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Think of all the reasons why one would start a business.
Discuss the difference between needs and wants and give examples:
Discuss the reasons that businesses fail. Decide what successful business owners do to ensure the success of their businesses. Note these positive actions to take to make sure your business is successful. Use the following topics as a guideline:
As part of your pre training assignments you were requested to: observe, list and describe at least three small businesses situated in the area in which you live or work.
Discuss your findings. Make notes of the three businesses in terms of:
Name of business |
Type of business – what do they do or sell |
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You were also requested to identify a successful entrepreneur and do research about this entrepreneur. In groups, discuss the entrepreneurs you identified:
Name of entrepreneur |
Why do you think he is successful |
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Discuss the following questions in a group and note your conclusions.
Discuss the ways of overcoming gender bias for the following:
Discuss cultural barriers that exist for your different business ideas. Also discuss ways of overcoming these barriers.
During your pre-training assignment you were requested to observe, list and describe at least three small businesses situated in the area in which you live or work.
Discuss the following about these businesses:
Discuss ways in which entrepreneurs create employment opportunities.
What employment opportunities will your business create?
Think about the business you want to start. List the advantages there will be for your business. Remember to quote examples of the advantages.
Advantage |
Example |
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Think about the business you want to start. List the disadvantages there will be for your business. Remember to quote examples of the disadvantages.
Disadvantage |
Example |
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In your own words, discuss the reasons that businesses fail and what you will do to make sure that your business is successful.
List and explain cultural, gender and social barriers that exist for your business idea. Also discuss ways of overcoming these barriers.
Discuss the need for a business plan: why is it necessary and what purpose will it have in terms of your small business?
Characteristics required (Describe yourself)
QUESTION |
YES |
NO |
Are you willing to put your own money into the business? |
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Are you a hard worker? |
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Do you have enough faith in your business to believe that you can succeed? |
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Are you good at selling? This is necessary for most businesses, trading, manufacturing or services |
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Do you work well with other people? |
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Are you good at communicating with other people? |
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In a manufacturing business, can you make things? |
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Do you want to be your own boss and do your own thing? |
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Do you want to get out there and do something? |
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Are you willing to learn? |
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Do you have a good credit record or do you have a lot of bad debt? |
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If, after having considered all these factors, you are still determined to go into business, you should check your weaknesses and take steps to improve on them.
Look at your business idea: what knowledge and skills do you need to make a success of your business? What strengths are required by the business? What are your strengths and weaknesses? Match your profile to the business opportunity:
Knowledge and skills needed for the business |
My knowledge and skills |
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knowledge and skills that I still have to acquire |
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Strengths needed by the business |
My strengths |
Weaknesses that I have to turn into strengths |
Draw up an action plan to turn your weaknesses into strengths and to acquire the knowledge and skills needed to start your business. Use the template on the next page to guide you.
During the course of this learnership you have to update this action plan and discuss progress with your facilitator and/or mentor.
Weakness |
Knowledge/skill required |
Which program will address this weakness? |
When can I attend the program? |
Completion Date |
Is the weakness now a strength? If not, what will I do about it? |
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The facilitator will lead a brainstorming session to help you generate ideas for a business. Use the following topics to guide you:
What business idea do you think suits you best? Select at least three from the brainstorming session. Describe your business ideas by comparing the idea to your talents, interests and profile. (8)
Business idea
Are you credit worthy or do you have bad debts? How will this affect your choice of business idea? Will a family member be willing to assist you?
Discuss, do a risk assessment of at the following risks identified with starting your own business: technical, performance, time, community, environmental and cultural contexts. Use the table on the next page as a guideline.
RISK ASSESSMENT |
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Identify uncertainties / risks Look for areas of uncertainty. |
Analyse risks Specify how those areas of uncertainty can impact on delivering the products or service |
Prioritise risks · Which risks should be eliminated completely, because they have the potential of impacting extremely on the business or because they will need regular management attention, · And which risks are small enough not to impact too much on the business and will not need detailed management attention |
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Assess the risks involved in your business idea.
Risks associated with technical knowledge and skills
Risks associated with time
Risks associated with the environment
Risks associated with the community
After the risk assessment, do you still think your business idea is good and will work? Motivate your answer.
Discuss and identify a possible problem relating to any one of the business opportunities discussed or selected by the group. . Discuss the problem and try to find a solution by following the steps above. Note the steps you take, the solution you decide on and how you will monitor the implementation of the solution.
Did it help you to follow the guidelines in the learner guide? Motivate your answer.
Refer to your pre-training assignment.
Make a list of people and organisations you intend to approach to help you with your new venture.
Write down all the resources you will require for your business.
To explain why we have to set goals and objectives, let us start with an excerpt from the delightful Alice in Wonderland, by Lewis Carroll:
The cat only grinned when it saw Alice. It looked good natured, she thought, still, it had very long claws and a great many teeth, so she felt it ought to be treated with respect.
“Cheshire Puss, ” she began, rather timidly, as she did not at all know whether it would like the name; however, it only grinned a little wider. It is pleased so far, thought Alice, and she went on, “Would you tell me, please, which way 1 ought to walk from here?”
“That depends a good deal where you want to get to, ” said the cat. “I don’t much care where, ” said Alice.
“Then it doesn’t matter which way you walk, ” said the cat.
Answer the following self‑check questions in the spaces provided:
To get some practice with analysing objectives, analyse the following objectives. Are they SMART?
List the goals you want to achieve for your business:
Use your list of goals to list your personal objectives against your business objectives:
Personal Objective |
Work Objective |
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What is your long term objective regarding your personal life – what do you want to achieve in the next five years |
What is your long-term objective regarding your business – what do you want to achieve in the next five years. |
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Objective |
Target Date |
Responsibility |
Objective |
Target Date |
Responsibility |
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What do you wish to accomplish in your personal life this year
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What do you wish to accomplish in your business this year |
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Objective |
Target Date |
Responsibility |
Objective |
Target Date |
Responsibility |
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List the things you need to do to meet your objective for this year |
What are the skills you need to obtain to reach your objective |
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Objective |
Target Date |
Responsibility |
Objective |
Target Date |
Responsibility |
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First Month
what
why
when
who
how
Third Month
what
why
when
who
how
Sixth Month
what
why
when
who
how
One Year
what
why
when
who
how
Three years
what
why
when
who
how
Five years
what
why
when
who
how
Identify suitable mentors and coaches to assist you with the implantation of your plan. Are they available and do they have the capacity to assist you?
Identify the resources you will need to successfully implement your plan.
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