ENTERPRENEURSHIP

1.
a) Entrepreneurship is the ability to think strategically, turning ideas into actions
through creativity, innovation, and taking calculated risks, and plan and manage
projects using limited resources under existing economic condition to achieve
objectives.

b) Five roles entrepreneurship plays

i. Employment generation
ii. Wealth creation
iii. Sustains and improves the economy
iv. Increase in resource utilization
v. Adaptation of technology
vi. Productivity

c) Business Idea Analysis

i. Business Idea – establishment of a pig production (farm) and processing
center in Akosombo.
ii. SWOT Analysis- the SWOT Analysis is a tool used to evaluate an individual
or an organisation’s intended business plan, which stands for Strengths –
Weakness – Opportunities – Threats.
iii. Strengths – Availability of agricultural land, traditional pork-consumer,
national market, good land tenure system, high knowledge in pig production
management.
iv. Weakness – high cost of skilled labor, difficulty in accessing financial
assistance, urbanization.
v. Opportunities – Support from donor organization MAG – RFJ, Access to
Western genetic programs (breed improvement).
vi. Threats- Importation of pork and pig bi-products, fluctuating agricultural
prices,

2
a) An entrepreneur is an individual who thinks critically, turning ideas into action,
…through creativity, innovations, taking calculated risks, and plan and manage
projects with limited resources under existing economic conditions to realize the
desired objectives.

b) Valuable attributes of an entrepreneur

i. Creativity
ii. Risks taker
iii. Human relation skills
 iv. Dealing with failure
v. Goal setter
vi. Self-discipline

c) Functions of Financial Department

i. Producing invoices
ii. Managing the payroll and paying workers their salaries
iii. Recording sales made
iv. Preparing budgets
v. Prepare the accounts each year.
vi. Publish financial reports each year

3
a) Five barriers of successful entrepreneurship
i. Lack of viable concept
ii. Lack of market know how
iii. Lack of technical skills
iv. Difficulty in accessing finance
v. Legal constrains and regulations
vi. Lack of business know-how

4
a) Factors that contribute to the success of small businesses.
i. Innovative business idea
ii. Network
iii. Sales
iv. Hard work
v. The right workforce
vi. Honesty

b) Factors that contribute to the failure of small businesses.

i. Poor management
ii. Poor financial control
iii. Over investments in fixed deposits
iv. Insufficient planning (present and future)
v. Poor work attitude
vi. Poor marketing