This ENTP6212 Small Business Management 2B Study Guide is your ultimate resource for mastering entrepreneurial concepts. Covering business opportunities, ethical practices, franchising, marketing, product development, risk management, and leadership, it provides detailed, practical insights. Design...
, ENTP6212 Small Business Management 2B Study Guide
This study guide provides a detailed breakdown of the learning units for the ENTP6212
Small Business Management 2B module.
Learning Unit 1: The Entrepreneurial Life
• Theme 1: Importance of Entrepreneurs and Small Businesses
o Discuss the importance of entrepreneurs and small businesses in local
communities. Small businesses make up a significant portion of
businesses in South Africa, contributing substantially to employment and
GDP. They are vital for building and sustaining economies.
o Differentiate between entrepreneurial opportunities and small
businesses. An entrepreneurial opportunity is an economically attractive
and timely opportunity that creates value. A small business is an entity
with fewer than 200 employees (or 100 in agriculture). Entrepreneurs
relentlessly pursue opportunities.
• Theme 2: Who is the Entrepreneur?
o Explain the characteristics of an entrepreneur. These include:
commitment and determination, leadership, opportunity obsession,
tolerance of risk, ambiguity and uncertainty, creativity, self-reliance and
adaptability, and motivation to excel.
o Analyse the types of entrepreneurs. These can include: founders,
second-stage entrepreneurs, franchisees, entrepreneurial teams, social
entrepreneurs, and women entrepreneurs.
• Theme 3: Owning a Small Business
o Discuss the motivations and perceptions related to owning a small
business. Motivations include passion for a product or service, tolerance
for risk, decision-making effectiveness, willingness to take on
responsibilities, and the ability to avoid burnout. Some become
entrepreneurs due to hardship (reluctant entrepreneur) or to escape
undesirable situations (corporate refugee).
o Explain the competitive advantages that small businesses have over
larger corporate organisations. These can include customer focus, quality
performance, innovation and globalisation, integrity and responsibility,
and niche markets.
o Describe the concept of entrepreneurial legacy. A legacy includes the
tangible and intangible qualities passed to heirs and society, striving for
satisfaction and fulfilment.
Learning Unit 2: Integrity, Ethics and Social Entrepreneurship
• Theme 1: Integrity and Ethical Practices within Small Businesses
o Explain the concept and importance of integrity related to small
businesses. Integrity involves honesty, reliability, and fairness in business
practices. It's crucial for successful business relationships and is a core
element of ethical obligations (social responsibility).
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