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OTE2601 Exam
, Question 1
1.1) The link between entrepreneurship and the economy are as follow:
Entrepreneurs create new businesses
Entrepreneurs add to national income
Entrepreneurs also create social change
Community development.
1.2) Entrepreneurs are important to market economies since:
Entrepreneurs create job opportunities for people. In places all over this world,
small businesses, especially in the informal sector, create more jobs than large
companies.
Entrepreneurs initiate the production process since they take responsibility for
producing goods and services. The entrepreneur compounds labor, capital,
technology and raw materials during the production process. The production
process consists a lot of work such as trading activities for example selling
groceries at a supermarket or rendering services for example looking after kids.
Without entrepreneurs, natural resources remain underground and undeveloped.
Entrepreneurs are essential since they are very much needed to build and
maintain the economy of a country. Our country may have loads of natural
resources like diamonds and gold but how are we going to sell them without the
help of entrepreneurs? Entrepreneurs are seen as catalysts to create a more
comfortable way of living. According to the department of curriculum and
instructional studies this is an outstanding feature of the free market system as
compared with socialism." Entrepreneurs usually employ other people, which
improves their standard of living. In buying products from other businesses,
entrepreneurs benefit such businesses".
1.3) How a culture of entrepreneurship can be established in South Africa?
Many matriculants as well as other individuals want to start looking for jobs and as they
continue to search, they end up facing challenges that might force them to start their
own means of money. This way they can be their own employers rather than relying on
others for employment.
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