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Summaries · Grade 7 EMS › The entrepreneur
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The entrepreneur

What an entrepreneur does, kinds of businesses, business plans and the risks. Read one part at a time and tap “I know this”. Then test yourself in the quiz.

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The entrepreneur

A successful entrepreneur has perseverance and manages risk. They see an opportunity: a new school opens with no tuck shop nearby. They create value for the community by creating jobs.

BuyMake(produce)SellProfit
Buy, make, sell, and hopefully profit.
An entrepreneur sees an opportunity.
An entrepreneur sees an opportunity.
Tap when you could tell someone without looking.

Kinds of businesses

KindOwners
Sole proprietorshipOne owner
PartnershipTwo or more owners
CooperativeOwned and run by its members
FranchisePays to use another firm’s name and system

A formal business is registered and can borrow from a bank more easily; an informal business is not registered.

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Money in the business

WordMeaning
Start-up capitalMoney the owner puts in to start
Cash flowMoney moving into and out of the business
DrawingsMoney the owner takes out of the business
CompetitorA business selling the same product
Competitive advantageWhat sets your business apart
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Remember this and test yourself

Remember this: your summary
  • An entrepreneur starts a business and carries the risk of losing money.
  • A business plan is a written plan; the bank wants to see the figures before a loan.
  • Market research: finding out what customers want; a niche is a small group with a specific need.
  • Sole proprietorship: one owner; partnership: two or more; cooperative: owned by its members.
  • Poor financial planning is one of the biggest reasons small businesses fail.

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

Memory trick

The entrepreneur’s three D’s: Dare (risk), Do (buy, make, sell), Drive (keep going).

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.

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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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