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Study guide 25 C ? University of South Africa All rights reserved Printed and published by the University of South Africa Muckleneuk Pretoria BSM ?? MNB style CCONTENTS BSM Page INTRODUCTION iv LEARNING UNIT LEARNING UNIT LEARNING UNIT LEARNING UNIT LEARN

C ? University of South Africa All rights reserved Printed and published by the University of South Africa Muckleneuk Pretoria BSM ?? MNB style CCONTENTS BSM Page INTRODUCTION iv LEARNING UNIT LEARNING UNIT LEARNING UNIT LEARNING UNIT LEARNING UNIT LEARNING UNIT APPENDIX A iii CINTRODUCTION Welcome It is a great pleasure to welcome you to this module We hope that you will enjoy this course This study guide is merely a summary of the contents in your prescribed textbook PURPOSE OF THE MODULE The purpose of the module Entrepreneurship and how to establish your own business is for you to acquire foundational concepts in business management This module will develop your understanding of entrepreneurship and it will teach you how to become an entrepreneur and introduce you to the route that you have to follow to start your own business It provides a foundation for all later modules in this subject LINK TO OTHER MODULES This module does not stand alone It is an integral part of Business Management I The purpose and the learning outcomes of this module are therefore aimed at developing your expertise and abilities in the ?eld of entrepreneurship MODULE OUTCOMES Module outcomes After completing this module you should have the competence to identify and start a small business with the necessary assistance and support and to develop business plans that comply with appropriate laws and that re ect an ethical approach to management The intended outcomes can be distinguished as follows SPECIFIC OUTCOMES ASSESSMENT CRITERIA Compile a business plan with assistance Apply market research techniques and the SWOT analysis to identify and evaluate opportunities sketch cus- tomer pro ?les and identify competi- tive advantages Apply ?nancial and marketing knowl- edge and planning and information technology skills to generate a busi- ness plan iv CBSM Implement a business plan with Apply knowledge of the business world assistance and communication and networking skills in obtaining a support base Use knowledge of legal requirements to register an enterprise and en- sure compliance Apply knowledge of business practice to obtain the necessary resources Identify entrepreneurial skills to start an enterprise according to the business plan Framework of the module The following six chapters of the prescribed textbook provide the framework for this module CONTENTS CHAPTER ?? ENTREPRENEURSHIP AND SMALL MEDIUM AND MICRO ENTERPRISES IN PERSPECTIVE CHAPTER ?? BASIC BUSINESS CONCEPTS AND THE BUSINESS ENVIRONMENT CHAPTER ?? THE IDENTIFICATION AND DEVELOPMENT OF BUSINESS IDEAS CHAPTER ?? THE VIABILITY OF A BUSINESS IDEA CHAPTER ?? THE BUSINESS PLAN CHAPTER ?? SETTING UP A BUSINESS v CA mind map for the prescribed textbook Entrepreneurship and how to establish your own business Composition of the study learning package for the module The study package for this module consists of this study guide and tutorial letter You must purchase the prescribed book as soon as possible The prescribed book is vital because you will not be able to complete this module successfully without it COMPLETING ACTIVITIES SELF-ASSESSMENT QUESTIONS AND ASSIGNMENTS We consider the completion