Page 14 - Business_Studies_F5

Student's Book Form Five

aspects, geopolitical risks, cultural business idea to life. It involves a series of
diversity, economic interdependence, steps such as conceptualisation, planning,
and cross-border regulations. Principally, execution, and growth of a business
globalisation presents opportunities for venture. Start-ups often emerge in response
businesses to expand internationally, to opportunities, market gaps, or problems
access new markets, and collaborate that entrepreneurs believe that they can
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with global partners. Similarly, global address with innovative solutions. These
environment poses challenges in terms of solutions may range from new products to
market volatility, cultural differences, and business models that challenge traditional
geopolitical tensions. practices.
Usually, the process of starting a business
Activity 1.1
begins with ideation, where entrepreneurs
Visit any business operating in your local generate and refine ideas based on market
area, then: insights, personal experiences, or industry
(a) Discuss with the owner how ICT trends. Ideation is then followed by market
and globalisation influence his or research where entrepreneurs assess and
her business operations. validate the feasibility and potential
(b) Explain the business environment demand for their proposed solutions.
factors that may affect its operations. Once a viable business idea is identified,
entrepreneurs develop a business plan
Exercise 1.1 that outlines the business objectives,
target market, value proposition, revenue
1. Justify the need for businesses to model, and growth strategy. The business
explore their internal and external plan serves as a roadmap guiding the start-
environments. up’s operations, resource allocation, and
2. Describe the components of the decision-making processes.
external business environment and
explain how each component impacts As start-ups gain control and achieve
businesses in Tanzania. milestones, they may attract extra funding,
3. With examples, explain how the expertise, and partnerships that will
internal business environment eventually enable them to expand their
differs from the external business reach, scale of operations, and capture more
environment. market opportunities. Therefore, a business
start-up refers to a business in its early
stages of operations.
Business start-ups
A business start-up marks the onset of an Agents supporting business start-ups
entrepreneurial journey, where individuals Business start-ups are receiving support
embark on the process of bringing a from different agents for their establishments

5 Business Studies for Advanced Secondary Schools

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