The Importance Of Entrepreneurship In South Africa
1222 Words5 Pages
BMA1A Written Assignment
Marco Pisanello
215003625
Mr. John Davids
Due: 30 April 2015
Table of contents
Introduction Page 1
Development and growth of economy Page 1
Profile of organisation Page 4
Assessment of the business Page 6
Reference list Page 7
Introduction
In this assignment I will be discussing how important entrepreneurship is for the development and growth of the economy of South Africa. I will also be analyzing and evaluating a local business in the area (Honeydew Liquor City) and determine whether this business is doing well or not given the analysis that will be done on the profile of the business.
Development and growth of the economy
Entrepreneurship is vital for the success for the South African economy as entrepreneurship is a behavior on focusing on opportunities in the market and can happen in Small, Micro and Medium enterprises ( SMME’s). Small businesses have a huge affect on employment, Social and Political stability. According to Drotskie, Nieuwenhuizen and Oosthuizen, 2014, there is a positive link between entrepreneurship and economic growth.
Employment is closely linked to the state of the economy as, if the economy is stable and in a good position, this will encourage future entrepreneurs to seek for new opportunities in the market and try to start a business. Where as if the state of economy is low and deteriorating this will affect the entrepreneurs in looking for new opportunities
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Creates large scale employment opportunities- entrepreneurs provide immediate large scale employment to the unemployed which is a chronic problem of underdeveloped nations. II. Improvement in the standard living- entrepreneurs play a key role in increasing the standard of living of the people by adopting latest innovations in the production of wide variety of goods and services in large scale that too at a lower cost. III.
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Successful business need to make plans for the future and look ahead to the upcoming years so that they are able to cater for their customer in whatever the political, social and legal enviroment is. They will need to make up a
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The first being the economy and the second being jobs and job growth as a whole. Entrepreneurship is “a vital role player in the growth of the U.S. economy” “Bureau of Labor Statistics”. When schools discourage entrepreneurship it may not have an immediate effect on the country but over time a noticeable decline in job growth as well as economic growth will be seen. In the United States “Over the past two decades, new establishments have created an average of more than four million new jobs per year” (Mills). In order for the country to prosper this number needs to continue to increase in the coming years.
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In this economic regime should market forces be allowed to work and should corporate executives respond correctly to consumer demand, consumer happiness and firm’s profits will rise. In this model, the one who is willing to take on the risks of opening their own business will simultaneously reap all the rewards and all the consequences. The people are motivated in this regime because the potential profits often out way the potential risks to the entrepreneurs. With this motivation innovation is only a short step behind, new technology increases the firm’s profits, and therefore the entrepreneur’s earnings, as well as minimizes
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There is an ongoing problem in the United States, and that is the amount of small businesses that start and fail every year. This paper will show the research on the problems with small businesses and why so many fail each year, in order to help new and future small businesses understand how to succeed in the business world and to lower the rate of businesses that fail every year in the United States. Before diving into the reasons why businesses fail and the solutions to failure, one must first understand just what a small business is and the significance of the small business world. “The office of Advocacy defines a small business as an independent business having fewer than 500 employees” (Ryans 102). One thought may be on what the importance is of small businesses to the United States economy, to which there are many reasons.
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In reality, the way to keep those unsuccessful entrepreneurs in business does not make any benefit, yet, it is an obstacle to new and proficient producers to enter the business. The growth of business and prosperities of the country cannot be achieved by them (Ringer 151). Apart from the negative effects of government participation in business as stated above, capitalism, besides, is not a selfish economic system and not completely leads to societal inequity since it
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1 Introduction About 400 year b.c.e. , Greek historian and philosopher Xenophon was first to use in his writings the word economy (oeconomicus) – which in translation means managing the household. Despite the name, economic ideas were and remained an integral part of the entire society. From antique to Greece today, the economy, as a social science, traded, developed and shaped under the influence of current of occurrences, changes and needs of the people.
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The work and vision of entrepreneurs and small business startups are one of the biggest drivers of economic growth in the United States. This economic growth is driven through the entrepreneurs’ creation of new businesses, which creates new jobs, technology, innovation and processes (Acs, 2006). The entrepreneur takes advantage of disequilibrium in the market by creatively taking advantage of the gaps between what the market currently offers and what
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With the introduction of new ideas, products, services or even methods of production using new technologies, the economy is able to benefit and perhaps grow. Entrepreneurship is able to contribute towards job creation, within the short or long run. With new ideas and opportunities, comes the need for human resources and thus new jobs are created. The need for labour therefore decreases the rate of unemployment within that specific country, thus having a positive effect on the economy. However, according to Carree, M.A. and Thurik, A.R. (2002) the relationship between unemployment and entrepreneurship is unclear.
656 Words | 3 Pages
My familiarity with entrepreneurship has originated with informational classes taken. A few years ago, I took the opportunity to become educated about the world of economics. Prior to taking this class, I did not have any knowledge of businesses and the factors that went into creating them. But, by taking this class, I learned useful information about the economy and how it is beneficial to the world, which helped me gain knowledge on how business leaders become successful.
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Small market size country will lose its competitiveness in comparison to other countries in attracting most investors (Medvedev,
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Although recession brings a lot of negative effects, there also have some of the positive effects of the recession will be highlighted in this part of the assignment. This section will show the different benefits of the recession, also ways on how to realize these benefits. First, with the help of recession, the entire economy will lead to a better and wider economy. People will be able to spend as well as save for their better future.
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What is Poverty? Poverty is somewhat difficult to define in universal terms and is often impossible to put together figures or amounts to it. Poverty is a relative term because it can either illustrate the condition of an individual or a family, or it can describe an entire community or society. (H. Swanepoel and F. de Beer, 2011).
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Unemployment or the unemployment rate is a commonly used tool to gage the well-being and condition of the economy. Unemployment occurs when an individual who is vigorously seeking employment is unsuccessful at finding a job. Calculating the number of individuals who fall within the unemployment category then dividing that number by the total amount of individuals within the workforce will represent the unemployment rate. Economist’s breakdown unemployment into various different classifications such as fictional unemployment, cyclical unemployment, and structural unemployment which further assists in explaining the cause and effect of overall unemployment and how they affect full employment. Frictional unemployment or search unemployment is often considered to be a short-term version of unemployment but is always existing or present.
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Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).
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