Answer to Question #184619 in Marketing for Galis

Question

Situation:

Entrepreneur X:

Entrepreneur X put a coffee shop immediately in his barangay. He thought of an idea that early bird catches the worm. He eventually hired his friends and ordered stocks for his coffee shop business.

Entrepreneur Y:

Ebtrepreneur Y is planning to open a bakery shop in his place. He gathered first information from the residence of his place whether what kind of bread they love to eat.

Questions:

1. Among the two entrepreneurs, who do you wanted to be? Why?

2. What is/are the risks to be taken by each entrepreneur?

3. What do you think the importance of business planning is?

Answer 1

1. I would love to be entrepreneur Y because he gathered the information needed from his target clients before starting the bakery which will cause good profit.
2. Both entrepreneurs have to keep in mind that every business has its downtime and that they should expect to make losses at some point.
3. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals, and a timeline of expected results. The objectives should indicate how they'll help your business prosper and grow.