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Unit 3 Flashcards

1
Q

Market feasibility study

A

is the investigation into the possibility/probability that an idea has a chance of being successful or not

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2
Q

Feasiblity study

A

is the process of analyzing the market to ensure there is a demand to turn an idea into a business taking risks into consideration

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3
Q

Aims of a market feasibility study

A

It determines whether it is financially viable to present an opportunity and set up a business

It helps assess the business in terms of:

Customer demands

Market and competition

Financing position

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4
Q

Discuss the components of a Market Feasibility Study

A

Industry description - describes the size and future direction of the industry and market in which it operates in

Industry competiveness - describes the competition and price competition of your product

Market potential - describes the current and future market potential

Sales forecast - describe sales estimation

Access to market outlets - describes the different ways to access market outlets

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5
Q

Factors to consider when choosing the location of an enterprise

A

Availability of raw materials and resources

Availability of labour

Competition

Finances

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6
Q

Capital

A

it refers to the resources that businesses use in operation like cash, machinery and equipment

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7
Q

Explain the components of a business plan

A

Description of the enterprise - is a brief description of what the enterprise is all about

Market research report - shows the results from market feasibility study

Marketing plan - is a plan on how you will market your products

Production plan - is a plan on how goods/services will be produced

Organisational plan- shows the roles and responsibilities of the workers in the enterprise

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8
Q

Break- even sales

A

Total fixed/contribution per unit

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9
Q

The importance of a business plan to entrepreneur and enterprise

A

Entrepreneur

Helps you clarify define objectives
Clarifies your vision on your business

Employees

help the employees know and understand the goals of the business

helps employees understand their roles in the business

Financiers

Indicates whether the business is sustainable

Provides clear evidence of logical think and informed decision making

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10
Q

Why does government give incentives

A

to encourage entrepreneurs to invest in certain area

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11
Q

different forms of government subsidies

A

Government grants - money given to entrepreneurs to fund enterprise

Training, education or skills development

Incubation centers - SME are nurtured to for one to three years

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12
Q

Different funding options

A

Government grants

Government loans

Own capital

Hire purchase

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13
Q

Credit history

A

is record of past payments as a guide for future financial transactions

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14
Q

Benefits of a good credit history for funding

A

it shows you are trustworthy and will be able to pay back loans

you will receive low interest rates which is best for your interest

you can receive loans without paying a deposit

easier approval for renting houses and apartments

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15
Q

Insititutions where you can get your business registered

A

Ministry of industrialization, trade and SME development - to a acquires business trading license
- to acquire business registration certificate

Local Authorities - For premises to be approved

Social security commission - to register for social benefits

Ministry of finance - for tax registration

Bank of Namibia- to register for commercial banks

Namfisa - to register for financial initiations

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16
Q

Copyright

A

Protects original artistic work such as music, videos and images

17
Q

Trademark

A

protect the businesses brand

18
Q

Patent

A

refers to an exclusive right given to the inventor of a good/service

19
Q

Standards

A

is an agreed level of quality to use as reference

20
Q

The aims of standards

A

To ensure the safety of customers is not compromised - sometimes business products can cause harm to the consumer

To make sure a product is of good quality - when a product reaches set standards it is of high quality

21
Q

Namibia Standards Institution

A

an institution that regulates the quality of goods and services

22
Q

Why enterprises should comply with the labour act provisions for HIV and AIDS

A

in order to provide a comfortable and safe environment

to avoid negative public views

to avoid being closed to down due to an HIV and AIDS employee complaint

23
Q

Roles of the Central procurement board

A

Regulate the buying and selling of government assets

Regulate the buying and selling of governments goods and service

Come up with the procurement policy

Evaluate bid applications submitted

24
Q

Producers followed when bidding is used to procure goods and services

A

Government owned institutions advertise bid

Enterprises collect the bid

Entrepreneurs fill in the form and attach required documents

The board appoints people to do the selection

The board has a meeting where the final decision is made

The bid is awarded

25
Q

The likely impact of unethical practices at an enterprise

A

Theft by employees; it can result to people losing jobs

Misusing enterprise time; lower productivity levels

Acting rude to towards customers; which lead to the loss of customers and a drop in profit

Dishonesty to customers; it a can bring a bad reputation and image to the business

26
Q

Social responsibility

A

refers to the accountability of the enterprise to the society

27
Q

Sustainable use

A

is the utilization of natural resources with destroying the ecological balance of an area taking in consideration the needs of future generations

28
Q

Explain sustainable use using examples

A

Use water sparingly and rainwater

Use renewable resources to generate electricity

Controlling deforestation

29
Q

Ways of overcoming negative beliefs

A

Develop a positive attitude

Ignoring negative beliefs

Train to get nessessary skills and knowledge
Develop self confidence

30
Q

Define the management tasks

A

Planning - setting aims and objectives for the business and to give the direction and purpose of business

Leading - guiding, influencing and supervising those you are responsible for

Organising - to ensure the tasks are carried out successfully

Controlling - evaluating the work done to ensure objectives are meet

31
Q

triple bottom point

A

is a framework used to measure the enterprise terms of the environment sustainability , social responsibility and financial profitability

32
Q

Components of a triple bottom line

A

Social responsibility - this is giving back to the community through social welfare activities

Environmental sustainability - sustainaing the environment so it can be used for future generations

Financial profitability - this is the profit motive for business

33
Q

Enterprise network

A

is a large group of enterprises that communicate with each other and work together as a unit

34
Q

Types of enterprises network

A

Service Network

Social Network

Transportation Network

ent (4 decks)

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