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Paper 3

ENTREPRENEURSHIP AND COMMUNICATION

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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.

On completion, a candidate should be able to

  • 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. 1

    Identify concepts of entrepreneurship

    1. 1.1

      Definition of key terms

      1. 1.1.1

        Entrepreneur

      2. 1.1.2

        Entrepreneurship

      3. 1.1.3

        Intrapreneurship

      4. 1.1.4

        Corporate entrepreneurship

      5. 1.1.5

        Entrepreneurial culture

    2. 1.2

      Types of entrepreneurs

      1. 1.2.1

        Innovators

      2. 1.2.2

        Drone

      3. 1.2.3

        Fabian

      4. 1.2.4

        Imitating

    3. 1.3

      Difference between entrepreneurs and small business owners

    4. 1.4

      Characteristics of entrepreneurs

    5. 1.5

      Entrepreneurial environment

      1. 1.5.1

        Micro-environment

      2. 1.5.2

        Macro-environment

    6. 1.6

      The role of an entrepreneur in business

    7. 1.7

      Benefits of becoming an entrepreneur

    8. 1.8

      Contributions of entrepreneurship in socio-economic development

    9. 1.9

      Current trends and issues in entrepreneurship

    10. 1.10

      Challenges faced by entrepreneurs

  2. 2

    Identify entrepreneurial opportunities

    1. 2.1

      Definition of key terms:

      1. 2.1.1

        Entrepreneurial opportunity

    2. 2.2

      Importance of selecting business opportunities

    3. 2.3

      Sources of entrepreneurial opportunities

      1. 2.3.1

        External environment

      2. 2.3.2

        Business-level environment

      3. 2.3.3

        Personal-level opportunities

    4. 2.4

      Qualities of a good entrepreneurial opportunity

    5. 2.5

      Key approaches in identifying a business opportunity

      1. 2.5.1

        Observing trends

      2. 2.5.2

        Solving a problem

      3. 2.5.3

        Identifying gaps in the market

    6. 2.6

      A feasibility analysis for a business opportunity

  3. 3

    Venture in to a new venture

    1. 3.1

      Sources of business ideas

    2. 3.2

      Evaluating business ideas

    3. 3.3

      Selecting a business incubator

      1. 3.3.1

        Definition of an incubator

      2. 3.3.2

        Factors to consider when choosing an incubator

    4. 3.4

      Steps of testing a business idea

    5. 3.5

      Factors to consider when starting a new venture

    6. 3.6

      Sources of funding for a new venture

      1. 3.6.1

        Personal finances

      2. 3.6.2

        Debt financing

      3. 3.6.3

        Equity financing

      4. 3.6.4

        Venture capitalists; Business Angels

      5. 3.6.5

        Government Agents

    7. 3.7

      Factors that determine success of a new venture

    8. 3.8

      Problems encountered in selecting new ventures

    9. 3.9

      Types of business ownership structures for new ventures

      1. 3.9.1

        Sole proprietorship

      2. 3.9.2

        Partnership

      3. 3.9.3

        Limited liability company

      4. 3.9.4

        Corporation

      5. 3.9.5

        Cooperative

    10. 3.10

      Reasons why new ventures fail

  4. 4

    Identify appropriate business expansion strategies

    1. 4.1

      Definition of customer needs

    2. 4.2

      Types of customer needs

    3. 4.3

      How to identify customer needs

    4. 4.4

      Customer needs analysis

    5. 4.5

      Business expansion strategies for a new venture

      1. 4.5.1

        Mergers

      2. 4.5.2

        Acquisitions

      3. 4.5.3

        Franchising

  5. 5

    Develop a business plan

    1. 5.1

      Definition of terms

      1. 5.1.1

        Business plan

      2. 5.1.2

        Financial plan

      3. 5.1.3

        Operations plan

      4. 5.1.4

        Marketing plan

    2. 5.2

      Importance of business plan

    3. 5.3

      Information required to develop a business plan

    4. 5.4

      Guidelines for writing a business plan

    5. 5.5

      Components of a business plan

      1. 5.5.1

        Cover page

      2. 5.5.2

        Table of contents

      3. 5.5.3

        Executive summary

      4. 5.5.4

        Business description

      5. 5.5.5

        Market analysis

      6. 5.5.6

        Customer analysis

      7. 5.5.7

        Competition analysis

      8. 5.5.8

        Operations and production plan

      9. 5.5.9

        Marketing plan

      10. 5.5.10

        Human resource plan

      11. 5.5.11

        Financial plan

      12. 5.5.12

        Appendix

    6. 5.6

      Importance of reviewing a business plan

    7. 5.7

      Challenges of writing a business plan

    8. 5.8

      Reasons why some business plans fail

  6. 6

    Apply appropriate entrepreneurial marketing strategies

    1. 6.1

      Definition of key terms

      1. 6.1.1

        Marketing

      2. 6.1.2

        Marketing research

    2. 6.2

      Importance of marketing

    3. 6.3

      Types of market segmentation

    4. 6.4

      Benefits of segmentation

    5. 6.5

      Target markets for products and services

    6. 6.6

      Marketing strategies applied in each stage of product life cycle

    7. 6.7

      Strategies of positioning new products and services in the market

    8. 6.8

      Digital marketing approaches of marketing products and services are demonstrated

      1. 6.8.1

        Social media marketing

      2. 6.8.2

        Email marketing

      3. 6.8.3

        Mobile Marketing

      4. 6.8.4

        Artificial intelligence in marketing

  7. 7

    Apply the concepts of business communication to manage an organisation

    1. 7.1

      Concepts of communication

      1. 7.1.1

        Meaning of communication

      2. 7.1.2

        Purpose of communication

      3. 7.1.3

        Elements of communication

      4. 7.1.4

        Benefits of effective communication

      5. 7.1.5

        Stages in the communication process

      6. 7.1.6

        Principles of effective communication

      7. 7.1.7

        Barriers to effective communication

      8. 7.1.8

        Overcoming barriers to effective communication

      9. 7.1.9

        Choosing a channel of communication

      10. 7.1.10

        Types of communication

        1. 7.1.10.1

          Internal and external communication

        2. 7.1.10.2

          Formal and informal communication

        3. 7.1.10.3

          Flow of formal communication

        4. 7.1.10.4

          Intrapersonal and interpersonal communication

        5. 7.1.10.5

          Small group and public communication

        6. 7.1.10.6

          Forms of communication

        7. 7.1.10.7

          Oral communication

        8. 7.1.10.8

          Effective listening

        9. 7.1.10.9

          Non-verbal communication

        10. 7.1.10.10

          Written communication

        11. 7.1.10.11

          Visual communication

        12. 7.1.10.12

          Audio-visual communication

      11. 7.1.11

        Advantages and disadvantages of various forms of communication

    2. 7.2

      Writing skills

      1. 7.2.1

        Steps in writing business documents

        1. 7.2.1.1

          Prewriting

        2. 7.2.1.2

          Drafting

        3. 7.2.1.3

          Revising

        4. 7.2.1.4

          Editing

      2. 7.2.2

        Rules of writing business documents

      3. 7.2.3

        Written business documents

        1. 7.2.3.1

          Business letters

        2. 7.2.3.2

          Memorandum

        3. 7.2.3.3

          Circulars

        4. 7.2.3.4

          Advertisements

        5. 7.2.3.5

          Notices

        6. 7.2.3.6

          E-mail

    3. 7.3

      Presentation skills

      1. 7.3.1

        Definition of presentation

      2. 7.3.2

        Effective presentation skills

      3. 7.3.3

        Elements of a presentation

      4. 7.3.4

        Methods of delivering a presentation

        1. 7.3.4.1

          Manuscript

        2. 7.3.4.2

          Memorised

        3. 7.3.4.3

          Extemporaneous

        4. 7.3.4.4

          Impromptu

      5. 7.3.5

        Basic parts of a presentation

      6. 7.3.6

        Public speech

      7. 7.3.7

        Audience analysis

      8. 7.3.8

        Use of visual aids in presentation

    4. 7.4

      Interviews

      1. 7.4.1

        Meaning of:

        1. 7.4.1.1

          Interview

        2. 7.4.1.2

          Interviewer

        3. 7.4.1.3

          Interviewee

      2. 7.4.2

        Purpose of interviews

      3. 7.4.3

        Types of interviews

        1. 7.4.3.1

          Unstructured

        2. 7.4.3.2

          Semi-structured

        3. 7.4.3.3

          Structured

      4. 7.4.4

        Skills for effective interviewing

      5. 7.4.5

        Importance of non- verbal communication in interviews

      6. 7.4.6

        Purpose of maintaining interview documents

      7. 7.4.7

        Purpose of holding meetings in an organisation

      8. 7.4.8

        Types of meetings

        1. 7.4.8.1

          Formal

        2. 7.4.8.2

          Informal

      9. 7.4.9

        Stages of conducting formal meetings

      10. 7.4.10

        Importance of agenda of the meeting

      11. 7.4.11

        Role of the chairperson and the secretary in a meeting

      12. 7.4.12

        Importance of minutes

      13. 7.4.13

        Online meetings

        1. 7.4.13.1

          Video conferencing

        2. 7.4.13.2

          Teleconferencing

        3. 7.4.13.3

          Webinar