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Enterpreneurship

 

Activity 1.
Outline five factors that may limit the number of entrepreneurs in an area
(a)
(b)
(c)
(d)
(e)

Solution


 

Entrepreneurship

By the end of this topic, you should be able to

:
(a) explain the meaning of entrepreneurship
(b) discuss the importance of entrepreneurship to an economy
(c) describe the characteristics of an entrepreneur
d) generate business ideas
(e) identify a business opportunity
(f) evaluate a business opportunity

(g)explain the need for a business plan
(h) discuss the factors that may influence entrepreneurship practices in Kenya.
(i) discuss the causes of business success
(j)recognise need for ethical practices in business

Meaning of Entrepreneurship
An entrepreneur is a person who identifies a business opportunity,assesses the risks involved,provides and organises neccesary resources to start and run a successful business.

Entrepreneurship is the process of identifying a business opportunity and organising resources to start and run a successful business.

Characteristics of an entrepreneur
The following are characteristics of an entrepreneur
Draw diagram as in the script

Risk taker; he or she bears any loss that may befall his or her business.

Hardworking; entrepreneurs work very hard and some of them are so committed to their work that it becomes like a hobby.
 

Self confident; entrepreneurs must believe in his/her abilities. The person has to be positive towards challenge.

Innovative; he/she should be able to come up with new ideas and be flexible to accept ideas from other sources.

Persistent and patient; entrepreneurs should not give up easily. they need to work with determination and try different approaches to achieve their goals

Flexible; he /she should always be adoptive to changes in business circumstances.

Initiative he/she has to design measures to improve business.
Persuasive; he /she should give his energy to the achievement of his or her goals.

Time conscious; he /she ought to utilize all the time available in the best way
Goal oriented; he/she has to remain focused to his/her business goals.

Creative; entrepreneurs need to be people with a lot of ideas which they want to put into practice.

Ethical issues in business Ethics refes to moral principles or a set of moral values held by an individual or a group.Business ethics therefore are values and principles which the business is expected to operate within in order to ensure fair play in business.Examples of ethical issues in business include the following :

  1. Involvement in community welfare by avoiding pollution and conserving environment.
  2. Ensuring fair competition.
  3. Selling safe products to consumers.
  4. Avoiding sale of illegal commodies.
  5. Avoiding discrimination in employing, training and promotion of staff.
  6. Social responsibility i.e donating to the society .
  7. Complying with laws and regulations.

Importance of entrepreneurship to an economy

  1. Creation of employment-the bussinsses formed employ a large number of people.
  2. Formation of capital e.g. the money generated by entrepreneurs is reinvested in various ventures
  3. Utilization of available resources-entrepreneurs make good use of the country resources.
  4. Raises the standard of living- the money earned by entrepreneurs makes them live a better life.
  5. Increased variety of goods. Increases the variety of goods available to consumers.
  6. Leads to improved infrastructure in their area of operation-It leads to development of roads, water ,electricity etc in areas where they operate.
  7. Increased competition. Entrepreneurs increase competition which leads to provision of better quality of goods, increased quantities and fair prices.
  8. Entrepreneurship leads to consumers having a big range of goods from which to choose from.
  9. It leads to promotion of technology-entrepreneurs use appropriate technology. Both new and old technology is adapted and improved.

Causes of Business Success

Generating Business Ideas
Insert a drawing of a person with various business ideas
The main objective of generating business ideas is to get as many ideas as possible.
These ideas are then evaluated to establish the most suitable one. The following are some of the ways of generating business ideas,

Building on ones skills, hobbies or interests.

  • Improving an existing ideas
  • Combining two existing business ideas
  • Identifying a market niche (gap)
  • Listening to what people say
  • Gaining from waste products
  • Analyzing existing business
  • Setting out to solve a particular problem

Characteristics of an entrepreneur
The following are characteristics of an entrepreneur

Risk taker; he or she bears any loss that may befall his or her business.

Hardworking; entrepreneurs work very hard and some of them are so committed to their work that it becomes like a hobby

Self confident; entrepreneurs must believe in his/her abilities. The person has to be positive towards challenge.

Innovative; he/she should be able to come up with new ideas and be flexible to accept ideas from other sources.

Persistent and patient; entrepreneurs should not give up easily. they need to work with determination and try different approaches to achieve their goals
Flexible; he /she should always be adoptive to changes in business circumstances.

Initiative he/she has to design measures to improve business.

Persuasive; he /she should give his energy to the achievement of his or her goals.

Time conscious; he /she ought to utilize all the time available in the best way
Goal oriented; he/she has to remain focused to his/her business goals.

Creative; entrepreneurs need to be people with a lot of ideas which they want to put into practice.

Generating business ideas
The main objective of generating business ideas is to get as many ideas as possible.
These ideas are then evaluated to establish the most suitable one. The following are some of the ways of generating business ideas,

Click below to view more sources of ideas

  • Building ones skills, hobbies or interests
  • Improving on an existing business idea
  • Combining two existing business ideas
  • Identifying a market niche (gap)
  • Listening to what people say
  • Gaining from waste products
  • Analyzing existing business
  • Setting out to solve a particular problem

Business opportunities
A business opportunity is any chance that a person may get which can be exploited by selling either a product or a service at a profit.A business opportunity exists when there is a gap (a need) to be filled in the market.However before exploiting the opportunity needs to consider the following:

1. The unsatified needs

2. Change in demand for goods

3. Change in technology

4. Change in fashion ,taste and prefrences

5. Change in government policy

6. Opportunities due to disasters

Importance of Business Plan

Evaluating a business idea This involves screening of business ideas so that only those that may lead to a successful business are pursued. This is required even if the business idea to be considered is only one.

Business idea
These are thoughts from which a person identifies a business opportunity; such thoughts may come from the following sources;
1) Media for example newspapers, internet,radio and magazines

2) Shows and exhibitions
3) Hobbies
4) Vocational training and experience
5) Surveys and events e.g catering and floral services for a wedding

GENERATING BUSINESS IDEAS

Insert a drawing of a person with various business ideas

Causes of Business Success

Business Plan

(youth leader addresing the manager's secretary)

Youth leader: Good morning madam

Serectary: Good morning, how can i help you?

Youth leader: We are a youth group from Mashinani village.We would like to see the manager.

Secretary: Is it about something that i can help?

Youth leader:We would like to talk to her about a loan we wish to borrow from your bank.

Secretary: If its a loan you need to see her personally. Please go right in.

(they enter the managers office)

Youth leader: How are you madam manager?

Manager: I am fine, have a seat. How can i help you?

Youth leader: We are representatives of a youth group which wants to start a cyber cafe in our village. We are requesting for a loan to undertake the project.

Manager: May i see your business plan?

Youth leader: A business Plan?! What is a business plan?

Manager: A business plan is a formal statement of business goals and objectives,its operations and the plans on how to achieve those goals and objectives.It shows everything that the business will do and how they will do it.

Youth leader: It seems to be a very important document . Is the business plan important to us?

Manager: Yes, it is very important.In this bank, we do not give loans to any business without a business plan.Infact let me give you more reasons why you should prepare a business plan.

Click above to see other importance of a business plan.

Importance of Business Plan

Factors to consider when evaluating a business opportunity

  1. Availability of the market and what the market requires, for example quantity of products required, quality of products, types of goods /services to produce and prices to set for the products
  2. Financial requirement e.g. the initial and operating capital required
  3. Equipment required; appropriate equipment should be considered in order to reduce production cost. Entrepreneur should consider if to purchase the equipment or to hire/lease.
  4. Government policy entrepreneur should consider all the legal requirements related to the business activities, such as licenses, taxes, labour laws, health requirements etc
  5. Infrastructure; entrepreneur should select an ideal location with a good transport and communication network to ease movement of inputs to the firm and products to the market
  6. Labour requirements; entrepreneur should consider the type of labour required for example skilled, unskilled or semi skilled
  7. Society expectations; the entrepreneur should know about the existing attitudes, practices and beliefs to meet their requirements

      

FACTORS THAT INFLUENCE ENTREPRENEURIAL PRACTICES IN KENYA

1.Finances

Availability of finance normally facilitaties entrepreneurial practices.unavailability of finance make entrepreneurs lack capital to start and sustain a business.

2.Level of technology.

An organisation that embraces new technology succeeds while that one that fails to change with technology may fail. Due to poor access to modern technology; many entrepreneurs in developing countries still use outdated machines and equipments for production.use of appropriate technology is also important.

3.Infrastructure.

Examples of infrastructure include roads, water and electricity.Proper and developed infrastructure make businesses to grow faster than in situations where it has not been developed. Poor infrastructure has hinders marketing of entrepreneur products.

4. Level of training;

Many entrepreneurs lack relevant business training and management skills ,thus are needed in running of a business..

5.Government policies:

Some government policies may encourage or hinder entrepreneurial activities.It is important for governments to have policies that promote entrepreneurship.

6. Level of competition.

Competition may make businesses to succeed by producing high quality products or fail if they result to wastiful competition.However "cut-throat"competition should be discouraged.

7.Existing entrepreneurial culture.This should be encouraged through education and government policies.

BUSINESS SUCCESS
Insert diagram

Business success is the ability to achieve the stated objectives of the business.
 

This topic will be learnt in form of the activity below.

Activity:

In the spaces provided below indicate with a tick whether each of the following statement is true or false.

STATEMENTS

1.Wrong choice of business may lead to business faillure

2.Sufficient funds will contribute to business success.

3.Ideal location of a business will lead to business success.

4.Attending to customers needs causes business success.

5.Proper allocation of resources adversly affect business growth.

6.Poor marketing strategies may cause business failure.

7.Use of appropriate technology may cause business failure.

SOLUTIONS.

1.True 2.True 3.True 4.True 5.False 6.True 7.False

 



 Enterpreneurship 

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