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 ...

(a) What is entrepreneurship?

Entrepreneurship is the process of identifying a business opportunity, gathering and organizing the needed resources (money, men, materials), and taking the risk of setting up and running a business venture in order to make profit. The person who does this is called an entrepreneur.

(b) Four selling skills required by an entrepreneur

1. Communication skill: ability to speak clearly and persuade customers to buy.
2. Good customer relations/interpersonal skill: ability to be friendly, patient and courteous with customers.
3. Product knowledge: thorough understanding of the goods being sold and their benefits.
4. Persuasion/negotiation skill: ability to convince buyers and reach agreement on price and terms.
5. Listening skill: ability to understand customers' needs before offering a solution.

(c) Five activities to be performed by an entrepreneur for successful operation of his market outlet

1. Sourcing and stocking goods: Buying the right goods in the right quantity and keeping the outlet well stocked.
2. Pricing the goods: Fixing fair, competitive and profitable prices.
3. Advertising and promotion: Creating awareness and attracting customers to the outlet.
4. Keeping proper records/accounts: Recording sales, purchases and expenses to track performance.
5. Providing good customer service: Attending to customers well and building loyalty.
6. Managing finance and supervising staff: Controlling cash, banking takings and directing employees.