Summary Buiness Studies grade 11 term 3 test

Business Test Term 3
Qualities of an entrepreneur
 Desire for responsibility
Entrepreneurs like to prove themselves as being innovative, hardworking, and
responsible for creating their own income.



 Taking calculated risks
An entrepreneur is willing to take a well thought o risk because risks involve
a degree of uncertainty.



 Good management and leadership skills
An entrepreneur has good management skills such as planning, motivating,
and controlling.



 High levels of energy
High energy levels and good health are essential.



 Dreams with a clear vision
An entrepreneur has a vision of where they are heading and what they want to
achieve in future.



 Confidence in one’s ability to succeed
An entrepreneur must have confidence, believe in themselves and believe
they can achieve their goals.



 Flexibility
The business environment is constantly changing, and entrepreneurs must
be flexible to adapt to these changes.



 Willpower to overcome obstacles
Entrepreneurs face many obstacles, for example, new competitors.

, Recognising opportunities
A successful entrepreneur can recognise opportunities and has the drive to
convert them into business opportunities.



 Showing perseverance
An entrepreneur shows perseverance by continuing to try until they have
reached a goal.



 Organisational skills
Entrepreneurs need to have excellent organisational skills.



 Passion
An entrepreneur is passionate and enthusiastic about their product and
business.



 A high degree of commitment
Entrepreneurs must be committed to see something through despite
di iculties.



 Product and customer focus
Developing products or services that make people’s lives easier is a
characteristic of entrepreneurship.



 Being creative
An entrepreneur uses creative thinking skills to turn threats into business
opportunities in order to be competitive.

, Success factors that contribute to the success of a business:


 Strategic focus- includes leadership, management and planning
 Profitability -successful businesses e ectively manage financial matters to
ensure return on investment
 Sustainability -the business must be able to contribute without doing damage to
the environments in the community in Richards works
 Market knowledge- having market knowledge is knowing about the various
aspects that could also be impact on the business
 Strong customer base -successful businesses have a strong customer basing
keeping looking for ways to expand the customer base
 Good leadership - Good leaders also bring energy, enthusiasm, and urgency to
the workplace, which filters through the business and motivates sta .
 Ethics, controls, and good governance -An unethical, corrupt business is not
sustainable.
 Stable workforce -a stable workforce that are experts in their field is productiv
 Unique product or service- Goods and services must fulfil the needs and desires
of the consumers



Areas for improvement :


 Regularly evaluate the price of every product.
 Operate from a plan based on its vision to avoid deviation.
 Make sure the money comes in quickly.
 Keep business expenses to a minimum.
 Set goals with reasonable milestones and timelines