PAPER NO. 3 ENTREPRENEURSHIP AND COMMUNICATION
UNIT DESCRIPTION
This unit covers the competencies required to apply entrepreneurial and communication skills in business management. It involves identifying concepts of entrepreneurship, identifying business opportunities, venturing into a new business, identifying appropriate business expansion strategies, developing a business plan, applying appropriate entrepreneurial marketing strategies and applying the concepts of business communication to manage an organisation.
LEARNING OUTCOMES
• Identify concepts of entrepreneurship
• Identify entrepreneurial opportunities
• Venture in to a new venture
• Identify appropriate business expansion strategies
• Develop a business plan
• Apply appropriate entrepreneurial marketing strategies
• Apply the concepts of business communication to manage an organisation
CONTENT:
1. Identify concepts of entrepreneurship
1.1 Definition of key terms
1.1.1 Entrepreneur
1.1.2 Entrepreneurship
1.1.3 Intrapreneurship
1.1.4 Corporate entrepreneurship
1.1.5 Entrepreneurial culture
1.2 Types of entrepreneurs
1.2.1 Innovators
1.2.2 Drone
1.2.3 Fabian
1.2.4 Imitating
1.3 Difference between entrepreneurs and small business owners
1.4 Characteristics of entrepreneurs
1.5 Entrepreneurial environment
1.5.1 Micro-environment
1.5.2 Macro-environment
1.6 The role of an entrepreneur in business
1.7 Benefits of becoming an entrepreneur
1.8 Contributions of entrepreneurship in socio-economic development
1.9 Current trends and issues in entrepreneurship
1.10 Challenges faced by entrepreneurs
2. Identify entrepreneurial opportunities
2.1 Definition of key terms:
2.1.1 Entrepreneurial opportunity
2.2 Importance of selecting business opportunities
2.3 Sources of entrepreneurial opportunities
2.3.1 External environment
2.3.2 Business-level environment
2.3.3 Personal-level opportunities
2.4 Qualities of a good entrepreneurial opportunity
2.5 Key approaches in identifying a business opportunity
2.5.1 Observing trends
2.5.2 Solving a problem
2.5.3 Identifying gaps in the market
2.6 A feasibility analysis for a business opportunity
3. Venture in to a new venture
3.1 Sources of business ideas
3.2 Evaluating business ideas
3.3 Selecting a business incubator
3.3.1 Definition of an incubator
3.3.2 Factors to consider when choosing an incubator
3.4 Steps of testing a business idea
3.5 Factors to consider when starting a new venture
3.6 Sources of funding for a new venture
3.6.1 Personal finances
3.6.2 Debt financing
3.6.3 Equity financing
3.6.4 Venture capitalists; Business Angels
3.6.5 Government Agents
3.7 Factors that determine success of a new venture
3.8 Problems encountered in selecting new ventures
3.9 Types of business ownership structures for new ventures
3.9.1 Sole proprietorship
3.9.2 Partnership
3.9.3 Limited liability company
3.9.4 Corporation
3.9.5 Cooperative
3.10 Reasons why new ventures fail
4. Identify appropriate business expansion strategies
4.1 Definition of customer needs
4.2 Types of customer needs
4.3 How to identify customer needs
4.4 Customer needs analysis
4.5 Business expansion strategies for a new venture
4.5.1 Mergers
4.5.2 Acquisitions
4.5.3 Franchising
4.6 Protecting intellectual property through copyrights, trademarks and patents
5. Develop a business plan
5.1 Definition of terms
5.1.1 Business plan
5.1.2 Financial plan
5.1.3 Operations plan
5.1.4 Marketing plan
5.2 Importance of business plan
5.3 Information required to develop a business plan
5.4 Guidelines for writing a business plan
5.5 Components of a business plan
5.5.1 Cover page
5.5.2 Table of contents
5.5.3 Executive summary
5.5.4 Business description
5.5.5 Market analysis
5.5.6 Customer analysis
5.5.7 Competition analysis
5.5.8 Operations and production plan
5.5.9 Marketing plan
5.5.10 Human resource plan
5.5.11 Financial plan
5.5.12 Appendix
5.6 Importance of reviewing a business plan
5.7 Challenges of writing a business plan
5.8 Reasons why some business plans fail
6. Apply appropriate entrepreneurial marketing strategies
6.1 Definition of key terms
6.1.1 Marketing
6.1.2 Marketing research
6.2 Importance of marketing
6.3 Types of market segmentation
6.4 Benefits of segmentation
6.5 Target markets for products and services
6.6 Marketing strategies applied in each stage of product life cycle
6.7 Strategies of positioning new products and services in the market
6.8 Digital marketing approaches of marketing products and services are demonstrated
6.8.1 Social media marketing
6.8.2 Email marketing
6.8.3 Mobile Marketing
6.8.4 Artificial intelligence in marketing
7. Apply the concepts of business communication to manage an organisation
7.1 Concepts of communication
7.1.1 Meaning of communication
7.1.2 Purpose of communication
7.1.3 Elements of communication
7.1.4 Benefits of effective communication
7.1.5 Stages in the communication process
7.1.6 Principles of effective communication
7.1.7 Barriers to effective communication
7.1.8 Overcoming barriers to effective communication
7.1.9 Choosing a channel of communication
7.1.10 Types of communication
7.1.10.1 Internal and external communication
7.1.10.2 Formal and informal communication
7.1.10.3 Flow of formal communication
7.1.10.4 Intrapersonal and interpersonal communication
7.1.10.5 Small group and public communication
7.1.10.6 Forms of communication
7.1.10.7 Oral communication
7.1.10.8 Effective listening
7.1.10.9 Non-verbal communication
7.1.10.10 Written communication
7.1.10.11 Visual communication
7.1.10.12 Audio-visual communication
7.1.11 Advantages and disadvantages of various forms of communication
7.2 Writing skills
7.2.1 Steps in writing business documents
7.2.1.1 Prewriting
7.2.1.2 Drafting
7.2.1.3 Revising
7.2.1.4 Editing
7.2.2 Rules of writing business documents
7.2.3 Written business documents
7.2.3.1 Business letters
7.2.3.2 Memorandum
7.2.3.3 Circulars
7.2.3.4 Advertisements
7.2.3.5 Notices
7.2.3.6 E-mail
7.3 Presentation skills
7.3.1 Definition of presentation
7.3.2 Effective presentation skills
7.3.3 Elements of a presentation
7.3.4 Methods of delivering a presentation
7.3.4.1 Manuscript
7.3.4.2 Memorised
7.3.4.3 Extemporaneous
7.3.4.4 Impromptu
7.3.5 Basic parts of a presentation
7.3.6 Public speech
7.3.7 Audience analysis
7.3.8 Use of visual aids in presentation
7.4 Interviews
7.4.1 Meaning of:
7.4.1.1 Interview
7.4.1.2 Interviewer
7.4.1.3 Interviewee
7.4.2 Purpose of interviews
7.4.3 Types of interviews
7.4.3.1 Unstructured
7.4.3.2 Semi-structured
7.4.3.3 Structured
7.4.4 Skills for effective interviewing
7.4.5 Importance of non- verbal communication in interviews
7.4.6 Purpose of maintaining interview documents
7.4.7 Purpose of holding meetings in an organisation
7.4.8 Types of meetings
7.4.8.1 Formal
7.4.8.2 Informal
7.4.9 Stages of conducting formal meetings
7.4.10 Importance of agenda of the meeting
7.4.11 Role of the chairperson and the secretary in a meeting
7.4.12 Importance of minutes
7.4.13 Online meetings
7.4.13.1 Video conferencing
7.4.13.2 Teleconferencing
7.4.13.3 Webinar
Suggested Methods of Delivery
• Presentations and practical demonstrations by trainer;
• Guided learner activities and research to develop underpinning knowledge;
• Supervised activities and projects in a workshop;
The delivery may also be supplemented and enhanced by the following, if the opportunity allows:
• Visiting lecturer/trainer from the Business sector;
• Company visits.