Sparrow Society is a non-profit based in Cape Town working to create viable and dignifying economic opportunities for women in a range of industries from textile products and even coffee.

For additional information, follow the link below: [Website]. Sparrow Society. Retrieved from online source Aid To Trade ⋆ Sparrow Society [Accessed on 01 December 2022].

Identity seven (7) Nieman and Bennett definitions of entrepreneurship and, in your own words, briefly describe each definition in relation to Sparrow Society. (7×2 = 14 marks)

Read the following and answer the questions that follow:

Both entrepreneurial ventures and small businesses are essential to the functioning of the economy; however, they serve different purposes. A small business is any business that is owned and operated independently. While both require entrepreneurial action in terms of starting up, a small business will stabilise at some stage and then grow only with inflation (Wickham in Nieuwenhuizen and Nieman, 2019: 11). An entrepreneurial venture, on the other hand, is all about rapid growth and innovation.

Provide a practical example for each of the two (2) businesses mentioned above. (2 marks)

Based on primary objectives, key characteristics required to succeed, the focus, and current business stage. Use your own understanding to tabulate four (4) differences between a small business and an entrepreneurial venture. (4×2+1 = 9 marks)

Question 2: (22 Marks)
Read the following and answer the questions that follow:

For people who are fortunate enough to be able to consider starting their own business, there are many reasons why they may want to do so. Deciding to be an entrepreneur is an exciting and scary step to take, and it is a journey that not many people choose to go on. Many challenges must be overcome along the path to success, such as paperwork, financing, employing staff, forming relationships with suppliers and industry influencers, reaching the appropriate market, and maintaining or growing the business. Even though these challenges will always exist for entrepreneurs, there are also many good reasons to start your own business (Sturt and Nordstrom, 2018; Vantage Circle, 2020).

Based on any entrepreneurial venture of your choice list five (5) pros and five (5) cons of being an entrepreneur. (5×2 = 10 marks)

Read the following and answer the questions that follow:

Sam is a new graduate from Boston College and received his qualification in Entrepreneurship. Sam wants to start a new entrepreneurial venture to expand his business within the next five years. His purpose is to hire staff shortly and capitalise on the chosen market relating to his new venture.

Sam may earn more money as an entrepreneur than an employee, but he will need to take a minimal salary for the first year, and most of the money he makes will be reinvested into growing his business. This is a factor you need to manage very carefully, as high levels of debt can prevent your business from growing and, in some cases, can result in closure or bankruptcy. *Fictional scenario

In your own words, provide Sam with six (6) detailed recommendations for managing the stress of his new venture. (6 marks)
In your own words, provide Sam with six (6) effective ways to manage his cash flow properly. (6 marks)

Question 3: (30 Marks)
Read the following and answer the question that follows:
The viability of a venture is worth pursuing, whereas feasibility points to whether it is physically possible. However, viability is not easily determined. Many vital aspects must be carefully scrutinised through empirical observation and logical deduction.

It would help if you asked several questions when attempting to discern an idea’s viability. While the answers to some of these questions may be easy to find, others will require further investigation and possible financial investment. According to Fellows (1997), the questions you ask must cover aspects such as demand, supply, competition, materials, labor, packaging, distribution, costs, and anticipated profits. Each of these factors needs to be addressed when conducting a viability study.

It is important to remember that a business is an intricate system with various components that must operate at optimum efficiency. All parts of the vast machine that is your enterprise must work in unison to achieve your organisational goals and objectives, and so it is in your best interest to cover every possible basis in your viability study. You should begin your study with a look at the market.

Choose any new entrepreneurial business venture of your choice (for example, a steel distributor for construction companies) and discuss in detail how you will practically go about making this new venture successfully viable.
(30 marks)

Please adhere to the following structured outline to answer this question:

• Length of the question – Min 250, Max 300 words
• Formatting instructions; (Font – Arial), (Font size – 12), (Line spacing – 1.5)
• The central part of your discussion must include the four main aspects of a viability study: market analysis, technical viability, financial viability, and ecological viability.
All these aspects need to be applied practically based on your new venture as part of your discussion
• Please note that additional research and websites will be required to answer this question successfully.
• Include pictures to support each of the components explained
• Reference all additional sources consulted according to the correct reference style.
• Make use of the rubric provided below to use as a guide for mark allocations.

Answers to Above Questions on Entrepreneurhsip 

Answer 1: An analysis of the concept of entrepreneurship indicates that it is all about innovating something with the objective of solving the problems of people and generating profit from it. An analysis of the existing literature indicates that there are different authors that have given the definition of entrepreneurship. In this context, Nieman and Bennett have also provided the definition of entrepreneurship whereby they have identified growth as an important factor of entrepreneurship. According to them, an opportunity is a gap left in the market by those who currently serve it. This part of analysis focuses on 7 important definitions of entrepreneurship given by Nieman and Bennett in the given case study on Sparrow society.


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