2024 Bio-entrepreneurship SCEBA1 PDF

Bio-entrepreneurship SCEBA1-B44 2024 Eduvos (Pty) Ltd (formerly Pearson Institute of Higher Education) is registered with the Department of Higher Education and Trainin...

Bio-entrepreneurship SCEBA1-B44 2024 Eduvos (Pty) Ltd (formerly Pearson Institute of Higher Education) is registered with the Department of Higher Education and Training as a private higher education institution under the Higher Education Act, 101, of 1997. Registration Certificate number: 2001/HE07/008 Week 1: Lesson 1 Introduction Module Introduction and business world and business management. Discuss the role of business in society. Discuss the composition of the South African business world in terms of contribution to GDP. Define and relate social responsibility to different companies. Define business ethics. Define consumerism. Explain the multiplicity of human needs. Discuss societies limited resources; natural, human, capital and entrepreneurial.  Timelines Assessment Date Weighting Quiz 1 Week 2 (Week 1-2 content) 5% Quiz 2 Week 4 (Week 3-4 content) 5% Test (online) Week 5 (1-4 content) 10% Assignment 1 – Business proposal Week 1 5% Assignment 2 – Market research survey Week 2 5% Assignment 3 – Business profile Week 5 10% Assignment 4 - Market day Week 6 08/11/2024 10% Assignment 5 - Presentation Week 7 10% Summative assessment (online) Week 8 40%  What will be covered in today’s lesson? [Brief summary of what will be covered in lecture-led session - linked to activity] The role of the business in the society Week 1 South African business world in terms of contribution to GDP Lesson 1 What is social responsibility? What is business ethics? What is consumerism Needs and needs satisfaction What is entrepreneurship According to A Schmidlin & S Groenewald “ Entrepreneurship is the tendency to be creative ,the ability to establish , develop , organise and expand a business enterprise , combined with a wish to work for yourself”. They further say “This normally culminates in the act of starting and running your own business with intent to earn a profit” Activity What is Bio Entrepreneurship? How does it relate to your qualification? ( 5-10mins Discussion)  Presentation Title Arial Bold 7 pt 6 Source: https://www.google.com/search?q=The+role+of+the+business+in+the+society&rlz=1C1YTUH_enZA954ZA954&sxsrf=AOaemvL_zJmoo4F5pcX7Amsiqcwk79Ry5w:1634107452489&source=lnms&tbm=isch&sa=X&ved=2ahUKEwj_ruvR5MbzAhXTVsAKHToIA0IQ_AUoAnoECAEQBA&biw=1366&bih=625&dpr=1#imgrc=fiTPuuSjNRRhKM&imgdii=Odfpt2bHDka 54M The role of the business in the society Business transform resources into a products and service. The products and services must meet needs of people in exchange for profit. Business emphasizes: Human activities, Production, Exchange, and Profit The Role of Business in Society Prof Ashish K Mitra Employing People Source of income Source of satisfaction & achievement Providing goods and services choices to people as customers technical advancements & innovation leading to lower cost, improved quality, convenience etc Social platform / role for individuals Place to meet / interact outside family and a sense of community" condition of well being, keep oneself busy, and business is one major outlet for this basic human need The Role of Business in Society Prof Ashish K Mitra Basis of nation's economy help build strong economy business success effects entire society creates increased economic activity &wealth Spawns entrepreneurship Aspiration for own business Sense of independence & control Achieve success & wealth Pay taxes to government  https://www.sciencedirect.com/science/article/pii/S097038961100098X Role of business Main arguments Earn profits Economic and political ideology; managers as agents of shareholders need to be honest to their main task; do what you are best at – this automatically leads to social good Corporate social responsibility Need to address environmental and ethical concerns – response to situation Active involvement in society Need to act in harmony with society; recapture moral high ground; account for use of natural resources; match growing influence with growing responsibility – response to situation Do good (philanthropy, individual or corporate) Consumers respond positively to such companies Create social value Win–win for business and society by creating greater value Figure 1.1: How entrepreneurs transform a nation’s resources into products and services (Erasmus, B.J., Strydom, J.W. and Rudansky-Kloppers, S. 2013. Introduction to Business Management. 10th edition. Cape Town: Oxford University Press). 11 Presentation Title Arial Bold 7 pt South African business world in terms of contribution to GDP Source: http://www.statssa.gov.za/?p=903 Presentation Title Arial Bold 7 pt 12 13 What is social responsibility? Is a concept that originated in media revelations of malpractice by business and the resultant insistence of society on restricting such malpractice through regulations. It has been measured by its contribution towards employment opportunities and by its contribution of the economy. Essentially, safe workplace, provide housing, health issues, environmental awareness, employment opportunities and affirmative action. What is business ethics? ❖Cambridge dictionary defines business ethics as “the rules, principles, and standards of deciding what is morally right or wrong when working.” So, business ethics refers to the implementation of appropriate business practices and policies in the workplace. ❖It is a concept that closely related to social responsibility, except that business ethics focuses specifically on the ethical behaviour of managers and executive world. ❖Managers are expected to maintain high ethical standards. What is consumerism? ❖Is social force that protects consumers against unsafe products and malpractice by excreting moral and economic pressure on business. ❖There is a consumer protection act which regulate or protects consumers. Needs and needs satisfaction ❖Is social force that protects consumers against unsafe products and malpractice by excreting moral and economic pressure on business. ❖There is a consumer protection act which regulate or protects consumers. Figure 1.5: The needs and resources of the community Source: Based on ‘The pyramid of human needs’ from Maslow, A.H. et al. 1954. A theory of human motivation. New York: Harper, pp. 35–47. Reprinted by permission of Ann Maslow Kaplan. Presentation Title Arial Bold 7 pt 18 Source: https://www.simplypsychology.org/maslow.html Presentation Title Arial Bold 7 pt 19 https://studycorgi.com/production-factors-and-importance/ Source: https://www.slideshare.net/cgroenewald/business-management-study-unit-1-the-business-world-business-management Presentation Title Arial Bold 7 pt 20  Read the case study below and answer the questions that follow: Case Study Why Are Factors of Production Important in Economics? Economics embodies the concepts, theories and applications regarding individual and big-picture production, consumption and transfer of wealth. Since Adam Smith’s seminal “The Wealth of Nations” was published in 1776, essentially creating the concept of modern economics, “factors of production” have been divvied into four means of creating goods or services to generate an economic profit. As time moves on and technology shifts how we live and work, the importance of the factors of production evolve and adapt to modern society. Besides these four factors of production, some believe the factors have begun to expand as a result of parameters including governance, trade barriers, technology and more. But, at their heart, each factor of production remains relevant to how the economy stays strong or why it falters. These factors are land, labour, capital and entrepreneurship. As the 21st century moves ahead, there are aspects of modern society that people like Adam Smith, the godfather of economics, could never have foreseen. The use of robots in factories, for instance, and self-driving cars in transport will not only change efficiencies in production, but they will also put people out of work. So, economists now are studying ways in which society can balance technological advances while ensuring the populace still has money with which to live and spend. Ideally, the economy does not merely drive economic wealth it must drive the distribution of wealth too. Define using examples the Four factors of production. 12 marks Select an organisation of your choice or use the organisation you are currently employed at, analyse FOUR (4) factors of production of the organisation and evaluate the success of these factors in the current economy. Provide examples on how to improve each of the factors you have evaluated. Source:https://www.studocu.com/en-za/messages/question/1405387/read-the-case-study-below-and-answer-the-questions-that-followwhy- are-factors-of-production Problem-Based Learning Define social responsibility, give its contexts to business today in south Africa, cite examples of Social responsibility. What is business ethics? Give examples of good ethical practises by most South African businesses. What is consumerism? Relate it to the South African context Activity Source: Whenham, T. 2020. 15 Active Learning Activities to Energize your Next Class. [Online] Available at: 15 active learning activities to energize your next college class (nureva.com). [Accessed 16/12/2022]. Activity Source: Whenham, T. 2020. 15 Active Learning Activities to Energize your Next Class. [Online] Available at: 15 active learning activities to energize your next college class (nureva.com). [Accessed 16/12/2022]. Activity What Happens Next? [Here you will prep the students for the asynchronous learning that needs to take place before the next synchronous session] [Indicate what the students can expect in the next synchronous session]