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Business Studies Homework

Name : Dimazmur Bongardo Class : 11 social Date : Friday, July 26, 13

Over to you
Revision questions Page 14-15 (unit 1 : Business and its environment)
1. List three factors of production that a new hairdressing business will require. Labour Capital Enterprise

2. A new business selling computer software has just opened in your town .explain three needs that this business will have it if it is to be successful. Finance First of all the entrepreneur that has start this business has to be ready for the financial things for supporting his/her business to be run smoothly . for example : automatically someone that start a new business will need to take some loan from the bank to support his/her capital resources for his/her business to be success because if it doesnt has enough of capital resources the business cannot run smoothly . they also have to pay their labour and their electricity and office goods.

Determining a location He/she has to choose a really strategic location to start the business and make sure that the location will have a really great potential for the product to be sold. The strategic location for the computer software business is near the office complex because most of them require/need the computer software the most , and also near the tracking companies and maybe some restaurant may need the software.

Building a customer base The entrepreneur also has to make sure they have to build a trust with the customers so the costumers will keep using the software that his/her company produce so the business will run smoothly and also may gain more customers

3. Explain what value added means. Value added means the value that has given to the product so the value of the product is increasing and it will attract more people to buy it , the value added also make a difference cost between the cost of materials that used to make the product and the price of the finished product that ready to sell . the value can be added in form of , attractive packaging , interesting advertisement , brand identity and good services that has been given to the goods so the value of the product is increasing ,that refers to added value

4. Explain how a supermarket could add value to the food and other stock it buys in. The supermarket can provide some of the brand food that has recognize by people with good qualities and with cheap price , the supermarket

atmosphere are really matter , the place should be cozy and the order of the food that offered is well structured and the foods that sell is more varieties, the supermarket that provides more complete goods and things will attract more customers and maybe they can sell some imported products to make customers buy it . and also maintaining all of the products are fresh and new enough to be sold for example : the product are far away from the expired date and the packaging is not broken and still neat enough to make customers attracted to buy the products 5. What do you understand by the term entrepreneur ? Entrepreneurs is someone that wants to run a new business whether it is in services or goods production that will take every risk that will faces in the future and from the start of the business, for example on the way of create a new companies entrepreneurs should has a lot of capital resources and financial , if not he/she has to take a loan from the banks , when starting a business it might not really profitable and it is really hard to maintain the quality and also many challenges will faced by the entrepreneurs to make the business run smoothly 6. List three characteristics of successful entrepreneurs and explain why they are important Risk taking As an a successful entrepreneur he/she should have this characteristics, because being an entrepreneurs means taking any risk and challenge that will happened next in the future in the business, they also have to invest their own savings to start a new business Innovation An entrepreneurs should think what should he/she do to make the business more developed and grow, the entrepreneurs need to be more creative in developing new ideas and creating innovative product to be

sold and attract more people that will make them a successful entrepreneurs Leadership skills An Entrepreneurs also required to have leadership skills , because an entrepreneurs have to encourage the other people to also be a successful people by motivating people and make people follow what she/he did when start a new business later on as a role model for many people in business ,this leadership skills also important in his/her company because they need to managing their employees and co-workers at their office so all the employees will work properly and make the business run smoothly

7. Explain why there are so many business enterprises in the tertiary sector of industry , such as hairdressing and car servicing . Because the business that provide the service product are more profitable. They dont really need a lot of capital resources , they just need some goods that will support their business and the skills for the example from the question (the hairdressing business need some basic equipment such as hairdryer,creambath cream,comb scissors ) and for the car servicing (they just need skilled labor and some technician and some basic automotive tools to fix the cars ) they dont even need factory machine to produce the product that will cost very expensive , without thinking about the cost of production and the difference cost between raw materials and finished product and also the service goods have to be consume at the same time when the costumers buy it , so it will not cause late payment , the tertiary sector of industry just need to maintain their qualities of the product that they have given to the costumers to build the customers base and make the costumer satisfied with a good services so

because of that a lot of costumers will attract and become a loyal costumers that will come every month for example.

8. List three benefits of entrepreneurship to the economy of your country and explain why they are important. Employment creation

A new business that the entrepreneur employing its not just used to be employ for themselves, but an entrepreneurs will need another employee to support their business, this can be their friends, fresh graduates people, entrepreneurs also known as a job creator that make many people will have a job . so because of that the number of unemployment in a country will decreasing

Exports The business that has created by the entrepreneurs not only active selling the products in national market they also expand their business into international trade services and goods , because of that it will also increase the value of the country exports and also improve the international competitive with another countries , it can also make a connection and cooperative trading with another countries

Economic Growth The increase of the business may affect the GDP (gross domestic product) that means the citizens of the country are buying the product that the entrepreneur produce and it is called as the economic growth whether the product will be sold in domestic or exported into the another countries, the business will have to pay the tax to the government. The economic growth will also be refers

into increasing living standards and it will increase the number of population in the country

9. Identify three challenges faced by entrepreneurs. Sourcing Capital Competition Strategic location

10. Using an example of a small business/recently established new business, explain how its owners overcame the three challenges you identified in Q9. For example if I want to start a new business opening a stationary and bookstore in one place, I need to buy the building first and invest my own savings to buy the buildings that later I will make a renovation and also buy the goods first , I will also focusing on the goods that Im going to sold beside the attractive buildings that might cost me more. And then to overcome the competition atmosphere I will also choosing a strategic area for ex : near school and office area that requires the employee to buy some stationary and books for office needs and also the students that needs books for their reference and the stationary for their exams and school activities .so my product will be sold really well and I also make sure that there is no other book and stationary store near my store so it will make less competition. 11. Explain the concept of opportunity cost and give three examples of it Opportunity cost is the best alternative forgone, it also refers to something that we need to choose between 2 things that we have to choose one and sacrifice the other one choices depends on its benefits. If between 2 things we have to choose we have to choose the one that might

make a benefits for us rather than follow our own desire to have that particular goods Example : A person that had been studied Korean literature choose to be a book translator rather than be a Korean language teacher A mother has $50 he is decided to buy her son a pair of new socks rather than he use the money for shopping A person wanting to buy accessories , decides to buy a hat

12. Explain why a country is likely to benefit from expansion of its business enterprises. Because , the business enterprise are involving the other countries to be collaborate with them and have an international trading product and services that can be really profitable to the country because of that it can build an international relationship between the country. The country are also gained the tax that given by the business enterprise , it can also expanding and make the country become specialized in particular product and become famous in international trading , that can affect the economic growth 13. What is meant by the social enterprise? A business with mainly social objectives that reinvest most of its profits into a lot of people. the society will get the fully benefits from the business rather than maximizing the benefits to its owners they are more into provide their service in ethical ways 14. Explain what is meant by the term triple bottom line. The triple bottom line is the 3 objections that the social enterprise will faces 3 of the objections are : Economic, Social, Environmental 15. Explain the difference between a charity and a social enterprise.

The social enterprise are more to helping people in society that will experience the benefits more that the owners but the social enterprise still have a benefits that will use for their business survival. get by providing their products and services into the society, while charity is fully rely on the donation in order to help the society using the funds that people had donate and given to the charity

Case Study
Page 15 (choose 1 )

Returned next day, or nothing to pay Questions : 1.identify four problems that Wesley now faces in managing his business
He shouldnt promise something/promotion of services to the costumers because at the first start of the business he just have a few customers. He dont consider the impact that might he faces in the future He fails to manage the accounting/financial record keeping, the record has been late reported to him for 3 weeks because hes to busy keeping his promise to the customers

Hes fail to manage his employees because he lacks of leadership skills so he cant divide his employee job more firm He doesnt/forgot to maintain his services quality because he was too busy to handle the accounting record and managing his employees too

2.Explain the skills that Wesley should have had from the start of the business and that would have reduced the significance of these problems the skills that Wesley need to have is commitment and self-motivation , once he said the commitment which is Returned next day or nothing to pay , so the costumers will not pay if the services not done on the next day ,but he is not hold his own commitment because of he is fail to maintain his quality and his promise to the costumers because of the lateness of accounting report . the other skill that Wesley need to have is Leadership skills , as an entrepreneur Wesley has to lead his business really well using the leadership skills, she can manage his employees more firmly so the employees have to what he said to them so it can be manage more neat and controlled well .also he can divide the job more equally for all his employees and also for himself to not careless and remind his employee to give him the accounting record on time so it will not make any problems . another skills that he need to has is Multi-skilled , as an entrepreneurs he has to know about all of his business finance activities how many money that he will spend and get from the services. So at least he has to know about the computer-controlled accounting first before he start his business so it will not cause this problems 3.recommend to Wesley what steps he should now take to overcome the difficulties his business is experiencing he should fix all the problems that he experienced now by doing the skills that can make his business survive from this problem is he has to study about the computer-controlled accounting so he will know all the financial activities and observe his expenditure and his capital is enough to run his business. And also he has to be more firmly to all his employees, for example he can give the

employees consequences that dont what to do the job he asked for. And also he has to maintain the commitment that he already state in the beginning of his business not because of several things he forgot to maintain his quality of services. And pay more attention to his commitment tough