Summary
Summary Business Studies Grade 10 Term 3
- Course
- Business Studies
- Institution
- 10th Grade
Business Studies Grade 10 Term 3 summary using the FOCUS Study guide (CAPS).
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Business Studies – Grade 10 – Term 3 – Summarized from the FOCUS study guideINDEX:
Topic 10: Creative thinking and problem solving Pg 2 - 7
Topic 11: Business opportunities and related factors Pg 7 - 10
Topic 12: Factors influencing decisions about the location of a business Bl 10 - 12
Topic 13: Contracts Pg 12 - 14
Topic 14: The presentation of business information Pg 15 - 16
Topic 15: The Business Plan Pg 17 - 20
1|P a g e
, Topic 10: Creative thinking and problem solving
Unit 1: Creative thinking to generate entrepreneurial opportunities
Creativity means = to make / produce.
Creativity in Business Needed = Originality + Innovation.
Keywords:
Creativity in Business = Coming up with new and original ideas.
Innovation in Business = Carrying out the creative ideas by developing new plans, materials or
processes.
1.1 Creativity in Business
Creativity contributes to higher productivity & profitability by helping the business to:
respond to the threat of competitors and can remain a leader in its field
develop better production methods to save costs
expand its range of services
to provide the best product / service to its customers
1.2 Creative thinking to generate entrepreneurial opportunities
Is necessary before a business is started and in its management.
o Start: Needed to identify opportunities
o Later: Needed to maintain an edge over competitors
How do you encourage creative thinking and problem solving?
Listen to other people's ideas
Accept that everything can be changed or improved
Stop negativity
Mix with creative people
Ask if something can be done in a different way.
2|P a g e
, Left brain = Logic & reasoning
Right brain = Emotions & creativity
1.3 Creativity in identifying business opportunities
Entrepreneurs must be creative to create opportunities and think about how his ideas can be
applied in real circumstances.
Entrepreneurs cannot change or control the business environment.
Opportunities to use creativity in business ideas occur when:
o Circumstances change
o There is a contradiction
o There is confusion
o There are gaps in information
Unit 2: Problem Solving
Keywords:
Constraints = something that holds things back
Brainstorming = group activity to generate ideas
Viable = practical / something that can be used successfully
Research Skills:
What information you need
Where to get the information
How to choose the right information to help with the solution
How to use the information correctly
Problem Solving vs Decision Making:
Problem solving begins with a problem being recognized, information being sought to understand
the problem and steps being planned to correct the problem so that it is solved and does not
happen again.
Decision-making is making decisions that move a business forward to achieve the business'
objectives / targets. Information must be gathered before decisions can be made.
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