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Ote2601 Assignment 01
Ote2601 Assignment 01
Entrepreneurship education benefits learners from all backgrounds because it teaches them
to think outside a box, bringing out talents and skills they never knew they had. Furthermore
it helps students develop confidence that will create jobs for the benefit of the country’s
economy.
Entrepreneurship can help poor and vulnerable people create better lives for themselves and
their families. It can also improve further those from rich homes to create jobs and
opportunities for others.
Entrepreneurship forces learners to think outside the box, to fail and to persist experiences
that would inspire them to become creative and innovative whether poor or rich.
It is important to teach entrepreneurship because learners who are not smart book can have
an option to go for, I even promote being entrepreneur because you create jobs for both a
learners and those who failed in books but can work general work.
Entrepreneurship is responsible for preparing young people to build successful lives. They
should be ready for the wide range of possibilities ahead of them, including working for others,
starting their own ventures and contributing to their communities.
It prepares learners to identify, address challenges and opportunities.
Learning to entrepreneurial builds upon inborn traits.
Entrepreneurship is applying innovations, scaling the ideas by inspiring others imagination.
Question 2
2.1 The Nedbank stokvel account is the same as a group savings account, however the stokvel account
offers additional benefits to the member.
Benefits
2.2.1 Grocery stokvel are commonly used to purchase groceries in bulk or to help fund household
expenses. Contributors collect grocery or cash coupons when buying provisions for stokvel parties
throughout the year. These are then distributed at the end of the saving period.
2.2.2 Basic stokvel differs from the contribution scheme in that the stokvel functions as a saving
scheme, only paying out for specific circumstances for example Christmas, medical bills.
2.2.3 Funeral cover stokvel are known to provide material and non-material support to families in the
event of a death. Funeral covers stokvels became popular when workers migrated to the gold mines
to secure a better future. During this time families could not afford the costs of funerals. In particular,
families could not afford to transport the body to the rural areas where cultural traditions and customs
took place. This led to mineworkers forming burial stokvels among themselves.
2.2.4 Property stokvel makes property investment more accessible to those who would like to get in
the game but can’t afford to purchase a property. Property investors get together and pool in their
finances to invest in a particular property or purchase land for commercial, industrial or residential
development.
2.2.5 Investment stokvel money is pooled and invested, the pay-out from the investment is then
divided between the contributors with a small amount being kept for investment.
Question 3
3.1 To compile a cash flow plan, one should determine the following steps:
This is the amount of cash you forecast your business can expect to pay in the specific month
for goods or materials, wages, electricity, and transport.
Add up all the cash paid from steps 5,6 and 7- this is the total cash amount that you expect to go out
of your business during the specific month.
Subtract the total cash out from the total cash in to get the amount left in your cash box and bank
account at the end of the specific month. Cash at the end of the month is cash at the beginning of the
next month.
Question 4
4.1 The unique characteristics described above are summarised in four learning outcomes:
Learning outcome 1. The economic cycle. The learner is able to show knowledge and
understanding of the economic cycle within the context of the economic problem.
Learning outcome 2. Sustainable growth and development. The learner is able to show an
understanding of sustainable growth, reconstruction and development, and to think critically
about the related processes.
Learning outcome 3. Management consumer and financial knowledge and skills. The learner
is able to show knowledge and the ability to apply various management, consumer and
financial skills.
Learning outcome 4. Entrepreneurial knowledge and skills. The learner is able to develop
entrepreneurial knowledge and skills.
Learning outcomes 1 and 2 serve as the main focus in the foundation phase. The assessment standards
for these two learning outcomes supply the foundation of the intermediate and senior phase, in which
four learning areas are covered.
The right to correct information. Consumers can only make responsible decisions if they have
enough correct information. Consumers obtain information from sales personnel,
advertisements, labels, guarantees of quality and the prices of items. All consumers must be
protected against dishonest and misleading information.
The right to safety. Consumers have the right to buy safe products. Their health or lives should
never be at risk from any product. Think about airbags in a Range Rover, Porche, Mercerces
Benz or BMW. Other examples of how consumers protected are the safety standards of the
South African Bureau of standards. (SABS), date stamps on perishable goods, and steps that
are taken to protect the natural environment, for example, the ban on manufacturing
phosphate washing powders which pollute the environment.
The right to free choice. Consumers should be able to choose between a varieties of products.
If there is no choice or if the product or service is provided by one institution only, as is the
case with electricity, the quality of the product or service should be satisfactory, and the price
should not be exorbitant.
The right to obtain products or services at realistic prices. The price of any product bought by
the consumer should reflect the value the consumer obtains from it.
The right to make their needs known. Consumers should be able to voice their needs as to the
kinds of products they want and the quality they expect.