Introduction to Business and Entrepreneurship

Created March 15, 2024 by C4DLab University of Nairobi

Learning Outcomes

At the end of the course, students are expected to be able to:

  1. Understand the nature of entrepreneurship and the entrepreneurial process
  2. Learn how to identify and develop ideas into business as well as solve major entrepreneurial issues
  3. Recognize and evaluate business opportunities under dynamic economic settings
  4. Gain firsthand experience of staring a new venture by developing a business plan


Course Outline


1. Entrepreneurship.

Upon successful completion of this unit, the student will be able to:

  • explain and distinguish between the different types of needs an individual needs to survive in life;
  • explain how creativity can help an entrepreneur develop new products or services;
  • distinguish between the terms entrepreneurship and entrepreneur in terms of their definitions;
  • list and explain the challenges and benefits of being an entrepreneur;
  • develop and explain solutions for overcoming entrepreneurial challenges;

2. The Entrepreneur

Upon successful completion of this unit, the student will be able to:

  • define the term entrepreneur in terms of the ability to organize, take risks and innovate;
  • examples of entrepreneurs in your community that run small, medium-sized and large businesses;
  • identify, state and describe the characteristics of a successful entrepreneur and assess your own entrepreneur qualities, in these terms;
  • compare the advantages and disadvantages of being an entrepreneur and make an informed decision whether or not to become an entrepreneur;

3. Business Environment and Market Research

Upon successful completion of this unit, the student will be able to:

  • define the term business environment and describe its components;
  • identify business opportunities in the business environment in your community;
  • evaluate and report on the impact of SMEs on the environment;
  • define the term market research and explain why it is necessary to conduct one before starting a business;

4. The Business Plan

Upon successful completion of this unit, the student will be able to:

  • state the definition of a business plan and list its benefits;
  • explain the purposes of a business plan and explain why many entrepreneurs do not draw one up;
  • prepare a business plan that includes all aspects of a business including information on its vision and goals, how it will be started, marketed, financed,
    and run;
  • develop guidelines on how to present a business plan to stakeholders such as the management, employees, customers, suppliers investors and financial institutions;


5. Management Tasks

Upon successful completion of this unit, the student will be able to:

  • explain the term business management and list the management tasks in a business;
  • define the concept manager and identify the different qualities and key role of a manager;
  • explain the importance of planning within the context of its relevance to managers;
  • develop guidelines for planning in a business taking into consideration the goals of the business, tasks that need to be executed, employees carrying out tasks, deadlines, and review of the plan;

6. Marketing and Production Functions

Upon successful completion of this unit, the student will be able to:

  • explain the meaning of marketing as a management function;
  • explain the meaning of production as a management function;
  • define value addition within the context of marketing at product;
  • state and explain the 4ps of marketing (product, price, promotion, place) within the context of the marketing mix;

7. Finance and Personnel Functions

Upon successful completion of this unit, the student will be able to:

  • distinguish between different types of capital;
  • identify and explain different sources of capital and the implications of the different sources;
  • estimate the capital requirements of a given business;
  • distinguish between income and expenses and profits and losses;

Resources

Primary Source:

Download: OER 4 Open Schools Entrepreneurship.pdf


Entrepreneurship

In this unit, we will discuss the difference between entrepreneurship and entrepreneurs, look at the challenges of entrepreneurship and also discuss how an entrepreneur can overcome these entrepreneurial challenges. Remember, that we are starting to work towards a plan on how to start and operate a business successfully. When we come to the other units later on, we will refer back to this and other units.


1.1 What is Entrepreneurship?

1.2 Challenges and Benefits of Entrepreneurship

1.3 Entrepreneurial Characteristics and Skills Needed to Overcome

Assignment

  • Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 3.



The Entrepreneur

In this unit, we will discuss the entrepreneur as a person with abilities to be successful in entrepreneurship undertakings in more detail. We will also give you the opportunity to test your own entrepreneurial competencies, recognise and familiarise yourself with the characteristics of a successful entrepreneur and finally compare the advantages and disadvantages of being an entrepreneur.

2.1 How Do We Define an Entrepreneur ?

  • OER 4 Open Schools, Commonwealth of Learning
    • Read Chapter 4, Section 1
    • Do the Self Assessment

2.2 Advantages and Challenges of Being an Entrepreneur

Assignment

  • Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 4.


Business Environment and Market Research

After coming up with a business idea, a prospective entrepreneur needs to scan the business environment to find out whether there will be a market for his or her products.


Scanning the business environment basically means that the prospective entrepreneur needs to do some research. If research proves the business idea to be a viable business opportunity, the person can now start with the drawing up of a business plan, which we will discuss in the next unit.

3.1 The Business Environment

3.2 The Impact of SMEs on the Environment

3.3 Market Research

Assignment

Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 6.


The Business Plan

be wondering why a business plan is such an important document and where the business plan fits into the whole context of planning a business. A good business plan ensures that entrepreneurs can establish the business with confidence because the required research and planning have been
done.

4.1 What is a Business Plan?

4.2 How to Draw Up  Business Plan

4.3 How to Present a Business Plan

Assignment

Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 7.


Management Tasks

Labour can do nothing without capital, capital nothing without labour and neither labour nor capital can do anything without the guiding genius of management.

W.L. Mackenzie King


You manage things; you lead people. 

Grace Hopper


Now that you are familiar with the overall environment of business, it’s time to see how a business is managed and organised inside its walls. While management basically involves getting things done through people, it’s also much more. Managers make decisions and allocate scarce resources so that the firm will achieve its objectives efficiently and effectively. Four basic tasks — planning, organising, leading and controlling — are performed by all managers. When they are performed well, the business succeeds; when they are performed poorly, the business will fail.
The four management tasks will be discussed in this unit.

5.1 Management

5.2 Planning and Organizing

5.3 Leading and Control

5.4 Controlling

Assignment

Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 8.


Marketing and Production Functions

We have looked at the four management tasks that an entrepreneur must carry out to ensure success in the business. There are also different management functions involved in a business. We will look at four management functions namely marketing, production, finance and personnel. In this unit, we will discuss two management functions: marketing and production. Please make sure that you study this unit carefully so that you will get a good understanding of the management functions.

6.1 Marketing Function

6.2 Production Function

Assignment

Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 10.


Finance and Personnel Functions

In this unit, we will deal with the financial and personnel functions. The financial function has to do with all the money matters of the business. Its purpose is to make the establishment and operations of a business possible. The personnel function has to do with labour related issues concerning the workers, appointments, leave, salary and others.

7.1 Financial Function

7.2 Personnel Function

Assignment

Do the assignment at the end of the Open Schools, Commonwealth of Learning Chapter 11.



Reference(s)

  1. OER 4 Open Schools, Commonwealth of Learning
  2. Professional Development Service for Teachers (PDST), Entrepreneurship Fact-sheet 
  3. Washington State Board for Community & Technical Colleges,Introduction To Business (BUS 101)
  4. The Saylor Foundation, Introduction to Business


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