Departments › Catering and Accommodation Operations › Module IV › Entrepreneurial Skills

Entrepreneurial Skills

Catering and Accommodation Operations · Level 5  ·  6 Chapters

Compiled by: Grace Muriuki

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What Entrepreneurial Skills covers

A business idea, its legal form, its funding and its plan are the thread through Entrepreneurial Skills for Catering and Accommodation Operations Level 5. Financial literacy comes first: personal finance, budgets, saving, debt, investment and insurance. You then compare entrepreneurs with business persons, types of entrepreneurs, and salaried work with self-employment. Identifying opportunities covers sources of business ideas, evaluating them and the business life cycle. Legal aspects include forms of business ownership, registration and licensing, contracts, employment laws and taxation laws. Innovation looks at creativity, innovative strategies and ICT in business growth, and the business plan covers each plan section through to presentation and incubation.

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Careers after Entrepreneurial Skills

Entrepreneurial Skills equips you to start and run a catering or accommodation business, or to work in one with a business mindset. It covers money management, the entrepreneurial concept, finding opportunities, legal aspects, innovation and the business plan.

  • A catering or guesthouse start-up - write a business plan, register and license the business and choose a form of ownership, then run it from Kericho.
  • Managing your own money - budget, save, manage debt and insure risks while building up capital for a venture in Kapsabet.
  • Business incubation programmes - present a business idea to an incubation programme in Kakamega and take it through the stages of a business plan presentation.
  • Salaried posts with growth in mind - understand employment laws and taxation as an employee of a hotel in Kisii.
  • Innovative service providers - use ICT and new strategies to market a catering service in Naivasha.

Business ideas become real once they are costed, registered and written into a plan.

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