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Entrepreneurial Skills

Science Laboratory Technology · Level 5  ·  6 Chapters

Compiled by: Julius Mwangi

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What Entrepreneurial Skills covers

Graduates of Science Laboratory Technology Level 5 who want a business of their own, or sharper money sense, study Entrepreneurial Skills. Financial literacy covers budgeting, saving, debt, investment and insurance. The entrepreneurial concept outcome separates entrepreneurs from business persons and looks at types, characteristics and the requirements for self-employment. Opportunity work covers sources of business ideas, evaluating them and the business life cycle. Legal aspects include forms of ownership, registration and licensing, contracts, employment and taxation laws. Innovation covers creativity, entrepreneurial linkages and ICT in business growth, and the last outcome develops a business plan through to presentation and incubation.

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Careers after Entrepreneurial Skills

This unit shows how to turn laboratory skills into income of your own and manage the money that comes with it.

  • Small independent testing services in Kitengela - You choose a business form, register and license it, and prepare a financial plan for equipment and running costs.
  • Science kit and chemical supply shops in Kabarnet - You evaluate a business opportunity, plan stock and set a budget, savings and loan repayment.
  • School science club training services in Siaya - You use creativity to design a service, plan its marketing and write a contract with the school.
  • Sampling and testing consultancies in Homa Bay - You understand employment and taxation laws, hire helpers lawfully and present a business plan to a lender.
  • Private science tuition and revision services in Webuye - You assess a business opportunity, budget for materials and use ICT to reach students.

Whichever you choose, the unit's business plan outcome gives you a document to use when seeking funds.

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 III