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Entrepreneurial Skills

Automotive Engineering Technology · Level 5  ·  6 Chapters

Compiled by: Martin Karanja

Can I download Entrepreneurial Skills notes as a PDF?

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What Entrepreneurial Skills covers

Entrepreneurial Skills in Automotive Engineering Technology Level 5 helps a technician think about running a garage, not only working in one. Financial literacy comes first: personal finance, budgets, saving, debt, loans, investments and insurance. The next outcome covers the entrepreneurial concept, the types and characteristics of entrepreneurs, salaried employment versus self-employment and the contribution of entrepreneurship. Then you learn to identify opportunities by sourcing business ideas, evaluating them and understanding the business life cycle. Business legal aspects covers ownership forms, registration and licensing, contracts, employment laws and taxation. The unit ends with innovative business strategies and writing a business plan from description to presentation.

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Careers after Entrepreneurial Skills

This unit prepares you to turn technical skill into a small business or to contribute to one as an employee. It covers personal finance, the entrepreneurial mindset, spotting opportunities, business law, innovation and business planning.

  • Owner of a repair workshop in Nairobi - you choose a form of business ownership, register and license the enterprise and plan the finances in a business plan.
  • Vehicle accessories and spare parts retailer in Mombasa - you evaluate the opportunity, prepare a marketing plan and manage savings, debt and insurance for the shop.
  • Mobile tyre and battery service in Nyeri - you start from a business idea, work out the requirements for self-employment and use ICT to reach customers.
  • Salaried supervisor at a garage in Eldoret - you understand employment laws, contracts and taxation, so you know your rights and the employer's duties.
  • Business incubation at a technical college in Kisumu - you present a business plan and take an idea through incubation.

Business plan skills from the final outcome link the other five outcomes together.

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