N4 Entrepreneurship & Business Management


Observations • The province name appears at the bottom (X axis) and if you follow the gridline to the left, the number of people appears on the left (Y-axis).


• Gauteng is clearly the province with the largest population. • You can rank all the provinces very easily at a glance.


Activity 13 1. Use your Internet browser and “search” the sizes of the different provinces. Draw a bar graph to illustrate the difference in size between them.


2. For your own business plan identify a specific part that you would like to research. Plan the project, collect and analyse the data, prepare and present a brief report on your findings. Include all the information in your business plan workbook.


2.4 Business SWOT analysis


Being realistic is a very important part of any planning session. This is especially so when planning your business. It will not be very helpful if you plan something big, but you will only be able to secure a very small loan. By doing a SWOT analysis for your business, your business plan will be more realistic. A SWOT analysis explains the current situation of your business and takes the outside forces into consideration.


Assessments of Strengths and Weaknesses Refer back to Module 2, which deals with your personal Strengths and Weaknesses. Business Strengths and Weaknesses deal with what is happening inside a business. This will normally differ from your personal ones but since you are still planning a business they are very much the same. However, consider the following examples of business Strengths and Weaknesses. A few of them might be relevant.


Strengths:


Adequate financial resources A good business concept or products Good customer network Well located venue or premises Proven management skills Good packaging


Identifying Opportunities and Threats


In the past change was slower and did not affect people as drastically. Change, therefore did not receive much attention. Today change exerts a much greater influence and therefore has to be addressed. This is even truer for businesses because they do not only have to deal with their own personal needs, but with those of customers as well. Such needs are: • food


• recreation • clothing • education • shelter


Various factors outside your business must be considered before you start your business. Keep in mind that existing businesses do this as well. The reason is that if there are changes your business will be affected. If you recognise the changes early on, you may be able to take advantage of them; otherwise your business may lose out.


The task of the entrepreneur is to decide which forces or changes are relevant to his business at a particular point in time. By diagnosing and evaluating these forces, the entrepreneur can


60 Weaknesses:


Lack of advertising Obsolete facilities Lack of certain skills


Lack of adequate finances (working capital) Untested products


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