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Mnb 1501 Notes 2
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gimmenotes.co.zaGIMMENOTES.CO.ZA
Contibuter’s Name Notes Overview
Unknown Business Management 1 A
info@gimmenotes.co.z
a
School
University of South
Africa (UNISA)
MNB1501
STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
Primary task of business management:
Determine how an enterprise can achieve the highest possible output with the least
possible input, or
An examination of factors methods and principles that enable a business to efficiently
and productively maximize profits
Needs order
Self-Realisation
Esteem Needs
Social Needs
Security Needs
Physiological needs
Overlap
Physical and Psychological needs may overlap
The need for self-esteem affects people who has already satisfied their lower order needs
Limited Resources
Natural
Human
Capital
Entrepreneurship Management
The economic principle
A business’s effort to provide the greatest possible need satisfaction with limited available resources
Main Economic Systems
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Free-Market Economy
o Within the free-market economy free competition and high social costs is
true.
o State interfere minimum
o Main driving force is profit generation
Command Economy
o Centrally Directed economic system – State owns and controls the communities
resources or factors of production
Socialism
o socialistic system the state does own and control many of the country’s principle
industries such as transportation, health services and energy
Non-Profit
The economic principle applies to non-profit seeking business as it does to profit seeking business.
STUDY UNIT 2: ENTREPRENEURSHIP
Entrepreneur’s traits
Achievement motivation
o Actions of intense, prolonged and repeated effort to accomplish something that is
different
o Work single minded towards goal
Internal locus of control
o A persons need to be in charge of his/her destiny
o can persuade and motivate other people
Innovation and creativity’
o Conceive and create new and unique products
Risk Taking
o Taking risks in one way or another
The Entrepreneurial Process
The entrepreneurial process involves the following phases:
Abilities and skills:
o Before entering the business world, any potential entrepreneur should first clarify
whether he or she has the abilities and skills to do so.
Access to resources:
o Access to Capital, time, energy and other resources to launch
Opportunity:
o It is also important to assess the opportunity that the entrepreneur is pursuing.
Feasibility:
o Feasibility Study: Once the opportunity has been identified and defined, the
entrepreneur needs to find out if it can be turned into a successful venture. After
the opportunity was identified,
Business plan:
o Once the entrepreneur has some certainty about the feasibility of the venture, he
or she needs to compile a business plan.
Manage the business:
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o Once feasibility has been established and resources have been acquired, the
entrepreneur launches and manages the new business.
Skills required for entrepreneurship
Strategy Skill
o Consider a business as a whole and to understand how it fits within its
marketplace
Planning Skill
o Ability to consider what the future may offer
Marketing Skill
o Evaluate offerings of business and features with customer needs and wants
o Pricing, Promotion, distribution of products and services
Financial Skill
o Manage Money
Human Relations Skill
o Leadership, people, motivational and communication
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