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24 BUSINESS SKILLS 2.3 Discussion of the case study There are a number of possible conclusions to draw from the case study (except for question (2)). The aim of the case study is to have the participants think about implementing a business and develop their own view of what is required to start a business. The following box shows possible answers for guidance. The answers under (4) constitute the outline for the remainder of the training course (see Hand-out 1). This is one possible way to prepare to run a business. It is not the only one.
INTRODUCTION TO BUSINESS 25 Nathalie’s chicken business – case study answers (see Hand-out 9) (1) Nathalie was looking for a way to improve the family’s income. Looking around her, she found a business idea. She decided to copy the idea of her neighbour, who ran a successful chicken business. (2) Possible answers: −− Nathalie did not have the necessary skills and knowledge for the business project and did not inform herself. −− Nathalie did not prepare and plan. −− Nathalie did not conduct any market research and did not know what customers wanted. −− Nathalie did not know the possible income and costs of her business. −− Nathalie did not keep any records of her business transactions (she did not know how much money she had lost). (3) Possible answers: −− Nathalie consulted with her husband. −− Nathalie followed the development of her business (chicks). −− Nathalie looked for help when chicks started dying. −− Nathalie tried to minimize her loss by lowering the price she was asking for her chickens. (4) Before starting your business you have to: −− formulate a properly thought-out business idea; −− assess whether you have the skills and knowledge to implement and run the business; −− develop a clear understanding of the business and plan how you want to run it; −− assess the business environment you are planning to operate in; −− assess your potential income, costs and profit; −− put in place a system for keeping records and managing your finances; −− decide how you will reach customers. (5) Income: (20 chickens x $4) + (12 chickens x $3) = $116 Cost: (50 chicks x $1) + ($45 material) + ($150 maize) + ($9 medicine) + ($37 transport) + (8 transport boxes x $1) = $299 Loss: $116 income – $299 cost = – $183 (6) Yes, if she had used the proper feed (assuming that no chicks had died): Income: (50 chickens x $8) = $400 Cost: (50 chicks x $1) + ($45 material) + ($200 feed) + ($37 transport) + (8 transport boxes x $1) = $349 Profit: $400 income – $349 cost = $51
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