ITE 6301 MIDTERM EXAM

Name: Francis Niel S. Apolistar Section: ERCA

USN Number: 18001816400 Date of Submission: 04/18/20

I. As a resident of the area and an aspiring Entrepreneur, what are the conditions that
would entice you to open your new business in our county? What suggestions do you
have that might improve the conditions for Entrepreneurship for yourself and others?

Financial capital:

I think the first thing you need here is an investor to start your business. An investor
with an annual income of let’s say 200,000 PHP, keep in mind that you should not just pick your
investor, you should research your investor if they align in your type of business.

Human capital:

Every organization needs employee that performs well on the job, so a right training
should be implemented. Right person should have its right role because a mismatch could lead
to confusions thus decreasing their performance on the job. Monitoring the performance of
your employees should be a priority too. Taking feedbacks from your subordinates helps
improve on how can you efficiently run your business.

Infrastructure:

Infrastructure has a huge impact on the development of a business and economic

growth. With infrastructure, it helps entrepreneurs develop their business more with
connection to power, technology or telecommunications as infrastructures are crucial for the
success of a business. Communications helps other entrepreneurs join together to build a
purpose to help each other.

Local economy size:

Focusing on large size of population could help on economic growth. As with a large
cities efficiently work to move goods in and out. We need to create a definite plan for our
business to develop. Choosing a target area helps identify where you can plant your business to
attract people, an area where you can detect a potential growth for your business.

Natural amenities:

A control to your amenities makes sure that your staffs knows what they’re doing
because sometimes it could cause confusions on your workers. Technologically monitored
facilities improves operations on your business.
II. If you were opening the business in your community, would you choose the existing
businesses or something different? Discuss your plan, objectives, and the type of
technology you will incorporate in your business.

The type of business I would like to own is:

My kind of business would be a game room bubble tea shop since bubble tea is the main
thing right now and a lot of people tend to do recreational activities. So I found out what if I
connect them, a bubble tea shop with an environment for socializing and relaxing room
furnished with arcades, board games, and table games.

If I would be opening that business in my community I should first sketch out my actions
in producing my business work especially starting from questioning my types, likes, what skills I
have, my expertise, or what I have there to spend on my business. After that, I should plan my
operational needs.

I would like to create a page on social media to reach a wide variety of customers, like
investing in an or creating a professional website can help me communicate with my
customers, listen to their feedbacks, create a customer service, and create an online survey to
help me improve on how I should run my business efficiently.

I’ll be also planning on having my investors. Getting the right investors for my type of
business could come handy. I could also do a start-up money from my friends or family to start
my business or request small business grants.

Establishing a team to hand off responsibilities like stating the goal of my business, rules
and regulations. ‘

Choosing a target area for my business. Is there any threat of a nearby competitor?
What type of business do I have? Should I put my business near parks or local communities? For
my type of business it should place near parks where a lot of people could come thus inviting
them in my shop, providing food products and relaxing room for the customers.

Using technology effectively especially on telecommunicating with your co-workers to

discuss strategy with my team. Setting up security cameras could help monitor productivity,
efficiency and security for the shop.

Last part would keeping track of income and expenses, keeping my funds from personal
funds to avoid confusions, keeping my eyes open for improvement, researching about my
competitors, thinking of new ways, taking feedbacks from customers.