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Entrepreneurial Skills

Electrical Engineering · Level 6  ·  6 Chapters

Compiled by: Susan Githaiga

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What Entrepreneurial Skills covers

Business thinking sits beside electrical skills in Entrepreneurial Skills, a unit of Electrical Engineering Level 6. Financial literacy looks at personal finance, needs and wants, budgets, saving, debt, loans, investments and insurance products. Entrepreneurs are compared with business persons, with their types, characteristics and contributions, and requirements for self-employment are listed. Ideas are sourced and judged against the business life cycle. Legal aspects include ownership forms, licensing, contracts, employment laws and tax, innovation includes ICT and linkages, and the plan is completed with an executive summary and an incubation stage.

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Careers after Entrepreneurial Skills

Entrepreneurial Skills equips a Level 6 electrical graduate to set up and run an enterprise, or to be a better-informed employee who understands money, contracts and the law.

  • Electrical contracting start-ups in Kitale - turn a business idea into a plan with marketing, operation and financial sections.
  • Electrical maintenance contracting in Garissa - understand contracts and agreements, and the registration and licensing steps.
  • Motor rewinding or repair workshops in Naivasha - assess requirements for self-employment, weigh salaried employment against self-employment and take on the roles an entrepreneur plays in the enterprise.

  • Salaried technician posts in Bungoma - handle personal finance, taxation and employment law as an employee.

  • Retail electrical outlets in Narok - draft the marketing plan and the financial plan, then present the business idea to funders.

Innovation strategies, including the use of ICT, apply in both employment and business, and so does financial planning, which starts with personal budgeting.

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 V