119673 Identify and Demonstrate Entrepreneurial Ideas and Opportunities

Assignment Task

Section A: Formative Assessment

Question 1 

I. In your own words define the term entrepreneurship. (2)

II. Identify the advantages and disadvantages of entrepreneurship (12)

Question 2 

I. Explain the role of entrepreneurship in creating employment in South Africa. (8)

II. Identify cultural, gender, economic and social barriers to entrepreneurship. (8)

Question 3

What makes up a business?

Question 4 

I. Define the term business plan

II. Explain the importance of a business plan in a new venture (10)

Question 5 

I. Identify and describe the typical characteristics of an entrepreneur (12)

II. Identify and explain the key skills, personality traits and values that entrepreneurs must possess.

Section B: Practical Assessment

Task 1

I. What business is Luvuyo Rani operating?

II. Identify the characteristics, aptitudes, and values that Luvuyo Rani has as a successful entrepreneur.

III. Explain the technical, business and managerial skills that Luvuyo has that relate to his line of business. Use examples from the case study.

IV. Which entrepreneurship opportunity did Luvuyo identify in the community?

V. How many people does the venture employ? 

VI. How did Luvuyo address his shortcomings in business after starting Silulo Ulutho Technologies?

VII. Identify potential risks for this business?

Task 2

Morongwe is a 35 year old woman who works for ITD holdings as the Finance Manager. Judging from her lifestyle, her salary is allowing her to take good care of herself and her sick mother. She has been in her current job for 3 years now. Academically, she has a degree in financial management from UNISA and various certificates in business management from local colleagues. As an employee, she believes that one must work from 8am to 4pm and she made it a point that she will not work overtime. After attending an entrepreneurship course hosted by a local bank, Morongwe is thinking of leaving her current job to start her own business which specialises in financial planning.

Advice Morongwe on;

I. The advantages and disadvantages of entrepreneurship. (10)

II. What barriers might she face inorder to become a successful entrepreneur. (8)

Task 3

Complete the attached questionnaire (Entrepreneurial potential self examination survey) which was designed to assist learners to assess their entrepreneurial potential. Learners will find that the questions are structured so that a high score generallymeans a higher level of entrepreneurial potential. For that reason those completing the questionnaire must be encouraged to be honest in their self-evaluation. It must also be pointed out that the survey will not be graded on the basis of the level of entrepreneurial potential that the learner attains but, rather, on the depth of thought that is exhibited. Learners should prepare a three-page report discussing their results to accompany the completed questionnaire. Attach the completed questionnaire in your POE.

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