Question 1

according to the extract, entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit. Based on this, indicate a product or service you plan to start a business with. Explain how you generated the business idea and determined the feasibility of the idea.

What does it mean to be an entrepreneur? The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks and dead ends. There are lots of sleepless nights, plans that do not work out, funding that does not come through and customers that never materialise. It can be so challenging to launch a business that it makes one wonder why anyone willingly sets out on such a path. Despite all of these hardships, every year, thousands of entrepreneurs embark on this journey determined to bring their vision to fruition and fill a need they see in society. They open brick-and-morlar businesses, launch tech startups or bring a new product or service into the marketplace. An entrepreneur identifies a need that no existing businesses addresses and determines a solution for that need. Entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit. An entrepreneur who regularly launches new businesses, sells them and then starts new businesses is a serial entrepreneur. Additionally, although the term "entrepreneur" is often associated with startups and small businesses, any founder of a successful household-name business began as an entrepreneur. If you want to become an entrepreneur but worried that you do not have the necessary finances, it should not stop you from achieving your goals. Many entrepreneurs seek the initial funding for their pursuits from external sources, who may provide entrepreneurs with capital to cover start-up costs (or, later, expansion costs.) Many household-name businesspersons exemplify entrepreneurial success. Here are just a few examples: 1. Steve Jobs, the late tech leader who started Apple in a garage and grew it to the dominant tablet, smartphone and Computer Company it is today. 2. Elon Musk, who founded SpaceX and has since become known for putting the billions of dollars his company has earned him toward projects, including providing clean water to Flint, Michigan, and donating FDA-approved ventilators to hospitals fighting COVID-19. 3. Bill Gates, the Microsoft creator and founder who has often been listed as the world's wealthiest individual and has become a global leader on pandemics and how to handle them. The question most people ask is - what motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Although each person's motivation is nuanced and unique, many entrepreneurs are spurred on by one or more of the following motivators: 1. Autonomy: Entrepreneurs want to be their own bosses, set their own goals, control their own progress and run their businesses how they see fit. They recognise that their business's success or failure rests with them, yet they do not view this responsibility as a burden but, instead, as a marker of their freedom. 2. Purpose: Many entrepreneurs have a clear vision of what they want to accomplish and will work tirelessly to make that happen. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to that goal to keep pushing ahead. They abhor stagnation and would rather fail while moving forward than languish in 3. Flexibility: Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance or work at times and in ways that may be unconventional. This does not mean they are working fewer hours - often, especially in the early stages of growing a business, they work longer and harder - but, rather, they are working in a way that is instinctual for them. 4. Financial success: Most entrepreneurs realise they are not going to be overnight billionaires, but that does not mean they are not interested in the potential of making a ton of money from a hugely successful business over which they have full control. Some want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing. 5. Legacy: Entrepreneurs are often guided by a desire to create something that outlasts them. Others want to create a brand that has longevity and becomes an institution. Another group wants to pass on a source of income and security to their heirs. There are also those entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves people's lives in some tangible way. ou are contemplating entrepreneurial activity, you should first identify which of the above vators serve as your guiding force. Then, consider if you have the specific character traits and utes that will enable you to thrive as an entrepreneur. Answer ALL the questions in this section. [30 MARKS] Question 1 (14 Marks) According to the extract, entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit. Based on this, indicate a product or service you plan to start a business with. Explain how you generated the business idea and determined the feasibility of the idea