Entrepreneurship 101 Quiz

Learner Guide Information

• The guide provides knowledge and overview of Entrepreneurial Skills for the National Certificate: Architectural Technology (ID 48734-Level 5 – 120 Credits).
• The guide aims to improve learner skills and knowledge to complete tasks effectively and efficiently.
• Learners are expected to attend workshops/sessions according to SAQA (South African Qualifications Authority) requirements and organizational schedules.
• Workshops are led by qualified facilitators.

Outcomes

• The qualifying learner is capable of the tasks outlined.
• Assessment involves formative and summative tasks, assignments, and workplace practical tasks.
• Learners must present authentic evidence in their portfolio.
• A registered assessor and moderator will evaluate and assess learner portfolios.

Learner Responsibility

• The learner is responsible for their learning.
• Proactive learners should ask questions and seek assistance.

Entrepreneurship

• An entrepreneur owns and operates a small business.
• Entrepreneurs take risks and reap rewards, committing to business growth.
• Entrepreneurs create their own jobs instead of taking someone else's.

Entrepreneurial Characteristics

• Risk Takers: Make calculated decisions about business opportunities.
• Confident: Believe in their abilities, even during challenges.
• Responsible: Take responsibility for their personal and employed people's lives.
• Energetic: Demonstrate high energy levels, especially during the initial business phases.
• Focused: Have clear goals and strategies to achieve success.
• Achievers: Strive for success and are motivated to win.
• Disciplined: Are organized and focused on achieving business goals.
• Decisive: Act quickly and make necessary decisions.
• Knowledgeable and skilled: Possess both fundamental and relevant skills..
• Stayers: Persistent and do not give up easily.

Advantages and Disadvantages of Entrepreneurship

• Advantages: Ability to earn significant income, control over one's work/schedule/life, and create wealth.
• Disadvantages: Business failure possibility, extreme commitment needed, hard work required, irregular income, and potential for debt.

Role of Entrepreneurship in Architectural Technology

• Architects often define their practice exclusively around building design.
• Architects have the potential to offer broader, more versatile design services.
• In the modern context, architecture can be considered an entrepreneurial endeavor.

Characteristics of a Successful Entrepreneur

• Identify opportunities: Recognize viable business openings.
• Make informed decisions: Evaluate information rationally.
• Manage risk: Plan for and mitigate potential dangers.
• Time management skills: Organize tasks efficiently to meet deadlines effectively.

Business Ethics and Social Responsibility

• Business ethics encompass understanding right and wrong in the workplace.
• Social responsibility in architecture involves creating better communities and sustainable designs..
• Everyone benefits when architects participate in community nonprofit activities.

Industry Specific Terminology and Language Skills

• Architects often use jargon and complicated expressions to communicate.
• Clear communication skills are crucial to convey ideas effectively to clients.
• Using a good vocabulary is important when communicating with clients/potential clients/other professionals.

Writing a Business Plan

• A business plan is a roadmap for success and outlines a company's growth.
• Include the Executive Summary (briefly describing the current and future business), Company Information (founders, formation, location, employees), Growth Highlights (financial/market), Products/Services, Financial Information, Future Plans, sections to be included as relevant.

If You Are a Startup or New Business

• Focus on experience, decisions that led to starting the business and market analysis.
• Briefly address needs or gaps in the target market and demonstrate how the products/services will fill it.
• Convince the reader of your potential for success in your target market.

Market Analysis

• Define your target market (customers), their characteristics, spending habits, and needs.
• Research your competitors, understand their strengths/weaknesses, size, and pricing strategies.
• Analyze market trends, and project future growth of the target market.
• Calculate market share potential or assess the current level of competition.

Organisation & Management

• Describe your company's organizational structure, ownership details, management team profiles, and board member qualifications.
• Outline individual responsibilities and authorities within the company.
• Prepare a detailed description and function for each department and staff to avoid confusion and ensure clarity to the reader.
• Include a list or resume of staff, qualifications, and incentives.
• Include ownership information (names, percentage involvement, various ownership forms) and management profiles.

Financial Projections

• Presenting historical financial data from the last 3 to 5 years with income statements, balance sheets, and cash flows.
• Create a section to present prospective financial projections (e.g., 5-year plan) with income statements, balance sheets, and cash flows.
• Justify the amounts needed and the reasons why.
• Clearly explain what your assumptions are in your projected information and document any relevant plans or agreements that would impact the finances.

Appendix

• Should include specific additional information like credit history, resumes, letters of references.
• Include data on market studies and industry documents for easy accessibility in case needed.
• Include documents like licenses, permits, patents, legal records (e.g., leases), contracts for clarity.
• List consultants, attorney and accountant details for extra support.