Module 8 • The financial plan


Mthombo Catering has grown and developed and both Maureen and Thuli want to host corporate events and seminars from a guesthouse one day. “Never give up on your dreams; nurture your passion to be self-employed,” says Thuli. “With effort, perseverance and a positive outlook, you can turn your dreams into reality.”


2.1 Complete an organisational chart of Mthombo Catering.


2.2 Identify three elements of a business plan with examples drawn from the above case study.


2.3 Maureen consults you for professional advice on the name of the business. Measure the name she has chosen against the guidelines for a good name for a business. 2.4 Discuss five competitive advantages for Mthombo Catering.


2.5 Name and describe the personal qualities of an entrepreneur with reference to the case study.


2.6 Discuss the personnel resources of Mthombo Catering. (6) (6) (8) (10)


(14) (6)


[50]


3. Four Sisters Stokvel Market research shows that as many as 40% of all adult black South Africans are members of some form of stokvel. The party stokvel is one of the better known forms of stokvel thanks to its public events which are characterised by the mixing of profit-making and socialising, which is the essence of a successful stokvel.


Bongi and 10 friends (all single black women from Newcastle) formed Four Sisters two years ago. Many stokvels take on names which reflect their social aspirations. The upmarket nature of Four Sisters is immediately apparent from the amount of money each woman brings in – R 500 per fortnight. The 14 current members (three married women have since joined) deposit their contributions straight into the bank account so they won’t have to contend with piles of cash at meetings. Then the party starts. The women take turns at hosting the fortnightly parties in their own homes and reaping the considerable profit. The host must cook for the guests who pay R20 per person.


But the real money is in the alcohol. Bongi stated that she bought R4 000 worth of beer and hard liquor on credit from one of the township suppliers who thrive on the stokvel party trade, and she spent R1 500 in cash for the food. The party started in the early evening and 150 people (including the members) stopped by before it ended at 3 am. The beer cost R50 per tray of four six-packs; she sold six-packs at R35 and trays at R120. Her income from the alcohol was R8 000 for the night. She has redecorated the interior of her house in Madadeni for R2 000: the advantage of being part of a stokvel.


3.1 It is said that entrepreneurs possess certain personal qualities in order to be successful. Match the qualities from the case study given in Column B with the personal qualities mentioned in Column A. Indicate the answer on the answer sheet attached.


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