Chapter 14

Question 1

What is the meaning of an entrepreneur?

Answer 1

-An entrepreneur is a person who demonstrates the attributes, behaviors, knowledge and skills needed to start/make a success of a business venture.

Question 2

Identity the qualities of an entrepreneur?

Answer 2

• Risk taking
• Creativity and innovation
• Perseverance
• Confidence and adaptability
• Recognizing opportunities
• Vision and communication skills
• Good management and organization
• Honesty and ethics
• Responsibility

Question 3

Describe the key success factors of a business ?

• Sustainability
• Profitability
• Customer base

Answer 3

1. Sustainability
   - A bussiness continues to exist despite all the challenges and threats, it is confronted with.
   - Attracts and retains employees more easily.
   - Experiences less financial and reputation risk.
   - Does not damage the environment and community it operates in.
2. Profitability
   - Makes money and management is passionate about their business operations.
   - Attracts more investors which enables the bussiness to expand its activities and to become more profitable.
3. Customer base
   - Meets the needs of the customer consistently and provides excellent services.
   - Keeps a record of the people buying their products.
   - Collects customers contact details

Question 4

Describe the key success factors of a Bussiness :

• Knowing the market
• Good leadership
• Ethics/control and good governance
• stable workforce

Answer 4

4. Knowing the market
   - Conducts research of finding out the customer needs and type of customers that buy the product or service.
5. Good leadership
   - Good leaders also bring energy, enthusiasm and urgency to the workplace.
   - This filters through the business and motivates staff to perform better.
6. Ethics/control and good governance
   - Unethical corrupt business = not sustainable
7. Stable workforce
   - Employees are motivated, happy and well trained.
   - Loyal to the business and will stay with the bussiness for longer.

Question 5

What are some areas of improvement for business to look at ?

Answer 5

• Regularly evaluate the price of every product
• Operate from a plan based on its vision
• Make sure the money comes quickly
• Keep business expenses to a minimum
• Set goals with reasonable milestones and timelines.
• Identity the target market and what they do for them.
• Look after it’s best costumers.

Question 6

What are some strategies some business can use to ensure that they remain profitable and sustainable ?

Answer 6

1) Through planning.
- Through planning will also ensure that business is not damaging the environment.
2. Sound managing finances.
- Ensure that a sound return of investment can be quarantined to investors.
3. Effective management of source resources.
- Ensure that business is using resources sparingly and employees are attracted and retained.
4. Maintaining a solid customer base.
- Keep a record of the people buying their product and meeting the needs of the costumer base.

Question 7

What are some strategies some business can use to ensure that they remain profitable and sustainable ?

Answer 7

5. Behaving ethically
   Ensure that people continue to support your business and having the image of not being corrupt.
6. Being socially responsible
   Promote the image of the bussiness by investing in CSI PROJECTS
7. Being ethical and taking care of the environment

• Being environmentally aware and friendly
• Consider triple bottom managing : profit, plant and people.

9. Consistency and reliability
   - Maintain a solid customer base and build on business success and learn from mistakes
10. Upholding transparency
    - Reveal what the bussiness does and what it stands for.