Name: Magella G. Briones.

Year: BAT-2B

Final Examination

Agricultural Entrepreneurship

Question 1: As an entrepreneur who will plans to start an enterprise, what are

the do's and don'ts in doing an interview? Why?

Answer: An interview is essentially a structured conversation where one participant

ask questions, and the other one provides answer. Buyers often called purchasing
agents play an important role in every single business. Their answers help the
interviewers to understand how they handle different purchasing situations. As an
interviewer there are do's and don'ts in interviewing buyers. During customers
interviews, it's important to (1) Focus on questions that allows you to validate the
problem, (2) Start the interview with a greeting and light atmosphere, (3) Adopt the
language of your interviewees and observe nonverbal communication, (4) Make your
questions clear and be patient with the response, (5) Always keep your interview short
and don't forget to thank them for their time. It's best to avoid this in or you during
customer interviews (1)Do not use jargon, (2) Talking instead of listening ,(3)
Revealing your personal biases since it may influence the respondent , (4)Continue
an interview unnecessarily( it is a sign of not being observant) , and (5)Questioning
respondent about future expectations .

Question 2: Business model canvas is made up of 9 components. Among these

components, which is the most important aspect if you are an investor? Why?

Answer: Business model canvas covers the four main areas of any venture which are
(1) customers, (2) offering, (3) infrastructure, and (4) financial viability. There are nine
blocks that describe assess a business model namely (1)customer segments ,
(2)value proposition , (3)channels , (4)customer relationships , (5)revenue streams ,
(6)key resources , (7) Key activities , (8)Customer partnership and lastly the(9) cost
structure . If I were an investor, the most important component of BMC is value
proposition. Value proposition also mean offering, means what can enterprise offers
to their customers? Value proposition provides a unique combination of products and
services which provide value to the customer by resulting in the solution of a problem
the customer is facing. It is important for a product to solve problem in a unique way,
by this your customers start to patronize or enjoy your product. Then if people start to
love your product, then your business will grow and grow bigger.
Question 3: Being an entrepreneur, why business planning is necessarily
important? What are the main purpose of it?

Answer: A business plan is a formal written document containing the goals of a

business, the methods for attaining the goals, and the time frame for the achievement
of the goals. It is a document that summarizes the operational and financial objectives
of a business. It helps you to run your business, guides you through each stage of
starting point and it helps to convince readers. Business plan helps to raise money for
your business. Investors wants a written business plan before they invest or give
money to you. It helps you to define and focus on your business ideas and strategies
and make a sound decisions. On business you must concentrate on management
issues and others not only on the financial matters. This document help you to identify
the weaknesses of your business and helps you to communicate your ideas with
stakeholders.

Question 4: Why it is a must that a buyer and an entrepreneur must enter into
some forms of sales agreement?

Answer: Sales agreement is a legal contract that clarifies the terms of transaction
between two business or parties. It is an agreement by which one party is called
seller, gives a thing to buyer and exchange of a certain amount of price. One of the
most important reasons to do a sales agreement when entering and into a business
because it protect you and your business partner in the event of legal action. This
contract of agreement protect your interests and enforce your rights. Also by the both
parties understand what is allowed and what is allowed during the contract period.
Through a sales contract it helps to reduce risk of loss of your business and avoid of
getting sued.

Question 5: If an entrepreneur understands the concept of seasonal market

supply and demand, what those advances he/she would have over its
competitors?

Answer: Marketing is the process of meeting needs that are both existing as well as
unmet. As an entrepreneur you need a good strategy in order not to suffer great lost.
Availability and season are some factor that affect the price of product. You need to
plan everything you do in order to have a great timing in the market. If a certain
season is coming, you need to plan what is the most demand product in the season
so you will gain a profit more than the other. Plan where to sell, when to sell, where to
plant, when to plant, when to venture, where to venture in order not to suffer a great
loss.

Question 6: The progress of both the entrepreneur and the enterprise must be
measured or monitored. Why?
 Answer: Constant business reporting and monitoring is a necessity for many
business to get a good sense of how the business is performing. In addition, it can
save time and money and reviews can help to improve your processes in the long run.
Business reports collects data around your business which can provide useful
information for management. Through business reporting you can pinpoint the lost or
gain of your business, the spending and the future opportunities. If a business or
enterprise subjects to proper monitoring and reporting then it will not undergo
bankruptcy.

Question 7: Income and expenses are the key concepts in determining

investment needs. Why?

Answer: Investment is an asset or item that is purchased with the hope that it will
generate income or appreciate value at some point in the future. When starting a
business, external financial assistant is one of the decisions you need to decide. You
must determine your income and expenses in a certain given time then you will
decide whether you need an investment from the others or not. If you think that your
business is not doing good then a financial assistance or investment is a choice. If
not, then you don't need an investment.

Question 8: What are reasons why business model canvas is utilized in

preparing a more formal business plan?

Answer: Business model canvas is a tool used by business to plan their strategy,
describes how your business makes money, a tool to define and communicate
business, idea and document existing business. Business model canvas is utilized in
preparing a more formal business plan since it is very visual and a great tool for
brainstorming. It provides information at one glance. Business model canvas helps
you do get your mind around and starts up idea and your next step in running or
growing your business. Creating a BMC will show you whether you are ready to take
your business idea on the next level which is the business plan.