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Chapter 2_Basic business concepts and the business environment.ppt
1.
©2019 Juta and
Company (Pty) Ltd 1 Entrepreneurship and how to establish your own business 6e Chapter 2: Basic business concepts and the business environment • The relationship between a business and an establishment • Classification of a business and its establishment in the economy • The business environment • The micro environment • The market environment • The macro environment
2.
©2019 Juta and
Company (Pty) Ltd 2 Entrepreneurship and how to establish your own business 6e Learning outcomes • After you have studied this chapter, you should be able to: • Explain the relationship between a business and an establishment • Discuss the classification of a business and its establishment in the economy • Explain the business environment
3.
©2019 Juta and
Company (Pty) Ltd 3 Entrepreneurship and how to establish your own business 6e Introduction • Today’s businesses function in an ‘economy of ideas’ • There is a changing business environment specifically with technology developments • Entrepreneurs should be aware of environmental variables and changes • With such information you can develop a plan of action to deal with potential opportunities or threats
4.
©2019 Juta and
Company (Pty) Ltd 4 Entrepreneurship and how to establish your own business 6e The relationship between a business and an establishment • A business or enterprise – independent institution, established by an entrepreneur to make a profit by producing goods or providing services that satisfy customers’ needs • Entrepreneur identifies a customer need and creates a business to produce goods and/or provide services to satisfy that need • Motive – to make a profit
5.
©2019 Juta and
Company (Pty) Ltd 5 Entrepreneurship and how to establish your own business 6e The relationship between a business and an establishment (cont.) • The establishment - the place where inputs such as raw materials and other components are processed to produce a product or provide a service • Production activities take place in the establishment
6.
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Company (Pty) Ltd 6 Entrepreneurship and how to establish your own business 6e
7.
©2019 Juta and
Company (Pty) Ltd 7 Entrepreneurship and how to establish your own business 6e Classification of a business and its establishment in the economy • The branch of industry and the production branch:
8.
©2019 Juta and
Company (Pty) Ltd 8 Entrepreneurship and how to establish your own business 6e Classification of a business and its establishment in the economy (cont.) • The different sectors in which a business can operate: - Primary: Exploitation of natural resources in unprocessed form - Secondary: Exploited natural resources are processed and transformed into products - Tertiary: Distributing final products from manufacturer to customers
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©2019 Juta and
Company (Pty) Ltd 9 Entrepreneurship and how to establish your own business 6e Classification of a business and its establishment in the economy (cont.) • The industrial column - course that a product takes from its unprocessed, natural resource state to the final form in which it is supplied to the customer • Includes all the processes and transactions that occur from the primary sector, through the secondary sector and along to the tertiary sector, where it is passed on to the customer
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©2019 Juta and
Company (Pty) Ltd 10 Entrepreneurship and how to establish your own business 6e
11.
©2019 Juta and
Company (Pty) Ltd 11 Entrepreneurship and how to establish your own business 6e The business environment • The business environment - the sum of all the factors and variables that influence the creation, growth and continued existence of the business either positively or negatively, thereby promoting or hindering the achievement of its objectives
12.
©2019 Juta and
Company (Pty) Ltd 12 Entrepreneurship and how to establish your own business 6e The business environment (cont.) • Characteristics of the business environment: – Interrelatedness of environmental factors or variables – Increasing instability – Environmental uncertainty – Complexity of the environment – Unpredictability of the environment
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©2019 Juta and
Company (Pty) Ltd 13 Entrepreneurship and how to establish your own business 6e
14.
©2019 Juta and
Company (Pty) Ltd 14 Entrepreneurship and how to establish your own business 6e
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©2019 Juta and
Company (Pty) Ltd 15 Entrepreneurship and how to establish your own business 6e
16.
©2019 Juta and
Company (Pty) Ltd 16 Entrepreneurship and how to establish your own business 6e The micro environment • The micro environment - the sum of factors and variables which occur internally in the business, and are influenced directly or indirectly by management decisions • These factors and variables have a fundamental influence on the establishment, growth and continued existence of the business
17.
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Company (Pty) Ltd 17 Entrepreneurship and how to establish your own business 6e The micro environment (cont.) • The mission statement and objectives of the business – What the business hopes to achieve and how it intends to do so • The functions of the business – General management – Human resource management – Operations – Logistics – Marketing – Public relations – Information management – Finance
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Company (Pty) Ltd 18 Entrepreneurship and how to establish your own business 6e The micro environment (cont.) • The production factors of the business – Resources available to the business such as labour, raw materials, capital and entrepreneurship • Influence of management on the micro environment – As manager of your own business you will exert a direct influence on the mission statement and objectives of the business
19.
©2019 Juta and
Company (Pty) Ltd 19 Entrepreneurship and how to establish your own business 6e The market environment • The market is the link between the business and the environment in which it functions • Definition: Sum total of all the factors and/or variables which exist externally, that cannot be controlled but can sometimes be influenced so that it will have a positive or negative effect on the growth and existence of the business
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©2019 Juta and
Company (Pty) Ltd 20 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • 3 variables peculiar to the market environment: - The market - The competition - The suppliers of resources and services
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©2019 Juta and
Company (Pty) Ltd 21 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • The market: - Concerns of the customers and his or her needs rather than the physical market place - Active customers have the financial means to act upon their needs and wants - Includes all individuals, groups or institutions who have specific needs for goods and services and who are prepared to use their available financial means to acquire them
22.
©2019 Juta and
Company (Pty) Ltd 22 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • Segments of the market: - Consumer - buying customers - Industrial - goods/services used in manufacturing procedures - Resale - manufactured goods are purchased by business to re-sell - International - foreign customers/ manufactures and retailers - Government - goods and services purchased to render governmental services
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Company (Pty) Ltd 23 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • Rights of customers: - To be informed - Exercise personal choice - Be heard - Protection
24.
©2019 Juta and
Company (Pty) Ltd 24 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • The competition: - Each business tries to convince consumers that its products and services are the best and that they should therefore buy from their business - As an entrepreneur you should be aware of competitors activities as their actions may constitute a threat to your business - Entrepreneur must know everything there is to know about each competitor
25.
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Company (Pty) Ltd 25 Entrepreneurship and how to establish your own business 6e The market environment (cont.) • The suppliers of resources and services: - Decide on products to manufacture and market, the quantities to be produced and the capital required - You will be dependent on other institutions in the external environment to carry out your activities
26.
©2019 Juta and
Company (Pty) Ltd 26 Entrepreneurship and how to establish your own business 6e The macro environment • Consists of all the variables and factors outside the business which have a positive or negative influence on the growth and continued existence of the business and which encourage or hinder the achievement of its objectives • Individual businesses have no control over the macro environment
27.
©2019 Juta and
Company (Pty) Ltd 27 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Sub-environments in the macro environments: - Economic environment - Social environment - Technological environment - Physical environment - Political and statutory environment - International environment
28.
©2019 Juta and
Company (Pty) Ltd 28 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Economic environment (economic conditions) – The part of the macro environment consisting of factors that influence the personal disposable income of the customer as well as their purchasing behaviour – The disposable income of the customers are influenced by economic factors such as: • Interest rates • Inflation • Trade cycles
29.
©2019 Juta and
Company (Pty) Ltd 29 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Social environment – Governed by the demographics of the population and social and cultural variables – Size and composition of the population: Population growth Market composition Changing role of women Life expectancy
30.
©2019 Juta and
Company (Pty) Ltd 30 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Social environment (cont.) – Geographic location – Development level of the market – Other considerations: Changing awareness Time Healthier lifestyle
31.
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Company (Pty) Ltd 31 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Technological environment – All aspects which give rise to new or improved products or services – Create definite opportunities and may also constitute a threat – Keep up to date with changes in the technological field to ensure that products are not obsolete
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©2019 Juta and
Company (Pty) Ltd 32 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Physical environment – Natural resources in the country and the management therefore – Limited and expensive resources – Environmentalism and pollution
33.
©2019 Juta and
Company (Pty) Ltd 33 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • Political and statutory environments – The government influences businesses through its fiscal and monetary policies – Statutory provisions – Trade Unions – Associations and institutes
34.
©2019 Juta and
Company (Pty) Ltd 34 Entrepreneurship and how to establish your own business 6e The macro environment (cont.) • International environment – The business must keep abreast of variables operating in the international sphere – International technology – International politics – International economy
35.
©2019 Juta and
Company (Pty) Ltd 35 Entrepreneurship and how to establish your own business 6e Summary • A business cannot function in total isolation • Without interaction with the business environment, achieving your objectives will remain a dream and your business will not continue to grow and may even cease to exist • Businesses are classified into three sectors
36.
©2019 Juta and
Company (Pty) Ltd 36 Entrepreneurship and how to establish your own business 6e Summary (cont.) • The business environment can positively or negatively affect the business • Entrepreneur must be aware of the variables in the business environment • Business environment consists of the external environment and the internal environment
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