Week_2_-_Bio_Entrepreneurship_Notes

What is the primary role of entrepreneurs in society?

What is the primary role of entrepreneurs in society?

Wealth creation for society and entrepreneurs.

Define an entrepreneur.

An individual who starts a business to make a profit and assumes risks.

What are the skills required for effective entrepreneurship?

Strategy, planning, marketing, financial, project management, and human relations skills.

What is the difference between necessity and opportunity entrepreneurs?

Necessity entrepreneurs are triggered by unemployment, while opportunity entrepreneurs are driven by ideas.

What are key traits contributing to entrepreneurial success?

Achievement motivation, internal locus of control, innovation, creativity, and risk-taking.

What defines a small business?

Privately owned with limited scale, few employees, and modest revenue.

What are the quantitative criteria for identifying small businesses?

Number of employees, sales volume, value of assets, and market share.

What characterizes small, medium, and micro enterprises (SMMEs)?

Fewer than 200 employees and turnover less than R64M.

How do entrepreneurs contribute to community development?

They sponsor local events and prevent economic stagnation.

What stages are involved in the entrepreneurial process?

Idea generation, market research, business planning, funding, legal considerations, product development, marketing, operations, launch, growth, adaptation, sustainability, and exit strategy.

What is the importance of a business plan?

It defines vision, goals, strategies, and financial projections, serving as a roadmap for success and helping secure funding.

What are external stakeholders in a business plan?

Customers, suppliers, investors, lenders, regulators, competitors, media, and community groups.

What skills do entrepreneurs need for effective marketing?

Evaluating offerings and satisfying customer needs.

What is a micro-business defined by in terms of employees and turnover?

5 or fewer employees and R200,000 turnover.

How do strategic locations impact business success?

They enhance customer access, lower operational costs, and align with business goals.

What are the components typically included in a business plan?

Executive summary, business description, market analysis, competitive analysis, marketing strategy, product description, operational plan, management team, financial projections, funding requirements, risk analysis, and appendices.