This guide is organised for understanding, not only memorising. For distinction level, do not just recite the answer. Know what each point means, how it fits the topic, and how it can be recognised when the question is phrased differently.
Knowledge and skills
Knowledge and skills help the entrepreneur understand the business, solve problems, make sound decisions, and perform important tasks properly. Without enough knowledge and skill, even a good business idea can fail because the owner may not know how to manage finance, customers, stock, or operations.Contacts and friends
Contacts and friends are valuable because they can open doors to customers, suppliers, advice, partnerships, and opportunities. In business, useful relationships often make it easier to access information, support, and networks that help the business grow.Finance (personal assets and liabilities)
Finance gives the entrepreneur the ability to start and operate the business, buy resources, and survive difficult periods. If the entrepreneur has access to funds, the business can cover its early costs and continue trading while building income.
Forced connection
Forced connection means linking two ideas that do not normally belong together in order to create a new idea. This method encourages unusual thinking and often leads to fresh business solutions.Attribute analysis
Attribute analysis breaks a product, idea, or problem into parts so that each feature can be examined separately. This helps the entrepreneur improve what already exists instead of trying to invent something completely new.Mind mapping
Mind mapping organises ideas around one central concept and shows how they connect. It helps entrepreneurs think widely, see relationships clearly, and generate many possible directions from one idea.Metaphorical analogy
Metaphorical analogy uses comparison to something else in order to understand or improve an idea. It helps the entrepreneur think beyond the obvious and discover new ways of solving a problem.Manipulation
Manipulation means changing, adjusting, combining, or altering an idea to make it more useful. This method is helpful when an entrepreneur wants to improve an existing product or service.Brainstorming
Brainstorming is the process of generating many ideas freely before judging them. It is useful because it encourages creativity, participation, and a wider range of possible business solutions.Problem redefinition
Problem redefinition means looking at a problem from a new angle or restating it differently. This is important because many business solutions become clear only when the real problem is understood properly.
Primary data
Primary data is original information collected directly for a specific purpose. It is useful because it is fresh and closely linked to the exact problem the entrepreneur wants to solve.Secondary data
Secondary data is information that already exists and has been collected by someone else. It saves time and money, but it may not fit the exact business problem as closely as primary data.
Surveys
Surveys collect information by asking people questions in a structured way. They are useful when a business wants to measure opinions, needs, or buying behaviour from many people.Telephone surveys
Telephone surveys gather information through phone calls. They can be faster than face-to-face methods and are useful when the business wants responses from people in different places.Postal surveys
Postal surveys involve sending questions to respondents and asking them to return their answers. This method can reach many people, but responses may take longer.Personal surveys
Personal surveys are done face to face. They allow the entrepreneur to explain questions clearly and often produce richer responses.Traffic counts
Traffic counts measure the number of people or vehicles passing a place. This helps a business judge whether a location has enough movement to support sales.Experimentation
Experimentation tests ideas under controlled conditions. This is useful when a business wants to compare results and see what works best.Observation
Observation means watching customers or business activity carefully. It helps the entrepreneur understand real behaviour instead of relying only on what people say.Test marketing
Test marketing means introducing a product to a smaller market before a full launch. It helps the entrepreneur reduce risk and improve the product or strategy before expanding.
Family packaging
Family packaging gives related products a similar appearance so that customers can easily recognise them as part of the same range. This strengthens brand identity and makes shelf recognition easier.Individual packaging
Individual packaging is designed for one specific product on its own. It helps that item stand out and meet its own protection and marketing needs.Re-usable packaging
Re-usable packaging can be used again after the original product is finished. This adds value for the customer and can improve convenience and sustainability.Multiple packaging
Multiple packaging combines several items in one package. It can improve convenience, encourage bulk buying, and make the product more attractive to customers.Kaleidoscope packaging
Kaleidoscope packaging uses an attractive and eye-catching presentation style. Its main purpose is to draw attention and make the product visually appealing.
Management plan: Stock-and-supplier analysis
This belongs in the management plan because it deals with how the business will obtain and manage stock and suppliers in practice. It focuses on operations and the running of the business.Management plan: Inventory system
The inventory system shows how stock will be controlled, recorded, and monitored. It is part of management because it helps the business function efficiently day to day.Management plan: Organisational structure
The organisational structure explains who does what in the business and how responsibilities are arranged. This is part of management because it deals with people, roles, and control.Management plan: Document system
The system for keeping documents belongs in management because it supports administration, organisation, and proper business control. Good record systems help the business stay efficient and accountable.Financial plan: Monthly cash flow statement
Cash flow belongs in the financial plan because it shows the movement of money in and out of the business each month. It helps the entrepreneur see whether the business can meet its financial obligations.Financial plan: Securities for capital requirements
This is financial because it deals with how funding is supported or secured. It shows what financial backing the business has when raising capital.Financial plan: Break-even calculation
The break-even calculation is financial because it shows how many units or services must be sold before the business covers its costs. It is an important tool for planning sales and survival.Financial plan: Monthly income and expenditure statement
This belongs in the financial plan because it tracks money received and money spent. It gives a clear view of financial performance over time.
Logo
A logo is the sign or symbol that identifies the business. It helps people recognise the business quickly and supports the brand image.Marketing mix
The marketing mix is the policy around product, price, promotion, and place. It guides how the business offers and markets its product or service to customers.Break-even point
The break-even point is the stage where the business makes neither a profit nor a loss. This means income and expenditure are equal.
Personal finances
Personal finances are the owner’s own money invested into the business. This is equity financing because the owner is contributing capital rather than borrowing it.Friends and relatives
Friends and relatives may contribute funds to help start or support the business. In this context, they are a source of equity when they provide capital to the business.Equity shares
Equity shares raise money by allowing investors to contribute capital in exchange for ownership. This is a major equity source because it brings funds into the business without using borrowed finance.
2.1 Trade journals are products for a specific industry or sectors — False
This is false because trade journals are publications or information sources linked to an industry, not products themselves. The statement confuses an information source with a physical product.2.2 Unique selling proposition is the special selling feature or a special benefit of the product or service — True
This is true because a unique selling proposition explains what makes the product or service stand out from competitors. It gives customers a reason to choose it.2.3 A slogan is a clever phrase or sentence that says something good about a product, service or business — True
This is true because a slogan is meant to create a memorable and positive message about the business or offering. It supports branding and promotion.2.4 A legal entity requirement is the way your business is registered in terms of the tax authorities and law courts — False
2.5 Shareholders get a dividend after the company announces its profits — True
This is true because dividends are linked to company profits and are paid to shareholders when declared. It reflects the reward shareholders may receive from ownership.2.6 People who owe you money are creditors — False
This is false because people who owe the business money are debtors. Creditors are the people or businesses that the business itself owes money to.
Learn lists as grouped ideas, not random words
For example, creativity methods are all ways of generating or improving ideas, and primary-data methods are all ways of gathering original information. When you study them as a group, recall becomes faster and more accurate.Use short, exact answers where the question says name, state, or choose
In this paper style, long answers do not earn extra marks when the task is simple recall. Accuracy and exact wording matter most.Revise by asking: what is it, what does it do, and where is it used?
That three-part method helps you move beyond memorising and into understanding. Once you understand each point briefly, it becomes much easier to recognise it in tests, matching questions, and true/false items.