Summary
MNB1501 Summary Chapters 1-9
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Summary for chapters 1 to 9 for the module MNB1501
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ITEM DESCRIPTION PAGEULTIMATE BUSINESS GOAL MAKING A PROFIT 4
HUMAN ACTIVITIES 6
TRANSFORMATION 6
BUSINESS ELEMENTS
EXCHANGE 6
PROFIT 7
BUSINESS ETHICS ETHICAL BEHAVIOUR OF MANAGERS & EXECUTIVE IN THE BUSINESS WORLD 11
SOCIAL FORCE THAT PROTECTS CONSUMERS AGAINST UNSAFE PRODUCTS &
CONSUMERISM MALPRACTICES BY EXERTING MORAL & ECONOMIC PRESSURE OON 11
BUSINESSES
SELF-REALISATION NEEDS 12
ESTEEM NEEDS 12
NEEDS (FIGURE) SOCIAL NEEDS (LOVE / RECOGNITION) 12
SECURITY NEEDS (PROTECTION) 12
PHYSIOLOGICAL NEEDS (HUNGER / THIRST) 12
NATURAL RESOURCES 14
HUMAN RESOURCES 14
RESOURCES / FACTORS OF PRODUCTION
CAPITAL 15
ENTREPRENEURSHIP 16
HOW TO ENSURE THE HIGHTEST POSSIBLE SATISFACTION OF NEEDS WITH
ECONOMIC PRINCIPLE 16
THESE SCARCE RESOURCES
WHICH PRODUCTS 16
WHO PRODUCE 16
ECONOMIC ISSUES
HOW PRODUCED 16
FOR WHOM 16
NEED SATISFACTION CYCLE (FIGURE) 17
FREE-MARKET ECONOMY 19
ECONOMIC SYSTEMS COMMAND ECONOMY 19
SOCIALISM 21
COMPARISON OF ECONOMIC SYSTEMS (FIGURE) 24
MARKET SYSTEM (FIGURE) 26
IS A SOCIAL SCIENCE THAT STUDIES HOW HUMANS CHOOSE DIFFERENT
ECONOMICS DEFINITION WAYS OF USING THEIR SCARECE RESOURCES TO PRODUCE PRODUCTS & 29
SERVICES
IS AN APPLIED SCIENCE THAT IS CONCERNED WITH THE STUDY OF THOS
BUSINESS MANAGEMENT DEFINITION INSTITUTIONS I A PARTICULAR ECONOMIC SYSTEM THAT SATIFY THE NEEDS 29
OF A COMMUNITY
IS TO PRODUCE THE MOST UNITS OF PRODUCTS / SERVICES AT THE LOWES
PURPOSE OF BUSINESS MANAGEMENT 30
POSSIBLE COST
IS TO DETERMIN HOW AN ORGANISATION CAN ACHIEVE THE HIGHEST
TASK OF BUSINESS MANAGEMENT POSSIBLE OUTPUT (PRODUCTS & SERVICES) WITH THE LEAST POSSIBLE 30
INPUT (HUMAN RESOURCES, NATURAL RESOURCES & CAPITAL)
ENTAILS COMPREHENSIVE & ONGOING RESEARCH & THE EXAMINATION OF
MANAGEMENT PROBLEMS, THE TESTING OF APPROACHES & PRINCIPLES,
STUDY OF BMAN DEFINITION 31
EXPERIAMENTAITON WITH METHODS & TECHNIQUES & THE CONTINUOUS
WIEHING UP OF ENVIRONMENTAL VARIABLES
RESEARCH MARKETS 33
PURCHASE RAW MATERIALS 33
MANAGEMENT ACTIVITIES AQUIRE STAFF & EQUIPMENT 33
OBTAIN MONEY 33
CO-ORDINATE & MANAGE 33
GENERAL MANAGEMENT 34
MARKETING MANAGEMENT 34
FINANCIAL MANAGEMENT 34
7 FUNCTIONS OF BMAN PRODUCTION & OPERATIONS MANAGEMENT 34
PURCHASING MANAGEMENT 34
HUMAN-RESOURCES MANAGEMENT 34
PUBLIC-RELATIONS MANAGEMENT 34
ENTREPRENEURSHIP IS THE PROCESS BY WHICH INDIVIDUALS PURSUE
ENTREPRENEURSHIP DEFINITION OPPORTUNITIES WITHOUT REGARD TO RESOURCES THEY CURRENTLY 42
CONTROL
HAVE INNOVATIVE IDEAS 42
IDENTIFY OPPORTUNITIES 42
FIND RESOURCES 42
ENTREPRENEURS ARE PEOPLE WHO TAKE FINANCIAL RISKS 42
BRING CHANGE, GROWTH, ETC. TO ECONOMY 42
RE-ENERGISE ECONOMIES & CREATE JOBS 42
START, MANAGE & GROW SMALL BUSINESSES 42
TRAITS & CHARACTERISTICS 48
CATEGORIES OF REASONS FOR ENTREPRENEURS SKILLS & INDUSTRY EXPERIENCE 48
OPPORTUNITIES DUE TO INTERNATIONAL TRENDS 48
RESPONSIBLE FOR SOLVING PROBLEMS 49
SET AND REACH OWN GOALS 49
ENTREPRENEURIAL NEEDS FEEDBACK ON DEGREE OF SUCCESS 49
, PERSONAL ACCOMPLISHMENTS 49
CONTROL OVER TIME 49
INTERNAL LOCUS OF CONTROL DEFINITION INDICATES A PERSON'S NEED TO BE IN CHARGE OF HIS/HER OWN DESTINY 49
THAT A PERSON BELIEVES THAT THE OUTCOME OF AN EVENT IS PRIMARILY
EXTERNAL LOCUS OF CONTROL DEFINITION 49
OUT OF HIS/HER PERSONAL CONTROL
OR PRODUCTION OF SOMETHING NEW / ORGINIAL, RESULTS FROM THE
INNOVATION DEFINITION ABILITY TO CONCEIVE OF & CREATE NEW & UNIQUE PRODUCTS, SERVICES & 49
PROCESSES
CREATIVITY DEFINITION REFERS TO THE CREATION OF SOMETHING NEW 49
RISK TAKING 50
ENTREPRENEUR SKILLS 51
ARCHITECTURAL DESIGN 51
TRASH AND WASTE REMOVAL 51
HOUSEKEEPING 51
FACILITY SYSTEMS 51
LANDSCAPE MAINTENANCE 51
MOST OUTSOURCED SERVICES USA PROPERTY APPRAISALS 51
MAJOR MOVES 51
HAZARDOUS-MATERIALS REMOVAL 51
MAJOR REDESIGNS 51
FURNITURE MOVES 51
FOOD SERVICES 51
LOCAL HAIRDRESSING SALON, GREENGROCER, VIDEO SHOP & HARDWARE
SMALL BUSINESS 52
STORE
NUMBER OF EMPLOYEES 53
SALES VOLUME 53
QUANTITIVE CRITERIA SMALL BUSINESS
VALUE OF ASSETS 53
MARKET SHARE 53
FEWER THAN 200 EMPLOYEES 53
ANNUAL TURNOVER < R64 MIL 53
SMALL BUSINESS CHARACTERISTICS
CAPITAL ASSETS < R 23 MIL 53
DIRECT MANAGERIAL INVOLVEMENT 53
PRODUCTION OF PRODUCTS & SERVICES 53
INNOVATION 53
ROLE OF SMALL BUSINESS IN ECONOMY
AIDING OF BIG BUSINESSES 54
JOB CREATION 54
DECISION TO BECOME ENTREPRENEUR 54
ENTREPRENEURIAL ACTIVITIES & SKILLS 54
RESOURCES 54
ENTREPRENEURIAL PROCESS OPPORTUNITIES & IDEAS 54
FEASIBILITY 54
BUSINESS PLAN 54
LAUNCH & MANAGE 55
STRATEGY SKILLS 56
PLANNING SKILLS 56
MARKETING SKILLS 56
ENTREPRENEURIAL REQUIRED SKILLS
FINANCIAL SKILLS 56
PROJECT MANAGEMENT SKILLS 56
HUMAN RELATIONS SKILLS 57
FINANCIAL RESOURCES 57
RESOURCES NEEDED TO START A BUSINESS HUMAN RESOURCES 57
OPERATING RESOURCES / PHYSICAL RESOURCES 57
EXCHANGE RATE FAVOUR FOREIGNERS 58
HIGH UNEMPLOYMENT RATE / INCAPABLE POLICE 58
NEW VENTURE TRENDS
CHANGING SOCIAL TRENDS 58
NEW SERVICES 58
LIFE-CYCLE STAGES OF INDUSTRIES (FIGURE) 59
EDUCATION 59
HEALTH CARE 59
GROWTH INDUSTRIES
TOURISM 59
PRIVITISATION OF GOVERNMENT SERVICES 59
CLEARLY DEFINED MARKET 61
COMPETITIVE ADVANTAGE 61
NEW VENTURE OPPORTUNITIES GROWTH POTENTIAL 61
REWARDING TO INVESTOR & ENTREPRENEUR 61
TIMING MUST BE RIGHT
CUSTOMERS FAMILIAR WITH LOCATION 61
ESTABLISHED CUSTOMER BASE 61
EXPERIENCED EMPLOYEES 61
ADVANTAGES OF BUYING EXISTING BUSINESS PLANNING BASED ON HISTORICAL DATA 61
SUPPLIER RELATIONSHIPS IN PLACE 61
INVENTORY & EQUIPMENT IN PLACE 61
FINANCING FROM OWNER MAY BE AVAILABLE 61
LOCATION MAY BE UNDESIREABLE 61
IMAGE WILL BE DIFFICULT TO CHANGE 61
, EMPLOYEES ARE INHERITED NOT CHOSEN 61
DISADVANTAGES OF BUYING EXISTING BUSINESS DIFFICULT TO CHANGE WAY BUSINESS IS RUN 61
LIABILITIES FOR PAST CONTRACTS 61
INVENTORY & EQUIPMENT MAY BE OBSOLETE 61
FINANCING COSTS COULD DRAIN CASH FLOW 61
FRANCHISING 62
CORPORATE ENTREPRENEURSHIP / INTRAPRENEURSHIP 62
FEASIBILITY OF IDEA OR OPPORTUNITY 64
LEGAL (OR JURISTIC) PERSONALITY 70
LIMITED LIABILITY 70
DEGREE OF CONTROL 71
CHOOSING FORM OF ENTERPRISE CAPITAL ACQUISITION 71
COMPLIANCE WITH LEGAL FORMALITIES 71
TAXATION 71
TRANSFERABLE INTEREST 73
OWNED & MANAGED BY 1 INDIVIDUAL 73
NOT SEPARATE JURISTIC PERSON 73
INEXPENSIVE & EASY TO SET UP 73
LIFESPAN LINKED TO THE LIFESPAN OF OWNER 73
NO SEPARATION OF OWNER & BUSINESS ASSETS 73
PROFIT BELONGS TO OWNER 73
SOLE PROPRIETORSHIP OWNER LIABLE 73
BUSINESS / PERSONAL CREDITORS CAN CLAIM AGAINST EACH OTHER 73
OWNER DIRECT CONTROL AND AUTHORITY 73
CAPITAL-ACQUISITION DEPENDS ON OWNER'S CAPITAL 73
FEW FORMALITIES & LEGAL REQUIREMENTS 74
INCOME = OWNER TAXABLE INCOME 74
TRANSFER OF OWNERSHIP IS SIMPLE 74
SIMPLE TO CREATE 74
LEAST-EXPENSIVE WAY TO BEGIN BUSINESS 74
ADVANTAGES OF SOLE PROPRIETORSHIP OWNER HAS TOTAL DECISION-MAKING AUTHORITY 74
NO SPECIAL LEGAL RESTRICTIONS 74
EASY TO DISCONTINUE 74
OWNER IS PERSONALLY LIABLE WITHOUT LIMITATION 74
LIMITED DIVERSITY IN SKILLS AND CAPABILITIES 74
DISADVANTAGES OF SOLE PROPRIETORSHIP
OWNER HAS LIMITED ACCESS TO CAPITAL 74
LACK OF CONTINUITY 74
TWO OR MORE, NOT MORE THAN 20 PERSONS 74
PARTNERS MAY BE NATURAL / JURISTIC PERSONS 74
EACH PARTNER HAS TO CONTRIBUTE 74
SHARE PROFIT 75
GOOD FAITH RELATIONSHIP 75
DOES NOT HAVE LEGAL PERSONALITY 75
ENTER TRANSACTIONS IN PERSONAL CAPACITY 75
ASSETS JOINTLY BELONG TO PARTNERS 75
JOINTLY LIABLE FOR DEBTS 75
CONTINUED EXISTANCE DEPENDS ON PARTNERS 75
PARTNERSHIP
DEPENDENT ON LEGAL CAPACITY OF PARTNERS 75
PERSONAL POSSESSIONS NOT PROTECTED 75
JOINT CONTROL 75
MAY BE TERMINATED DUE TO PERSONAL CIRCUMSTANCES 76
IMPROVED MANAGEMENT ABILITY 76
DIVISION OF LABOUR AND SPECILISATION 76
BETTER CAPITAL-ACQUISITION POTENTIAL 76
ESTABLISHED BY CONCLUDING A CONTRACT 76
NO FORMAL REQUIREMENTS 76
NOT SEPARATE TAX PAYER 76
PARTNERS MAY INSTITUTE LEGAL PROCEEDINGS IN NAME OF PARTNERSHIP 75
LAW REGARDS PARTNERSHIP AS ENTITY
PARTNERSHIP ESTATE IS SEPARATE FOR SEQUISTRATION PURPOSES 75
EASE OF FORMATION 76
DIVERSIFICATION OF SKILLS & ABLITITIES OF PARTNERS 76
ADVANTAGES OF PARTNERSHIP
INCREASED OPPORTUNITY FOR ACCUMULATION OF CAPITAL 76
MINIMAL LEGAL FORMALITIES & REGULATIONS 76
PERSONAL LIABILITY OF PARTNERS 76
RELATIVE DIFFICULTY IN DISPOSING OF INTEREST IN PARTNERSHIP 76
DISADVANTAGES OF PARTNERSHIP
POTENTIAL FOR CONFLICT BETWEEN PARTNERS 76
LACK OF CONTINUITY 76
COMPANIES ACT 71 OF 2008 NO LIMIT TO NUMBER OF PARTNERS 77
DESIRE FOR MORE CAPITAL 80
COMPANIES SEPARATE LEGAL ENTITY 80
POTENTIALLY UNLIMITED CAPITAL-GENERATING CAPACITY 80
COMPANIES WITH SHARE CAPITAL 80
COMPANIES ACT 61 OF 1973 PROVIDES
COMPANIES LIMITED BY GUARANTEE 80
GENERAL MEETING OF MEMBERS 81
TWO ORGANS OF A COMPANY
BOARD OF DIRECTORS 81
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