ETP2601 ASSIGNMENT 2
WE ALIGHT TUTORIALS
➢ CONTACT DETAILS; CALL/APP +27611279778
➢ EMAIL ADDRESS;
, ETP2601
YEAR 2022
SEMSTER 1 ASSIGNMENT 2
QUESTION 1
1.1 The above case study makes it clear that Ntuthuko Shezi has goals he wants
to achieve for Livestock Wealth. With reference to the case study, explain to an
aspiring entrepreneur how important setting goals is for their business. (6)
Entrepreneur goal setting is important because starting a successful business takes
time, patience and dedication. If you're launching a new company, defining your goals
can help you track your company's progress. Goal setting helps you visualize your
thoughts and ideas more clearly.
Goals are powerful—they can focus attention on achieving desirable outcomes. In
business, one desirable outcome would be profitability. Profitability does not happen
without making sales, plus correctly managing expenses. Employees prefer to know
what management expects them to accomplish, and goals provide that direction. The
human brain has amazing proble solving abilities, and goals channel brain power
toward finding solutions.
Whether business goals are to set company direction or provide motivation, they should
be specific, measurable, achievable, and timely. Let’s go back to the profitability goal
mentioned previously. A company goal stating: Ntuthuko Shezi’s Company will be
profitable” is not very specific. How profitable? Are there enough customers to achieve
that? By when will profitability be reached? How will you know the company is
profitable? A better way to state that goal is: “Ntuthuko Shezi’s Company will attain a 10
percent net profit margin by the end of 2014, based on sales of 100,000 units.” Now it’s
possible to plan action steps to reach that goal and adjust the progress toward attaining
the goal if necessary.
Once in a while, management will want to change the course of an organization by
motivating employees to reach higher. Jim Collins and Jerry Porras, in their book “Built
WE ALIGHT TUTORIALS
➢ CONTACT DETAILS; CALL/APP +27611279778
➢ EMAIL ADDRESS;
, ETP2601
YEAR 2022
SEMSTER 1 ASSIGNMENT 2
QUESTION 1
1.1 The above case study makes it clear that Ntuthuko Shezi has goals he wants
to achieve for Livestock Wealth. With reference to the case study, explain to an
aspiring entrepreneur how important setting goals is for their business. (6)
Entrepreneur goal setting is important because starting a successful business takes
time, patience and dedication. If you're launching a new company, defining your goals
can help you track your company's progress. Goal setting helps you visualize your
thoughts and ideas more clearly.
Goals are powerful—they can focus attention on achieving desirable outcomes. In
business, one desirable outcome would be profitability. Profitability does not happen
without making sales, plus correctly managing expenses. Employees prefer to know
what management expects them to accomplish, and goals provide that direction. The
human brain has amazing proble solving abilities, and goals channel brain power
toward finding solutions.
Whether business goals are to set company direction or provide motivation, they should
be specific, measurable, achievable, and timely. Let’s go back to the profitability goal
mentioned previously. A company goal stating: Ntuthuko Shezi’s Company will be
profitable” is not very specific. How profitable? Are there enough customers to achieve
that? By when will profitability be reached? How will you know the company is
profitable? A better way to state that goal is: “Ntuthuko Shezi’s Company will attain a 10
percent net profit margin by the end of 2014, based on sales of 100,000 units.” Now it’s
possible to plan action steps to reach that goal and adjust the progress toward attaining
the goal if necessary.
Once in a while, management will want to change the course of an organization by
motivating employees to reach higher. Jim Collins and Jerry Porras, in their book “Built
