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MNE3701 Assignmennt 3 Due 27 September 2024 R54,09
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  3. University Of South Africa
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  5. Entrepreneurship and Small Business Management

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MNE3701 Assignmennt 3 Due 27 September 2024
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The Question Having acquired sufficient knowledge and skills on financial management for small business, you must demonstrate practical competencies in constructing financial statements and in conducting feasible financial forecasting. As a new entrepreneur understanding financial management...

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  • September 10, 2024
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MNE3701

Assignment 3

Semester 2

DUE 27 September 2024

, QUESTION 1: Financing Your Business
As a budding entrepreneur planning to start an artisanal bakery, I have several
financing options available to fund my business operations. Below are specific
financing methods and the rationale behind my choices.


Personal Savings:


Example: Prior to launching my bakery, I would save a portion of my income and set
aside funds specifically for the business venture.
Motivation: Using personal savings provides full ownership of the business without
incurring debt or giving up equity. This method fosters a strong sense of commitment
towards the success of the business, as the investments come from my own
resources.


Family and Friends Loans:


Example: I could approach family and close friends to invest in my bakery. This
could involve informal loans or small investments in exchange for a share of profits.
Motivation: This type of financing often comes with lower or no interest compared to
institutional loans, creating a supportive environment. Moreover, these investors are
often more forgiving regarding repayment terms.


Crowdfunding:


Example: I would launch a campaign on platforms like Kickstarter or Indiegogo to
raise funds. I would offer incentives such as personalized baked goods or discounts
for early backers.
Motivation: Crowdfunding is effective in gauging market interest while simultaneously
securing funds. This approach also serves as a marketing tool, generating buzz
around the business before it officially launches.


Bank Loans:


Example: I might apply for a small business loan from a bank to cover substantial
initial costs, such as renting a storefront and purchasing equipment.

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