BMNG5121 Assignment 1: Business Management 1A Question

Question 1 of BMNG5121 

Review the following scenario, then answer the questions that follow:  

Anathi noticed that the Southern African market had no affordable clothes that were environmentally friendly, while maintaining a chic African aesthetic. This gap in the market prompted her to use her sewing and design skills and entrepreneurial drive to develop a sustainable fashion business. Anathi’s business started in a small factory equipped with basic garment making equipment and facilities and one seamstress, financed by her own savings and an investment from a family member.

Demand grew, with customers placing orders from all over Southern Africa. Anathi now employs five (5) seamstresses, a personal assistant and a bookkeeper. To facilitate her plans, Anathi drew up a business plan outlining her growth vision for a zero-waste production process, partnerships with suppliers of sustainable fabrics and a marketing strategy focused on eco-conscious consumers. The plan persuaded her local bank for a loan to cover four industrial sewing machine purchases and hiring of more staff, including a website developer to set up her online shop.

Note: In answering the questions below, consider the following: 

• Maintain a balance between theory and application, integrating the theory and application;

• All theory must be referenced from the textbook first, and then only supplemented with other credible sources;
• You are required to paraphrase and explain concepts in your own words – do not copy and paste from AI chatbots or other generative AI tools;
• Refer to the rubrics for mark allocations.

Q.1.1 Create a diagram illustrating decision making in the entrepreneurial process, with application to the scenario. 

Q.1.2 Discuss the specific resources, or factors of production, required by businesses, with examples from the scenario. In your answer, specify the factor of production you believe most important to the success of Anathi’s business. Justify your choice.

Q.1.3 Examine the importance/necessity of business plans, by ranking the reasons for business plans with application to Anathi’s business. Construct your answer in the following table:

Q.1.4 Explain the role of top management, and the skills required at the top management level, with examples applicable to the scenario.

Q.1.5 Reflect on the concept of sustainable development, with application to the scenario.

Question 2 of BMNG5121 

Using an industry of your own choice, create a mind map that illustrates application of four (4) components of the current macro environment in South Africa.