2.0 ENTREPRENUERSHIP

Question 1

What is an entrepreneur according to the introduction?

Answer 1

An entrepreneur is a person who identifies market opportunities for products or services and develops new ones to satisfy those needs.

Question 2

What are some of the needs for smallholder goat producers to run successful commercial enterprises?

Answer 2

Smallholder goat producers need to understand business risks, access knowledge and information, identify opportunities, commit time and resources, and set achievable goals.

Question 2

What mentality do most goat producers have, and how does it affect their business approach?

Answer 2

Most goat producers have the “Imbuzi ziyazibonela” (The goats should look after themselves) mentality, which leads to a lack of realization of the goats’ value and their potential contribution to livelihoods if managed as a business enterprise.

Question 3

Can you list some characteristics of entrepreneurship important for a commercial goat producer?

Answer 3

Important entrepreneurial characteristics include identifying business opportunities, taking calculated risks, setting goals, seeking information, committing to a business plan, persuasion and networking, and systematic planning and monitoring.

Question 4

How does the text define a business opportunity?

Answer 4

A business opportunity is defined as a chance, opening, or prospect that avails itself, which can be seen in business or personal life where others do not.

Question 5

What role does identifying problems, resources, and unmet needs play in entrepreneurship?

Answer 5

Identifying problems, resources, and unmet needs is crucial in entrepreneurship as it leads to the development of business ideas and the first step in business creation.

Question 6

Can you give examples of entrepreneurs in the goat sector mentioned in the text?

Answer 6

Examples include a farmer who stores and sells supplementary feed during the dry season, a group of farmers who sell slaughter goats due to a beef shortage, and a trader who buys goats from smallholders to sell to abattoirs.

Question 7

What business opportunity involves a group of farmers and transportation?

Answer 7

A group of farmers realized the opportunity to sell more slaughter goats due to a shortage of beef, organized themselves, hired a truck, and transported 50 goats per month for sale.

Question 8

What does the text suggest about the importance of identifying business opportunities in the goat sub-sector?

Answer 8

Identifying business opportunities in the goat sub-sector is implied to be critical for leveraging potential market gaps and for the successful establishment and growth of goat enterprises.

Question 9

What is calculated risk-taking in the context of goat production?

Answer 9

It involves identifying opportunities, matching them with one’s capabilities, and taking informed decisions to balance between success and failure.

Question 10

Why are most goat producers afraid of taking risks?

Answer 10

They fear losing savings, are unsure about the return from the goat enterprise, and lack information on available opportunities.

Question 11

Can you give an example of risk-taking by goat traders?

Answer 11

Goat traders take risks by undertaking buying, transportation, pre-financing, covering personnel costs, and paying slaughtering fees, tasks most smallholder goat producers avoid.

Question 12

What is the purpose of setting objectives in goat business?

Answer 12

Objectives provide direction, motivation, organization, and act as monitoring tools by defining specific, measurable, achievable, realistic, and time-bound goals.

Question 13

Give an example of a non-SMART objective versus a SMART objective in goat production.

Answer 13

Non-SMART: “I want to have more money.” SMART: “I will sell 5 goats directly to TITI restaurant by September, leading to an increase in my income by 100%.”

Question 14

Why is information seeking important for an entrepreneur in the goat business?

Answer 14

It shapes the business plan, helps reduce risk, and enables better, informed decision-making.

Question 15

What are some methods of information gathering mentioned in the text?

Answer 15

Methods include desk research, interviews, questionnaires, and observation.

Question 16

What sources of information are useful for goat producers?

Answer 16

Sources include business magazines, books, government records, electronic media, Business Development Service providers, internet, competitions, buyers, suppliers, other farmers, and newspapers.

Question 17

What does commitment to the business plan entail for a goat producer?

Answer 17

Staying focused, adhering to the work plan, and motivating and providing leadership to the team involved in the goat business.

Question 18

How can persuasion skills and networking benefit a goat business?

Answer 18

They help remind buyers or abattoirs about goat availability, build strong business relationships based on trust and mutual benefits, and ensure constant communication with suppliers and buyers.

Question 19

Why is persistence important in the goat business?

Answer 19

Because the business is full of challenges, and persistence helps one adapt to changes, be flexible, and turn obstacles into opportunities.

Question 19

What are some qualities of independence and self-confidence in goat production?

Answer 19

Being one’s own boss, transforming dreams into reality, self-belief, decision-making freedom, and striving for financial independence.

Question 20

What are the key steps in systematic planning and monitoring of a goat business?

Answer 20

Identifying the current situation, desired future, business environment, strategic options, and establishing a monitoring plan with milestones.

Question 20

How do strong business relationships impact the goat business?

Answer 20

They are built on trust, fair decision-making, balanced power structure, shared goals, equitable returns, effective problem-solving, and commitment, all of which are essential for business success.

Question 21

What role does flexibility play in the success of a goat business?

Answer 21

Flexibility allows the entrepreneur to quickly adapt to market and environmental changes, making it easier to overcome challenges and seize new opportunities.