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• Lesson 1 introduces the business world and business management, requiring approximately six notional hours.

Introduction

• The lesson explores business's role in society, detailing how market economy organizations utilize limited resources.
• Resources include: natural, human, financial resources, and entrepreneurship to fulfill needs for products and services.
• The lesson offers an overview of the main economic systems and the operations of business organizations within market economies.
• Examination includes the purpose and nature of business management against the abovementioned background.

The Role of Business in Society

The transformation of resources into goods and services serves to fulfill society's needs.

• Businesses provide employment and income, boosting the community economy and decreasing poverty.
• Businesses enhances tax revenues within communities which helps keep money local.
• Businesses facilitate interaction and give a sense of community and also greatly impact society's needs.
• Increased environmental awareness can pressure businesses that pollute, and should also be aware of other impacts.
• Consumerism is a social movement providing consumer protection from unsafe products and unethical practices.
• Society influences business decisions in some ways like not polluting, or setting prices.
• Businesses significantly influence society by developing new products, thus impacting behavior.
• A business's success greatly affects society's prosperity, demonstrated by Sasol's impact on Secunda.

Needs and Need Satisfaction

• Human needs are diverse and seemingly unlimited, yet society's resources to meet these needs are limited.
• Choices on how to use resources must be made to achieve optimal satisfaction.
• Seeking maximum benefit or satisfaction from limited resources is called the economic principle.

Maslow's Hierarchy of Needs

• Management needs to understand societal needs, as it is critical for the understanding of the business world.
• All people share basic needs, differing in what they strive to satisfy, according to Maslow.
• In famine-stricken areas, priority is given to meeting physiological needs such as hunger and thirst.
• Once lower-level needs are met, individuals pursue the next level following Maslow.
• Physiological needs include: food, water, clothing, shelter, and sleep.
• Safety and security includes: protection from violence, theft, health, and financial security.
• Social needs includes: need for love, community, family, and intimacy.
• Esteem needs includes: needs related to prestige, achievement, recognition and status.
• Self-actualization needs includes: the desire to reach one's full potential.
• Self-actualization can be achieved only after all other needs are satisfied according to Maslow.

Society's Scarce Resources

• There will always be scarcity because people will consume much more beyond production.
• Even in wealthy societies, there are not enough resources for the population.
• People's wants continually expand and change with basic needs being satisfied with more luxurious articles.
• Needs vs Wants: needs are essential for survival (food, water, shelter), while wants are desires.
• Scarcity exists even with limitless spending power, due to the limitation of time.
• In the business world, there are known to be four production factors or resources available.
• Those resources include: human, natural, capital resources and entrepreneurship.
• Human resources/labour refers to intellectual, physical, and other productive human efforts and professional services.
• Capital refers to machinery, tools, and buildings used to produce goods and services but not money.
• Natural resources/land refers to gifts nature such as minerals, climate, soil, metals, forests, and water.
• Entrepreneurs (from the French word "entreprendre") combine natural resources, labor, and capital to make a profit.
• Entrepreneurs innovation creates new goods/production methods and risk.
• They recognize opportunities in dynamic environments, also combine expertise, resources to create products and services.
• All communities have needs but the main economic issue is that society has to ensure needs are satisfied.
• Limited resources and unlimited needs is known as the economic principle.
• Individuals and businesses/organizations must make satisfaction choices due to scarcity.
• This is because factors of production are limited and cannot be used for production for everything.

The Main Economic Systems

• The economic system must be study to meet the economic principle.
• Free-market economy (capitalism) is where each individual chooses their economic activity.
• The command economy (communism) is where the state owns almost all resources.
• Socialism exists in between, where the state also owns many resources, playing a large economic role.
• The USA is mostly capitalist, but has some socialism.
• Cuba is mostly communism, but as some capitalism.
• South African SOEs such as SAA and Eskom are some examples of socialistic businesses.
• A mixed economy features a combination of private enterprise, resource ownership, and economic planning.

Need-Satisfying Institutions of the Market Economy

• The South African economy is need-satisfying by business, government, and non-profit institutions.
• Business organizations are profit-seeking businesses such as sole proprietorships, partnerships or companies.
• Public corporations are business firms that operate like any other business type.
• Government organizations/state-owned enterprises (SOEs) do not normally operate on a profit-seeking basis.

Summary and Business Management Nature

• Economics examines national economy management.
• Business management studies, in details, need-satisfying institution management.
• Business management entails efficient business management and the economic principle.
• The economic principle applies with profit and non-businesses as well as community reinvestment.
• Business organizations perform market research including obtaining materials or appointing workers.
• Activities can be grouped including: HR, marketing, purchasing, supply, operations, financial and info management.
• General management involves planning, implementation and control of activities.
• Entrepreneurship lessons will follow in business.

• Lesson 2 is about entrepreneurship and the fourth industrial revolution and will requires approximately ten notional hours.

Definition of an Entrepreneur

• Entrepreneur is someone who stars a new venture and who is willing to accept full responsibility for the outcome.
• They take all the initiative and risk utilizing resources produce goods and services for money/profit.
• Entreprenuership involves creating and/or identifying investments/opportunities beyond normal understanding.
• Also involves combining others resources and pursuing them to create a established, successful company.
• Entrepreneurship is scarce and not everyone is prepared to take the risks.
• Innovating leads to business growth through innovative approaches.
• Aliko Dangote is the founder of the Dangote group of companies.
• Richard Maponya starting by reselling soiled clothing offcuts leading to large general retailers.
• Patrice Motsepe built his fortune through minting, creating Future Mining.
• Magda Wierzycka, is CEO of Sygnia Limited, co-founded a venture capital firm.

The Entrepreneurial Process

• Entrepreneurship involves seeking opportunities, finding out where nobody has.
• The first step: apptitudes that include personality and skill.
• Second Step: access to resources to create business.
• Third Step: Opportunities and ideas can be found through converting viable products, services, or processes.
• Fourth Step: Feasibility study, this process must be realistic.
• Fifth Step: create a Business plan.
• Sixth Step: managing is key, do this by starting the business.

Entrepreneurial Skills and Resources

• A skill is an ability to execute an action competently with determined results can be learned through trial
• You may improve: aptitude, attitude through experience or by oberseving.
• Strategic thinking skills like positioning the business to ensure a competitive landscape.
• Planning Skills like planning what is entails now/beyond business.
• Marketing Skills helps evaluate product with sales/marketing.
• Financial Skills aids manage business/cash flow.
• Project Management or organising skills help manage/business resources.
• Human relations skills are also crucial in developing relationships for sustainability.
• It need resources to operate a successful business: financial, human, and operating/physical resources.

Owning a Business

• There are several ways to start your business.
• You may create a new business.
• You may buy an existing business.
• You may enter a frachise.

Starting a business

• New businesses have factors to considerate such as type of location, business. success, cash generation.
• Starting a business has advantages/disadvantages as shown below:
• Autonomy to make own decision is a great advantages, without restriction. In contract, its time consuming.
• Good flexibility as a owner. However, its a very demanding being a owner.
• There will financial rewarding because you have to work harder. This causes financial risk.
• Gives personal achievement/personal like you see it grow with ideations. There will always plenty of Upkeasant task during work.

Buying a business

• Buying also has advantage, you buy assets with the purchase.
• You'll automatically have custom/established base. You're also to take risk.
• Under the Labour relation act, the business is in accordance to this new employee contract. The financial might not good.
• The location might be desirable to lost developed in the surrounding areas.
• Hard to charge culture of business.

Franchising as a Business Opportunity

• Franchising gives you an opportunity to have other to own your business.
• This happens when you own somehting that another can have a licence too.
• Steers is a big example of franchising: the entrepreneur (franchise) now owns a Steers.

Advantages of franchise is.

• Franchisee do not any knowledge of the company the franchising gives help with training.
• Hands on train the franchisees to understand business tracies franchise.
• Franchise benefit the franchise know brand through promotions.
• Franchise to buy stock through both can be lower than lower-powerd costs.
• Franchisee benefits as franchising new product/service.
• Networking and collaboration by sharing/seeking solutions.

Challenges of a franchise:

• Limited control over creative.
• It also has risk like any business.
• The franchisee must effort/time business succeed.
• The franchisee must have honest relationship.
• Expectations take while and must have time.
• It is important to have staff/human resources is required.

Entreprneurhsip and the Fourth Industrial Relatiton

• First revolution has invention of state engine.
• Second revolution has electronic and assembly line.
• Third industrial change the automation.
• Fourth have innovative with automation system.
• Important business might not with operations.
• Governments may embrace technologies by technology.
• Important government regulate shift technology.
• Only that might have embraced new might increase community.

Summary

• Now must understand/economic growth.
• You have understood process in ways to select entrepneurship.
• Also different resources.
• Diversity for start must consider opportunity

• Lesson 3 will teaches you of what it need business idea and stating business

Introductions

• The growth of Small, Micro and Medium-Sized Enterprises (SMMEs) can greatly contribute to the economy .
• The goal of the National Development Plan (NDP) for small businesses to see an increase of 90% in jobs by 2030.

Learning outcomes.

• Need define key terms - "small business"
• Understand those key factors that influence starting location.
• Decided to what are advantage for small business.
• Describe of small business failures and reasons.
• Find out different forms of ownership in South Africa.
• Get insight components and discuss the devlepment process.
• Can the different funding option are to take into.

To what defining small business.

• Small business's are problamatic because can be different.
• SMME in South Africa are a mix of micro, small, medium and enteprpises.

To whata business idea means to create.

• Before you have a company it important to understand these values.
• Find what customer want try to satisfied of another.
• Business show be innovative and creative.
• Understand work eperiience, personal intersts, industry is important.

To what factors will locate business too.

• A place for every kind of business.

What you need are:

• Find other natioinal retialers near banking.
• Find that the the location is secure.
• Easy convenient parking facility.

The bulding must comply to with quality finishes.

• Locatiion factors to describe can be consider when selecting the locatioin.
• SOurces of raw materail.
• Availabilty fo Lab.
• Proxiity of and access to the market.
• Availbity cost of transport facilities.

What are advabtage of small business.

Small business is about innvoation

• A small Passion to work as concerned.
• Custom Relatiio, they understand new meeting need better.
• Quick at Agilitys, small are like quick changing their enviornment comparying.
• More wlling to part take to a risk.
• Opertaty with mini resources will be come proficient doing more with less.

To what fallure of small failures.

• Small business is a hearth of encounraging goirth is Africa Muriiti, 2017.
• 75% failues, so it importna try gain knkwldge of the small challenges.
• When they terminate, the opertiaons of business in fallow means.
• Owner dies, but they continue business to operatie.
• business.
• The one be have to be in the be that is be.

What are leal forms of business in South Africa to.

• The pupiose and business forms idea to info why the type show be.
• Is it the org.
• Where they need help for legal.
• To which finacnal risks can be involved.

Forms if you choosing a right business

• What type of person are you do you know how it works?
• Are you going sole proprietorship, are you will with help or not?
• What can they give us a busines to succeed and help.

What a devlopment for business plan.

• This is a tool to teach for org in 3.3.
• How be done by: Internal and external purpose.
• To the why it import a business can also be done as, that and and.

Components

• Coves, Conttent, Anaylst important initial, all that.

Funditing for small business

• There are couple funding source to help small business grow.

• What are banks able to provides.

• Do department provide agency for helps.

• The capital we use.

• Where do you live and why business.

• For crowdfiunding?

• Angels investment?

• Summany , in folliwe see some of them.

• But we will see in the next business

• Lesson 4 requires approximately 10 notional hours and the title is "THE BUSINESS ENVIRONMENT".

Introduction and aim of the lesson.

• The business has to work with environmental for a company, so in other case their is going be a failure.

Learning outcomes.

• Explain for environmental change.
• Explain and nature with compotions and business.
• What is the three models to know in the future.

Here are list we can review with additional resources.

The business and environment

• In the world with new changes has to stay with new needs of customer, and must always be updated.
• Change described can be any what to do that is a must and why can you not.

The buisness environment

• The definition of a business environment which that the business of all those variables which may influence the process.
• Which that internal all external factors that you have a look at

The three sub-environment of the business to which.

• That is Micro- environment and makent envi, and micro environment.
• The macro-environment is is are :mission and objectives, function areas, business resources.
• The is market that are , consumers, competitors, suppliers, and intermed.
• The the micro where Tech, Econ,Socaial, or inst/ politics,or int.

Chatertics the business

• Must take into consideration what they have

How is has effects of the business.

• Must be has the following :tech, economic, envi, or inst/ politics, or int.

What is the Comotion of the business

• Is the the macro, market is the micro environment.
• Is that you need to indentify the micro of the business and the decision making of the

What business pln show consider.

• Must know as to to what objective

• Need plan that is realistic

• Also need be make make it is best .

• And all have clear know .

• What if the situation and they take the best course for the financial.

• Check out the YouTube to see what happens new on the course.

• Environmental scan

Introduction

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• In there to change in the in term this, of the more for its or.

References

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• Lesson 5 is about corporate social responsibility and will takes about 8 notional hours of our time.

Introduction

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• The needs to become involve which can helps helps and is all that for show for and more

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