ENTREPRENEURSHIP MANAGEMENT

Name: Shaira May Salvador Course/Year/Section: BSBA FM 1C

Question to Answer:
1. Assume you are starting a specific business of your own, describe it briefly and
formulate a startup strategy. Explain why you prefer effectiveness to efficiency. Or, if you
feel you must strive for efficiency under any circumstances, explain why.
Answer: My business is rice retailing. As the name of the business implies, rice retailing stores
basically retail processed and bagged rice. Rice retail stores primarily purchase rice from
wholesalers and retail them directly to end consumers – customers. My first step is get The
National Food Authority (NFA) License. The law mandates every rice business in the
Philippines needs approval from the NFA, whether it’s commercial or NFA rice. You’ll need a
license for the main store if you’re going to open numerous outlets. All the other outlets will be
considered as branches. Head to the NFA office that has jurisdiction in the location of the rice
business. You can get an application form from the licensing offer (LO). Submit the form and
pay the application fee of ₱100. A licensing fee will need to be paid but varies depending on the
amount of capital you have. Second, Register Your Business. Businesses need to be registered
with the Department of Trade and Industry (DTI) for sole proprietors and the Securities and
Exchange Commissions (SEC) for those operating with partners or a corporation. Third, Buy
Proper Equipment. Such as Calibrated weighing scale, Price tags (price per kilogram), Rice
boxes painted in white, Signboard (45 cm wide and 75 cm long) indicates your business name,
NFA control number, with the title “Wholesaler” or “Licensed Grains Retailer“, Variety,
classifications, and grade of the rice that’ll be sold. The NFA inspector will issue (once
approved) a notice of inspection, which you’ll need to bring along with the proof of compliance
with deficiencies (if any) and official receipt to the NFA office to receive your license. Fourth,
Pick A Good Location. The ideal location should be a place with the right target market in the
rice business and has a lot of foot and vehicle traffic. Fifth, Invest In Proper Storage For Rice.
Rice spoils quickly, and its quality will deteriorate within three months. Using the “first-in, first-
out” (FIFO) method makes sure every sack of rice doesn’t go beyond its shelf life and is of high
quality. Pests or bugs like bukbok (weevils) are rice’s worst enemy. Remember to clean and
sanitize your storage area to prevent infestation. Sixth, Be Friends With Your Suppliers. For
people living near Bulacan, Primavera Rice Mills in Guiguinto is the most recommended rice
supplier for big fast-food chains and restaurants in Metro Manila. Make a list of the available
rice suppliers in your area and make friends with them. With a good relationship with suppliers,
you’re likely to receive discounts in the long run. Franchisees, however, might not benefit from
this since franchisors usually have their own rice mills. This limits the franchisee’s control over
rice distribution. Seventh, Provide Good Customer Service. Offering a wide selection will make
it easier for customers to do with your business with the options that you give them. Giving your
customers even a small discount can be a big boost to your bigasan business as they’ll likely be
loyal and even refer you to their friends. Eighth, Set Aside Budget For Rice Supply. There are
some rice suppliers that require retailers to have a minimum order of rice. Otherwise, they won’t
supply rice. Putting a portion of the budget for rice can help prevent problems from dealing with
suppliers. Last step is separate and cover rice from other goods during transportation. Properly
covering them can prevent bukbok from hiding in the grains, especially when trucks pass by
other rice fields. The effectiveness is far more important than efficiency. Effectiveness is about
doing the right task, completing activities and achieving goals. Efficiency is about doing things
in an optimal way, for example doing it the fastest or in the least expensive way. We all need to
be efficient, but efficiency is at its best when it contributes to effectiveness.
2.   Could the family, educational institutions and society identify entrepreneurs earlier and
make it possible for their talents to flourish? How could university and college curricula in
business, technology and other professionally related programs be revamped to facilitate
entrepreneurship development?
Answer: Family comes with members who are always thinking of new ways to improve things...
And the intelligent person will be the entrepreneur who uses his family members' talents in his
own business. Family is extremely important in the lives of not only entrepreneurs but also
ordinary people. Education provides entrepreneurs with cognitive skills to better evaluate and
exploit entrepreneurial opportunities, increases the level of self-confidence and reduces
perceived risk. Entrepreneurs are important to market economies because they can act as the
wheels of the economic growth of the country. By creating new products and services, they
stimulate new employment, which ultimately results in the acceleration of economic
development. Entrepreneurship-focused programs teach students crucial life skills that will help
them navigate this uncertain future. These skills include problem-solving, teamwork, empathy,
as well as learning to accept failure as a part of the growth process. Universities provide
undergraduate and postgraduate students with taught and experiential entrepreneurship
programmes alongside extra-curricular activities, such as entrepreneur clubs, competitions and
prizes. Entrepreneurship courses are proliferating.
3. Name the three basic initiatives needed to strengthen entrepreneurship. Explain each. 
Answer: (1) strategic objectives that follow the cycle of business; (2) effective coordination of
functional efforts; and (3) the realization that entrepreneurial drive and commitment are needed
for venture creation, but it is the professional management that helps to realize enterprise growth
potential. As a result, an entrepreneur must commit to learning to share operational and decision-
making responsibilities with others, as well as to adopting more professional management
throughout the firm's growth cycle.
4. Differentiate effectiveness from efficiency. Cite examples.
Answer: Effectiveness is about doing the right task, completing activities and achieving goals.
Efficiency is about doing things in an optimal way, for example doing it the fastest or in the least
expensive way. It could be the wrong thing, but it was done optimally. While efficiency is
concerned with how well something is done, effectiveness is concerned with how useful
something is. A car, for example, is a very effective mode of transportation, capable of
transporting people over long distances and to specific locations, but it may not transport people
efficiently due to how it uses fuel.
5. Enumerate the different attitudes discouraging entrepreneurship. Have you experienced
any of these? Elaborate on the experience/s.
Answer: Attitudes Toward Home-based Businesses. The You’ll-Never-Make-It Syndrome. The
Call-a-Professional Syndrome. The No-Track-Record Syndrome. I experienced the attitude of
The You’ll-Never-Make-It-Syndrome. When I was thinking about starting a business and
deciding what to do, I asked my mother if selling ukay-ukay clothes was okay. "No, you will not
be successful in that, and you will lose your capital," she replied. So I decided against doing
ukay-ukay.