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Question 3 (Marks: 20) Q.3.1 Potential entrepreneurs need knowledge about particular environments and (6) industries in which they operate, as well as considerable management skills. Discuss any three skills required for entrepreneurs. Note: Marks will be awarded for proper referencing and paraphrasing. Q.3.2 Your Friend, Richard has been running a logistics company for two months. He realises it is time to register his business in order to receive gigger contracts. (6) Richard lawyer has advised him that the business must be registered as a Company and not as a Sole Proprietorship. Consider the disadvantages of a sole proprietorship and advantages of a company and Justify whether you agree/disagree with Richard's lawyer. Q.3.3 There are limited resources available which organisations use to either produce (4) products or provide services to satisfy the needs of customers. Describe any two of the four limited resources of society. Note: Marks will be awarded for proper referencing and paraphrasing. The Independent Institute of Education (Pty) Led 2020 Page 6 of 7 18; 19; 20 2020 Q.3.4 The market environment is immediately outside of the business organisation. (4) Identity and discuss one market environmental factor and provide an example to support your discussion. Note: Marks will be awarded for proper referencing and paraphrasing