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Introduction To Business Management Assignment Memo

The document provides instructions for an assignment for an Introduction to Business Management course. It outlines the qualifications and module the assignment pertains to, gives general instructions, and provides three questions to answer. Question 1 asks students to identify and explain the four main economic systems. Question 2 asks students to apply an external forces analysis to Lingua College using five factors from the macro environment. Question 3 asks students to identify and explain four characteristics that distinguish entrepreneurs. The assignment is worth 60 marks total and is due by 2020.

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William Mushonga
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© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
314 views

Introduction To Business Management Assignment Memo

The document provides instructions for an assignment for an Introduction to Business Management course. It outlines the qualifications and module the assignment pertains to, gives general instructions, and provides three questions to answer. Question 1 asks students to identify and explain the four main economic systems. Question 2 asks students to apply an external forces analysis to Lingua College using five factors from the macro environment. Question 3 asks students to identify and explain four characteristics that distinguish entrepreneurs. The assignment is worth 60 marks total and is due by 2020.

Uploaded by

William Mushonga
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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INTERNATIONAL TRAINING COLLEGE - LINGUA

Towards Educational Excellence


NCHE Reg. No: R0014
NQA Accreditation No: 000095

DEPARTMENT OF BUSINESS AND MANAGEMENT

ASSIGNMENT MEMO

Lecturer: MR W. MUSHONGA Due Date: 2020

QUALIFICATION : Diploma in Accounting & Finance (NQF Level 3)

: Diploma in Business Administration (NQF Level 3)

: Diploma in Human Resources Management (NQF Level 3)

: Diploma in Office Administration (NQF Level 3)


MODULE : Introduction to Business Management (NQF Level 3)

TOTAL MARKS : 60 marks

INSTRUCTIONS:

 Your assignment must have a cover page with your name, student number, course
name and lecturer name
 Marks awarded will be indicated both as actual and percentage
 The assignment must be the work of the student and not shared or completed by any
other student and must be typed.
 Students will be penalised for plagiarising or simply copying passages from the study
notes or web sites, other texts and from another student’s assignment/project/rough
work, etc., without any referencing attached thereto.
 Students may work together but must not submit similar or identical assignments. You
must be able to show that you worked independently.
 Retain a copy of each assignment before submitting it, in case the original does not
reach the lecturer.
 Students who are mailing their assignments must ensure that the assignment
reaches the lecturer before or on the due date.
 Assignments may NOT be submitted via fax
 Your assignment MUST have references (APA method) written in alphabetical order.
 Use ARIAL -12 to type your work. Your work must be justified.
 Consult the lecturer if you do not understand assignment questions by calling 061-
301032

Question 1. (20 marks)

1
An economic system is a means by which societies or governments organize and
distribute available resources in a country. Economic systems regulate factors of
production including capital, labour, physical resources, and entrepreneurs.

Identify and explain the four economic systems (20 marks)

 Traditional economic system

 The traditional economic system relies on the leadership of a Chief


 It follows certain established traditional ways of production.
 It relies a lot on people, and there is very little division of labour or specialization
 It is very basic and the oldest of the four types.
 Some parts of Namibia still function with a traditional economic system in rural
settings.

 Command economic system

 The government controls everything in the economy


 Also known as a planned system
 It is common in former communist societies
 Examples are China and North Korea.

 Market economic system

 It is based on the concept of free markets.


 There is very little government interference.
 Regulation comes from the people and the relationship between supply and
demand.
 Examples are America and Sweden

 Mixed system

 Mixed systems combine the characteristics of the market and command


economic systems.
 Almost all countries including Namibia follow a mixed system.
 Most industries are private, while the rest, comprised primarily of public services,
are under the control of the government.

2
 E.g. Namwater; Namwater and Central Hospitals

(1 mark for identifying, 3 marks for explanation and 1 mark for example)

Question 2 [20 marks]

3
Business environment is composed of macro, micro and market environments. Apply an
external force analysis to Lingua college using any 5 factors found in the macro
environment

 Social factors-culture, values, beliefs or religion of the society. How consumers,


households and communities behave and their beliefs. For instance, changes in
attitude towards health, or a greater number of pensioners in a population. The
business has no control over the beliefs of the society but must adapt to the
situation eg Muslims wear long clothes covering the whole body. Social factors
also include ethical factors – what is regarded as morally right or wrong for a
business to do. For instance, should it trade with countries which have a poor
record on human rights?
 Technological factors- how the rapid pace of change in production processes
and product innovation affect a business. eg computers. For example, with
globalization companies can now sell products within seconds by the click of a
button on a computer.
 Legal – the way in which legislation in society affects the business. E.g. changes
in employment laws on working hours.
 Economic – how the economy affects a business in terms of taxation,
government spending, general demand, interest rates, exchange rates and
European and global economic factors.
 Political – how changes in government policy might affect the business e.g. a
decision to subsidise building new houses in an area could be good for a local
brick works.
 Technological – how the rapid pace of change in production processes and
product innovation affect a business.

[1 mark for identifying, 2 marks for explaining and 1 mark for example]

Question 3. (20 marks)

4
Identify and explain any four characteristics or traits that distinguish
entrepreneurs (20 marks)

 Passion
 Entrepreneurs are not in it for the money.
 While that may be an added bonus, the true benefit is doing what they love.
 Building a business takes a lot of time and effort.
 It means putting in longer hours and doing extra work.
 If you don’t love what you do, you're not going to want to do what it takes to
achieve success.
 Steve Jobs, founder of Apple once Said, 'People with Passion can Change the
World’
 E.g. Ms. Mettler of Lingua College; F. Indongo; S. Ndapuka etc
 Motivation
 Entrepreneurs are dedicated to their work.
 They do not rely on a manager or colleague to push them towards their goals.
 Their drive comes from within and allows them to motivate others in turn.
 In his book, “Leaders Eat Last: Simon Sinek writes, “If your actions inspire
others to dream more, learn more, do more and become more, you are a
leader.”
 Optimism
 When you’re just starting out, it can seem like getting your business off the
ground will never happen.
 But entrepreneurs don’t think like that.
 They are optimistic about the future and are always looking ahead with rose
tinted spectacles.
 Jonathan Swift wrote, “Vision is the art of seeing things that are invisible to
others.”
 Creativity
 Entrepreneurs don’t think the same way as everyone else does.
 They see the world differently and think outside the box.
 Businesses are built on big ideas, and those big ideas need to come from a place
of creativity, from a way of thinking that differs from everyone else’s thinking.

5
 Maya Angelou once said, “You can’t use up creativity. The more you use it,
the more you have of it.”
 Risk-Takers
 Successful entrepreneurs understand that taking risks should not scare them.
 It is necessary to achieve your goals.
 Entrepreneurs don’t let uncertainty and potential failure stop them from doing
what needs to be done.
 They look at problems as challenges and risks as opportunities that push them
forward
 Tim Ferriss writes, “What we fear doing most is usually what we must do.”

(1 mark for identifying, 4 marks for explanation)

End of assignment.

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