NSC Agricultural Management Practices Marketing functions: A business plan explains how an

A business plan explains how an entrepreneur will make money and what the starting costs of the business will be - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Question 3

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A business plan explains how an entrepreneur will make money and what the starting costs of the business will be. 3.1.1 Give THREE reasons why it is necessary to de... show full transcript

Worked Solution & Example Answer:A business plan explains how an entrepreneur will make money and what the starting costs of the business will be - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Step 1

Give THREE reasons why it is necessary to develop a business plan.

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Answer

Guidance and Direction: A business plan serves as a roadmap for the entrepreneur, outlining the vision, goals, and strategies to achieve them. It helps in making informed decisions throughout the business journey.
Attracting Investors: Investors and lenders require a well-structured business plan to understand the business model and assess its viability. A solid plan increases the chances of securing funding.
Risk Management: Developing a business plan allows the entrepreneur to identify potential risks and challenges. This foresight enables the creation of strategies to mitigate these risks effectively.

Step 2

Select TWO factors from the SWOT analysis method that will affect the analysis as follows: (a) Internally

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Strengths: Internal attributes and resources that support a successful outcome can include a strong brand reputation or skilled workforce.
Weaknesses: Internal factors that may impede success, such as poor management or limited resources, need to be recognized.

Step 3

Select TWO factors from the SWOT analysis method that will affect the analysis as follows: (b) Externally

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Opportunities: External factors that the business can capitalize on, such as market trends or economic growth, can provide avenues for expansion and profit.
Threats: External challenges that could harm the business, such as increased competition or changes in regulations, must be acknowledged and prepared for.

Step 4

Define the term entrepreneurship.

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Entrepreneurship is the process of discovering, evaluating, and exploiting opportunities to initiate and grow a new business venture. It involves taking on the risks associated with starting and managing a business.

Step 5

Identify THREE characteristics of entrepreneurs.

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Risk-Taking: Entrepreneurs are willing to take calculated risks in pursuit of their business goals.
Self-Confidence: They possess a strong belief in their abilities and decisions, which drives them to pursue their ventures.
Initiative: Entrepreneurs are self-starters who create opportunities instead of waiting for them to happen.

A business plan explains how an entrepreneur will make money and what the starting costs of the business will be - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Worked Solution & Example Answer:A business plan explains how an entrepreneur will make money and what the starting costs of the business will be - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Give THREE reasons why it is necessary to develop a business plan.

Select TWO factors from the SWOT analysis method that will affect the analysis as follows: (a) Internally

Select TWO factors from the SWOT analysis method that will affect the analysis as follows: (b) Externally

Define the term entrepreneurship.

Identify THREE characteristics of entrepreneurs.

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