Entrepreneurship Semester 2 Module 6: Business Plan Development

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20 Questions

What is the first step in turning business into an income-generating activity?

Choosing the right product or services to sell

According to Josephine, what keeps her informed of what customers need and want?

Her sari-sari store

What does Josephine emphasize as key to a successful business?

Good customer relations

What does Josephine support in her approach to dealing with customers?

The saying that the customer is always right

What is the benefit of being an entrepreneur?

Flexibility to manage time and resources

What is the objective of the module 'Developing a Business Plan: Selecting the Best Product or Service that Will Meet the Market Need'?

To analyze business ideas and select the best product or service for the market need

Why is finding the right product or service for the market critical for entrepreneurs?

It ensures success and growth of the business

What did Josephine Rectin start with as a micro entrepreneur?

Selling vegetables on foot with a small capital

In which city did Josephine Rectin start her entrepreneurial journey?

Legazpi City, Albay

What was the initial capital Josephine Rectin had when she started selling vegetables?

$500 (PhP500)

Josephine Rectin started her entrepreneurial journey with a small amount of capital.

True

Finding the right product or service for the market is crucial for entrepreneurs.

True

Josephine Rectin sold vegetables in Legazpi City, Albay.

True

Josephine Rectin started her business in 1995.

True

The objective of the module 'Developing a Business Plan: Selecting the Best Product or Service that Will Meet the Market Need' is to analyze business ideas and select the best product or service for the market need.

True

Josephine Rectin started her entrepreneurial journey as a mini grocery store owner.

False

Josephine Rectin's business includes rice farming, livestock raising, and computer printing shop.

True

Josephine Rectin believes that customer relations is not important for a successful business.

False

According to Josephine, an entrepreneur should be short-tempered and impatient with customers.

False

As per the text, Josephine Rectin believes that success comes easy for entrepreneurs.

False

Study Notes

Turning Business into an Income-Generating Activity

  • The first step in turning a business into an income-generating activity is not specified in the text, but the module 'Developing a Business Plan: Selecting the Best Product or Service that Will Meet the Market Need' aims to analyze business ideas and select the best product or service for the market need.

Josephine's Approach to Business

  • Josephine stays informed about customer needs and wants through customer relations.
  • She emphasizes the importance of customer relations for a successful business.
  • She supports being patient and understanding with customers.

Benefits of Entrepreneurship

  • Being an entrepreneur can generate income.

Josephine Rectin's Entrepreneurial Journey

  • Josephine Rectin started her entrepreneurial journey in 1995 in Legazpi City, Albay.
  • She started with a small amount of capital, selling vegetables initially.
  • Her business grew to include a mini grocery store, rice farming, livestock raising, and a computer printing shop.

Importance of Finding the Right Product or Service

  • Finding the right product or service for the market is crucial for entrepreneurs as it helps meet the market need.

This learning module focuses on developing a business plan by selecting the best product or service that will meet the market need. The objectives include analyzing business ideas and selecting the best products or services.

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