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University of South Africa BSM1501 Study Notes. Complete Course
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University of South Africa BSM1501 Study Notes. Complete Course
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BSM1501 Study Notes. Complete Course1
BSM1501/1
(iii)
CONTENTS
Page
INTRODUCTION ...................................................................................................................... iv
LEARNING UNIT
1 ........................................................................................................................................... 1
LEARNING UNIT
2 .........................................................................................................................................17
LEARNING UNIT
3 .........................................................................................................................................38
LEARNING UNIT
4 .........................................................................................................................................51
LEARNING UNIT
5 .........................................................................................................................................76
LEARNING UNIT
6 ...................................................................................................................................... 100
APPENDIX A.......................................................................................................................... 122
(iv)
INTRODUCTION
Welcome
2It is a great pleasure to welcome you to this module. We hope that you will enjoy this
course. This study guide is merely a summary of the contents in your prescribed textbook.
,BSM1501 Study Notes. Complete Course
PURPOSE OF THE MODULE
3The purpose of the module Entrepreneurship and how to establish your own business is
for you to acquire foundational concepts in business management. This module will develop
your understanding of entrepreneurship and it will teach you how to become an
entrepreneur and introduce you to the route that you have to follow to start your own
business. It provides a foundation for all later modules in this subject.
LINK TO OTHER MODULES
4This module does not stand alone. It is an integral part of Business Management I. The
purpose and the learning outcomes of this module are therefore aimed at developing
your expertise and abilities in the fi eld of entrepreneurship.
MODULE OUTCOMES
Module outcomes
5After completing this module, you should have the competence to identify and start a
small business with the necessary assistance and support, and to develop business plans
that comply with appropriate laws and that refl ect an ethical approach to management.
6The intended outcomes can be distinguished as follows:
7SPECIFIC OUTCOMES 8ASSESSMENT CRITERIA
91. Compile a business plan with assistance 10.1 Apply market research techniques
and the SWOT analysis to identify and
evaluate opportunities, sketch customer
profi les and identify competitive
advantages.
11.2 Apply fi nancial and marketing knowledge
and planning and information
technology skills to generate a business
plan.
(v)
BSM1501/1
12. Implement a business plan with
assistance
132.1 Apply knowledge of the business world
,BSM1501 Study Notes. Complete Course
and communication and networking
skills in obtaining a support base.
142.2 Use knowledge of legal requirements
to register an enterprise and ensure
compliance.
152.3 Apply knowledge of business practice
to obtain the necessary resources.
162.4 Identify entrepreneurial skills to start
an enterprise according to the business
plan.
Framework of the module
18The following six chapters of the prescribed textbook provide the framework for this
module:
CONTENTS
CHAPTER 1 – ENTREPRENEURSHIP AND SMALL, MEDIUM AND MICRO ENTERPRISES IN
PERSPECTIVE
CHAPTER 2 – BASIC BUSINESS CONCEPTS AND THE BUSINESS ENVIRONMENT
CHAPTER 3 – THE IDENTIFICATION AND DEVELOPMENT OF BUSINESS IDEAS
CHAPTER 4 – THE VIABILITY OF A BUSINESS IDEA
CHAPTER 5 – THE BUSINESS PLAN
CHAPTER 6 – SETTING UP A BUSINESS
19
(vi)
A mind map for the prescribed textbook
20Entrepreneurship and how to establish your own business
21
Composition of the study/learning package for the module
22The study package for this module consists of this study guide and tutorial letter 101.
You must purchase the prescribed book as soon as possible. The prescribed book is vital
because you will not be able to complete this module successfully without it.
COMPLETING ACTIVITIES, SELF-ASSESSMENT QUESTIONS AND
, BSM1501 Study Notes. Complete Course
ASSIGNMENTS
23We consider the completion of the activities and self-assessment questions in the tutorial
letters and the assignments as crucial to the successful understanding of this module.
Activities
24You will come across various types of activities in this study guide:
(vii)
BSM1501/1
• refl ecting on work covered
• completing self-assessment questions
• doing self-assessment by means of the suggested solutions to the self-assessment
questions
25We consider your completion of the activities in the study guide and the assignments
as crucial to your successful completion of this module. The activities in the study guide
will guide you on how to manage the content of the study material.
Self-assessment questions
26At the end of each learning unit you will fi nd self-assessment questions based on the
work done in the chapter. We advise you to work through these questions diligently, since
they provide extremely useful opportunities to prepare yourself for possible examination
questions. Self-assessment plays a very important role in mastering learning outcomes
and you should therefore complete the self-assessment activities in the study guide. You
will fi nd most of the answers to these questions in the study material covered in the study
guide and the prescribed textbook.
Assignments
27By completing the assignments that appear in Tutorial Letter 101, you will get an idea of
the types of questions you can expect in the examination and obtain fi rst-hand feedback
from your lecturer. The assignments as well as the examination comprise only multiplechoice
questions. For every question there are four options, numbered from 1 to 4, of
which you must select only one. For example:
28The internal business environment consists of the …
(1) micro-environment.
(2) market environment.
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