The Entrepreneur and Business Fundamentals

Vocabulary flashcards covering the definition of an entrepreneur, personality traits, business skills, financial calculations, SWOT analysis, and advertising principles.

Entrepreneur

A person who recognises a need in a community and starts a business to meet that need.

Ambitious

A personality trait defined as a strong desire to achieve something.

Disciplined

A personality trait where individuals commit to working hard, avoiding distractions from goals, and addressing immediate tasks.

Self-confident

Believing in one's ability to succeed and being able to sell ideas to customers.

Persevering

The trait of never giving up, learning from mistakes, and finding solutions rather than problems.

Risk taking

The willingness to take calculated risks at times, rather than careless or unwise ones.

Responsible

Taking charge and being accountable for decisions made.

Competitive

A trait where individuals thrive on competition and compete against themselves to continually improve.

Passionate

Loving and enjoying what you do.

Socially outgoing

Continuously building up contacts and networks with others by being sociable.

Skills

Things that an entrepreneur can do well, which may be inbuilt or learned.

Creative thinking

Finding clever solutions for problems and thinking outside the box.

Management

The skill of planning and organising people and activities effectively.

Negotiating

The ability to obtain the best prices or deals and to resolve differences or conflict.

Profit

When a business receives more money than what it spends.

Wholesalers

Businesses like Makro that sell products in large quantities (bulk) for lower prices.

Cost price

The price an entrepreneur pays a wholesaler for a product.

Mark up

The amount added to the cost price of an item or service to reach the selling price, including expenses and profit.

Selling price calculation

The formula used is: $Cost\,price + Expenses + Profit = Selling\,price$ (e.g., $R15 + R8 + R5 = R28$).

Manufacturing

Another word for producing, such as making clothing, creating artworks, or growing plants.

Needs

Things that consumers cannot live without, such as food, water, and shelter.

Wants

Things that consumers would like to have but can live without, such as fancy shoes, cars, and entertainment.

Market research

The process of collecting vital information about the needs and preferences of potential product users to plan or improve products.

Strengths (SWOT)

Positive internal attributes of a business that can be controlled, such as being well situated.

Weaknesses (SWOT)

Negative internal attributes of a business that can be controlled, such as not having enough stock.

Opportunities (SWOT)

Positive things or circumstances in the external environment that cannot be controlled but help toward business goals.

Threats (SWOT)

Negative things or circumstances in the external environment that cannot be controlled and could affect business goals.

Advertising

Getting the public's attention to sell a product or service and convince customers it will satisfy their needs.

Newspaper Advertising Rates

The cost of advertising in print media, which usually depends on readership numbers and circulation.