Let's go through each point with detailed explanations:
1. Seven Policies of the National to Implement Entrepreneurship and Small Business:
o Access to Funding: Providing grants, loans, and other financial resources to
support start-ups and small businesses.
o Tax Incentives: Offering tax breaks or credits for small businesses to ease their
financial burden and encourage growth.
o Regulatory Reforms: Simplifying regulations and reducing bureaucratic red tape
to make it easier to start and operate a business.
o Entrepreneurship Education: Implementing programs in schools and
universities to teach students about entrepreneurship and business management.
o Support Networks: Creating networks of incubators, accelerators, and
mentorship programs to help entrepreneurs develop their ideas and businesses.
o Innovation and Research Support: Funding research and development to
encourage innovation and technological advancements in small businesses.
o Market Access: Facilitating access to domestic and international markets through
trade agreements, export assistance, and business matchmaking services.
2. How Entrepreneurship and Small Businesses Contribute to the National Economy:
o Job Creation: Small businesses are significant employers, providing jobs and
reducing unemployment rates.
o Economic Growth: Entrepreneurship drives economic growth by introducing
new products, services, and technologies.
o Innovation: Entrepreneurs often bring innovative solutions to market, driving
progress and competition.
o Diversity of Economy: Small businesses contribute to a diversified economy by
operating in various sectors and industries.
o Tax Revenue: Small businesses contribute to the national budget through taxes,
which fund public services and infrastructure.
o Local Development: Small businesses often support local communities,
contributing to the development of underserved or rural areas.
3. How Do You Know About Competitive Advantage:
o Unique Value Proposition: Identifying what makes a product or service unique
and more valuable to customers than competitors' offerings.
o Market Research: Conducting thorough research to understand market needs,
customer preferences, and competitor strategies.
o Strength Analysis: Assessing the strengths and weaknesses of the business
relative to competitors.
o Customer Feedback: Gathering feedback from customers to identify what they
value most and where improvements can be made.
o Benchmarking: Comparing business performance against industry standards and
best practices.
4. How Entrepreneurship Achieves Competitive Advantage:
o Innovation: Developing unique products or services that meet customer needs in
new and better ways.
o Cost Leadership: Finding ways to reduce production or operational costs,
allowing competitive pricing.
oDifferentiation: Offering distinct features, superior quality, or exceptional service
that sets the business apart.
o Agility: Being able to quickly adapt to market changes and customer demands.
o Brand Loyalty: Building a strong brand that customers trust and prefer over
competitors.
5. Explain Social Impact and Discuss Measures Used to Reduce Social Impact:
o Social Impact: The effect of a business’s activities on society, including both
positive contributions (like job creation, community development, and
innovation) and negative effects (such as environmental damage, inequality, and
exploitation).
o Measures to Reduce Negative Social Impact:
Sustainable Practices: Implementing environmentally friendly practices
to reduce carbon footprint and waste.
Corporate Social Responsibility (CSR): Engaging in initiatives that
benefit society, such as philanthropy, volunteering, and ethical labor
practices.
Fair Trade: Ensuring fair wages and working conditions for all
employees and suppliers.
Transparency: Being open about business practices and their impacts,
and engaging stakeholders in decision-making processes.
Community Engagement: Collaborating with local communities to
address their needs and concerns.
6. Factors/Points in Order for a New or Start-up Entrepreneur to Attain Profit:
o Market Research: Understanding market demand, customer needs, and
competitive landscape.
o Business Plan: Developing a comprehensive business plan that outlines the
strategy, goals, and financial projections.
o Value Proposition: Creating a compelling value proposition that differentiates
the business from competitors.
o Financial Management: Implementing sound financial practices, including
budgeting, cost control, and cash flow management.
o Marketing and Sales Strategy: Developing effective marketing and sales
strategies to attract and retain customers.
o Quality Product/Service: Ensuring the product or service meets high-quality
standards and customer expectations.
o Customer Relationship Management: Building strong relationships with
customers to foster loyalty and repeat business.
o Adaptability: Being flexible and willing to pivot or adjust strategies in response
to market changes and feedback.
If you need further elaboration on any of these points, feel free to ask!
