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Assignment 02 consists of a combination of both long and short questions and was
based on all the chapters of the prescribed book.
Question 1
1.1 Describe one of the social factors that contributed to Muriel becoming an
entrepreneur. Support your answer with an example from the case study. (4)
The below is just a few and you are required to read more, and marks will be
awarded for that. Please ensure that you discuss in details in line with the mark
allocation.
Page 15
The social factors include:
Legitimacy of entrepreneur: A system of norms and values in socio-cultural setting is
responsible for emergence of entrepreneurs. The degree of approval or disapproval
by those surrounding him/her influences the emergence of entrepreneur. An
appropriate motivation is also acceptable.
5
, ETP2601/201/ALL/2021
Family, role models.
A person with a supportive family is likely to become an entrepreneur. An individual
with role models who have been successful entrepreneurs will certainly, be motivated
to start a business, or being associated with entrepreneurs may add the desire to
start a business.
Muriel’s parents both left their jobs to work in their own business; the kids were
recruited at a very young age to assist and this is where I developed my love of
business.
Legitimacy of entrepreneur: A system of norms and values in socio-cultural setting
is responsible for emergence of entrepreneurs. The degree of approval or
disapproval by those surrounding him/her influences the emergence of entrepreneur.
An appropriate motivation is also acceptable.
1.2. Discuss the type of motivation Muriel possesses, and give evidence from
the case study. (4).
Page 18
• Personal satisfaction.
Entrepreneurs feel rewarded by working with a particular product or service. They
find satisfaction by doing what they do best and are energised by enjoyable
association within their businesses. Muriel have learned that if you are passionate
about what you do and deliver excellent service, everything else tends to fall into
place.
or
• Financial rewards: Muriel added a highly successful spectable frame business
and a fast-growing branding solutions offering the company stable collective
accountancy for a turnover in the millions and a client base as far as airfield as
Zambia, Namibia and shortly the rest of Africa.
You are required to elaborate more.
6
, ETP2601/201/ALL/2021
NB: The above is just a sample of how you can answer and any other answer may be
acceptable depending on your justification.
1.3. With reference to the case study, explain the criteria that Muriel uses to
enter a target market. (6)
Any of the below as long as you were able to motivates with relevant case
application.
Five criteria that should be taken into consideration when selecting target
market: Page: 114
1. Market size: You need to determine the size of market that you are interested in
serving. Check if the market is big enough to sustain your business. Her
business was so well established that she marketed for clients as far as Zambia
and Namibia.
2. Expected growth: check if the target market is promising to grow and if not
consider other market.
3. Competitive positions: check the competitors that are operating in your market
segment to position your product. Checks how strong are these competitors
and whether you stand a chance against them?
4. Cost of reaching the segment: A segment that cannot be reached by business’s
promotional activities would not be an option. So, it is important to choose a
segment that your business can easily reach. Elaborate more
5. Compatibility with company objectives and resources: A segment may appear
attractive, but your business may not have resources to serve that segment.
So, it is important to choose a segment that your business can serve with its
resources.
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