Necessary for Entrepreneurial Development courseunit. The most viable process for a successful business

1. MAKERERE UNIVERSITY BUSINESS
SCHOOL
COURSE UNIT: ENTREPRENEURSHIP
DEV’T
PROGRAMME: BCOM
FACILITATOR: EUNICE NINSIIMA

2. THE ENTREPRENEURSHIP PROCESS
This process involves all the functions, activities, and
actions associated with perceiving opportunities and
creating organizations to pursue them.
The birth and eventual success or failure of a new
enterprise is rarely a matter of chance, but the art and
science of entrepreneurship that can be taught and
learnt.

3. Steps involved in the Entrepreneurship
Process
Idea generation/opportunity identification
Evaluation of the idea/feasibility
Development of the business plan/using the Business Model Canvas
Resource Mobilization
Business Registration
Managing the enterprise

4. 1. Idea Generation
Good business opportunities (ideas) do not just appear.
A person gets an idea for a new business either
through a deliberate search or a chance encounter,
more often through the present line of employment or
experience.

5. Business opportunities may result from;
An entrepreneur’s alertness to possibilities
Consumers (best source of ideas for a new venture)
Business associates
Members of the distribution system (retailers, wholesalers, or
manufacturer’s representatives)
Technical people ( can see business opportunities when working on
other projects)

6. Opportunity Identification
It is based on the analysis of the perception of change, of new
realities, and of the differences between what most people are
sure is the reality and what has actually become the reality.
Although some opportunities are identified instantly in a flash
of luck, opportunity identification can be learned and developed
in a systematic manner.

7. 2. Evaluating the idea (Feasibility Study)
Ideas generated and opportunities identified must be carefully
screened and evaluated.
This evaluation is the most critical element of the
entrepreneurial process because it allows the entrepreneur to
assess whether the specific product or service has the returns
needed compared to the resources required.

8. 2. Evaluating the opportunity
(Feasibility Study)…
This process involves looking at the length of the opportunity,
its real and perceived value, its risks and returns, its fitness with
the personal skills and goals of the entrepreneur, and its
uniqueness in the competitive environment.

9. 2. Evaluating the opportunity
(Feasibility Study)…
Opportunity evaluation is done using a feasibility study which
is one method for evaluating an opportunity.
A feasibility study is a controlled process for identifying
opportunities and problems, determining objectives, describing
situations, defining successful outcomes and assessing the
range of costs and benefits associated with several alternatives
for solving a problem.

10. 3. Business plan: using the business Model Canvas
A good plan must be developed in order to exploit the defined
opportunity.
This is a very time-consuming phase of the process.
A business plan is essential in;
 developing the opportunity
determining the resources required
obtaining those resources
successfully managing the resulting venture.

11. BUSINESS MODEL CANVAS TEMPLATE

12. An Example of a Business Model Canvas For A Goat’s Meat Business

13. 4. Resource mobilisation
What are Resources?
• Resources are defined as any store of value that can be
used to assist in production or enhancing productivity.
• Resources have to be available in adequate proportions
and within the required timing in order to support
entrepreneurship.

14. 4. Determining & acquiring the required
resources…
The resources needed for addressing the opportunity must be
determined.
This process starts with assessing the entrepreneur’s present
resources.
Any resources that are critical need to be differentiated from
those that are just helpful.

15. 4. Determining & acquiring the required
resources…
Care must be taken not to underestimate the amount of, and
variety of resources needed.
The risks associated with insufficient or inappropriate resources
must also be assessed.
Acquiring the needed resources in a timely manner is important

16. 5. Business Registration
• This involves legal requirements for the registration of a
company or any other business in Uganda.
• The requirements include; the name of the company, registered
office and address, type of the company, share capital,
objectives of the company and particulars of directors and
company secretary.
• Therefore, for an entrepreneur to open up a business, he/she
must register the company/business to be allowed to operate
freely.
• Hence, Its important to register your business with URSB

17. 6. Managing the enterprise
This involves implementing a management style and structure,
as well as determining the key variables for success.
A control system must be established, so that any problem
areas can be quickly identified and resolved.
The operational problems of the growing enterprise must also
be examined

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LEARNERS