Photo AI
Read the extract below and answer the questions that follow - NSC Life Orientation - Question 4 - 2022 - Paper 1
Question 4
Read the extract below and answer the questions that follow. STAYING COMPETITIVE ON E-BUSINESS PLATFORMS Entrepreneurship in the cultural and creative industries i... show full transcript
Worked Solution & Example Answer:Read the extract below and answer the questions that follow - NSC Life Orientation - Question 4 - 2022 - Paper 1
Step 1
State FOUR ways in which a value-based approach could guide an entrepreneur to run a successful e-business.
Answer
-
Respect and Dignity: Entrepreneurs should treat themselves and their customers with respect and dignity. This approach fosters trust and creates a positive reputation in the digital business environment.
-
Courage and Boldness: A value-based approach encourages entrepreneurs to be brave and bold in pursuing online business opportunities, allowing them to seize market gaps and innovate.
-
Building Trust: Fostering honest relationships with customers and service providers helps create a loyal customer base, enhancing the credibility of the business.
-
Accountability: Entrepreneurs can take responsibility for their business decisions and market conduct, ensuring transparency and reliability, which can boost customer satisfaction.
Step 2
Analyse how entrepreneurs could use culture to stay competitive on current e-business platforms.
Answer
Entrepreneurs can utilize cultural elements by:
-
Adapting Cultural Designs: Transforming traditional cultural products into modern designs suitable for social media marketing can broaden their audience and appeal to both local and international consumers.
-
Engaging Through Stories: Sharing cultural stories through online platforms allows entrepreneurs to connect deeply with their target market, making their products more relatable and appealing.
-
Hosting Online Classes: Offering cultural workshops or classes can attract diverse followers, thus diversifying the customer base by appealing to various cultural interests.
-
Utilizing Cultural Humor: Integrating cultural humor in entertainment can create unique content that appeals to wider audiences, giving businesses a competitive edge.
Step 3
Evaluate TWO factors within a cultural group that may have an impact on one's decision to become an entrepreneur.
Answer
-
Fear of Exclusion: Individuals may fear social exclusion if their business ventures fail, leading them to hesitate in pursuing entrepreneurship. This fear can create a reluctance to innovate.
-
Cultural Support Systems: A strong network of cultural support, such as mentorship and community resources, can encourage individuals to take the leap into entrepreneurship, fostering a more conducive environment for business success.