Business Management & Entrepreneurship

Pick all the relevant resources below:

• Natural resources

• General management.

• Human resources

• Capital

• Entrepreneurship

Pick all the relevant needs applicable to customers. (Maslow's Hierarchy of Needs)

• Social Needs

• Physiological Needs

• Safety

• Self-esteem

• Self-realisation.

What are the main Economic Systems?

• Marketing Management.

  Financial Management.

  General Management.

• Market Economy.

  Command Economy.

  Socialism.

• Business organisations

  Government organisation

  Non-profit seeking organisations (NPO)

What are the 4 Traits of an Entrepreneur?

• Love.

  Care.

  Interest.

  Intensity.

• Strategic skills.

  Planning skills.

  Marketing skills.

  Financial skills.

• Achievement motivation.

  Internal locus of control.

  Innovation & creativity.

  Risk-taking.

There are 2 types of entrepreneurs. The 1 type becomes an entrepreneur due to external circumstances forcing her/him to start a business out of necessity. What is this type of entrepreneur?

(a)  

Name the Form of Ownership: "A contractual relationship between 2/ more persons who operate lawfully to make a profit".

• Partnership.

• Company.

• Trust

• Closed corporation.

Name the Form of Ownership: "Characteristics of both a partnership & company. Members both own and control the company."

• Trust.

• Cooperative.

• Closed corporation.

• NPO.

Why is it important to develop a Business Plan?

• So that stakeholders think the organisation is credible.

• It assists with customer feedback for the organisation.

• It directs, guides, & helps implement the vision & mission of the organisation.

• The organisation is forced to do so.

Pick the 3 business environments from the list below.

• The economic environment.

• The micro-environment.

• The macro-environment.

• The political environment.

• The Market environment

Why do organisations conduct a SWOT Analysis?

• To create awareness towards the company's value.

• To allow employees to understand the own skills.

• To create a new avenue of operation.

• To analyse the internal and external environments that the organisation operates in.