Grade 7 EMS Test: Entrepreneurs And New Businesses

Netsport

Description

A test that assesses learners' knowledge of the characteristics of entrepreneurs and new businesses.

Sujets

• Littérature Sud-Africaine
• Littérature sud-africaine
• Collège
• Secondary education in France
• collège
• Collège
• Collège
• Post-primaire

Informations

• Publié par: Netsport
• Date de parution: 01 janvier 2022
• Nombre de lectures: 0
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

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Economic & Management Sciences Grade 7
Entrepreneurs & Starting a Business
Source A: Mama’s Spices and Herbs
Mama’s Spices & Herbs
Adapted from an article by Tracy Lee Nicol - Aug 19, 2015
In 2011, Mikie Monoketsi had lost everything. “I decided to stop worrying about the future and how
to turn things around, and just start with something in the now.”

She knew that the township market was huge and very lucrative if you have the right offering.
Through her research she discovered that the spices customers used in townships were cheap
and of poor quality, with high levels of salt, MSG, preservatives, additives and bulking agents –
which all negatively impact health and contribute to high levels of hypertension and diabetes.
Through research she learnt what they were cooking – skop, mogodu, maotwana, kota (cows
head, intestines, chicken feet, bunny chow), potato chips, fish, braai, stews and curries and fried
chicken.
This gave her the idea to create her own unique blend of healthier spices that would complement
these foods that were already consumed, but offer better quality, with health benefits, and at an
affordable price. She’d also use their feedback to adjust recipes to their liking.
She didn’t want to be like so many other would-be entrepreneurs who procrastinated because
they didn’t have the resources to start big.
She approached an existing spice manufacturer with the relevant certification, including Kosher,
Halaal and ISO ratings, and they began blending her unique spice recipes. These were sold to
wholesalers and other shops and she received a percentage of the income. When she had
enough money, she rented a small factory and started producing her own special blends.
Apart from the factory workers, she employs ten sales reps working in the townships on a
commission basis, which helps keep her overheads low. They get paid weekly for their sales, and
she’s got 12 consistent distributors who pay upfront for orders and sell amongst their networks.
Her advice is that when you start your business, ensure that every cent is accounted for,
especially the non-tangibles like labour, packaging, cost of sales, and time. She found that
because she didn’t cost everything, she wasn’t making more money, despite increased sales.
She realised she wasn’t factoring in the samples she was giving out. She also realised that using
the business as a personal piggy bank was hampering growth – a few thousand here and there
adds up.
She didn’t get expensive software or an accountant, she bought a Croxley notebook and wrote
down every expense and invoiced all customers. Once she did that she started seeing a
difference.
Though she has branched into a few other product lines, she always stays true to her vision of
promoting a healthy lifestyle, fitness and longevity. Some of her new product lines include
MSGfree spices and seasonings, popcorn sprinkles, homemade sauces, marinades, stews and soups,
and spicy health teas.
http://www.entrepreneurmag.co.za/advice/starting-a-business/start-up-advice/strategies/
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