Lesson Notes By Weeks and Term v5 - Grade 7

Lesson Video

This page supports the lesson note with a companion video and a short classroom-ready summary.

For class groups and homework, share this lesson page so learners also get the summary, objectives, and full lesson context.

Performance objectives

• Define 'entrepreneur' and 'entrepreneurship'.
• Identify at least five key characteristics of entrepreneurs.
• Recognize South African entrepreneurs and their traits.
• Understand the difference between an entrepreneur and an employee.
• Recognize the importance of ethics in business.

Lesson summary

Entrepreneurship is the driving force behind economic growth and job creation. In South Africa, where unemployment is a significant challenge, understanding entrepreneurship is crucial. By learning about the characteristics of successful entrepreneurs, Grade 7 learners can develop the skills and mindset necessary to create their own opportunities and contribute to the economy. Imagine creating a business that solves a problem in your community and provides jobs for others! This topic introduces you to the traits that make entrepreneurs successful.

Lesson notes

What is an Entrepreneur? An entrepreneur is someone who identifies a need or opportunity and takes the initiative to create a business or venture to meet that need. They are willing to take risks, invest time and money, and work hard to bring their ideas to life. Entrepreneurship, therefore, is the process of designing, launching, and running a new business, which often begins as a small business, such as a small shop. Why is Entrepreneurship important in South Africa? South Africa needs more entrepreneurs to create jobs, boost the economy, and solve social problems. Entrepreneurship can help to reduce poverty and inequality by providing people with opportunities to earn a living and improve their quality of life. Key Characteristics of Successful Entrepreneurs: Passion and Drive: Successful entrepreneurs are passionate about their ideas and driven to succeed. They are willing to work long hours and overcome obstacles to achieve their goals. Think of Mama Mthembu who sells vetkoek at the taxi rank. She's there every day, rain or shine, because she loves providing a tasty, affordable meal to commuters.

Creativity and Innovation: Entrepreneurs are often creative thinkers who come up with new and innovative ways to solve problems or meet needs. They are not afraid to try new things and challenge the status quo. For example, a student creating an app to help other students with homework is an example of creativity and innovation.

Risk-Taking: Starting a business involves taking risks. Entrepreneurs are willing to assess risks and make calculated decisions, even when there is a chance of failure. It's like deciding to sell your old toys to raise capital (money) to buy ingredients to bake cookies to sell at school. There's a risk you won't sell enough cookies, but you are willing to take that risk.

Problem-Solving Skills: Entrepreneurs are skilled at identifying and solving problems. They are resourceful and able to find creative solutions to challenges. Consider a local spaza shop owner who notices that the community struggles to access fresh produce. He decides to start a small vegetable garden behind his shop to offer affordable and healthy options.

Persistence and Resilience: The road to success is rarely easy. Entrepreneurs are persistent and resilient, meaning they are able to bounce back from setbacks and learn from their mistakes. They don't give up easily. Think of someone who starts a car wash business and faces competition from existing businesses. Instead of giving up, they improve their service, offer loyalty programs, and market themselves effectively.

Self-Confidence: Entrepreneurs believe in themselves and their ability to succeed. This self-confidence helps them to overcome challenges and inspire others. It's crucial to believe in your idea and your ability to make it a reality.

Good Communication Skills: Entrepreneurs need to be able to communicate effectively with customers, employees, investors, and other stakeholders. This includes being able to clearly articulate their vision, listen to feedback, and build relationships. If you want to sell your beaded bracelets, you need to be able to clearly describe them to your friends and potential customers.

Adaptability: The business environment is constantly changing. Successful entrepreneurs are able to adapt to new challenges and opportunities. Being able to change your plans based on new information is very important. Examples of South African Entrepreneurs and their Characteristics: Magatte Wade (Skin care entrepreneur): Demonstrated passion, risk-taking, and problem-solving. She saw a need for high-quality skin care products made with African ingredients and took the risk to create her own company, Skin is Skin.

Ludwick Marishane (DryBath): Demonstrated creativity, innovation, and problem-solving. He invented DryBath, a gel that allows people to shower without water, addressing water scarcity challenges. Entrepreneur vs Employee | Feature | Entrepreneur | Employee | |---|---|---| | Risk | Takes significant financial and personal risk | Little to no financial risk | | Decision-making | Makes all major decisions | Follows instructions and policies | | Income | Income is variable and dependent on business success | Earns a fixed salary or wage | | Independence | Works independently and manages their own time | Works under the direction of an employer | | Responsibility | Responsible for all aspects of the business | Responsible for specific tasks or duties | Ethical Behaviour in Entrepreneurship Entrepreneurs must be ethical and honest in their dealings with customers, suppliers, and employees. This builds trust and helps to create a sustainable business. Cheating customers or exploiting workers is not only wrong but also bad for business in the long run. Guided Practice (With Solutions)

Question 1: Define "entrepreneur" and give one example of an entrepreneur in your community.