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POB P2 May 2022 (Answered)

The document outlines the steps for starting a business, including the importance of primary and secondary data, market research, and resource identification. It discusses short-term and long-term planning, legal agreements, and the impact of cottage industries on tourism. Additionally, it addresses employment issues, foreign direct investment, and the benefits of linkage industries in promoting local production and job creation.

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drysdalenalyssa2008
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14 views13 pages

POB P2 May 2022 (Answered)

The document outlines the steps for starting a business, including the importance of primary and secondary data, market research, and resource identification. It discusses short-term and long-term planning, legal agreements, and the impact of cottage industries on tourism. Additionally, it addresses employment issues, foreign direct investment, and the benefits of linkage industries in promoting local production and job creation.

Uploaded by

drysdalenalyssa2008
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Scanned by TapScanner

- Primary Data
- Secondary Data

- Primary Data: Questionnaires


- Secondary Data: Government Publications

- To become financial independent


- To create employment for herself
- To pursue a passion/skill
- To provide goods and services

Scanned by TapScanner
Conceptualisation- This involves the development of the business idea or concept.

Market research - After Joanne develops her business idea, she should now do market research to find out
the characteristics of her target market such as what they want to buy, etc.

Identification of resources - Joanne should now identify the resources that she needs to start the business, for
example: land, machinery, equipment.

Scanned by TapScanner
Short Term Planning - A short-term plan typically relates to what needs to
be done within one year. Short-term planning helps businesses manage
risks such as introduction of new products or pricing strategies by allowing
them to quickly respond to competitor actions and changing customer
preferences.

Long term planning - The "long term" covers a period of over five years
and establish broad goals for the business to achieve. It gives a business
clear direction and stability. It helps set goals, use resources wisely, and
prepare for future changes.

Scanned by TapScanner
A legally binding agreement made between two or more persons,
intended to create legal obligation between them and to be legally
enforceable.

Attestation or Witness - This refers to the act of a having a third


party (a witness) observe that the contract was signed and that it
was done voluntarily.
Stamped and sealed - This involves placing a stamp on the
contract often by a legal entity to mark its authenticity.

Signed by both parties - This means all involved parties


have put their signature on the contract to show that
they have agreed to the terms and conditions stated.

This is a clear proposal made by one party to another, outlining


the terms under which they are willing to enter into a contract.

This is a proposal made by one party to another, outlining


the terms under which they are willing to enter into a contract.
A counteroffer is a response to an initial offer in which the original
terms are rejected and new terms are proposed.

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By lapse of time - This occurs when the time limit set for the
contract to be executed by both parties has passed.

Misrepresentation

Doris should have outlined which car is for sale

Mark should have asked about what was for sale

Instead of sending the mechanic, Mark should have


gone himself or go along with the mechanic

Doris can return the money to Mark

Doris can offer him an exchange for the car


Mark initially wanted

Scanned by TapScanner
Family members are used as labour

They are small scale

They make use of local resources

They are home based

Woven Baskets
Jams

Products made in the cottage industries such as souvenirs and beaded


jewelry are normally in high demand by tourists. Therefore, the tourism
sector is benefiting because cottage industries are the ones making
those products.

Scanned by TapScanner
Primary production involves the extraction of resources directly
from the Earth, for example, forestry. While, secondary
production involves the processing of raw materials into semi-
finished or finished products, it includes sectors like construction.

Improved efficiency - Increased capital will allow business to


become more efficient and are able to meet consumers demands

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Linkage industries provide employment as it connects multiple
sectors. For example, A steel industry supplies materials for
construction industries. This will lead to more jobs across the
production and transportation sectors.

By connecting industries, linkage promotes local production. For


example if a country produces cotton, it eliminates the need for
importing it. This will assist in the reduction of imports in the economy
allowing that expenditure to be used to develop a different sectors

Scanned by TapScanner
Manufacturer/ Producer
Retailer

Wholesaler to retailer - The wholesalers purchases goods in


bluk from the producers, stores them and breaks the bulk to sell
to retailers in smaller quantities.

Retailer to Consumer - A retailer sells the goods that bought


for wholesalers to consumers in even smaller quantities.

Global Positioning System


Portnet
Geographic Information System

Telemarketing

Scanned by TapScanner
Using IT, it helps to help to determine the best route to take when
getting your materials from point A to point B effectively.

IT allows for logistics and supply chain operators be more


efficient as they are able to get the goods to consumers in a
timely manner.

Delayed shipment
Spoilage

Delayed Shipment - Reconsider the shipping company used. If


the company has a reputation of delaying shipment, try another
that will get the food items to the island quicker

Spoilage - Ensure food items are properly placed and stored to


prevent them spoling. Things that need to be refrigerated could be
put on dry ice to delay spoilage

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This is the term used to describe when
individuals are willing and able to work but are
unable to find a job.

Structural
Frictional
Seasonal

Create more job opportunities in different industries or offer


skill programs so individuals can acquire one to seek
employment or work for themselves.

To find better job oppportuities

To find better educational opportunities

To seek a better life

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Brain Drain - this is the term used to describe the
migration of the skilled individuals in a country

This occurs when a person or company makes an investment


in another entity that is based in a different nation.

Job Creation - Foreign direct investment allows for the


creation of job opportunities. If foreign countries set up
business in the Caribbean, it will create jobs for the
unemployed. This will lead to a reduction of the
unemployment rate in the Caribbean.

Exposure - FDI would allow for exposure to a different variety


of goods and services for Caribbean people. Giving them
choice and creating a wide market of products and services.

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