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ECONOMIC AND MANAGEMENT SCIENCES

Grade 4

HOW PEOPLE MAKE A LIVING

Module 3

THE ENTREPRENEUR

Entrepreneurship

We saw in the first two modules that all people try to achieve the highest standard of living that is possible for them. To be able to do this, they have to earn money by working for it. Some people know from childhood what work they want to do, but others only make this important decision once they have left school. Do you know what you would like to do one day?

Here are some examples of what you might become:

If you like working with your hands and are interested in machinery, you could consider becoming one of the following:

engineer

car mechanic

Perhaps you like plants and could become a:

florist

manager of your own nursery

farm manager

botanist

If you like working with numbers:

bank teller

clerk

actuary

accountant

If science fascinates you: scientist

laboratory assistant

pharmacist

medical practitioner

There also are many more possibilities.

All people, as we have mentioned before, do not work for large firms. Many decide to start their own businesses. They are called entrepreneurs.

The entrepreneur

We need entrepreneurs in our country. The government and the owners of larger businesses are not able to provide enough work for everyone. People need to create their own work and use their own talents to create job opportunities for themselves and also for other people.

Being self-employed (working for yourself) has many advantages. Can you think of some of these advantages? (First discuss it in small groups).

That’s right! As an entrepreneur you can:

  • work for yourself;
  • work when you want to;
  • use your talents and skills to your own advantage;
  • gain experience in the field in which you have an interest;
  • earn good money if you manage your business properly;

You must be willing to work hard and manage your business properly to be able to make a success of what you do.

An example of an entrepreneur

Activity 1

To learn how to make a profit [LO 4.2, 4.3]

Sonja is a Grade 4 learner who likes to make her own fancy paper. She sells it at the school’s market day and makes specific kinds of paper to order. She has borrowed money from her mother to buy the equipment she needs to start.

Let’s try to help her find our whether her “business” will be worthwhile. Will she earn enough money from it?

To make 100 sheets of paper, she will need:

6 rolls of toilet paper @ ± R1, 45 per roll

2 filter cloths @ ± R0, 60 per cloth

water

½ cup bleach (Jik) @ ± R0, 50

She parcels the paper in packets of 10 sheets with envelopes that are also made from her own paper. She ties the packets with a ribbon (50c) and prices them at R5 each.

  1. What does it cost her to make 100 sheets of paper with envelopes to match and to parcel them in packets of 10?
  1. How much will she receive if she sells all the packets?
  1. Will she have any money left over after she has paid her mother for what she borrowed from her at the beginning? How much?

It seems as if sonja’s business could be quite profitable if she plans well. wouldn’t you also like to become an entrepreneur?

Competition

Business people aim to provide products and services that are needed by consumers. Because of this, we have a baker who provides bread, a chain store that sells food, a clothing shop where we can get the clothing we need, etc. But what will happen when there is more than one baker, chain store or clothing shop? From whom will you as a consumer be buying?

Questions & Answers

what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
for teaching engĺish at school how nano technology help us
Anassong
How can I make nanorobot?
Lily
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
NANO
how can I make nanorobot?
Lily
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 4. OpenStax CNX. Sep 17, 2009 Download for free at http://cnx.org/content/col11086/1.1
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