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Entrepreneurial Skills

Automotive Engineering Technology · Level 6  ·  6 Chapters

Compiled by: Martin Karanja

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What Entrepreneurial Skills covers

Starting a motor business needs more than mechanical skill, and Entrepreneurial Skills in Automotive Engineering Technology Level 6 supplies the rest. It opens with financial literacy: managing personal money, budgets, savings, debt, investment decisions and insurance products. It then distinguishes entrepreneurs from business persons and compares salaried employment with self-employment. Opportunity identification covers sources of business ideas, factors in evaluating an opportunity and the business life cycle. The legal outcome covers forms of ownership, business registration and licensing, contracts and agreements, employment laws and taxation laws. Innovation looks at creativity, entrepreneurial linkages and ICT in growth, and the business plan outcome covers marketing, management, operations and financial plans.

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Careers after Entrepreneurial Skills

A technician with business skills can open a workshop, a spares shop or a service business, and this unit gives you the tools. It covers finance, entrepreneurship, opportunity spotting, law, innovation and the business plan.

  • Garage proprietor in Machakos - you register the business, understand contracts with clients and suppliers and plan taxes, staff and finances.
  • Commercial vehicle servicing business in Nakuru - you spot an opportunity, assess its viability and follow the business life cycle as the service grows.
  • Used vehicle parts dealer in Thika - you use savings and loans wisely, weigh investment decisions and cover risks through insurance.
  • Entrepreneurial linkages with suppliers in Kakamega - you build links with suppliers and institutions that can support a workshop and use ICT to promote it.
  • Employed workshop manager in Kisii - you apply the production or operation plan and the financial plan to run a department efficiently.

The business plan outcome ties these roles together.

Chapters

1
Apply financial literacy
13 topics
Open chapter →
2
Apply the entrepreneurial concept
8 topics
Open chapter →
3
Identify entrepreneurship opportunities
3 topics
Open chapter →
4
Apply business legal aspects
5 topics
Open chapter →
5
Innovate business strategies
4 topics
Open chapter →
6
Develop a business plan
9 topics
Open chapter →
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