ENTRAP QUESTIONS

1 Outline the rationale behind Human Resource Management for successful

business operations

Discuss in detail the components of three critical areas in HRM

2 Reflect on the organisation you proposed in your feasibility study. Outline

the organisation structure most appropriate to your organisation. Give reasons
for your answer.

3 Outline what legal entity is most appropriate for your proposed business.
What are the advantages and disadvantages for using that type of legal
arrangement ? How will you ensure that all legal requirements are followed?

4 What are some of the main reasons why so many Jamaicans go into
business and why do we have over 80% failure rate in the first three years?
Outline strategies which will change the situation in the Jamaican economy in the
long run for economic growth and sustainability businesses.

A) HIGH LEVEL OF UNEMPLOYMENT-----CULTURAL

PENCHANT FOR BUSINESS---5th. AMONG 60 COUNTRIES
IN STARTING BUSINESSES---WANTING TO BE OWN
BOSSES----SEIZING OPPORTUNITIES----INNOVATIVE---
CREATIVE----MOVING AWAY FROM THE 8-5 ROUTINE----
WEALTH CREATION

B) NECESSITY ENTREPRENEURS------LACK OF FEASIBILITY

PLANS, BUSINESS PLANS, FINANCIAL PLANS------FOLLOW
 FASHION (SATURATION) ----LEVEL OF BUSINESS ADVICE,
TRAINING AND ACUMEN----LIMITED ACCESS TO
FUNDING AT AFFORDABLE RATES (LOANS, ANGEL
INVESTORS, VENTURE FUNDING-----LACK OF PEC’s----TOO
MANY INFORMAL OPERATORS-----LACK OF TEAM
EFFORTS AND GROUP COHESION

C) MORE OPPORTUNITY ENTREPRENEURS------RELEVANT

EDUCATION-----FUNDING FROM VARIOUS SOURCES AT
AFFORDABLE RATES ---GROWTH OPPORTUNITIES
(AGRICULTURE, HORTICULTURE, MINING, TRANSPORT,
CONSTRUCTION, ENERGY,FINANCE, HOSPITALITY
INDUSTRY, EDUCATION, TELECOMMUNICATIONS,
TECHNOLOGY, MANUFACTURING-----GOVERNMENT
POLICY---TEAM EFFORT---- FORMAL BUSINESSES---LESS
BUREAUCRACY
5 Select one successful local entrepreneur. Explain the factors which have
contributed to the level of success. Identify four major PEC’s displayed by this
entrepreneur. Substantiate your views on the basis of growth in revenues,
profitability, awards, employee satisfaction etc.

A) GORDON “BUTCH’ STEWART

-THE MELVILLES ----CHUCKA COVE

-R . DANNY WILLIAMS------LIFE OF JAMAICA-----SAGICOR

-THE ISSAS----SUPER CLUBS

 -CHRIS WILLIAMS------PROVEN INVESTMENTS

-VIN BUNTING--------FARMING

-KNUTSFORD COURT HOTEL

-TYRONE WILSON-------E-MEDIA

-DR. WINSTON ADAMS-----UNIVERSITY COLLEGE OF THE

CARIBBEAN

-THE LOSHUSHAN-----PROGRESSIVE GROUP OF SUPERMARKETS

-DR. HENRY LOWE-----PHARMACEUTICALS

-OTHERS???????

B) PEC’S FOR SUCCESS

-TIME MANAGEMENT/THINKER OUT OF THE BOX

-DISCIPLINE/RESPECT/PEOPLE MANAGEMENT

SKILLS/LEADER

-INNOVATION/CREATIVITY/ FORESIGHT/COMMITMENT

-FAMILY/NETWORKING/MEMBER OF VARIOUS

ORGANISATIONS

-PLANNER/FINANCIAL ACUMENT/NEGOTIATIOR/PATIENCE

-ACTION-LESS TALK/LESS COMPLAINING/FUTURISTIC

-RELIABILITY----THE WORD IS THE BOND

 -RISK TAKER/FOCUSSED

C) CHECK THE OBSERVER BUSINESS LEADER SERIES , THE GLEANER

‘MANAGER OF THE YEAR, THE PSOJ HALL OF FAME, THE
GOVERNOR GENERAL AWARD, BUSINESS PAGES OF THE TWO
PAPERS OVER THE LAST TWO YEARS

6 Outline how you would bring successfully to market an anti dengue spray,
have increasing acceptance of your business initiative, and generate above
average profitability in the long term.

ABOVE AVERAGE RETURNS IN THE LONG TERM-----OVER 20% NET ROI

WHAT IS THE PRODUCT????

WHAT TYPE OF LEGAL ENTITY

WHAT WILL BE YOUR RAW MATERIAL AND FROM WHICH SOURCE?

WHAT FREQUENCY OF RAW MATERIAL PURCHASE?

HOW DO YOU DETERMINE WHO WILL PURCHASE THE FINISHED

PRODUCT?

HOW DO YOU DETERMINE WHAT QUANTITIES WILL BE PURCHASED

AND HOW?

HOW DO YOU DETERMINE WHAT PRICE PER UNIT TO SELL AT?

HOW DO YOU DETERMINE THE LOCATION OF THE MANUFACTURING
OPERATIONS AND HOW MANUFACTURING WILL BE DONE?

HOW DO YOU DETERMINE THE ADMINISTRATIVE OFFICE AND OUTLET

LOCATIONS?

WHAT MARKETING , PROMOTION , AND PUBLIC RELATIONS PLAN?

WHAT INITIATIVE ON CORPORATE SOCIAL RESPONSIBILITY?

WHAT IS THE INITIAL CAPITAL OUTLAY?

WHAT WILL BE YOUR SOURCE OF FUNDS?

WHAT WILL BE BREAK EVEN?

WHAT WILL BE INDICATIVE BALANCE SHEETS OVER THE NEXT THREE

YEARS?

WHAT WILL BE INDICATIVE INCOME STATEMENTS OVER THE NEXT

THREE YEARS?

WHAT WILL BE YOUR MONTHLY CASH FLOW FOR YEAR ONE?

WHAT WILL BE YOUR ANNUAL CASH FLOW FOR YEARS ONE TO

THREE?

WHAT ARE THE POSIBILITIES FOR SUCCESS

WHAT WILL BE THE STRUCTURE, HUMAN RESOURCE REQUIREMENTS,

OCCUPATION HEALTH AND SAFETY PRACTICES, AND OPERATIONS
MODALITY?

7 Outline in detail some of the most effective methodologies for public

relations and customer service for the business concept in your feasibility study.
8 Discuss the legal and other processes for:

Forming a sole proprietorship

Forming a limited liability company

Forming a limited partnership

Indicate the entities which will be involved are and their respective roles.

9 Illustrate the benefits of Entrepreneurship to the Jamaican economy in the

next 5-10 years. What are the areas of growth potential and profitability

10 Comment on the main highlights of the Global Entrepreneurship

Monitor(GEM) 2011 report. What lessons have been learnt.

11 Using some organizations with which you are familiar outline what is meant
by and is involved in:

Acquisitions

Joint Ventures

Franchising

Mergers

New venturing

Divestment

Holding Company and Subsidiaries

Going public/shares/stocks/bonds/ listing on the stock exchange