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OTE2601 ASSIGNMENT 1 2023
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OTE2601ASSIGNMENT 1
2023
ASSIGNMENT 1 OTE2601 2023
, Assignment 1: 15 May 2023
Unique number:
QUESTION 1
Teachers often asked why they must teach entrepreneurship to all learners if
South Africa does not need all learners to be an entrepreneur. Why do you
think is it important to teach entrepreneurship at school? Give five reasons for
your answer. (25
1. Entrepreneurs create job opportunities. In countries all over the world, small
businesses, especially in the informal sector, create more jobs than large companies.
2. Entrepreneurs initiate the production process. They are responsible for producing
goods and services. The entrepreneur combines labour, capital, technology and raw
materials or components in the production process. The production process has a
wide range of meaning and includes trading activities (e.g., selling groceries at a
spaza shop) or rendering services (e.g., babysitting).
3. Without entrepreneurs, natural resources remain underground and undeveloped.
Entrepreneurs are needed to build the economy of a country. South Africa may be
rich in natural resources like diamonds, gold, oil, coal and so on, but remember that
a country does not need natural resources to build a strong economy and increase
its wealth. Most of the countries in the Far East have few natural resources but most
of their citizens are entrepreneurs, for example, Japanese entrepreneurs import raw
materials, process them, and then export them throughout the world (as they do with
iron ore).
4. Entrepreneurs are catalysts to generate wealth and a higher standard of living.
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.
5. Entrepreneurship education teaches students skills they can use well into their
adult years. These skills include working with a team, using the internet and social
media for marketing, as well as developing creative ways to create new products and
solve complex problems. Teaching entrepreneurship empowers students by
preparing for an uncertain future and work to make life better for other people. In
other words, entrepreneurship lessons can give students hope for themselves and
empathy for other people.
QUESTION 2
2.1 What are on the benefits of opening a Nedbank Stokvel account? (10)
NEDBANK STOKVEL ACCOUNT
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