SECTION A [40 MARKS] Read the extract below and answer ALL the questions that follow. South African Entrepreneur Success Stories 1. Ryan Bacher NetFlorist, SAs largest online gifting company, was launched by accident. Our plan was to run the site for one day to prove that we could do it. And then we got R30 000 worth of orders. That was the equivalent of a whole months revenue at a flower shop. Ryan Bacher, Lawrence Brick and Jonathan Hackner; launched NetFlorist on Valentines Day in 1999. They just wanted to prove to Makro that they could design and run an e-commerce site. But Valentines Day came and went, and the test site did unbelievably well, so they didnt shut it off. Whats really crazy is that people were paying for us to provide a service. We had no stock and knew nothing about flowers. We just sent the orders to a flower shop in Sandton, says Ryan Bacher. How did they make it work? We knew our best bet was to get the website out, hack it, and keep changing it. We would learn more from the site being out there in the market than we could ever learn in-house, trying to develop a perfect product. It was basically always a work in progress. 2. James Robertson and Philip Cronje Big Blues R100 million success: From concept store to national retailer success - Try stuff and if it works, keep on doing it; if it doesnt, stop. James Robertson and Philip Cronje launched Big Blue from a flea market stall. Today the company has a turnover of R100 million. Like Robertson and Cronje, many successful entrepreneurs are sceptical of predictive information, which means they dont decide upfront if an idea will work or not. Instead, they run small experiments, not risking too much, but getting some initial data to decide whether to invest more fully in a strategy or not. One of those experiments was the original Big Blue store in Rosebank, then called Kitsch and Kool. It was based on the Danzigers warehouse, which had collected old stock since 1910, and had become a museum of consumer goods over the decades. The concept was a hit. It generated a flood of magazine and television publicity as well as a healthy increase in sales. This store also became one of the first in the country to combine gifting with clothing, a concept that is now commonly known in the retail industry as a lifestyle store. Adapted from Source: https://www.entrepreneurmag.co.za/advice/success-stories/entrepreneur-profiles/10-saentrepreneurs-who-built-their-businesses-from-nothing/ QUESTION 1 (20 Marks) With reference to the extract, discuss the personal qualities and characteristics of entrepreneurs.2 SAI QUESTION 2 (20 Marks) With reference to the extract, discuss where entrepreneurial ideas can be generated from. SECTION B [60 MARKS] Answer ANY THREE (3) questions in this section. QUESTION 3 (20 Marks) Discuss the elements of the law of contract. QUESTION 4 (20 Marks) Evaluate creativity methods and explain how it is applied to manipulate existing products and services to yield an attractive idea. QUESTION 5 (20 Marks) Distinguish between the sole proprietor and partnership forms of business detailing the advantages and disadvantages of each. QUESTION 6 (20 Marks) 6.1 Detail controlling as a management function along with the control process. (12 Marks) 6.2 Discuss the factors affecting the choice of business enterprise. (8 Marks) END OF PAPER