Bsm1501 Study guides, Study notes & Summaries

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Business -a business or enterprise can be described as an independent institution, established by an entrepreneur to make a profit by producing goods or providing services that satisfy customers needs -customer is able to satisfy their needs, while the entrepreneur makes a profit Establishment -a place where inputs such as raw materials and other components are processed to produce a product or provide a service. -production activities take place in an establishment Relationship betwee...

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BSM1501_ASSIGNMENT_2

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Define concept of entrepreneur-Entrepreneurs have the ability to identify and seize an opportunity and to create and develop a business by adding value -they do this by applying resources that include finance, time, effort, people and skills -Are willing to take risks and through their businesses they organize, manage and achieve results Definition of small business manager-manages an existing business or franchise without ensuring growth -works full or part-time in a lifestyle busines...

QUESTIONS AND ANSWERS FOR BSM1501 ASSESSMENT 3 2024 SEMESTER 1

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