Summary
Summary Consumer Studies Grade 11 Entrepreneurship Revision
- Course
- Consumer Studies
- Institution
- 11th Grade
Revision for Entrepreneurship in grade 11 Consumer Studies.
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1GRADE 11
REVISION
ENTREPRENEURSHIP
, 2
Choice of homemade products for
a potentially profitable business
How to identify a business opportunity?
• Profitable home-based businesses are based on good ideas.
• Good ideas are not always good opportunities.
• A good opportunity is the idea that a specific entrepreneur can turn into successful, profitable business.
• Look at all your options and settle for an idea that suits your budget, lifestyle and interest.
• The most successful home-based businesses offer flexible time, have a low capital outlay and are easy to set
up.
• The best home-based business ideas are those that come from a passion for something.
• If you enjoy your work, it will show, and your business will grow.
Requirements for A Potentially Profitable Business Opportunity
• Successful entrepreneur needs to be passionate about his product and identify the target market, who will
want to purchase the product.
• The product must meet the needs of the target market who are willing to pay for it.
• This product must have a competitive edge – must be something special
• The price must be affordable, and it must cover all the expenses and still make a profit.
• Select the right location to sell your product.
• Your product should be environmentally friendly.
• Also consider your capabilities and the capabilities of the people that you employee.
• Do a financial feasibility study to determine what your start-up cost and operating cost will be.
Formulation of an idea, specifications of a product • Entrepreneur - A person who
Identify the idea Research the idea Product specifications notices a gap or recognises
Match your skills Draw up a business Write down the business opportunities within
and passion with the plan precious requirements the market and transforms it
business idea of your product like: into a successful and profitable
• The size business venture
• Texture • Target market - Is a specific
• Colour group of people who would be
• Shape interested in your
products/services and purchase
them
Factors to consider when choosing a suitable product for small-scale production
• Passion and your human skills
• Target market – who are the people that is going to buy your product and is there a need for your product
• Available finances – start-up capital, Operational cost and overheads
• Infrastructure – workspace (water and electricity, well equipped kitchen)
• Who is your competition and what is your competitive edge
• Location – from manufacturing to selling point
• Consumer appeal
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