GRADE 12 ENTREPRENEURSHIP
1ST QUARTER • CONDENSED STUDY NOTES
1. Entrepreneurial Mindset
• Entrepreneurial thinking focuses on opportunities, problem-solving, value creation, and informed action.
• An entrepreneur organizes and manages a venture while dealing with uncertainty and risk.
Competency Focus
Reflection Learning from experiences and identifying improvements.
Experimentation Testing ideas and learning from results.
Creativity Generating useful and original ideas.
Empathy Understanding people’s needs, experiences, and perspectives.
2. Play and Design Thinking
• Play can encourage exploration, experimentation, flexibility, and creative problem-solving.
Stage Purpose
Empathize Understand users and their needs.
Define Clearly state the problem or need.
Ideate Generate possible solutions.
Prototype Create a simple version of a solution to test and improve.
3. Entrepreneurship Career Types
• Commercial entrepreneurship focuses on business opportunities and financial value.
• Social entrepreneurship focuses on social needs while creating sustainable value.
• Corporate entrepreneurship or intrapreneurship involves entrepreneurial action within an existing organization.
• Startup entrepreneurship involves developing a new venture.
• Franchising uses an established business model and brand under agreed terms.
4. Entrepreneurial Process
Phase Main task
1. Identify & evaluate opportunity Recognize an opportunity and assess viability.
2. Develop a business plan Describe the business, strategy, market, and operations.
3. Determine resources Identify people, money, materials, technology, and other resources.
4. Manage the enterprise Operate, monitor, adapt, and improve the business.
5. Business Plan
• A business plan organizes the direction and major activities of a proposed or existing business.
Grade 12 Reviewer • Page 1
1ST QUARTER • CONDENSED STUDY NOTES
1. Entrepreneurial Mindset
• Entrepreneurial thinking focuses on opportunities, problem-solving, value creation, and informed action.
• An entrepreneur organizes and manages a venture while dealing with uncertainty and risk.
Competency Focus
Reflection Learning from experiences and identifying improvements.
Experimentation Testing ideas and learning from results.
Creativity Generating useful and original ideas.
Empathy Understanding people’s needs, experiences, and perspectives.
2. Play and Design Thinking
• Play can encourage exploration, experimentation, flexibility, and creative problem-solving.
Stage Purpose
Empathize Understand users and their needs.
Define Clearly state the problem or need.
Ideate Generate possible solutions.
Prototype Create a simple version of a solution to test and improve.
3. Entrepreneurship Career Types
• Commercial entrepreneurship focuses on business opportunities and financial value.
• Social entrepreneurship focuses on social needs while creating sustainable value.
• Corporate entrepreneurship or intrapreneurship involves entrepreneurial action within an existing organization.
• Startup entrepreneurship involves developing a new venture.
• Franchising uses an established business model and brand under agreed terms.
4. Entrepreneurial Process
Phase Main task
1. Identify & evaluate opportunity Recognize an opportunity and assess viability.
2. Develop a business plan Describe the business, strategy, market, and operations.
3. Determine resources Identify people, money, materials, technology, and other resources.
4. Manage the enterprise Operate, monitor, adapt, and improve the business.
5. Business Plan
• A business plan organizes the direction and major activities of a proposed or existing business.
Grade 12 Reviewer • Page 1
