2024 Western Cape Business Studies Gr 11 Revision Booklet PDF

Western Cape Education Department Directorate: Curriculum FET BUSINESS STUDIES REVISION BOOKLET 2024 TERMS 3 & 4...

Western Cape Education Department Directorate: Curriculum FET BUSINESS STUDIES REVISION BOOKLET 2024 TERMS 3 & 4 Grade 11 This revision program is designed to assist you in revising the critical content and skills covered during the 3rd and 4th terms. The purpose is to prepare you to understand the key concepts and to provide you with an opportunity to establish the required standard and the application of the knowledge necessary to succeed in the Final NSC examination. The revision program covers the following topics:  Entrepreneurial qualities and success factors  Transform a Business Plan into an Action Plan  Start a Business Venture based on an Action Plan  Presentation of Business Information  Team Dynamics and Conflict Management  Introduction to Human Resource Function  2 INDEX PAGE Contents Page numbers 1 Entrepreneurial qualities and success factors 2-8 2 Transform a Business Plan into an Action Plan 9 – 16 3 Start a Business Venture based on an Action Plan 17 – 24 4 Presentation of Business Information 25 – 35 5 Team Dynamics and Conflict Management 36 – 39 6 Introduction to Human Resource Function 40 - 49 This revision booklet covers the SIX topics that were taught in Terms 3 & 4. The first topic we will focus on is: 1. ENTREPRENEURIAL QUALITIES AND SUCCESS FACTORS At the end of this topic, learners should be able to:  Outline/explain the qualities of an entrepreneur  Identify the qualities of an entrepreneur from given scenarios/ case studies/statements, and assess a business against these qualities  Identify/state/name key success factors  Recommend/suggest areas for improvement from given scenarios/case studies/statements  Suggest strategies that businesses can use to ensure that they remain profitable and sustainable Key Concepts  Entrepreneur: someone who converts a business idea into a business venture.  Sustainability: the business must be able to continue without doing damage to the environment and the community in which it works.  Customer base: successful businesses have a loyal customer base who always buy their goods/services.  Good governance: those processes and institutions that produce results to meet the needs of society while making the best use of the resources at their disposal.  Stable workforce: the degree to which workers remain employed. Introduction In this topic, we will revise these entrepreneurial qualities as they were taught in detail in Grade 10. We will then assess an existing business to determine whether it incorporates these qualities. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  3 Entrepreneurs have certain qualities that contribute to their chances of being successful in running their own businesses. 1.1 Qualities of an entrepreneur An entrepreneur is someone who converts a business idea into a business venture. Entrepreneurs are self- employed and create their own income. They always look for ideas to improve their business in order to gain a competitive advantage. An entrepreneur is also passionate about their business and an expert in the field. High levels of energy Flexibility Recognising Dreams with a clear opportunities vision Showing perseverance Taking calculated risks Organisational skills Passion Good management Confidence in one’s Desire for Be creative and leadership skills ability to succeed responsibility Match the statements below with the qualities of an entrepreneur listed 1.1.1 above Qualities of an entrepreneur 1  Entrepreneurs like to prove themselves as being innovative, hardworking, and responsible for creating their own income.  Successful entrepreneurs are not afraid to take responsibility for their decisions and actions in their business. 2  Most entrepreneurs risk financial security when they start a business venture.  Entrepreneurs take calculated risks as they weigh up what they might lose before deciding.  They risk their own money when they start their business as they envisage to make a profit. 3  Entrepreneurs must be capable of inspiring other people to believe in their vision.  They are good leaders who can motivate and inspire others to do their best. 4  Entrepreneurs should show enthusiasm to achieve the best solution.  Starting and running a business requires considerable energy and the ability to focus on business objectives. 5  An entrepreneur has a vision of where they are heading and what they want to achieve in future. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  4  They have a clear vision and able to achieve long-term goals.  An entrepreneur can convert a dream into a business plan and can explain their vision to others. 6  An entrepreneur must have confidence, believe in themselves, and believe they can achieve their goals.  They are positive and focus on things that could go right instead of focusing on things that could go wrong. 7  Entrepreneurs are able to adapt to different circumstances.  They are willing to listen to other ideas and be able to admit when they are wrong. 8  Successful entrepreneurs can identify gaps in the market and make money.  They are able to identify viable opportunities that are not always easy to spot. 9  Successful entrepreneurs have a positive attitude towards failure and see difficulties as opportunities.  Most successful entrepreneurs only became successful after failing several times. 10  Entrepreneurs need to have excellent organisational skills.  Entrepreneurs must also have the skills to manage their own businesses. 11  An entrepreneur is passionate and enthusiastic about their product and business.  Passion for the business will keep the entrepreneur motivated when things go wrong. 12  An entrepreneur uses creative thinking skills to turn threats into business opportunities in order to be competitive.  Creativity requires imagination to produce the most obscure ideas.  This allows entrepreneurs to think beyond the traditional solutions. 1.1.2 Qualities of an entrepreneur 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  5 Read the article and answer the question that follows. ELSABE HEALTH PRODUCTS (EHP) Betty, the manager of Elsabe Health Products (EHP) found a gap in the sports supplements market. She started mixing and creating formulae from a small home in Brakpan. Betty is enthusiastic about fitness. She admits that she really focused on selling the product, and on excellent customer service instead of only profit. She grew the business with little prospects of achieving the small goals that she had set for herself. She says that people must start small, learn from it, even if they fail until they get it right, then scale it up, and repeat. She was optimistic about her sports supplements, and she expanded her sales team. She offered her sales team a high commission without a basic salary, engaged in a one-hour meeting every morning, five days a week to get feedback from the market, inspire the sales team and to discuss new product ideas. Betty said that her staff should dream big in order to have multiple brands and compete globally. 1.2.1 Identify Eight entrepreneurial qualities that Betty, the manager of EHP displayed in the scenario. Motivate your answer by quoting from the scenario above. Use the table below as a guide to answer QUESTION 1.2.1 When required to quote from the scenario, rewrite the applicable sentence/statement /phrase in full, directly from the scenario. Entrepreneurial Qualities Motivation 1 2 3 4 5 6 7 8 1.2 Key success factors in a business Strategic focus Profitability Sustainability Market knowledge Strong customer base Good leadership Stable workforce Unique product or service 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  6 Indicate which of the key success factors in a business does the following 1.2.1 statements refer to Key Success Factors Answers 1 Successful businesses effectively manage financial matters to ensure a return on Profitability investment. 2 The business must be able to continue without doing damage to the environment and Sustainability the community in which it works. 3 knowing about the various aspects that could possibly impact on the business Market knowledge 4 bring energy, enthusiasm, and urgency to the workplace, which filters through the Good leadership business and motivates staff. 5 A motivated, happy, well-trained staff supports a successful business. Stable workforce 6 Goods and services must fulfil the needs and desires of the consumers Unique product service 7 a source of inspiration, and a motivator. Good leadership 8 A profitable business attracts more investors that can lead to the business expanding. Profitability 9 Includes leadership, management, and planning. Strategic focus 10 There must be something special or different about a business to ensure success Unique product where others fail. or service 11 meet the needs of customers consistently and supply excellent service. Strong customer base 12 Businesses continue to exist despite all the challenges and threats it is confronted Sustainability with. 1.3 Areas of improvement Businesses may lack some of the key success factors to ensure that businesses run efficiently. These are the areas that businesses need to improve based on their assessment. They first need to identify these, then come up with strategies to improve the identified areas. A business that wants to improve should consider certain aspects when identifying areas of improvement. Complete the following with regard to areas of improvement relating to key 1.3.1 success factors. Use the concepts below. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  7 expenses target money sales vision technology goals price Areas of improvement Answers 1. Regularly evaluate the … of every product. price 2. Operate from a plan based on its … to avoid deviation. vision 3. Make sure the … comes in quickly. money 4. Keep business … to a minimum. expenses 5. Set … with reasonable milestones and timelines. goals 6. Evaluate the benefit of increased … against the cost of marketing. sales 7. Identify and implement the … needed to support their operation and growth. technology 8. Identify the … customer and what they can do for them. target 1.4 Strategies businesses can use to ensure that they remain profitable and Sustainable  Planning is important when it comes to being efficient.  Sound financial management and good accounting practices are the best ways in which a business can remain profitable.  Effective management of scarce resources and employees.  Customer retention is an important part of a business, as this can ensure that they remain profitable and sustainable.  An ethical business behaves in a socially responsible way and does what is right even if it is not necessary by law.  Consumers like to support a business that supports the community in which it operates 1.4.1 Consolidation questions 1.4.1 State THREE key success factors for a business venture. (3) 1.4.2 Read the scenario below and answer the questions that follow. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  8 NDODA’S HOMEWORK CENTRE (NHC) Ms. Ndoda worked as a teacher for many years and realised that many children struggled to complete their homework. She left her teaching post amid uncertainty and opened her homework centre to assist parents and children to complete their homework daily. Ms. Ndoda came up with exciting new ways to ensure children enjoyed writing their work. 1.4.2.1 Identify TWO entrepreneurial qualities that Ms. Ndoda used in the scenario. Motivate your answer by quoting from the scenario above Use the table below as a GUIDE to answer QUESTION 1.4.2.1 Entrepreneurial Qualities Motivation 1. 2. (6) 1.4.3 Explain THREE other qualities of an entrepreneur. (9) 1.4.4 Advise businesses on THREE strategies that they can use to ensure that they remain profitable (6) and sustainable 2. TRANSFORM A BUSINESS PLAN INTO AN ACTION PLAN At the end of this topic, learners should be able to:  Explain/discuss the purpose of a business plan  Define/elaborate on the meaning of an action plan 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  9  Discuss/explain/describe the importance of an action plan  Outline/name the stages of action plan/steps to follow when drawing up an action plan  Outline/explain/discuss the project planning steps  Define the following planning tools: o Gantt charts or work breakdown structure (WBS) o Timelines o Project planning  Outline/explain/discuss the importance of timelines and Gantt charts/WBS  Draw up a Gantt chart using the information given in scenarios/case studies Key Concepts  Business plan: a formal written document describing the goals of a business and the methods of how to achieve those goals.  Action plan: a checklist of the steps or tasks you need to complete to achieve the goals you have set.  Gantt chart: a bar chart that provides a visual timeline of how the tasks are scheduled.  Timelines: a sequence of related events arranged in chronological order and displayed along a line to keep track of the activities.  Work breakdown structure (WBS): divides the business plan into smaller project stages and shows exactly what must be done. Introduction This chapter will focus on transforming a business plan that you developed in Grade 10 into an action plan. We also provide a detailed description of planning tools that provide guidelines on how to transform a business plan into an action plan. 2.1 Purpose of a business plan Complete the following with regard to purpose of a business plan. Choose 2.1.1 your answer from the concepts below market investors goals vision correct 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  10 # Statement Answer 1 Gain insight in the... and competition market 2 Obtain funding from... investors 3 Set realistic... and objectives goals 4 Identify the right talent for moving the business... forward vision 5 Make... decisions and manage the business correct 2.2 The meaning of an action plan  An action plan is a detailed plan that outlines the actions that need to be executed (done) in order to reach the business goals.  An action plan shows the activities that must be completed.  We need an action plan to implement the business plan and show how activities will be organised to achieve the goals of the business plan. 2.3 The importance of an action plan Complete the following with regard to the importance of an action plan. 2.3.1 Choose your answer from the concepts below organised projects activities performances employees # Statements Answer 1 Enables... to be achieved within a specified time projects 2 Businesses are able to prioritise... by their importance activities 3 Can help the person responsible to be more... organised 4 Helps... to focus on their activities employees 5 Can be used as a control measure against which standards and... can be measured performances 2.4 Steps to follow when drawing up an action plan 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  11 The following are the steps to follow when drawing up an action plan 2.5 Project Tools Planning tools enable entrepreneurs to transform their business plan into an action plan. The following planning tools will be discussed in detail: o Gantt charts or Work Breakdown Structure (WBS) o Timelines o Project planning 2.5.1 Gantt Chart Complete the following with regard to a Gantt Chart. Choose your answer 2.5.1.1 from the concepts below relationships duration visually project timelines dates # Statement Answer 1 Is a type of bar chart that... illustrates the start and finish of job tasks in a project visually 2 Used to schedule the... for a project, and to list which tasks need to happen when and in timelines what order 3 Shows what needs to be done by breaking a... down into smaller parts project 4 Illustrates the start and finish dates of the … of a project and depicts the activities against the tasks dates 5 Shows the... of the tasks duration 6 Show the dependency... between tasks relationships 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  12 2.5.2 The Work Breakdown Structure (WBS) of a project: Complete the following with regard to the WBS. Choose your answer from 2.5.2.1 the concepts below levels logically stages elements tasks # Statement Answer 1 These... make up the WBS of the project elements 2 Shows all the... that need to be done tasks 3 Divided into... , with each level supplying more detail levels 4 Forms the basis for... of the action plan stages 5 The elements must be linked... , and all the key details must be included logically 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  13 2.5.2 Timelines Complete the following with regard to Timelines. Choose your answer 2.5.2.2 from the concepts below activities points milestones duration projected visually linear chronological # Statement Answer 1 Timelines are a visual representation of... information chronological 2 It is a simple tool that lists all the... that need to be done and the date order in activities which they will be completed 3 Help team members to know what... need to be achieved and by when milestones 4 Shows the dates and events labelled on... points 5 Must have a title and use a series of dates on a... scale to show the date of linear completion for each of the short-term objectives and tasks 6 They normally show... dates rather than actual ones projected 7 Does not show the... of a project, but instead shows a passage of time duration 8 Should be... appealing, clean, and neat visually 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  14 2.5.2.3 Complete the following with regard to Gantt Charts. Read the scenario and answer the question that follows: TJ ICE-CREAM (TJI) TJ Ice-cream (TJI) will be doing the following activities during February. Tom will register the business in the first week. During the second week, Jerry will organize a building for rental. In the third week, Tom will recruit an accountant for the business. 2.5.2.3.1 Draw up a Gantt chart using the information given in the scenario above. Use the table below as a guide to answering this question. Activity Week: Week: Week: Person responsible 2.6 The importance of Gantt charts, WBS and timelines Complete the following with regard to the importance of Gantt charts, WBS 2.6.1 and timelines. Choose your answer from the concepts below tools goals sequential short-term client # Statement Answer 1 These tools help the project staff to project dates and set up plans to achieve set... in goals advance. 2 They are vital to project managers as businesses try to meet and exceed... expectations. client 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  15 # Statement Answer 3 Project managers use them as... to get their jobs done. tools 4 Timelines serve as a planning tool that helps to indicate the date of completion for each of short-term the … objectives and tasks. 5 Timelines keep information in a... order and dates on which an activity must be done. sequential 2.7 Consolidation Questions QUESTION 1 1.1 Define the meaning of an action plan. (2) 1.2 Outline any THREE project planning steps. (6) 1.3 Explain the purpose of an action plan (4) QUESTION 2 2.1 Identify the type of planning tools used by Sive Construction in EACH statement below: 2.1.1 Jack, the project manager, indicates the dates of completion for each of the short-term objectives and tasks on a linear scale. 2.2.2 Gugu, the project engineer, used a bar graph to show the duration of each task against (4) the progression of time. QUESTION 3 3.1 Read the scenario below and answer the questions that follow. POLKA’S ENTERPRISE (PE) Polka developed a business plan that gives a comprehensive overview of her proposed business. She wants to transform it into an action plan using a timeline as her planning tool. 3.1.1 State the steps that Polka should follow to draw up an action plan for her business. (6) 3.1.1 Advise Polka on the importance of timelines. (6) QUESTION 4: BUSINESS VENTURES ( TRANSFORM A BUSINESS PLAN INTO AN ACTION PLAN) Entrepreneurs realise the importance of drawing up an action plan to achieve business goals and objectives. They also need to know the importance of an action plan and project planning steps. Many businesses are not well conversant with Gantt charts. Write an essay on transforming a business plan into an action plan in which you include the following aspects: Outline the steps to follow when drawing up an action plan. Explain the importance of an action plan. Discuss the project planning steps. Advise businesses on the importance of Gantt charts. (40) 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  16 3. START A BUSINESS VENTURE BASED ON AN ACTION PLAN At the end of this topic, learners should be able to:  Outline/explain/discuss factors that must be considered before start-up  Outline/explain/discuss aspects that must be considered when initiating a business, for example, strategy, operations, productivity, size of a business and so on.  Analyse the above-mentioned factors from scenarios/case studies and make recommendations for improvement  Explain/discuss reasons why businesses need funding  Outline/explain sources of funding  Explain/discuss/describe factors that influence the choice of funding, for example, the nature of finance, the amount of capital needed, risk, the cost of finance, and so on. Key Concepts 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  17  Strategy: a long-term plan of action to achieve a goal.  Operations: the different activities businesses use to achieve their goals in order to be successful.  Productivity: the effectiveness of production in terms of the rate of output per unit of input.  Cost-saving: the plans made by the business to cut on the cost/expenses of the business.  Business growth: the expansion of the size of the business.  Risk: a credit provider will always consider how safe their investment will be by looking at factors that will endanger the recovery of the debt. Introduction In Grade 10, you were introduced to the importance of a business plan. In the previous topic you have learnt how to transform a business plan into an action plan. This topic focuses on factors that must be considered when starting a business plan based on an action plan. It is important to note that entrepreneurs will not be able to start a business venture without a well-structured business plan and an action plan. 3.1 Factors that must be considered before start-up 3.1.1 Match the below factors to the statements in Column 3 Culture of the organisation Environmental changes Customer services Business growth Cost-savings 3.1.1 Match the factors listed above, with the statements in Column 3 Factors Explanation # 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  18 Businesses can reduce costs by doing a joint advertising campaign, saving on office costs, 1 hiring temporary employees, or using independent contractors, and considering other aspects such as insurance, credit, online transactions, etc. Businesses operate in a dynamic and unpredictable environment. Environmental change 2 requires businesses to always adapt and review their original plan. The culture of an organisation is the personality of a company. Entrepreneurs must decide 3 what the culture of their business will be before starting up. The entrepreneur must determine the size and the growth of the business before starting up. They must devise a suitable strategy to manage and control a larger group of 4 employees. The size and growth of the business will determine the most appropriate form of ownership for the business. A good customer service requires entrepreneurs to identify their potential customers 5 before start-up, establish a good relationship with their customers, and change the market plan to accommodate customer needs. 3.2 Aspects that must be considered when initiating a business Operations Productivity Size of the Business Strategy Use the following mnemonic to remember the above-mentioned factors Owls Prefer Silly Tricks In this mnemonic, each word corresponds to the first letter of the concept: 3.2.1 Match the factors listed above, with the statements below: 1. Strategy 2. Operations  Refers to plan of action that must be carried out by  Businesses must implement the activities that are an entrepreneur. outlined in the action plan.  Systems and processes should be in place for the  Operations need to be implemented, staff must be business to achieve its goals. employed and trained.  Businesses must ensure that strategies such as  Resources must be acquired and managed marketing/management/public relations are continuously. implemented and continuously reviewed.  Constant monitoring and evaluation need to be done to ensure that resources are used effectively. 3. Productivity 4. Size of a Business 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  19 1. Strategy 2. Operations  Refers to the effectiveness of production in terms of  Businesses must decide on the most appropriate size the rate of output per unit of input. for successful operations.  Businesses must ensure that there is a high rate of  The bigger the business, the more difficult it is to productivity in all aspects of its operations. manage.  Ensure that costs are decreased, and outputs are  The success of the business is often dependent on increased to maximize profits. the management and the staff. Complete the following activity regarding considerations before start-up of a 3.2.2 business 3.3.1 Read the scenario below and answer the questions that follow: TASTY PANCAKES (TP) Tasty Pancakes is a newly established business that specialises in selling pancakes. Peter, the owner of TP conducted research to identify his target market. He also changed some of his original business plans, due to new technology. Peter devised a suitable strategy to manage a large group of employees. 3.3.1.1 Identify THREE factors Peter should consider before starting up his business. Motivate your answer by quoting from the scenario. Use the table below as a GUIDE to answer QUESTION 3.3.1.1 Factors Motivation 1. 2. 3. (9) 3.3.2 Discuss TWO other aspects that Peter should consider when starting up a business. (6) 3.3 Reasons why businesses need funding Complete the following with regard to the reasons why businesses need 3.3.1 funding. Choose your answer from the concepts below sales start-up raw material input Numbers Statements Answers 1 Cover the... cost of buying premises/machinery/raw material, etc. start-up 2 Run the business and have enough money to pay suppliers of... raw material 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  20 Numbers Statements Answers 3 Pay for cost of... such as wages, telephone, and other expenses. input 4 Expand the business as the... increase and bigger premises need to be established. sales 3.4 Sources of funding Trade Credit Equity Capital Bank Loans Leasing and Hire Purchase Debt Capital Grants Angel Funding Venture Capital Bank Overdraft 3.4.1 Match the source of funding listed above, with the statements below: Number Source of Funding Explanation 1  Businesses may apply to borrow money from the bank. Bank Loans  The bank will check their credit worthiness before approving the loan.  The bank will specify the amount and the duration of the loan. 2  Businesses with a current check account may arrange for an overdraft with the bank.  With this type of funding, the bank will allow the business to withdraw more than Bank Overdraft the balance in their bank account.  The business pays interest on the amount of money they withdraw and for the period they have overdrawn. 3  Trade credit is an agreement between a supplier and the business Trade Credit  Suppliers normally allow businesses between one to three months to settle their debts. 4  The capital that is contributed by the owner of a business is known as owner’s Equity Capital interest.  When the owner puts in additional funds in the business his/her equity increases 5  If a business needs to borrow funds, it is known as debt capital.  The business must show the ratio between equity capital and debt capital in its Debt Capital business plan.  It is very important that businesses must be solvent at all times. 6  Businesses may lease certain assets such as equipment and technology, which is owned by the other party. Leasing and Hire  Businesses may prefer to lease certain items instead of buying them. Purchase  Businesses can use leasing because it is easier to find finance for a lease agreement than for the purchasing of an expensive asset. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  21 Number Source of Funding Explanation 7  Under some circumstances, a business may qualify for government support to get started. Grants  A grant means that the business will get funding from the government.  Grants are normally cheaper funding than other sources. 8  The credit provider of this funding will give money for the start-up of the business in exchange for a share in the business. Venture Capital  Sometimes the venture capitalist also requests a portion in the management of the company or a position on the board of directors. 9  Sometimes a wealthy entrepreneur offers financial help in exchange for a share in Angel Funding the business.  This type of funding carries a high risk for the investor. Complete the following activity sources of funding 3.5. 3.5.1.1 Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A – D) next to the question number. 3.5.1.1.1 The bank allows PL Ltd to withdraw more money than what is available in their bank account, known as... A. trade credit B. bank loan C. bank overdraft D. grant 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  22 3.5.1.1.2 Jason Traders qualified for a... when the government provided him with funding to set up his stationery shop. A. trade credit B. bank loan C. bank overdraft D. grant 3.5.1.1.3 Samira contributed … as the owner of Samira Consultants. A. venture capital B. angel funding C. debt capital D. equity capital 3.5.1.1.4 Mr Strauss, a wealthy entrepreneur, provided … in exchange for a share in Majid Enterprises. A. venture capital B. angel funding C. debt capital (8) D. equity capital 3.5.1.2 Discuss the reasons why businesses need funding. (6) 3.6 Factors that influence the choice of funding Cost of finance Risk The amount of capital needed Period of finance The nature of finance Match the source of funding listed above, with the statements below: 3.6.1 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  23 Factors that # influence the Explanation choice of funding  Some types of financing like shares and debentures are not available to certain forms The nature of of ownership like sole traders and partnerships. 1 finance  Companies can only issue shares and debentures.  Sole traders and partnerships should make use of other forms of funding.  The larger the amount of capital needed; the fewer options will be available. Larger The amount of amounts must be obtained from banks, or the owner must use his/her own funds. 2 capital needed  The government or NGOs will only give grants for smaller amounts.  The bank will always consider how safe their investment will be by looking at factors that will endanger the recovery of the debt. 3 Risk  It is always more difficult for a new business to obtain funding than an existing business who already has a good credit record.  The cost of the funding is normally measured in the interest that must be paid for the 4 Cost of finance funding. Businesses must weigh all the options before choosing the most affordable option of funding.  For short-term financing like the payment of creditors businesses could make use of a Period of bank overdraft. 5  However, if a business must buy an asset, such as equipment, a bank loan would suit this finance purpose better. 3.7 Essay type question Question 1: BUSINESS VENTURES (START A BUSINESS VENTURE BASED ON AN ACTION PLAN) New businesses need additional capital to run their operations successfully. They need to consider certain aspects when initiating a business. They should also be well conversant with various sources of funding. Some businesses do not know factors that influence the choice of funding: 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  24 Write an essay on starting a business venture based on an action plan in which you include the following aspects: Outline the reasons why businesses need funding Explain any FOUR aspects that must be considered when initiating a business Discuss the following sources of funding: o Bank overdraft o Lease and hire purchase Advise businesses on the following factors that influence the choice of funding: o The nature of finance o Period of finance (40) 4. PRESENTATION OF BUSINESS INFORMATION At the end of this topic, learners should be able to:  Outline/explain the importance of presenting business information  Differentiate/distinguish between verbal and non-verbal presentations  And give examples of each  Outline/state/explain/discuss types of visual aids  Identify the above-mentioned visual aids from given scenarios/case  Studies/statements 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  25  Explain/discuss how a presenter must prepare the following visual aids: o Transparencies/slides o Posters o Handouts  Discuss/explain/recommend factors that a presenter must consider when preparing a presentation explain the reasons why business presentations must be in written format  Outline/state/explain types of written information  Outline/state/explain/recommend steps in report writing  Critically analyse a business report and recommend areas for improvement  Outline/state/explain factors that must be considered when  Composing a flyer  Explain how to respond to questions about work and presentations/ handle feedback after a presentation in a non-aggressive and professional manner.  Explain/discuss/evaluate the impact of the following visual aids: o PowerPoint/data projector o overhead projectors/transparencies o handouts/flyers/brochures o flip charts o interactive whiteboard/smartboards o posters/signs/banners/portable advertising stands/flags  Identify visual aids from given scenarios/statements. Key Concepts:  Verbal presentation: the use of speech by a presenter to convey a message to stakeholders/audiences.  Non-verbal presentation: the presentation of information to an audience without using spoken words.  Visual aids: are charts/pictures/images that help to clarify a point/enhance a presentation.  Flipchart: a large pad of paper, bound so that each page can be turned over at the top to reveal the next page, used on a stand.  Graphs: diagrams that show the relationship between two or more sets of numbers.  Tables: a set of facts and figures arranged in columns and rows.  Diagrams: illustration of information using visualisation techniques.  Posters: a large sheet of paper/cardboard promoting certain products or events that can be displayed on public street poles/walls.  Handouts: printed information provided to the audience to accompany a presentation.  Transparencies/slides: a visual presentation of data/audio/video on a screen.  Business reports: formal written documents outlining factual information to stakeholders of a business.  Flyer: a thin sheet of paper on which businesses advertise their products or services. Introduction In Grade 10, you were introduced to the topic; Presentation of Business Information which included various types of visual aids, and guidelines on how to write a business report. We will provide a detailed analysis off this topic in Grade 11 and 12. Entrepreneurs need to present their business plans to various stakeholders and potential investors. Entrepreneurs should know how to present business information in a professional manner and protect the business image/brand. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  26 4.1 The importance of presenting business information Complete the following with regard to the importance of 4.1.1 presenting business information. Choose your answer from the concepts below operations financial opportunities profitability image markets strategies # Statement Answers 1 Business information provides management with data regarding important... markets 2 Enables businesses to identify... and threats in the market. opportunities Allows management to develop new... in order to overcome competition in the 3 market. strategies Enables businesses to share their... performance with internal and external 4 stakeholders. financial 5 Attracts and retains investors and improves the... of the business. image 6 Employees are informed about the business... and the required performance. operations 7 Increases sales and... profitability 4.2 Differences between verbal and non-verbal presentation 1. Verbal Presentation 2. Non-verbal Presentation  Refers to the use of speech by the presenter to  Refers to the use of written words to convey a convey a message to stakeholders. message to stakeholders. Indicate whether the following refers to verbal- or non- verbal 4.2.1 presentation # Examples Verbal/Non-verbal 1 Financial Reports Non-verbal 2 Brochures Non-verbal 3 Oral presentation Verbal 4 Recorded presentation Verbal 5 Business reports Non-verbal 6 Question and answer session Verbal 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  27 # Examples Verbal/Non-verbal 7 Questionnaires Non-verbal 8 Handouts Non-verbal 4.3 Types of visual aids Line graph Transparency Flow chart/Diagram Bar graph Tables Handouts Poster Pie Chart Match the types of visual aids listed above, with the statements below: 4.3.1 Types of visual Explanations # 1 Aids  A set of facts and figures arranged in columns and rows. 1 Tables  The information is used to compare or contrast data.  A diagram showing how two or more sets of data are related. 2 Bar graph  They are useful when one wants to compare data over a period of time.  A diagram, usually a line or curve, which shows how two or more sets of numbers or 3 Line graph measurements are related.  It gives an indication of how trends have changed over some time.  A graphical representation of data.  The chart is a circle divided into segments, which are represented with percentages. 4 Pie Chart  It is used to graphically illustrate sets of data in proportion to each other. Flow  A symbolic representation of information using visualization techniques. 5  It is used to illustrate processes/relationships. chart/Diagram Large sheet of paper/cardboard used to promote certain products or events. 6 Poster  They are usually pasted on public street poles/walls.  Copies of a presentation where the content of multiple slides is displayed on a 7 Handouts single/multiple pages.  A thin sheet of transparent flexible material. 8 Transparency  They are plastic sheets that a presenter can use to write the information on. 4.4 Preparing visual aids 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  28 Using appropriate visual aids to enhance the quality of a presentation requires presenters to prepare visual aids before doing a presentation. The selection of any type of visual aids depends on the purpose of the presentation and the type of information that will be presented. 4.4.1 Guidelines on how to prepare posters simple Complete the following withgraphics contrasting regard to guidelines on how to title 4.4.1.1 read prepare font posters. Choose your answer words from the concepts below designed # Statement Answer 1 Use the... on the poster to draw the attention of the reader. title 2 The poster must be... to be attractive and eye-catching. designed 3 People must find the poster easy and quick to... read 4 Keep the poster... and free of unnecessary information. simple 5 Include a few... on the poster. words 6 Use a... that is big and bold. font 7 Include... that are large and visible from a distance. graphics 8 Use... colours on the poster. contrasting 4.4.2 Guidelines on how to prepare handouts Complete the following with regard to guidelines on how to 4.4.1.2 prepare handouts. Choose your answer from the concepts below content index page copies complement cover page information sources Number Statements Answers 1 The handouts must... the presentation using summarised notes. complement 2 Prepare a... with the title and details of the presenter. cover page 3 Include an... with different levels of information. index page 4 The handout must include... like definitions/tables/illustrations. information 5 Limit the... of the handout to 2 – 4 pages. content 6 Acknowledges... that were accessed to compile the handout. sources 7 Ensure that sufficient... of the handouts are printed for distribution. copies 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  29 Identify4.4.3 Complete each type of visual aid usedthe following by Lee activity during his with business regard to toBusiness information presentation andEACH the board of directors from visual aids. below: statement 4.4.3.1 4.4.3.1.1 Lee used a symbolic representation of information using visualisation techniques to illustrate the processes his department followed. 4.4.3.1.2 A set of facts and figures arranged in columns and rows to compare the sales of the last three years. 4.4.3.1.3 Lee provided printed information to the boards of directors to accompany his presentation. 4.4.3.1.4 Lee used a two-dimensional drawing showing how trends have changed (8) over a period of ten years. 4.5 Factors to consider when preparing for a presentation Complete the following with regard to factors to consider when 4.5.1 preparing for a presentation. Choose your answers from the concepts below purpose audience opening content language visual aids information # Statements Answers 1 Be clear about the... of the presentation purpose 2 Write down an outline of the important... that needs to be shared with your audience information 3 Ensure that the main aim of the presentation is captured in your... statement opening 4 Familiarize yourself with the... of the presentation to ensure a smooth flow content Be familiar with the background of your... , so that your presentation speaks to their area of 5 audience interest 6 Include simple... in your presentation language 7 Include... that will enhance your presentation visual aids 4.6 Reasons why business information must be in written format Complete the following with regard to reasons why business 4.6.1 information must be in written format. Choose your answers from the concepts below 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  30 information promote interact adaptable audience # Statements Answers Written business presentations provide the organisation with an opportunity to... the 1 promote corporate image of the organisation. 2 The content of a written business presentation is... and could easily be amended. adaptable 3 New... could easily be added to the presentation. information 4 Written presentations make it easier for the presenter to interact with the... audience 5 Audience can also … with the business presentation after the presentation. interact 4.7 Types of written information 4.6.2 Complete the following activity 4.6.2.1 List any THREE types of visual aids. (3) 4.6.2.2 Read the scenario below and answer the questions that follow GLOBAL MOBILE SPECIALIST (GMS) Global Mobile Specialist experienced a sharp decline in sales due to the negative impact of the Covid-19 pandemic. The directors of GMS included a report with recommendations on how to improve the business sales. Identify the type of written information used by the directors of GMS. (3) 4.6.2.2.1 Motivate your answer by quoting from the scenario above. 4.6.2.2.2 Explain TWO other types of written information. (6) Advise businesses on the reasons why business presentations must be in a (6) 4.6.2.3 written format. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  31 4.8 Steps in report writing Complete the following with regard to steps in report writing. Choose 4.8.1 your answers from the concepts below Conduct research Write an outline Write the first draft Recommend a course of action Decide on terms of Edit and distribute Analyse data and record findings reference # Steps Explanation  Setting the terms of reference helps both the writer and their readers to Decide on terms of understand why the report is important and what it hopes to accomplish. Step 1 reference  Setting concrete terms early on will help you create the report’s outline and keep your discussions on track throughout the writing process.  Most reports will require the collection of data that directly relates to the topic. Step 2 Conduct research  Interpreting data and formatting it in a way that the readers will understand is an important part of writing a report.  The next step is to construct your report’s outline.  The most important thing to do when writing the outline is to include all Step 3 Write an outline the necessary sections and eliminate anything that does not directly contribute to the report’s purpose.  Writing the first draft is one of the most important stages of constructing a successful report. Step 4 Write the first draft  The purpose of the first draft is to get all the main elements of the information onto the page.. Step 5 Analyse data and  The focus of every report is the findings section/presentation of the 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  32 # Steps Explanation interpretation of the data. record findings  The findings section of the report should always provide valuable information related to the topic/issue that is being addressed  The final section of the report’s body is the recommendation/s. Recommend a Step 6 course of action  The report must present an idea as to what actions should be taken in response to the findings.  The final stage of writing a report is editing it thoroughly and distributing it to the stakeholders/audience. Step 7 Edit and distribute  Ask someone else to proofread it/give you their opinion on the readability of the content. 4.8 Business reports and areas for improvement Complete the following with regard business reports and areas for 4.9.1 improvement. Choose your answers from the concepts below data objectives terms of reference audience recommendations outline # Statements Answers 1 Determine whether the correct... were included in the report. terms of reference 2 Amend the terms of reference to align with the … of the business report. objectives 3 Ensure that the business report includes the most recent... data 4 Ensure that the... of the business report includes all the sections of the business report. outline 5 Consider whether the... were aligned with the findings. recommendations 6 Infuse feedback from the... in the next business report. audience 4.10 Responding to questions/handle feedback after a presentation in a non- aggressive and professional manner 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  33 Complete the following with regard responding to questions/handle 4.9.1 feedback after a presentation in a non-aggressive and professional manner. Choose your answers from the concepts below acknowledge question person uncertain audience presentation argument polite # Statements Answers 1 Listen to each... carefully and ensure that you interpret the question correctly. question 2 Restate the question for your understanding if you are … about the question. uncertain 3 When answering a question, it is important to address the question and not... asking the person question. 4 Be prepared to... good questions by emphasising the value of the question to the presentation. acknowledge 5 Do not attempt to answer questions that you do not know the answer to and acknowledge this to audience your... 6 Do not be afraid to admit mistakes made during the … if such mistakes are mentioned by your presentation audience. 7 Remain... when responding to questions. polite 8 Refrain from becoming involved in a... with the person/s posing the questions. argument 4.10 Essay question Question 1: BUSINESS VENTURES (PRESENTATION OF BUSINESS INFORMATION) Businesses are expected to present their financial statements to various stakeholders. Business information could be presented verbally or non-verbally. Presenters can use visual aids to enhance the quality of their presentations. They should also consider various factors when preparing a presentation before presenting. Write an essay on the presentation of information in which you include the following aspects: Outline the importance of presenting business information. Distinguish between verbal and non-verbal presentation and give examples of each. Explain how a presenter must prepare the following visual aids: – posters – handouts. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  34 Advise businesses on the factors that must be considered before a presentation. ( 40) 5. Team Dynamics and Conflict Management At the end of this topic, learners should be able to:  Explain/discuss the importance of teamwork  Outline/mention/name/explain the stages of team development,  Identify the stages of team development from given scenarios/statements/case studies  Define the term conflict  Identify and discuss causes of conflict from given scenarios/case studies  Outline/mention/explain/discuss the function of workplace forums.  Explain the differences between trade unions and workplace forums Key Concepts  Team: a group of people organised to work together.  Teamwork: the joint action by a group of people in which each person strives to work towards a common goal.  Team dynamics: forces that influence how a team behaves, performs, or responds.  Forming stage: the first stage of team development. It begins when the team first meets each other.  Norming stage: the third stage of team development. A team will move into the norming stage when they begin to work more effectively together as a team.  Performing stage: the fourth stage of team development. The team is functioning at a high level in terms of performance and growth.  Mourning or adjourning stage: the fifth stage of team development. The adjourning stage occurs at the end of the project when the team is moving on in different directions.  Conflict: the difference or disagreement or disharmony or clash between persons.  Conflict management: the plans we make to prevent or resolve conflict.  Consensus: the process used by a group to agree by discussing the facts and making the best decision for the group.  Grievance: a concern or a complaint at work, for example, discrimination or workload.  Contemporary theory: conflict is unavoidable and a natural result of the change. It can be beneficial to a business if managed correctly. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  35 Introduction In Grade 10, we learned about relationships and team performance in the workplace. We also learned that some teams work together well, while others are less effective. We also learnt about factors that can influence team relationships and criteria and the criteria for successful team performance. In this topic, we will look at the stages of team development and the theories of team dynamics. We will also look at conflict management theories and conflict resolution techniques. 5.1 The importance of teamwork Complete the following with The importance of teamwork. Choose 5.1.1 your answers from the concepts below work productivity common # Statements Answers 1 Teamwork is a sense of unity that enable team members to share... interests and common responsibilities. 2 It reduces stress and enable team members to... together towards achieving a common goal. work 3 Some of the benefits of teamwork are increased... and job satisfaction, employee productivity empowerment, improved quality, and organisational effectiveness. 5.2 The stages of team development Complete the following with regard to the stages of team 5.2.1 development. Choose your answers from the concepts below Storming Norming / Settling / Reconciliation Forming Mourning / Adjournment Performing / Working as a Team Towards a Goal Stages of Team # Development Explanation 1 Forming  The first stage is when team members get to know each other 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  36 Stages of Team # Development Explanation  Team members show good behaviour as they are new to the group  Team members plan their work and new roles.  The phase is often characterised by conflict 2 Storming  Team members open up to each other and confront each other’s ideas  There may be power struggles for the position of team leader.  Team members come to an agreement and reach a consensus. Norming / 3  Roles and responsibilities are clear and accepted. Reconciliation  Team members have the ambition to work for the success of the team  Team members are aware of strategies and aims of the team 4 Performing  They have direction without interference from the leader.  All members can handle the decision-making process without supervision.  The focus is on the completion of the task Mourning /  Breaking up the team may be traumatic as team members may find it difficult to 5 Adjournment perform as individuals once again  All tasks need to be completed before the team finally dissolves. 5.3 Definition of conflict Conflict is defined as a disagreement between individuals. It can vary from a mild difference in opinion to a full- scale win-or-lose, emotionally charged confrontational disagreement. Conflict can create stress and can lead to gossip, avoidance, and hostility. Conflict distracts employees from their work and needs to be resolved. Conflict can be viewed as a negative situation, however, if the conflict is managed correctly it can lead to better team performance. 5.4. Causes of conflict in a business Complete the following with regard to the causes of 5.4.1 conflict in a business. Choose your answers from the concepts below backgrounds behaviour changes communication deadlines workload Personality procedures stress teamwork # Statements Answers 1 Lack of proper... between leaders and members. communication 2 Differences in... , cultures, values, beliefs, and language backgrounds 3 Unfair... among the employees. workload 4... differences between groups and individuals. Personality 5 Stress that is not … can cause unhappiness and lead to more stress. managed 6 Confusion about scheduled and... deadlines 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  37 # Statements Answers 7 Ignoring rules and... … procedures 8 Misconduct and unacceptable... behaviour 9 Constant... in the workplace. changes 10 Lack of... between the employees. teamwork 5.5 The function of workplace forums Complete the following with regard to the function of workplace 5.4.1 forums. Choose your answers from the concepts below retrenching decisions co-operation consensus decision-making workplace # Statements Answers 1 Prevent unilateral... made by employers on issues affecting the employees. decisions 2 Encourages workers’ participation in... decision-making 3 Have the right to be consulted by an employer on... of workers retrenching 4 Promote the interests of all employees in the... workplace 5 Enhance efficiency in the workplace through... co-operation 6 Consulted by an employer and reach... about working conditions consensus 5.6 The difference between trade unions and workplace forums 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  38 Trade Union Workplace Forum  Negotiates salaries and wages  Does not deal with remuneration  Can organize strikes  Cannot organize strikes  Legal entity that can sue or be sued  Not a legal entity  Exclusive to union members  Open to both union and non-union members 5.5 Complete the following activity based on Conflict Management 5.5.1 Define the term conflict (2) 5.5.2 Read the following scenario and answer the questions that follow. CHEEKY CHOCOLATES (CC) Cheeky Chocolates employs 200 people. The employees are not happy about the shortage of resources. There is also a lack of communication between management and staff. Management suggested that they use a workplace forum to resolve the conflict in the workplace. 5.5.2.1 Quote TWO causes of conflict from the above scenario. (2) 5.5.2.2 Explain other causes of conflict at the workplace. (8) 5.5.2.3 Discuss the functions of workplace forums. (4) 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  39 6. INTRODUCTION TO THE HUMAN RESOURCE FUNCTION At the end of this topic, learners should be able to:  Explain the role of the human resources function.  Define/Elaborate on the meaning of recruitment  Outline/Explain/Discuss the recruitment procedure.  Discuss/Explain the components of job analysis  Differentiate/Distinguish between job description and job specification as components of job analysis  Explain/Discuss the internal and external methods of recruitment.  Outline/Explain/Discuss the selection procedure.  Outline/Explain/Discuss the purpose of an interview  Outline/Explain/Discuss the role of the interviewer during the interview.  Name/ Outline aspects/content of the employment contract.  Outline/Explain/Discuss the legalities/legal requirements of an employment contract  Analyse an employment contract from given scenarios and make recommendations for improvement.  Define/Elaborate on the meaning of induction.  Outline/Explain/Discuss the purpose of induction.  Elaborate on the meaning of placement  Outline/ Explain/Discuss the placement procedure  Outline/Explain/Discuss different system of salary determination methods e.g., piecemeal, and time-related  Distinguish between piecemeal and time-related salary determination methods.  Outline/Mention/Explain employee benefits. Key Concepts  Recruitment: refers to finding an applicant with the skills necessary for the job.  Selection: means verifying the candidate’s qualifications and training, credit history and criminal record, and contacting references.  Contracts: refers to a formal, legal, and binding agreement between two people or between an employer and employee. 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  40  Induction: the process in which successful candidates are introduced to their new workplace and colleagues.  Placement: the successful applicant is contacted by the HR department, offered a job, and a contract is drawn up.  Salaries: a fixed monthly payment is made by an employer to an employee in exchange for work done.  Benefits: paid to employees by employers and are additional amounts of money.  Internal recruitment: the process of recruiting suitable candidates inside an organisation to fill positions.  External recruitment: the process of recruiting suitable candidates outside an organisation to fill positions.  Interviewer: the individual that holds the interview conversation with a prospective employee.  Employment contract: the contract of employment signed between the employer and employee when the candidate is appointed to a position.  Gross salary: refers to an employee’s salary before any deductions are made and paid into their bank accounts.  Net salary: refers to an employee’s take-home salary after all deductions are made.  Piecemeal related salary: monies that workers are paid according to the number of items or units produced.  Time–related salary: monies that workers are paid for their time spent at work.  BCEA: Basic Conditions of Employment Act  EEA: Employment Equity Act  COIDA: Compensation for Injuries and Disease Act Introduction This function ensures that vacant positions within the business are filled with suitably qualified candidates. The human resources function is required to comply with legislation when making appointments and managing the employees in the workplace. We will provide a detailed description of the implications of recent legislation on the human resources function. You must ensure that you understand this topic very well as it is also covered in Grade 12. 6.1 Role of the Human Resources Function (HRF) Complete the following with regard to the role of the HRF. 6.1.1 Choose your answers from the concepts below Conditions of service employed critical right employees # Statements Answers 1 The Human Resources Function plays a... role in every organisation. critical 2 The HRF deals with all aspects within an organisation that relates to... employees 3 It is important that the HRF ensures that the... employees are appointed in critical positions. right 4 Once … the HRF must ensure that the employees know what are... of them. employed 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  41 # Statements Answers Human Resources Function must also ensure that the employee’s... and labour rights are conditions of 5 adhered to service 6.2 The meaning of recruitment This is the process that is used by businesses to identify vacant positions within the business. The aim is to attract candidates with the prerequisite qualifications, knowledge, and experience so that they may be appointed in the vacant position 6.3 The Recruitment procedure Complete the following with regard to the recruitment procedure. 6.3.1 Choose your answers from the concepts below job description candidate recruitment vacant job analysis job specification # Statements Answers 1 The recruitment procedures commence with the preparation of a... job analysis The... is prepared by the human resources manager (HRM) to identify the recruitment needs 2 of the business. job description In order to attract suitable applicants to the business, the HRM specifies the requirements 3 and key performance areas of the vacancy in the... job specification The HRM then decides on the method of recruitment that will be used by the business to 4 ensure that the most suitable candidate is found for the... position. vacant 5 Either internal or external... may be selected. recruitment Should the business not find a suitable... through internal recruitment, the HRM will prepare 6 to recruit a suitable candidate through external recruitment. candidate 6.4 Components of Job analysis 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  42 6.5 Difference between a job description and a job specification Job description Job specification Description  A documented description of the position  A documented description of the and the work or duties to be performed. prerequisite skills, qualifications, and experience needed for the position. Nature of  Describes the nature, type of duties, and  Describes the personal qualities, skills, and Position responsibilities associated with a specific qualifications required for a specific position. position. Key Areas and  Specifies key performance areas and duties  Specifies key aspects such as qualifications Duties for a certain position, including job title and required, unusual work requests, and working conditions. willingness to travel. 6.6 Methods of recruitment Internal recruitment External recruitment  Process of advertising vacant positions  Process of advertising vacant positions Description within the business internally outside the business externally Complete the following with regard to methods of recruitment. Indicate 6.6.1 which of the sources refers to internally or external recruitment # Sources Answer 1 Internal e-mails, intranet, websites to staff Internal Recruitment 2 Professional associations External Recruitment 3 Networking External Recruitment 4 Notice board of the business Internal Recruitment 5 Recruitment agencies External Recruitment 6 Printed media (e.g., newspapers, flyers) External Recruitment 7 Word of mouth Internal Recruitment 8 Social media, social networks, business websites External Recruitment 9 Employee recommendations/referrals Internal Recruitment 10 Head-hunting within the organization Internal Recruitment 11 Billboards External Recruitment 12 Electronic media (e.g., radio, TV) External Recruitment 2024 Business Studies Grade 11 Terms 3 & 4 Revision Booklet  43 6.7 Selection procedure Complete the following with regard to the selection procedure. Indicate 6.7.1 the steps of the selection procedure in chronological order # Selection Procedure Steps 1 Preliminary interviews are conducted if many suitable applications were received. Step 3 2 Reference checking takes place to verify the information on the CV. Step 4 3 Compile a shortlist of potential candidates identified.