Entrepeneurship

Question 1

What is an entrepreneur?

Answer 1

A person who comes up with an idea for a business and then starts that business themselves.

Question 2

What is the process of turning an idea into a business?

Answer 2

Come up with an idea; recognise the need for a product or service in a given area; draw up a business plan; apply for funding; set up the business; market the business.

Question 3

Which factors help to create a successful business?

Answer 3

Market research; viable pricing; reaching the target market; having a proper launch; making sure your product has a competitive edge or advantage over similar products.

Question 4

What question can be answered through market research?

Answer 4

Are you meeting the needs of the target market? Are you producing enough stock? Is your price competitive? Have market trends changed?

Question 5

What factors make a business opportunity great?

Answer 5

You have a product or service that meets the needs of the community and the community is willing to pay for your product or service.

Question 6

What is a successful business?

Answer 6

One that sells the right product to the right people at the right time and place thus filling a gap in the market. It generates earnings and is sustainable.

Question 7

Which factors should you consider before you start a business?

Answer 7

Your personality and interests as well as your skills and abilities; The target market, business skills, available time, energy and health, financial position, start up costs, infrastructure, appliances and equipment.

Question 8

What must be included in a business plan?

Answer 8

Information about the business; production plan; marketing plan; management plan; financial plan; protecting your idea; SWOT analysis

Question 9

What does SWOT stand for?

Answer 9

Strengths; Weaknesses; Opportunities and Threats

Question 10

What is a product specification?

Answer 10

A detailed statement describing the product that ensures a certain standard is maintained and that the completed product will always have the same appearance and quality.

Question 11

What information should be included in a product specification?

Answer 11

Appearance, description of size, dimension and outline, raw materials used in the production process, information about packaging, method of production, equipment used in production.

Question 12

What are unskilled workers?

Answer 12

Workers that receive little or no training in a specific line of work. Their work is usually repetitive and routine and they earn the lowest wages.

Question 13

What are semi-skilled workers?

Answer 13

These workers have limited training in a specific line of work, they can’t perform specialised work, they are only trained for a specific section of the work, they earn higher wages than unskilled workers.

Question 14

What are skilled workers?

Answer 14

Well educated workers with expertise in their field and specialised training and skills in the chosen field. They are able to work independently and earn the highest wages.

Question 15

Which costs should you take into consideration before employing workers?

Answer 15

Level of skill, salary, UIF, SETA, PAYE.

Question 16

What factors should be considered when choosing a workspace?

Answer 16

A new business starts on a small scale and moves to larger premisses as it grows. Workspace must be big enough to efficiently manufacture the product. Many start from home.

Question 17

Which factors should be considered when choosing raw materials?

Answer 17

Availability, freshness, relationship with suppliers, organic versus GMO, quality of material.

Question 18

List the five senses that can be targeted with marketing?

Answer 18

Visual sense, sense of smell, sense of touch, sense of taste.

Question 19

Which factors influence the efficient production of quality products?

Answer 19

Planning, adhering to specification, quality control, tidy workplace, hygiene of workers, control of finances, stock control.

Question 20

What does production planning include?

Answer 20

The order in which the work must be completed in order to meet delivery dates; efficient use and maintenance of equipment to prevent breaks in production which decrease the sales and profits; a work schedule ensuring the efficiency of every worker.

Question 21

What are production costs used for?

Answer 21

To determine the selling price of your product.

Question 22

Which factors negatively affect production costs?

Answer 22

When products are discarded due to poor quality; inefficient use of labour and equipment; poor planning of the entire production process.

Question 23

Why is it important to adhere to product specifications?

Answer 23

It ensures that the product is always the same in terms of appearance, quality, size, weight, texture, colour and style so that the quality of the product remains consistent.

Question 24

What is quality control?

Answer 24

The process of inspecting products to ensure that they meet the required standards that have been set.

Question 25

Which phases of production should be subject to quality control?

Answer 25

Quality of raw materials used, the entire production process, the completed product, packaging and labelling.

Question 26

Why is a tidy workplace important?

Answer 26

To maximise production and to prevent injuries, illnesses, accidents or fires.

Question 27

Why should the workplace be hygienic?

Answer 27

To protect the health of the workers and the eventual consumers. To prevent product contamination.

Question 28

How do you keep control of business finances?

Answer 28

Accurate record keeping, drawing up a budget, correct costing and stock management systems.

Question 29

Why is stock control important?

Answer 29

To avoid running low on raw materials and to prevent waste and theft of materials.

Question 30

Which features of the product should be appropriate for the target group?

Answer 30

Presentation of the product, quality of raw materials, quality and design of packaging, quality of storing, labelling and safety procedures.