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Entrepreneurial Skills

Science Laboratory Technology · Level 6  ·  6 Chapters

Compiled by: Kevin Rotich

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What Entrepreneurial Skills covers

Money, ideas, law and planning meet in Entrepreneurial Skills, a Science Laboratory Technology Level 6 unit for graduates thinking of self-employment. Personal finance topics such as needs and wants, loans, types of investments and insurable risks start the unit. Next come types of entrepreneur, ways of becoming one and what entrepreneurship contributes, then sources of business ideas and the business life cycle. Business law covers ownership forms, licensing, contracts, employment law and tax. Students then study creative and innovative strategies and the use of ICT, and finish by writing a business plan with marketing, operations, financial and executive sections.

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Careers after Entrepreneurial Skills

Self-employment suits a laboratory graduate who can combine technical skill with a plan, and this unit supplies the plan.

  • Mobile sample collection services in Busia - work out start-up needs, choose a form of ownership and cost your transport and supplies in a budget.
  • Laboratory consumables distribution in Mtwapa - compare ways to save and borrow, manage debt and insure stock against risk.
  • Partnerships with farms and food businesses in Kapsabet - identify opportunities, draft contracts and agreements, and use entrepreneurial linkages to find customers.
  • Water treatment testing start-ups in Lodwar - use ICT to promote your service, apply tax law and present an executive summary to partners.
  • Food safety testing for small processors in Mwea - examine business opportunities, handle registration and licensing, and let the stages of the business life cycle guide your growth.

Write the start-up needs and the budget for one of the five services above, since a costed example is easier to discuss than a general idea.

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