Worksheet 1 The article highlights several key principles of entrepreneurship that are essential for success in business. One of the most significant aspects is competition. In a free market, businesses must constantly strive to improve their products, services, and overall customer experience. Those who become complacent and fail to innovate risk being overtaken by competitors. This constant drive to do better benefits not just the business owner but also the consumers, who get better quality and more choices. One important principle is consumer-driven markets. Every purchase a customer makes is like a vote of confidence in a product or service. Businesses that consistently meet or exceed customer expectations will thrive, while those that fail to attract enough buyers will eventually shut down. Entrepreneurs must listen to their customers, adapt to their needs, and always look for ways to add value. The marketplace is unforgiving to businesses that do not stay relevant. The article also touches on opportunity recognition and business growth. As the population expands, so does the demand for goods and services. New businesses are needed to cater to emerging communities, and existing businesses must scale up to meet increased demand. Entrepreneurs who can identify these gaps and move quickly to establish themselves in growing markets have a strong advantage. Even industries that seem saturated may have room for innovation and differentiation. Another key feature of entrepreneurship discussed is first-mover advantage. You don’t have to be the biggest player in the industry to succeed—you just have to recognize an opportunity and act on it before others do. Setting up a business in an area with growing demand, even if others eventually enter the market, can give an entrepreneur a strong customer base and reputation. Being the first in a specific niche can often outweigh having the most resources or experience. Finally, the article emphasizes the importance of education, experience, and calculated risk-taking. While luck can play a role in business success, relying on it alone is not a strategy. Entrepreneurs who invest in their knowledge, develop their skills, and gain experience increase their chances of making informed decisions. Taking risks is an inevitable part of business, but those who prepare thoroughly and exercise sound judgment reduce the likelihood of failure. The article paints a clear picture of what it takes to be a successful entrepreneur— continuous improvement, understanding market demands, recognizing opportunities, acting swiftly, and making well-informed decisions. These principles are what separate businesses that thrive from those that fail in an ever-changing economic landscape. Worksheet 2 1. PRICE OF OIL DROPS BECAUSE OF OVER-PRODUCTION This is an example of supply and demand at work. When there is an oversupply of oil in the market but not enough demand to match it, prices naturally decline. With too much production, companies may struggle to sell their inventory, leading to lower profits and possible job losses in the industry. 2. EUROPEAN NATIONS AGREE ON STANDARDS FOR MULTICULTURAL PRODUCTS This reflects government regulation and standardization. By setting common standards for multicultural products, governments ensure that businesses follow specific guidelines, which helps maintain quality, safety, and fairness in trade. This kind of intervention also helps businesses expand into new markets with fewer legal obstacles. 3. NEW COMPUTER COMPANY BRINGS OUT NEW PRODUCT WITH REVOLUTIONARY FEATURE FOR LOW PRICE This showcases competition and product innovation. By introducing an advanced feature at a more affordable price, the company is trying to attract customers and gain an edge over competitors. Businesses that continuously improve their products and offer better value tend to succeed in highly competitive industries. 4. FAMILIES COMPLAIN ABOUT PRICE OF GROCERIES IN VILLAGE WHICH HAS ONLY ONE SUPERMARKET This is a case of market monopoly and limited competition. Since there is only one supermarket in the village, it has control over pricing, leading to higher costs for consumers. Without competitors to challenge the monopoly, the store can set prices at its discretion, which often results in economic hardship for local families. 5. RESTAURANT IS FORCED TO CLOSE DOWN BECAUSE OF UNSANITARY CONDITIONS This relates to business ethics and consumer safety. A restaurant must maintain cleanliness and hygiene to operate successfully. If it fails to do so, it risks losing customers and facing government action. Businesses must meet health and safety standards to protect consumers and maintain their reputation. 6. SMALL BUSINESS PROGRAMME IS HOLDING A FREE SEMINAR ON INFORMATION AND COMMUNICATION TECHNOLOGY FOR ANYONE WHO IS INTERESTED This highlights entrepreneurial development and opportunity creation. By offering free training on communication technology, the program helps individuals and aspiring entrepreneurs gain new skills. This initiative can encourage innovation and business growth, especially in an increasingly digital world. 7. ORANGE PRICES SIZZLE AS COLD SEASON MOVES IN This is another example of supply and demand dynamics. Cold weather affects orange production, reducing supply. Since oranges become less available, their prices increase due to continued demand. Natural factors such as climate changes can greatly impact agricultural markets. 8. FIRMS MOVE FACTORY TO NEIGHBOURING COUNTRY IN ORDER TO TAKE ADVANTAGE OF LOWER-PRICED LABOUR This represents cost-cutting strategies and business expansion. Companies relocate their operations to countries where labor is cheaper to reduce expenses and increase profit margins. While this may benefit the business, it can also raise concerns about job losses in the company’s home country. 9. LARGE DEPARTMENT STORE DECIDES TO OFFER MORE DISCOUNTS ON ITEMS This is an example of competitive pricing and sales strategy. By providing discounts, the store encourages more customers to shop, leading to increased sales. Although profit margins per item might be lower, the overall revenue can grow due to higher customer traffic and purchases. 10. GOVERNMENT INDICATES THAT SOME FIRMS ARE TOO MONOPOLISTIC AND THEREFORE GREATER LIBERALIZATION IS NEEDED This falls under government intervention and market fairness. When certain firms dominate an industry, they can limit competition and control prices. The government may introduce policies to open the market to more players, ensuring fair competition and better choices for consumers.
