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Entrepereneurship workbook
Entrepereneurship workbook
Entrepereneurship workbook
Entrepereneurship workbook
Entrepereneurship workbook
Entrepereneurship workbook
Entrepereneurship workbook
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Entrepereneurship workbook

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  • 1. Table of ContentsUnit 1 - What is an Entrepreneur .................................................................................................... 1 What is an entrepreneur.............................................................................................................. 2 Role of an entrepreneur .............................................................................................................. 2How enployees and entrepreneurs differ........................................................................................ 3Unit 1 - What is an EntrepreneurObjectivesUpon completion of this unit students should be able to: 1. State who is an entrepreneur 2. Identify the role of an entrepreneur 3. Identify the characteristics of an entrepreneur 4. Understand the risk of becoming an entrepreneur 5. Recognize the benefits of being a successful business owner 6. Differentiate between an opportunity and an idea 7. Recognize investment capital is necessary for an idea to become an opportunity 8. Asses the reason why you are thinking about starting a businessBefore you begin what is your answer to these questionHave you ever dream of starting your own business?  Yes  NoIf Yes, what kind of business?_______________________________________________________________________________________________________________________________________________________________________________________If No, why not_____________________________________________________________ 1
  • 2. __________________________________________________________________________________________________________________________What would be the best or worst thing about owning your own business?_______________________________________________________________________________________________________________________________________________________________________________________What is an entrepreneurAn entrepreneur (on-tra-prih-NER) is someone that creates a new business.This can carry a high risk because it requires money to set up a new businesswithout knowing if it will give a return on investment. A good understandingof the market is needed and finding out what customers want and modifytheir products in line with market requirements. Every entrepreneurshipbusiness started with an idea of how to solve a particular problem or addvalue to a present product. This is the first phase of any business. This iswhere you test your idea for a business by doing research to find out ifanyone else has had the same idea.The production and sale of new products and services are sparked byentrepreneurial energy, creativity and motivation.Role of an entrepreneurEntrepreneurs seek disequilibrium – a gap between the wants and needs ofcustomers and the products and series that are currently available. Theentrepreneur then brings together the factors of production necessary toproduce, offer and sell desired products and services. They invest and risktheir money – and other people’s money- to produce a product or servicethat can be sold at a profit. 2
  • 3. The role of an entrepreneur includes the following Innovators who create new products or process They are risk takers They people who take an idea and make it a success Combines the other three factors of production (land, labour, capital) to produce a good or service Takes the risk of losing investment if business failsHow employees and entrepreneurs differEmployees work for someone else and entrepreneurs work for themselves,entrepreneurs risk more than employees. Employees may risk losing a job ifthey do not perform their work well but they are paid for their work.Entrepreneurs risk not being able to pay their employees or themselves ifbusiness is “slow.” Class DiscussionDo you know any entrepreneurs? What do entrepreneurs do and how dothey differ from employees?The rewards employees and entrepreneurs get from their work can also bedifferent. A reward can involve money, but it also might be personalsatisfaction or independence. As business owners, entrepreneurs are incontrol of the money made by the business. They also have the final say inall business decisions. As a result, entrepreneurs are ultimately responsiblefor the success or failure of their businesses. (Mariotti 2010) 3
  • 4. Rewards of being an entrepreneurSome of the rewards of being an entrepreneur:1. MoneyWhen you are someones employee, the amount of money you earn islimited by the labor market. Youll earn the going rate for your field andtypically not much more. When you are self employed, your earningpotential is only limited by your own brains and motivation to build asuccessful business. The more effort and smart planning you put into yourbusiness, the more you will directly benefit from your own work.2. OpportunitiesMany entrepreneurs say they launched their business in order to createopportunities for themselves that they could not find in traditional jobswithin their local labor market. A parent with a young family may wantflexibility that is not available in traditional jobs, a new immigrant may wantresponsibility and opportunities for professional growth that they may nothave found in their new country.When you build your own business, you can build opportunities andworking conditions that are a good fit for your needs in ways that you maynot find in traditional employment.3. AccomplishmentBuilding a successful business can provide you with a sense of pride thatyou have created something yourself based on something you value. You getto make the decisions; if you think a project is a great idea, you get to makeit happen. You get to build something from the ground up that is your ownand a reflection of your values, and any business success is always yoursuccess.4. TimeWhile you will invest a lot of time in building your business, dependingupon the type of business you launch, being an entrepreneur can provide you 4
  • 5. with a lot of flexibility and freedom with your schedule that you would notoften have with a traditional job. A flexible schedule allows you to createpersonal and family time and opportunities that you may otherwise miss outon.Unit 2 – What is a businessObjectivesUpon completion of this unit students should be able to: 1. State what is a business 2. Identify functions of a business 3. Identify different types of businesses ownership 4. Ethical business behaviors 5. Describe the functional areas of a business 6. Define important terms and concepts related to business 7. Define and describe the characteristics of a simple contract 8. Prepare simple contractsUnit 3 – Plan your businessObjectivesUpon completion of this unit students should be able to: 1. Observe businesses that already exist and how to add to them or fill a need 2. Assess needs and apply what they know 3. Explore the area of franchise as a way to start a business or expand a business 4. Look at sources of ideas and how to turn a hobby into a business 5. What is a business opportunity 6. State the steps in product development 7. State the reasons for packaging and labeling products 8. Identify steps in setting prices 9. List types of pricing strategies 10. What is market research 11. What is competitive advantage 12. Identity different promotional strategies 5
  • 6. 13. Define marketing 14. Study the target market 15. Define competitive analysisUnit 4 – Business PlanObjectivesUpon completion of this unit students should be able to: 1. State the purpose of a business plan 2. Understand the outline of a standard business plan 3. Prepare a basic business plan 4. Follow the procedure to register a business in Antigua and Barbuda 5. Identify various financing options for small business in Antigua and BarbudaUnit 5 – Manage your businessObjectivesUpon completion of this unit students should be able to: 1. State functions of management and their responsibilities 2. Identify different styles of leadership 3. Learn the concept of the business life cycle 4. Learn the growth phases in the life of a business 5. Identify strategies to be used to solve internal conflicts 6. Identify guidelines to establish good relations between manager and employees 7. Evaluate the importance of team work 8. Identity sources of conflict 9. Identify procedures for good financial management 10. Identity and calculate deductions required by law in Antigua and Barbuda 11. Identity business obligations to statutory organization (social security, medical benefits, education levy, and income tax) 12. State the importance of customer serviceUnit 7 – Introduction to Computers for BusinessObjectivesUpon completion of this unit students should be able to; 6
  • 7. 1. Identify how the computer can assist in business operations2. Identity different software packages that can enhance business operations3. Use different software (Word, Excel, Power Point and Publishers) to enhance your business. 7

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