Omagh District Vb

Market is the number of prospective buyers, the presence of competitors, and the prices and quality of goods and services have to be analyzed. Are the needs of the consumers fully satisfied? If not, then business opportunities exist in areas where consumer satisfaction is weak or incomplete.

There are individual interest. Business interests of individuals vary. There are those who are interested in agriculture. Others are inclined to industries. Not a few like to be employees. Interest should match business opportunities. For example, if there is a good business opportunity for poultry or piggery, one should be interested in such fields.

The word entrepreneur has several definition. However, common terms show that an entrepreneur is a risk taker, innovator, adventurer, searcher of change, and exploiter of opportunities. The most important characteristics of an entrepreneur are being a reasonable risk takers, self confident, hardworking, innovative leader, positive thinkers and decision makers.

The decision making process includes identification of the problem, gathering of data, analysis of data, formulation of alternatice solution, selection of the best solution and the implementation of the solution.

An entrepreneur is creative. He has a sense of perservance and a spirit of initiative. Never satisfied with things as they are, he continues to improve, trying new and better ways of doing things. And when difficulties, frustrations and failures come. he is never discouraged. Often out of these come something new another success, another problem solved, another opprtunity opened, another first.

An entrepreneur is happy. The joy of this entrepreneur lies in the satisfaction of a customer, whom he puts first over everybody else. He therefore attends to the real needs of his customers with dispatch, efficiencym and graciousness. A service oriented person, he is happy man for he has discovered that the joy of giving is its own reward.

Mr. and Mrs. Oscar Cervales acquired a twenty hectare farm just after they got married. Because of his education and training in agribusiness, he was able to make the farm profitable by growing citrus fruits and vegetables like onion and cabbage. In short period,he was able to acquire a delivery truck and various farm equipment. After five years, he alloted one hectare for poultry production which further boosted his profits.

His oldest child, Pedring, graduated with honors at the University of the Philippines in their province with a degree in Agribusiness. He is now Assistant Branch Manager of a government bank in his hometown.

The second child, Ernesto, is now a fourth year college student at University in a city near their province. He is a consistent honor student in the College of Agriculture.

The youngest child, Oscar, was not so lucky in his studies, however. It took him eight years to finish the six year elementary course. He was nearly expelled from high school for unruly behavior.

Mr. Cervales is now trying to convince his wife with his belief that since Oscar will not be successful in any profession, he might as well be the one to manage the farm when both of them retire. Mr. Cervales thinks that the training of Oscar must begin at the earliest possible time. Mrs. Cervales can only sigh, wondering what the future will be for their youngest child.

The strategic problems of a small business concern are not as intense as those for large businesses. Even if it cannot compete head-on with big businesses, its size has a built-in maneuverability which is important in any competition. Most often, the small business will serve, and then adapt strategies to exploit it.

Segments markets are the small business operator that will identify the market segment with which it has an expertise, then compete. Efficient use of research and development are like this-since the small business cannot fight the research and development efforts of big companies, it must concentrate its efforts to lowering process costs or to bring new products to the market.Think small-the small business must be satisfied with being small. The emphasis must be on profits rather than sales growth, and specialization rather than diversification.

Most entrepreneurs can go about the day-to-day affairs of the venture without referring to any document. There are cases, however, when a very important operational aspect is left out and which will later cause serious damage to the small business. A carefully laid out business plan will eliminate such a problem. As it is important to ensure that every requirement is covered, the business plan simplifies the review process. A plan solely in the mind of the entrepreneur cannot be readily reviewed and it may be even harder to know if such a plan exists.

Execution becomes easier when there is a business plan. This is so because monitoring can be made point-by-point. A small business requires funds to finance its operations. If it will have to attract potential investors, there must be some basis for them to facilitate making his investment decision. The business plan provides the basis.

Creditors will readily lend funds to small businesses if they are provided with sufficient arguments about why money is needed. The business plan indicates the reasons for borrowing and how they will be repaid. When the business plan is made an integral part of a fund raising agreement, a legal basis is provided on how the funds raised will be used.

Tina Locsin and Olive Santos are childhood friends. They were classmates in an elementary school in their hometown. Their families separately own more than ten hectares of farmlands.

Tina and Olive love flowers very much; as children they grew roses in their little plots. After Tina got her B. S. in Commerce degree at St. Paul College , she went back to their province to try her luck in business. She found her friend Olive who got a degree in Horticulture, attending to her blooming rose farm.

Olive’s farm is currently producing 50,000 dozens of roses annually and is supplying an area as far as no their province. Olive persuaded her friend Tina to go into the cut flower business like her. In less than three years. Tina was producing orchids and could barely cope with demand.

Both Tina and Olive were satisfied with the current success of their business until they attended a seminar on cut flower production. The speaker impressed on them the vast potential of exporting cut flowers to Japan, Hongkong, Italy, Canada, United States and Germany.

Tina and Olive understood the opportunities of tapping the export market. It would mean bringing in more dollars for the country and the employment it would give to some people. These are in addition to the opportunity of making profits.

Both are determined to go into exports but they are worried about the funding and the organizational requirements of such ventures. Managing production alone is more than a man-size job. They contend that the same is true with marketing and finance.