Departments › Cosmetology › Module IV › Entrepreneurial Skills

Entrepreneurial Skills

Cosmetology · Level 5  ·  6 Chapters

Compiled by: John Kiprono

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What Entrepreneurial Skills covers

Start a beauty business on solid ground: Entrepreneurial Skills in Cosmetology Level 5 covers the money, the law and the plan behind it. Financial literacy includes budgets, savings, debt, investments and insurance services. The entrepreneurial concept separates entrepreneurs from business persons and compares salaried employment with self-employment. Opportunity work covers sources of business ideas, evaluating an opportunity, and the business life cycle. Legal aspects of business include forms of ownership, registration and licensing, contracts, employment laws and taxation laws. The unit finishes with creativity, entrepreneurial linkages, ICT in business growth, and writing a business plan.

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Careers after Entrepreneurial Skills

This unit prepares you to run a beauty enterprise yourself, or to work for an owner who needs a person with business sense, a grasp of the legal side and the ability to plan ahead.

  • New salon owners in Eldoret - you choose a form of business ownership, handle registration and licensing, and test an idea against the business life cycle.
  • Beauty entrepreneurs in Kakamega - you prepare a budget, manage savings and debt, compare investments and buy insurance services.
  • Salon owners drafting plans in Kisii - you write the marketing plan, the financial plan and the executive summary of a business plan.
  • Employers hiring stylists in Thika - you apply employment laws and taxation laws and draw up contracts and agreements.
  • Product resellers in Machakos - you find business ideas, build entrepreneurial linkages and use ICT to grow the business.

The unit's six outcomes follow the path from first idea to a working enterprise.

Chapters

1
Apply financial literacy
13 topics
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2
Apply the entrepreneurial concept
8 topics
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3
Identify entrepreneurship opportunities
3 topics
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4
Apply business legal aspects
5 topics
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5
Innovate business strategies
4 topics
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6
Develop a business plan
9 topics
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What Entrepreneurial Skills covers: 42 main topics in 6 chapters

1. Apply financial literacy

  1. 1.1 Personal finance management
  2. 1.2 Balancing between needs and wants
  3. 1.3 Budget Preparation
  4. 1.4 Saving management
  5. 1.5 Factors to consider when deciding where to save
  6. 1.6 Debt management
  7. 1.7 Factors to consider before taking a loan
  8. 1.8 Investment decisions
  9. 1.9 Types of investments
  10. 1.10 Factors to consider when investing money
  11. 1.11 Insurance services
  12. 1.12 insurance products available in the market
  13. 1.13 Insurable risks

2. Apply the entrepreneurial concept

  1. 2.1 Difference between Entrepreneurs and Business persons
  2. 2.2 Types of entrepreneurs
  3. 2.3 Ways of becoming an entrepreneur
  4. 2.4 Characteristics of Entrepreneurs
  5. 2.5 salaried employment and self-employment
  6. 2.6 Requirements for entry into self-employment
  7. 2.7 Roles of an Entrepreneur in an enterprise
  8. 2.8 Contributions of Entrepreneurship

3. Identify entrepreneurship opportunities

  1. 3.1 Sources of Business Ideas
  2. 3.2 Factors to consider when evaluating business opportunity
  3. 3.3 Business life cycle

4. Apply business legal aspects

  1. 4.1 Forms of business ownership
  2. 4.2 Business registration and licensing processing
  3. 4.3 Types of contracts and agreements
  4. 4.4 Employment laws
  5. 4.5 Taxation laws

5. Innovate business strategies

  1. 5.1 Creativity in business
  2. 5.2 Innovative business strategies
  3. 5.3 Entrepreneurial Linkages
  4. 5.4 ICT in business growth and development

6. Develop a business plan

  1. 6.1 Business Description
  2. 6.2 Marketing Plan
  3. 6.3 Organizational/Management Plan
  4. 6.4 Production/operation plan
  5. 6.5 Production/operation plan
  6. 6.6 Financial plan
  7. 6.7 Executive summary
  8. 6.8 Business plan presentation
  9. 6.9 Business idea incubation

Revise this unit

Exam-style questions 84 Written to CDACC standard, with answers Test yourself 244 Multiple-choice, one at a time Practise questions 182 Quick recall — check you know the facts
3 more for this unit
Oral exam preparation 61 What the assessor asks, and how to answer out loud Worked calculations 31 Step-by-step maths with the common mistakes Quick cards 1,172 Myth busters, skill tips and scenarios

Beyond the syllabus

Decision simulator 6 On site, what would you do? Workplace scenarios 101 Real site situations — what would you do? Turn this into income 60 Where this skill earns — what to charge, how to find clients

Other units in Module IV