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Paper 5

ENTREPRENEURSHIP AND INNOVATION

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This paper is intended to equip the candidate with the knowledge, skills and attitude that will enable him/her to sustain and grow a business by making use of Information Communication Technology (ICT).

On completion, a candidate should be able to

  • Recognize and identify viable business opportunities in any environment
  • Apply entrepreneurial skills to implement a viable business opportunity
  • Prepare a business plan of a viable business idea
  • Demonstrate entrepreneurial orientation skills
  • Exploit entrepreneurship opportunities in ICT

Content

  1. 1

    Introduction to Entrepreneurship

    1. 1.1

      Definition of entrepreneur and entrepreneurship

    2. 1.2

      Type of entrepreneurs, distinction between entrepreneurs and small business owners

    3. 1.3

      Nature and history of entrepreneurship,

    4. 1.4

      Characteristics of entrepreneurs, benefits of becoming an entrepreneur,

    5. 1.5

      Challenges faced by entrepreneurs, the role of an entrepreneur in business, changing demographics of entrepreneurs

  2. 2

    Entrepreneur and Entrepreneurial Process

    1. 2.1

      Approaches to entrepreneurship

    2. 2.3

      Entrepreneurial mind – set, how entrepreneurs think, entrepreneur background and characteristics, role models, support systems

    3. 2.4

      Entrepreneurial culture

    4. 2.5

      Corporate entrepreneurship; Profile of corporate entrepreneurship, causes for interest in corporate entrepreneurship, managerial versus entrepreneurial decision making, leadership characteristic of corporate entrepreneurship

    5. 2.6

      Successful sustainable entrepreneurship

    6. 2.7

      Importance of entrepreneurs to development

  3. 3

    Creativity

    1. 3.1

      Creativity and the business idea

    2. 3.2

      The creative process, the role of creativity, creative problem solving

    3. 3.3

      Trends in creativity and the business ideas,

    4. 3.4

      Barriers to creativity and sources of new ideas,

    5. 3.5

      How to enhance creativity, enhancing organizational creativity

    6. 3.6

      Encouraging and protecting new ideas (11)

  4. 4

    Innovation

    1. 4.1

      Entrepreneurship and innovation; definition of innovation,

    2. 4.2

      stages of innovation process, types and sources of innovation, invention and innovation

    3. 4.3

      Opportunity recognition, innovation and sustainability

    4. 4.4

      Relationship between entrepreneurship and innovation

    5. 4.5

      Research and development

    6. 4.6

      The role of creativity and innovation in both established business and entrepreneurial context

    7. 4.7

      Role of ICT in enhancing innovation

  5. 5

    Assessing entrepreneurial opportunities

    1. 5.1

      Problems encountered in selecting new ventures

    2. 5.2

      Factors considered in setting up a new venture

    3. 5.3

      Factors that determine success of a new venture

    4. 5.4

      Reasons why new ventures fail

    5. 5.5

      Importance of business incubators

  6. 6

    The Business Plan

    1. 6.1

      Definition of business plan

    2. 6.2

      Reasons for writing a business plan

    3. 6.3

      Guidelines for writing a business plan

    4. 6.4

      Components of a business plan – general format

    5. 6.5

      Guidelines for oral presentation of a business plan

    6. 6.6

      Presenting the business plan to investors

    7. 6.7

      Preparing the elevator pitch

  7. 7

    Sources of Entrepreneurial Finance

    1. 7.1

      Debt financing

    2. 7.2

      Equity financing

    3. 7.3

      Personal finances

    4. 7.4

      Venture capitalists; Business Angels,

    5. 7.5

      Government Agents,

    6. 7.6

      Choosing an appropriate source of Financing

  8. 8

    Business Entry Options

    1. 8.1

      Forms of business organizations

    2. 8.2

      Buy an existing business

    3. 8.3

      Franchising a business

    4. 8.4

      Inheritance

    5. 8.5

      Hired to be a professional manager

    6. 8.6

      Part-time entrepreneurship

  9. 9

    Entrepreneurial Marketing

    1. 9.1

      Market research

    2. 9.2

      Segmenting the market

    3. 9.3

      Selecting a target market (12)

    4. 9.4

      Crafting a unique positioning strategy

    5. 9.5

      Marketing strategy

    6. 9.6

      Risk management

  10. 10

    Business Ethical Values and Dilemmas

    1. 10.1

      Definition of business ethical values and dilemmas

    2. 10.2

      An organization’s code of ethics

    3. 10.3

      Ethics in corporate entrepreneurship

    4. 10.4

      Ethical conduct of entrepreneurs and managers

    5. 10.5

      Ethics in generating and exploiting new entries

    6. 10.6

      Ethics in International Business

    7. 10.7

      Aligning corporate social responsibility with company operations

  11. 11

    Current issues

    1. 11.1

      The internet of things and e-business

    2. 11.2

      Technopreneurships

    3. 11.3

      Crowd computing and big data analytics, digital nomadism

    4. 11.4

      Cyber security and protection of entrepreneurial ventures

    5. 11.5

      Social media marketing and selling

    6. 11.6

      Green entrepreneurship, ecopreneurship, social entrepreneurships and sustainable development

    7. 11.7

      Artificial intelligence/robotics and entrepreneurships

    8. 11.8

      Coping with innovation and knowing when to change

    9. 11.9

      Entrepreneurship opportunities in ICT

    10. 11.10

      Succession planning and exit strategies