The entrepreneur: a case study
The qualities and skills of an entrepreneur, through the story of a small business. Read one part at a time and tap “I know this”. Then test yourself in the quiz.
Know it already? Jump straight to the quiz
A story: a lunchbox business
A woman loses her job. She notices that nearby building-site workers have nowhere to buy healthy food: an opportunity. She uses her own savings to start, asks the workers what they like to eat (market research), and changes her menu to keep customers. Her stove is equipment (a capital good); the ingredients she cooks with are her raw materials. She keeps financial records, creates jobs and grows the business.
Read an exam case study slowly, and underline the important facts.
Qualities and skills
| Quality (personality) | Skill (learned) |
|---|---|
| Determined, works long hours | Keeping accurate financial records |
| Resourceful | Communication: understanding customers, leading workers |
| Takes calculated risks | Management: plan, organise, lead, control |
Compete and persevere
- A small business competes with a big shop by offering something special the big shop lacks.
- A supplier sells goods to other businesses.
- The first idea fails? Learn from the mistakes and try an improved idea.
Remember this and test yourself
- Entrepreneurs are determined, resourceful (solve problems with what they have) and take calculated risks.
- Management skills: planning, organising, leading and controlling.
- Innovation: finding a new or better way.
- Basic actions: buy, produce, sell and make a profit; buy raw materials at a good price.
- Small businesses create jobs and help reduce unemployment.
Write these points in your book. Read them again the night before the test.
Management is POLC: Plan, Organise, Lead, Control, like a captain who plans, places, encourages and watches the team.
Important words
First say what the word means, then turn the card over.
Match column A to column B
Tap a word in column A, then its meaning in column B. You can also start in column B.
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.
Take the quiz: The entrepreneur: a case study- Read one part together and ask your child to tell it back in their own words.
- The ticks (“I know this”) are saved on this device only. We never ask for names or emails.
Follows CAPS for Grade 7 Economic and Management Sciences (EMS). Always check your teacher’s notes and textbook too.