PAPER NO. 3 ENTREPRENEURSHIP AND COMMUNICATION

GENERAL OBJECTIVE

To provide the candidate with knowledge of entrepreneurship and business communication skills.

3.0 SPECIFIC OBJECTIVES

A candidate who passes this paper should be able to:
  • Explain the role of entrepreneurship in economic development
  • Identify viable business opportunities
  • Demonstrate managerial skills necessary to run a successful business enterprise
  • Communicate effectively in a business environment
  • Formulate a business plan on a viable business opportunity
  • Explain the statutory requirements for various forms of business ownership
  • Apply entrepreneural competencies in response to the emerging trends in the business environment

CONTENT

3.1 Entrepreneurship and self-employment

- Definititon of entrepreneurs and entrepreneurship
- Factors considered when preparing to be self-employed
- Importance of self-employment
- Entrepreneurship and innovation
- Entrepreneural characteristics
- Role and challenges of an entrepreneur
- Entrepreneurs' contribution to economic development
3.2 Entrepreneural opportunities

- Generation and sources of business ideas
- Business incubation
- Qualities of a good business opportunity
- Assessing and selecting a suitable market
- Matching skills and resources to changing technology
- Protection of business ideas and maintaining secrecy
- Networking
3.3 Enterprise development

- Factors and trends that influence the growth of business enterprises
- Business life cycles, stages and challenges faced by an entrepreneur at each stage
- Strategies for managing growth and transition
- Factors for success at every stage
- Statutory policies on enterprise development
3.4 Entrepreneurial awarenes and motivation

- Procedures involved in starting a business
- Sources of business finance for example micro-finance, youth and women funds
- Legal forms of business ownership
- Legal aspects in business: licenses, labour laws, Workmen's Compensation Act, Factories Act, health and safety rules
- Business contracts and tendering procedures
- Business amalgamations for example mergers, acquisitions, franchise, take-overs, integrations
- Motivational theories of entrepreneurship
- Incentives for aspiring entrepreneurs
3.5 Business plan development
3.5.1 Definition of a business plan
3.5.2 Importance of a business plan
3.5.3 Components of a business plan

- Business description
  • General business description; name, location, contact addresses
  • Business owner(s), directors
- Products/services
  • Definition of products/services
  • Decision on buying or producing
  • Technology used
  • Product development
- Marketing plan
  • Customer service and retention
  • Marketing strategy
  • Competition, promotional mix, product mix
- Organisation and management plan
  • Organisation structure
  • Key personnel, duties and responsibilities
  • Remuneration, incentives and motivation
- Operational/production plan
  • Production/operational strategies
  • Production inputs and facilities
  • Quality assessment and assurance strategies
  • Product packaging, branding and delivery
- Personal financial statement
  • Personal assets, income and savings
  • Personal credit status
  • Personal budget
- Financial plan
  • Working capital analysis
  • Cash flow statements and projections
  • Business capitalisation
  • Business financial statements
- The executive summary
- Appendices: Relevant information for example suppliers' agreements, financial audited reports, business brochures
3.6 Current issues in entrepreneurship

- Ethics and social responsibilty
- Environmental issues in business
- Taxation, trade exhibitions, e-commerce, globalisation, business outsourcing
- HIV/AIDS as a health concern to entrepreneurs
3.7 Emerging trends in entrepreneuship

3.8 Essential communication skills

- Communication process and barriers
- Channels of communication
- Types of verbal and non-verbal communication
- Importance of listening skills
- Critical thinking and problem solving
3.9 Business communication

- Meetings and interviews
- Business correspondences: letters, memos, circulars
- Report writing, types, structure and uses of reports
- Postal and courier services
- Presentations: planning, organising and delivering of business presentations
3.10 Technology and communication

- Telephone, fax
- Email
- Internet
- Electronic postal services
- Electronic money transfers
- Other modern communication technologies
3.11 Ethics in communication

3.12 Emerging trends in communication

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