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Entrepreneurial Skills

Marketing Management · Level 5  ·  6 Chapters

Compiled by: Vincent Kipchumba

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What Entrepreneurial Skills covers

Entrepreneurial Skills for Marketing Management Level 5 shows how a marketing graduate can think like an owner of a business. You begin with financial literacy: sources of funds, personal finances, savings, debts, investments and insurance. You then study entrepreneurial concepts, including types and characteristics of entrepreneurs, self-employment versus salaried work, and national development. Next you learn to identify viable business ideas and evaluate opportunities, with the business life cycle. Business legal aspects cover forms of ownership, registration and licensing, contracts, employment law and taxation. The unit ends with innovation strategies and the preparation of a business plan.

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Careers after Entrepreneurial Skills

This unit prepares you to start or grow a small enterprise, and to bring an owner's thinking to a salaried job. You learn where money comes from, how to test an idea, what the law requires and how to write a business plan.

  • Own retail shop or kiosk in Eldoret - you choose a viable idea, register and license the business and manage savings and debts, earning from profit.
  • Small agri-business and produce trading - you identify opportunities, plan the finances and sell to hotels, schools and markets.
  • Online selling business - you start with little capital, choose a form of ownership and keep the legal and tax obligations in order.
  • Business development roles in SACCOs and microfinance institutions - you help clients assess ideas and prepare plans, earning a salary.
  • Business plan consulting - you write plans for small traders who need to approach lenders, charging a fee per plan.

Whether you employ yourself or work for others, these skills help you weigh risk before committing money.

Chapters

1
Apply financial literacy
19 topics
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2
Apply the entrepreneurial concept
22 topics
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3
Identify entrepreneurship opportunities
5 topics
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4
Apply business legal aspects
9 topics
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5
Innovate business strategies
10 topics
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6
Develop a business plan
9 topics
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What Entrepreneurial Skills covers: 38 main topics in 6 chapters

1. Apply financial literacy

  1. 1.1 Sources of personal and business funds
  2. 1.2 Personal finance management
  3. 1.3 Saving management
  4. 1.4 Debt management
  5. 1.5 Investment decisions
  6. 1.6 Insurance services

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 Entrepreneurial opportunities
  4. 3.4 Generation of Business ideas and opportunities
  5. 3.5 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 Business innovative strategies
  2. 5.2 Creativity in business
  3. 5.3 Business innovation
  4. 5.4 Entrepreneurial Linkages
  5. 5.5 ICT in business growth and development

6. Develop a business plan

  1. 6.1 Business idea
  2. 6.2 Business description
  3. 6.3 Marketing plan
  4. 6.4 Organisational/management 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 237 Multiple-choice, one at a time Practise questions 193 Quick recall — check you know the facts
3 more for this unit
Oral exam preparation 55 What the assessor asks, and how to answer out loud Worked calculations 38 Step-by-step maths with the common mistakes Quick cards 1,175 Myth busters, skill tips and scenarios

Beyond the syllabus

Decision simulator 6 On site, what would you do? Workplace scenarios 120 Real site situations — what would you do? Turn this into income 72 Where this skill earns — what to charge, how to find clients

Other units in Module II