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Summaries · Grade 7 EMS › Starting a business: SWOT, goals and advertising
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Starting a business: SWOT, goals and advertising

SWOT analysis, kinds of businesses, SMART goals and how to advertise well. Read one part at a time and tap “I know this”. Then test yourself in the quiz.

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SWOT

S: StrengthsInside the business; goodW: WeaknessesInside the business; badO: OpportunitiesOutside the business; goodT: ThreatsOutside the business; bad
Inside: S and W. Outside: O and T.
ExampleSWOT
Your baking is known as the best in the schoolStrength
You have no money for a stoveWeakness
A new sports field opens next to your stallOpportunity
Someone sells the same snacks more cheaplyThreat
A new business starts with a good plan.
A new business starts with a good plan.
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Goals and costs

The three entrepreneurial actions are buying, producing and selling to make a profit. Test an idea on a few friends first. Ingredients for 25 packs of biscuits cost R150: one pack costs R150 ÷ 25 = R6. Keep the receipt for everything you buy: it proves the expenses. After the day, first count the takings and record them.

  • Drought in a farming town: farmers earn less, so shops sell less.
  • A flood destroys the roads: stock and customers cannot get through.
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Advertising

A: AttentionI: InterestD: DesireA: Action
AIDA: from attention to action.

Advertising media include radio, newspapers, social media and posters. For a school stall, hand-made posters are cheapest. First find out what customers need and want, so that the product will sell.

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Remember this and test yourself

Remember this: your summary
  • SWOT: strengths and weaknesses (inside), opportunities and threats (outside).
  • Trading (spaza resells), manufacturing (bakery makes bread), service (car wash).
  • A SMART goal: “Sell 60 muffins at Entrepreneur’s Day on 12 October.”
  • AIDA: attention, interest, desire, action. A good advert is honest.
  • Cost price of one muffin = total ingredient cost ÷ number of muffins.

Write these points in your book. Read them again the night before the test.

Memory trick

SWOT: the first two letters are in your house (inside), the last two are in the street (outside).

Flash cards · Tap to turn over

Important words

First say what the word means, then turn the card over.

Test yourself · Part 2

True or false?

Read the question and the answer. Is the answer right? Tap True or False.

    Now the real quiz!

    The quiz has many more questions on this topic. Every question shows straight away whether you are right and explains why.

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    • Read one part together and ask your child to tell it back in their own words.
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    Follows CAPS for Grade 7 Economic and Management Sciences (EMS). Always check your teacher’s notes and textbook too.

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