individual
perseveres to complete a project despite of uncertainties and obstacles. Perseverance is
very crucial in the success of a new venture because it allows an entrepreneur to be a
goal-directed person. Without perseverance, an entrepreneur cannot adapt and accept
challenges which will result to discouragement and destruction and thus will lead to
unsuccessful venture.

2) Can you make a decision on a matter and then stick to the decision even when
challenged?

It is one of the most challenging part of an entrepreneur, to take decisions and put it into
action. This requires an entrepreneur to be more mature in terms of decision-making. It
is an attribute that is hard to learn and acquire. Decision making is very vital in the
success of a new venture because it will help an entrepreneur what actions are needed to
solve certain problems as he/she goes along with the business. Intelligent and relevant
decisions are needed to sustain business venture’s success.

3) Do you like be in charge and be responsible?

Accountability is being referred to this. One of the essential characteristic that an

entrepreneurs must have however hard to acquire. An entrepreneur have must have the
sense of accountability in any actions he/she may take because the results are dependent
on it. So, in doing new business venture, an entrepreneur should be in charge of
everything and is responsible in every actions to be made or to take.

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 4) Do other people you deal with respect and trust you?

Trust and respect are characteristics that are very important. As an entrepreneur, in
dealing with people, he/she must be a person who is worthy to be respected and trusted
because it somehow shows that you’re doing business in an ethical way. An entrepreneur
must earn the trust and respect of the people he dealt with to attract more customers and
to maintain the good image of the business.

5) Are you willing to work long hours with little immediate compensation?

This shows dedication in work. A characteristic that is not embodied by all entrepreneur.
It is something to work on things without thinking how much time you’ve rendered but
instead think how far you’ve gone through for the business. An entrepreneur must not
think of instant profit but instead think first on how to make business more profitable
and sustainable because all the great things comes from little things first.

6) Do you like meeting and dealing with people?

Interpersonal skills is the skills that is hard to acquire and so needs enough time to
practice and enhance it. This skill is very important in doing a new business venture
because it is one of the best foundation that an entrepreneur has to build in attracting
prospect customers and having deals with business partners. An entrepreneur must be
skilled in meeting and dealing with people to promote his/her product effectively and
that could benefit his/her business venture.

7) Can you communicate effectively and persuade people to go along with your
dream?

It is crucial to communicate effectively in negotiations to ensure you achieve your goals.

Communication is also important within the business. Effective communication can help
to foster a good working relationship between you and your staff, which can in turn
improve morale and efficiency.

8) Do others easily understand your concepts and ideas?

An entrepreneur must have a clear concepts and ideas in starting a new business venture.
It is important for an entrepreneur to set objectives and goals first out of those ideas and
concepts formulated before the operation of new business venture to have a clear
guidelines and steps in implementing the business. Without clear concepts and ideas,
stated goals and objectives, there would be no path or direction that a business would be
taking in to.

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Questions that I think are learned skills:

1) Are you in good physical health?

Basically, having good physical health is the most important thing is doing new business
venture. If an entrepreneur is not physically fit, definitely the business he is operating
would be affected because an ill entrepreneur could not produce sound decision and
critical thinking and thus could affect the entire business.

2) Have you had extensive experience in the type of business you wish to start?

All businesses have access to an extensive pool of knowledge - whether this is their
understanding of customers' needs and the business environment or the skills and
experience of staff. The way a business gathers, shares and exploits this knowledge can
be central to its ability to develop successfully. Using knowledge in your business isn't
necessarily about thinking up clever new products and services, or devising ingenious
new ways of selling them. It's much more straightforward.

3) Do you know the mechanics and forms of running a business (tax records, payroll
records, income statements, balance sheets)?

Financial analysis is an aspect of the overall business finance function that involves
examining historical data to gain information about the current and future financial
health of a company. The ability to understand financial data is essential for any business
manager. Finance is the language of business. Business goals and objectives are set in
financial terms and their outcomes are measured in financial terms.

4) Is there a need in your geographic area for the product or service you are intending
to market?

An entrepreneur must have an outsourcing skills, study and make a feasibility study to
know if there is a high demand of the product or service in the planned location/area. It
is important to study conduct a study first to ensure that the product or service that will
be offered is viable.

5) Do you have skills in marketing and/or finance?

This is one of the most important skills that an entrepreneur must have. Marketing is of
vital importance to any business. It is the key process of researching, promoting and
selling products or services to your target market. It's important that you use marketing
to promote your business, brand and offerings. The finance skills is also an important
skills because it enable individuals not only to fulfill the current financing needs but also

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to forecast any future funding requirements, on the basis of which new strategies are
devised. Moreover, with the help of these skills, individuals/managers are really
facilitated in the identification as well as selection of the value adding projects or
strategies for a business.

6) Are other firms in your industrial classification doing well in your geographic
area?

It is important to know if the business in a geographical area is doing well or if it

profitable because it will somehow a basis if what are the factors to be considered in
starting a new business venture. This will help an entrepreneur to expand his/her
understanding of the current trend business.

7) Do you have a location in mind for your business?

This is one of the most important factor that an entrepreneur has to consider in starting
new business venture. Location can also influence a business’s ability to market itself, the
competition it faces from businesses, the total cost of operation, taxes the business owner
has to pay and the regulations they must follow.

8) Do you have enough money financial backing for the first year of operation?

Though capital is hard to acquire, an entrepreneur must study what are the primary
needs of the business to sustain the first year operation. Aside from the working capital,
contingency fund must readily available when needed in case of emergency during
operation like unexpected expenses that may be incurred by the business especially to
the new business venture.

9) Do you have enough money to fund the start-up of your business or have access
to it through family or friends?

One of the critical factor in starting new business venture is the acquisition of working
capital that could aid the business operation. As to this, an entrepreneur must be
knowledgeable enough on how to assign capital based on its usage so that it could be
spend efficiently and effectively. If working capital is acquired through loans, it must be
planned thoroughly.

10) Do you know the suppliers necessary for your business to succeed?

The suppliers are important in new business venture. An entrepreneur must do the
outsourcing of the raw materials needed for production, materials and equipment needed

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for services and machineries for both products and services. This could help an
entrepreneur acquire necessary things from suppliers in an economical way.

11) Do you know individuals who have talents and expertise you lack?

It is important for an entrepreneur to strengthen or enhance his/her skills and learn new
skills that are needed to be an effective and productive entrepreneur. Most skills can be
easily acquired if an entrepreneur has the dedication in learning new skills that will
develop his/her weaknesses.

12) Do you really want to start this business more than anything else?

An entrepreneur’s goal is to start a new business venture and assumes the risks on it. The
main goal of an entrepreneur is to develop products or services that are in demand, trend
and unique. Innovation is the best key to make the product/service unique than other
businesses. The entrepreneur is a total package; a manager, owner, innovator and a risk-
taker.

2. List five opportunities for a new business that have come to your attention
recently. How were you made aware of these needs?

1) Rentals such as boarding house and apartments - one of the best business
opportunity for today. I made aware of this when I saw the students of one of the
biggest school in General Santos City and Koronadal City who have difficulties in
looking for an affordable boarding house or apartments.

2) Online Marketing/Selling/Networking- online marketing, selling and

networking is very rampant nowadays considering that we are now in a modern
generation. Consumers tend to enjoy buying products or service online while
entrepreneur gets motivated to offer more products or services online. As an
entrepreneur, it is very significant to get along with the current trend to attract
more customers in today’s computer generation world. It made me aware of this
because I observed that a lot of people tend to enjoy online buying and selling.

3) Massage therapy service centers- as I observed massage therapy centers is now

everywhere. This kind of service is easy to handle and does not require big amount
as a working capital. I made aware of this when I realized that this kind of service
is very manageable because the manpower is the one who is giving the service.

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 4) Wholesaling and Retailing- the very common and traditional way of a business
venture that primarily engaged in buying and selling of products and
commodities for profit. I made aware of this venture considering that it has a huge
contribution to the economic growth of a country. This integrates the products
from local and international market in the means of exportation and importation.
It allows an entrepreneur to offer a wide variety of products to consumer and
customers.

5) Print shops (Tarpaulin, and other printing activities) - this type of business has a
wide market. It is one of the players in the industry at this computer age. I was
amazed of one of the printing shops in General Santos City because I noticed that
they received a lot of projects coming from different companies, contractors and
individuals hence their customers are just coming in and out every now and then.
I find this business as fast-earning business where there is as guarantee of faster
return on investments.

3. Why do you think that some successful entrepreneurs have had difficulty in
managing their companies beyond the start-up stage?

Some successful entrepreneurs have had difficulty in managing their companies beyond
the start-up stage because I think this period is the most critical part in the implementing
the business considering that an entrepreneur will have to do and adapt some
adjustments in his/her environment especially to the customers or people he will be
dwelling and dealing with. In this stage, some of the instances are unpredictable that are
somewhat not expected to happen. In the first operation of the new business venture, it
is like trial and error stage where no one can predict what the results will be, what actions
that were not considered and how will the operation go through. As an entrepreneur, it
is important to expect uncertain things and be more adaptive and flexible so that it won’t
be hard to accept obstacles when it exists.

4. Rank the following on-line business from highest to lowest (5 is the highest and 1
is the lowest)

[5] 1. Electronic books: Portable Slab-shaped computers that store the text of books,
newspapers, and other printed matter.

[4] 2. Dual concept franchising: Bringing two different businesses into one building, such
as a gas station with a fast-food restaurant inside.

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[1] 3. Online magazines: Magazines that focus on a specific topic, such as
entrepreneurship, that are published online and can be read for free.

[3] 4. Adventure tourism: An industry that plans and outfits adventurous, active
vacations.

[2] 5. Internet cafes: Businesses that offer computers an internet connections to customers
for an hourly fee.

1. Which one has the highest rank? The lowest? Support your answer.

For me the Electronic books: Portable Slab-shaped computers that store the text of books,
newspapers, and other printed matter because in this modern world, people choose the
most convenient way; instead of having the printed materials on their hand, they prefer
to get information from electronic books using their gadget as it is the most convenient
way in looking for relevant information they need. While the lowest rank for me is the
Online magazines: Magazines that focus on a specific topic, such as entrepreneurship,
that are published online and can be read for free because as I observed, people do not
prefer to be engaged in reading magazine online because the printed one catches more of
their attention rather than the soft copy of it. They usually want to read the printed one.

2. Which among of the on-line business are you going to pursue if given a chance.
Why?

If given a chance to pursue on-line business, I would choose the Dual concept franchising:
Bringing two different businesses into one building, such as a gas station with a fast-food
restaurant inside. This kind of business is somehow unique in nature because it involves
two different type of ventures. It offers a variety of products and services. It is the way of
expanding business opportunities and maximize the usage of the building and
maximizes the profit as well. In this kind of venture, an entrepreneur is bringing different
type of products or services in one place making it more accessible for the customers.
Generally speaking, it maximizes the space of the building while earning more than it
typically earns.

3. List down 5 other businesses concepts that are trending at present.

1) Massage Therapy Centers in malls, street sides & plazas.
2) 24-hour All-in-one Convenience Store (Stop, Eat & Shop)
3) Travel/Adventure tourism that plans and outfits adventurous, active vacations.
4) Online Selling/Marketing/Networking (using social media networking sites)
5) Negosyo Street Food Cart (e.g. Negosyo Carts provided by the DTI)

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