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Economic and management sciences

Grade 8


Module 15

What are the origins of a business venture?

Activity 1:

To identify and describe a business idea

[lo 4.2, 4.3]

Select any existing business in your own environment and give information about the business in terms of the headings below. You will probably find it necessary to talk to the owner or manager in order to get the information.

1. Name:

2. Owner:

3. Main products that are sold or service that is offered.

4. Where the products come from or where it/they are manufactured.

5. What is required in order to produce the products or to provide the service.

To find a business idea:

The information you gave about the enterprise that you have chosen shows that the following points are always applicable to a business and should be taken into account when considering a business idea:

A specific product (or collection of products) or service must be offered.

The manufacturing or sourcing of the product(s), or provision of the service, must be sustained.

There must be buyers who want to source the product or service and who can pay for it.

Creative thinking is essential. An entrepreneur does not imitate, but does something new or improves upon something that already exists.

The actions taken by an entrepreneur can be divided into different groups. The following is a broad division within which further subdivisions can be made:

Something that already exists and is readily available and plentiful can be used for something else ( new purpose ). For example: Someone decided to buy the pieces of broken brick that cannot be used in masonry on a building site and used it for paving at a price which no other paving businesses could match. It was a great success.

Something that already exists can be altered by way of an improvement ( improvement ). The development of the microchip in computer technology is a good example. Another example is the reduction in size of huge computers that filled a whole room, to personal computers (desktops) and later to laptops. A totally different example is where a shop owner decides to diversify by expanding his range of products. He improves upon his existing service.

Something new can be developed that altogether replaces something that is available on the market ( substitution ). At present plastic lenses for spectacles are replacing the older type of glass lenses.

Now it is your turn to think of examples. Write them down.

  • New purpose
  • Improvement
  • Substitution


Think about an enterprise that you would like to start within the next month. It should be viable in terms of the three points above. It could be something that you do at school, or during weekends.

Research and describe the idea fully. Make rough notes first and then write down the final attempt.

My business idea:

  • Product or service (indicate whether it is going to be a new product, improvement or substitution)
  • Manufacturing and/or sourcing
  • The market (who is going to buy, why, and why they will be able to afford it)
  • Marketing strategy


Learning Outcomes
LO 4
Entrepreneurial Knowledge and Skills The learner will be capable of demonstrating entrepreneurial knowledge, skills and attitudes.
Assessment Standards(ASs)
We know this when the learner:
4.1 identifies financial institutions and organisations promoting entrepreneurship;
4.2 discusses different ideas for starting a business (including ideas to attract tourists, franchising);
4.3 differentiates between the forms of ownership in both the informal and the formal sectors (sole ownership, close corporation);
4.4 evaluates the financial viability of a business (e.g. initial costs, production costs, sales and profit); and
4.5 engages in a business activity that involves purchasing, production and marketing (should involve financing of business with own or borrowed capital – e.g. bank overdraft).

Questions & Answers

How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
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
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
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.
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
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
characteristics of micro business
for teaching engĺish at school how nano technology help us
How can I make nanorobot?
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
how can I make nanorobot?
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
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.
what is the actual application of fullerenes nowadays?
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.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
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Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
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