Business Management May you pleasse help me with Question 1, Question 2 and Question 3

Mama Money now has more than a million users who pay fees as low as 3% for international money transfers. Founded in 2013 as a social impact business by Mathieu Coquillon and Raphael Grojnowski, the company was launched to drastically reduce remittance costs so that more money arrives in the pockets of the people who really need it. After growing by over 300\% in 2019, Mama Money had to expand its team rapidly to keep up with the explosive growth. "We're incredibly grateful that 2020 was our best year yet. It's terrible to see how tough the pandemic has been for so many people and businesses. We're humbled and very lucky to have added over 70 permanent team members during this time," said co-founder Mathieu Coquillon. "Lockdown restrictions spurred the adoption of digital money transfer services. While there is a large informal network for money transfers that operates predominantly in cash, services like Mama Money make it easier for people to transfer money from the safety of their homes, which became particularly appealing during lockdown." There was a clear need for a safe, low-cost, and reliable way to send money across borders using mobile technology that makes sending money as easy as sending a WhatsApp message." Mama Money started with money transfers from South Africa to Zimbabwe in 2015 and now sends to over 50 countries across Africa, Asia, and Europe with more to come, The company has partnered with the world's leading payment providers and money transfer operators which allows their customers to send money to Western Union, MTN Money, Airtel Money, and many more while still keeping costs low for their customers. "We saw that people were paying ridiculous fees of up to 20% or more for sending money to their families for essential needs like school fees and medical bills, Many were handing cash to a driver to physically transport it across the border to their mama. It was a slow and unsafe process and sometimes the money would never arrive," said Coquillon. "There was a clear need for a safe, low-cost, and reliable way to send money across borders using mobile technology that makes sending money as easy as sending a WhatsApp message. It's now possible with Mama Money's mobile app." "A challenge is hiring the best talent to keep up with our growth. We focussed on fostering an inclusive company culture, though we still have a lot more opportunities for top talent to join us with many vacant roles that still need to be filled," said Bentolina Nnadi, Mama Money's Head of Talent. Two years ago, the business employed just 30 staff and now Mama Money has close to 200 permanent staff and over 2,500 field agents operating across South Africa. Question 1 (Marks: 10) We all interact with a range of business every day, whether it is the large chain store in the mall or the vendor selling goods next to the side of the road. Some businesses are formal and others are informal. Read the case study above and answer the following questions. Q.1.1 With the use of examples, distinguish between a formal and an informal business. Theory - Formal businesses refer to businesses that. (5) Application - In view of the above statement, an example of an informal business.. Q.1.2 Determine whether Mama Money is a formal or informal business and provided (3) reasons for your answer. State first what you think...For example...Mama Money can be regarded as a formal business... State first what you think...For example...Mama Money due to the following reasons...(also provide examples) Q.1.3 State whether Mama Money is private, state-owned or a parastatal enterprise and (2) provide reasons for you answer. Remember the need satisfying organisation? Do a bit of research about it and use that to answer to the question Question 2 (Marks: 20) All businesses operate within the economy of the country or countries in which they operate. There are different kinds of economic systems, such as the command economic system, the market economic system and the mixed economic system. Read the above case study and answer the following questions about economic systems. Q.2.1 Identify the type of economic system that Mama Money operates in. (2) Remember the economic systems that exist? Think of which country does it originate from and wh economic system is embraced in that economy Q.2.2 Explain how a market economic system works by: Generic Question (5) b) The role of entrepreneurs in the market economic system. Generic Question (5) c) The advantages and disadvantages of the market economic system. Research based (Marks: 20) Question 3 conditions Entrepreneurs start and manage a business by producing a product or a service under condilien of risk and uncertainty. Entrepreneurs need to have certain characteristics and skills to achieve their goal of owning a profitable business. Read the above case study and answer the following questions with regard to entrepreneurship. Q.3.1 Discuss five characteristics that would make someone a successful entrepreneur. Generic question that does not apply to the case study as yet. Q.3.2 Identify five characteristics that helped Mathieu Coquillon and Raphael Grojnowski (founders of Mama Money) to be successful entrepreneurs and discuss how each one helped them on the road to success. Question very much application based. Important: You are required to refer to the case study and conduct additional research