MNE2601 - Introduction To Entrepreneurship And Small Business Management
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MNE2601-Introduction To Entrepreneurship And Small Business Management EXAM PACK 2021.
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MNE2601 - Introduction To Entrepreneurship And Small Business Management
Institution
University Of South Africa
MNE2601-Introduction To Entrepreneurship And Small Business Management EXAM PACK 2021. Read the following case study and answer the questions that follow
Sakhepi Mighty Gwabeni, a law degree graduate from the University of South Africa,
opened a law firm in central Pretoria in 2008. He graduated ...
mne2601 introduction to entrepreneurship and small business management exam pack 2021
mne2601 introduction to entrepreneurship and small business management
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MNE2601 EXAM PACK 2021
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MNE2601
EXAM PACK
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UNIVERSITY EXAMINATIONS
October/November 2020
MNE2601
Introduction to Entrepreneurship and Small Business Management
70 Marks
Duration: 3 Hours
This paper consists of twelve (12) pages.
Instructions:
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Read the following case study and answer the questions that follow
Sakhepi Mighty Gwabeni, a law degree graduate from the University of South Africa,
opened a law firm in central Pretoria in 2008. He graduated in 2006 and obtained
admission as an attorney. When he opened his law firm, he felt that he did not have
enough business experience, given that he was only admitted two years earlier and
thought that he had to gain at least five years of experience before opening his own
practice. Through reputation and professionalism Gwabeni Incorporated (GI) managed to
grow within a short space of time.
Sakhe had to quickly gather resources, such as office space and equipment, through the
help of family members. His start-up costs were in the region of R140 000; and he
acquired a loan of R80 000 from the National Youth Development Agency and used his
savings and some family contributions. Sakhe had to hit the ground running although he
felt that he was ill-prepared for the new challenge of having to compete with much more
experienced opponents and skeptical clients. Sakhe approached a long-time friend and
business associate, Lebogang, who was also an attorney, and other experienced
attorneys for assistance and advise. GI did well against all odds owing to the
determination of its founder and staff members.
Sakhe faces many challenges daily as many South Africans still prefer to be represented
by larger law firms. There are also difficulties when it comes to issues of late or non-
payment from clients, which affects the cashflow of the business. There are new
regulations which compel law firm directors, like Sakhe, to follow a compulsory practice
management course. Added to these requirements is the burden of adhering to laws
covering tax, labour, occupational health and safety as well as other related business
laws.
In 2013, GI entered the transport business because of a need to expand the business,
even though it was not their core business. GI entered the passenger transport sphere in
the Eastern Cape and began running three bus operations, one of which is subsidised by
the Eastern Cape road and Transport Department. The other one is as a result of a
scholar transport contract with the Education Department and is expected to grow in the
future. With an average turnover of R17 million per annum, GI employs a minimum of
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