An idea for an enterprise  (Page 2/4)

He has set his hopes on getting assistance from a financier who will help them to get their business in order so that they can open a training workshop.

Chimbadzo can be contacted at 083 752 9806.

(Source: Die Burger , 5 July 2003)

1. What are the qualities of an entrepreneur that you recognise in Mr Chimbadzo?

2. What contribution is Mr Chimbadzo making towards the upliftment of the community?

Research assignment

Undertake research of entrepreneurial activities in one or more poor communities and use the information to write a report of about 900 words (three to four A4 pages) on the following topic:

Entrepreneurs play an important role in the upliftment of the standard of living of a community.

See to it that through your research you become acquainted with SMMEs: (Small, Medium and Micro Enterprises). Select the best examples of successful initiatives about which you were able to get information and explain in each case why the initiative was successful and how it contributes (contributed) to the upliftment of the community. Add your report to your portfolio immediately after this page.

Class discussion 1: a swot-analysis of chimbadzo’s initiative.

• A SWOT analysis is a handy instrument with which to evaluate the viability of an initiative. It is an analysis of the strengths, weaknesses, opportunities and threats related to the initiative. This is where the word SWOT comes from. Read the report on Chimbadzo carefully again and then as a class do a SWOT analysis of his initiative. Write down the points on which the class agrees here:
• Strengths
• Weaknesses
• Opportunities
• Threats

Class discussion 2: swot-analysis of possible business ideas.

Have a class discussion on possible business ideas in your area. Identify possibilities in manufacturing, service provision and tourism. Pay specific attention to the positive impact that each initiative could have on the needs and upliftment of the community, e.g. in terms of creating job opportunities.

Make a list of the ideas:

Ideas with a focus on manufacturing (at least one with a focus on tourism)

Ideas with a focus on service provision (at least one with a focus on tourism)

As a class, do a SWOT analysis of each of the ideas and choose the three best ones in each of the two groups. Underline them in the list.

Activity 2:

To test the viability of an identified business idea

[lo 4.2, 4.3]

Choose one of the business ideas that were identified as the six best ones in Activity 1. It must be the one you like best and one you think you will make a success of.

Test the viability of the idea that you chose in the following way:

1. Read the following guidelines on how to develop a business idea:

Three basic elements of a business: The following can always be applied to a business and must be taken into account when a business idea is considered:

A specific product (or number of products) or service must be offered.

The manufacturing or sourcing of the product(s), or provision of the service, must be sustained.

There must be buyers who want the product(s) or service, and who can pay for it.