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Primary and Secondary Data

Secondary: Books & Reports

primary: Questionnaire & Interviews

Self- Fulfilment / Self- actualization

Increased Profit

Increased control of working life

To be one's own boss

To gain financial freedom

to respond to changes in her personal situation

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1. Conduct Market Research: This is a systematic research done in order
in order to collect information about potential customers & competitors

2. Create a business Plan- this document outlines the plans for operating
a business.

3. Source Finances- Funding can be from personal savings, family, and

friends.

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 Short Term: is helpful to the operation of a business , it helps you
to manage and prioritize task. This is important in order to in order to
increase efficiency in the business and gives employees a clear
direction and understanding of where the business intends to go.

Long Term: is important as it helps to give a sense of direction

to both employers and employes's. It also motivates employer's and

investors alike as it shows that the owner expect the business

to be in operation fo the future.

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 A simple contract is a simple agreement between two parties
which needs no special form.

1. Signing: the contract is signed by all parties involved.

2. Sealing: the contract is attached by so form of raised seal

3. Delivery: The contract is placed or touched by the persons

to whom it is delivered to and all parties must have a copy.

An offer is a bid or proposalmade by an offeror to an offeree

to his or her willingness to enter into a contract based on the terms established.

Is the rejection of the original offer and a proposed counter offer is

then made.

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By Breach: If one party does not carry out his\her part of the
agreement that was made between the two parties.

Mutual Mistake

1. Offer needed to be more specific

2. Mark needed to confirm before accepting
3. Mark needed to be more diligent before paying

1. Doris could give mark a full refund and mark could return the
car

2. Doris could re-negotiate for the sale of the car that mark wants

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 1. They are home based
2. they use local raw materials
3. They use simple technologhy
4. they use manual labour

Craft items such as furniture and pots.

can earn foreign exchange for the country since trade shows can be
mounted at which producers exhibit their wares.

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 Primary Production deals with the extraction of basic raw materials
provided by nature, which are either above or below the earths
surface.
Secondary production consist of the manufacturing and construction

industries which take materials produced by the extractive industries.

New Improved capital equipment allows for more goods to be produced

incrase the speed of production and enable for better quality products

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Linkages provide increased employment and an improved standard of living
therefore encouraging new growth and skills in the labour force which would

aid in economic development.

Linkages also increase opportunities for combined research and

development which can promote the earnings of foreign exchange in the

economy.

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 Manufacturer
Retailer

Wholesaler- is an intermediary that stores large quantities

of the product at centralized distribution point.

Consumer- typically buys from retail outlets such

supermarkets and they are the end user of the product.

1.Global positioning sytem

2. Geographic Information system

3. Portnet
4. Global logistic providers

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 Increased communication which can improve accuracy of delivery

items.

Information technology can lead to improved customer service

Spoilage
Incorrect Destination

spoilage can be avoided by selecting the most appropriate

transportation medium.

In order to prevent goods being delivered to the wrong destination

Alex can invest in modern ICT systems such as GPS & barcodes

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Is a situation where a person is without a paid job but is
available to work

seasonal unemployment
frictional
structural

1. Invest in the manufacturing sector which would decrease

unemployment.

1. for better job opportunities

2. to be closer to family
3. For educational reasons

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 Brain Drain: This is where skilled professionals leave to
develop other countries.

This is where investors from other countries usually

first world countries, invest in your country.

1. Create Employment: foreign investors can build

buildings such as hotels and factories which would create
jobs for alot of people within a country which would increase.
national income & economic development.

2.Introduce new technologies: When foreign investors comes

into a country they bring their experience and and
technologies which can help to develop our processes.

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