Question 6
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- An intending entrepreneur decides to obtain a loan from a bank to start a RTV business. List:
(i) three documents required to obtain the loan;
(ii) four employment opportunities that would be created by the entrepreneur;
(iii) two other possible sources of capital.- For the business in 6(a) to succeed after establishment, state three:
(i) customer relation attributes, that should be maintained;
(ii) business records that should be kept.
Observation
The expected answers were:
-
(a) (i) Documents required to obtain the loan
- Business plan/feasibility study
- Collateral/asset document
- Tax payers document/clearance/certificate
- Certificate of incorporation of business
- Referee/guarantor
- Insurance indemnity
- Utility bill
- Authentic form of identification
(ii) Employment opportunities that would be created by the entrepreneur
- Radio and television consultant
- Radio and television technician
- Sales and services craftsman
- Electronics specialist
- Satellite installation technician
- Television antenna installation technician
- Secretary
- Workshop supervisor/support staff
- Accountant/accounting staff
- Manager
(iii) Other possible sources of capital
- Credit union
- Family and friends
- Insurance
- Non-governmental organization/foundation/government developmental partner
- Finance house
- Personal savings and contribution
- Sales of property/asset
- Cooperative societies
- Loan/income from other business initiatives
(b) (i) Customer relation attributes that should be maintained
- Telephone courtesy
- Daily appearance at work
- Customer psychology
- Good working relationship
- Competence at skill
- Prompt attendance
- Attention to details
- Honesty/integrity
- Diligence
- Punctuality
- Neatness
(ii) Business records that should be kept
- Accounting ledger
- Repair order form
- Inventory sheet
- Invoice
- Receipt
- Delivery note
- Way bill
- Purchase order form
The Chief Examiner reported that majority of the candidates who attempted question 6 did not perform well. Teachers were encouraged to pay particular attention to ‘Entrepreneurship’ during instruction as it is a very important aspect of the subject.