Class notes
Mnb 1501 Notes 2
- Course
- Institution
This is a comprehensive and detailed note on Mnb 1501. Quality stuff!!
[Show more]
Seller
Follow
anyiamgeorge19
Reviews received
Content preview
gimmenotes.co.zaGIMMENOTES.CO.ZA
Contibuter’s Name Notes Overview
Unknown Business Management 1 A
info@gimmenotes.co.z
a
School
University of South
Africa (UNISA)
MNB1501
STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
Primary task of business management:
Determine how an enterprise can achieve the highest possible output with the least
possible input, or
An examination of factors methods and principles that enable a business to efficiently
and productively maximize profits
Needs order
Self-Realisation
Esteem Needs
Social Needs
Security Needs
Physiological needs
Overlap
Physical and Psychological needs may overlap
The need for self-esteem affects people who has already satisfied their lower order needs
Limited Resources
Natural
Human
Capital
Entrepreneurship Management
The economic principle
A business’s effort to provide the greatest possible need satisfaction with limited available resources
Main Economic Systems
gimmenotes.co.za Page 1
, gimmenotes.co.za
Free-Market Economy
o Within the free-market economy free competition and high social costs is
true.
o State interfere minimum
o Main driving force is profit generation
Command Economy
o Centrally Directed economic system – State owns and controls the communities
resources or factors of production
Socialism
o socialistic system the state does own and control many of the country’s principle
industries such as transportation, health services and energy
Non-Profit
The economic principle applies to non-profit seeking business as it does to profit seeking business.
STUDY UNIT 2: ENTREPRENEURSHIP
Entrepreneur’s traits
Achievement motivation
o Actions of intense, prolonged and repeated effort to accomplish something that is
different
o Work single minded towards goal
Internal locus of control
o A persons need to be in charge of his/her destiny
o can persuade and motivate other people
Innovation and creativity’
o Conceive and create new and unique products
Risk Taking
o Taking risks in one way or another
The Entrepreneurial Process
The entrepreneurial process involves the following phases:
Abilities and skills:
o Before entering the business world, any potential entrepreneur should first clarify
whether he or she has the abilities and skills to do so.
Access to resources:
o Access to Capital, time, energy and other resources to launch
Opportunity:
o It is also important to assess the opportunity that the entrepreneur is pursuing.
Feasibility:
o Feasibility Study: Once the opportunity has been identified and defined, the
entrepreneur needs to find out if it can be turned into a successful venture. After
the opportunity was identified,
Business plan:
o Once the entrepreneur has some certainty about the feasibility of the venture, he
or she needs to compile a business plan.
Manage the business:
gimmenotes.co.za Page 2
, gimmenotes.co.za
o Once feasibility has been established and resources have been acquired, the
entrepreneur launches and manages the new business.
Skills required for entrepreneurship
Strategy Skill
o Consider a business as a whole and to understand how it fits within its
marketplace
Planning Skill
o Ability to consider what the future may offer
Marketing Skill
o Evaluate offerings of business and features with customer needs and wants
o Pricing, Promotion, distribution of products and services
Financial Skill
o Manage Money
Human Relations Skill
o Leadership, people, motivational and communication
gimmenotes.co.za Page 3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now