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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
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Show Respect: By showing the same respect for self and others, entrepreneurs can build a dignified reputation in the digital space. This fosters trust and loyalty.
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Practice Perseverance: Entrepreneurs need to demonstrate perseverance and diligence, particularly when faced with challenges, ensuring they remain committed to their business goals.
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Build Trusting Relationships: Creating and maintaining honest relationships with customers and service providers can lead to long-term partnerships and a loyal customer base.
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Communicate Effectively: Entrepreneurs should prioritize clear and honest communication regarding market policies, which can enhance their credibility and reliability among customers.
Step 2
Analyse how entrepreneurs could use culture to stay competitive on current e-business platforms.
Answer
Entrepreneurs can leverage cultural elements in various ways to enhance their competitiveness:
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Transform Cultural Products: By modernizing traditional cultural designs and promoting them across social media, entrepreneurs not only appeal to local consumers but can also attract international clients.
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Create Engaging Content: Sharing cultural recipes or techniques through digital platforms can generate a broad interest, thus optimizing marketing efforts and expanding the audience.
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Host Cultural Workshops: Organizing online classes to teach cultural skills engages a wider range of participants, generating interest and potentially increasing sales through a new client base.
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Utilize Cultural Storytelling: Engaging customers through cultural narratives in promotional content not only educates them but can also foster a deeper emotional connection.
Step 3
Evaluate TWO factors within a cultural group that may have an impact on one's decision to become an entrepreneur.
Answer
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Community Support: A strong support network within a cultural group can positively influence an individual's decision to start a business. When there are shared values and interests, entrepreneurs tend to receive encouragement and resources from their community.
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Cultural Practices: Certain cultural traditions can either encourage or discourage entrepreneurship. For instance, some groups may promote collective entrepreneurial efforts, while others might instill a preference for stable employment, impacting individual aspirations.