1.

UNDERSTANDING THEORIES OF ENTREPRENEURSHIP

Economic growth depends directly on the growth of the commercial ventures both
vertically and horizontally. Irrespective of sector, greening the performance of informal
sector businesses will continue to require integrated and collaborative business approaches
which are inclusive of enabling political, economic, socio-cultural, technological,
ecological and legal environment. It is hoped that this text will spur logical and systematic
approaches to establishment of competitive businesses by motivating each operator to
appreciate that each one of them has marketing credibility they should endeavor to close
in order that they remain vibrant and sustainably competitive

The information shared in the text neither may nor answer all operational challenges to the
SMEs’ processors due to the dynamism of the informal sector. What it intends to provoke
is the awareness that market place is like a battlefield where competition should be both a
threat as well as a source of strength for growth in profits and market share provided the
affective factors are identified and orchestrated in planning and implementation

What is entrepreneurship?
A process of creating/establishing an enterprise; venturing in self employment by taking
charge of assembling resources offer products/services in the market place in a sustainable
manner so make profit. Central to entrepreneurial process there are issues of establishing
strategic controls. The controls are affected on factor inputs and factor outputs to ensure
profit orientation in all the business activities in the organization. Balanced scorecard in
established through keen surveillance of cash in flows and cash outflows. All business
transactions are important events that must be described in monetary value and must be
reflected in Cash-flow records; likewise outflows must be well recorded and monitored to
ensure ethical partnership between business as entity and the owner/manger.

What is entrepreneurship development?

Process of scanning the market environment for the purpose of identifying needs’ gaps
ands planning to supply these needs in a way that your products or services will create
demand in buyers and make them part with money to buy your wares at the price that makes
it worthwhile for you to improve your economic earnings. Undertaking risks and
opportunities in the market place to generate income and make profits.

Factors affecting entrepreneurship development

1. Policy(ies), social, economic and institutional environments
2. Market and product mix
3. Technology and production skills
4. Access to finance and other inputs
5. Access to information and knowledge
6. Management structures, systems and capacities
7. Work attitudes and behavior
8. Identification and how to reach entrepreneurs who require assistance
9. Types of assistance package addressing problems and needs of entrepreneurs
10. Achieving cost effectiveness
Significance of Entrepreneurship Development

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 1. Employment creation- Provision of identity to the entrepreneurs or petty
entrepreneurs.
2. Income distributors- By establishing income generating activities, the money in
state circulations passes through the hands of the vulnerable (youth and women).
3. Indigenization- Making the activity home-grown.
4. Rural-urban balance

Results
1. Agricultural modernizations
2. Industrialization
3. Service sector growth

Entrepreneurship – a continuum
• Entrepreneurship is not an on-off, all-or-noting phenomenon.
• It is a CONTINUUM:-
• PEOPLE vary, but no-one is entrepreneurial all the time.

BUT
• (Almost) all are capable of entrepreneurial activity under some circumstances.
• Activities also exhibit degrees of entrepreneurial impact…

Reasons for entrepreneurship development

• Over 5 million Kenyan people now work for themselves.
• Many people are considering self employment because:
- Fewer large employers
- Firms are not taking on employees
- Increased use f technology

Opportunities for small businesses are increasing because

• Firms are sub-contracting work and services.
• Public have more disposable income.
• People want to have work done for them, rather than do it themselves.
• Overall there are more small business births than deaths.
• More people want to be in control of their destiny by being their own boss.

Advantages
• Being your own boss.
• Time is flexible.
• The profit is yours.
• Possible high earnings.
• Satisfaction through success.
• May be tax benefits.
• You have control of your own destiny.
• You own the business.

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Disadvantages
• Need for self discipline.
• Need to manage time.
• Long ours.
• You need the support of your family.
• Responsible for all debts, you pay insurance, holidays and sickness.
• You have to wear many “hats”.
• You have to keep records.
• Some people do not like working alone.

Basic Recipe for success

The Person
• Strength of character.
• Confidence
• Commitment.
• Business knowledge.

Customers
• Is there a market for the product/service?
• Will customers buy?
• Are there many competitors?
Money
• Can the money required to start up be raised?
• Will the business be profitable?
• Can the flow of money in and out be managed?

Barriers to Entrepreneurship
The Person
• Lack of confidence.
• No business skills.
• Lack of security.
• No regular wage/salary.
• May affect the family.
• Working alone.
Finance
• The cost of setting upon business.
• Obtaining finance.
• Risk of losing money.
• Personal security.
• Looking after the money.

Business Idea
• Selecting a viable business.
• Setting up the business.
• Having enough customers.

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• Running the business.

What entrepreneurs do.

Entrepreneurial organizations are:-
• Flexible
• Keyed on growth, profit and innovation
• Extremely sensitive to customer requirements.
• Organized to communicate effectively.
• Obsessive about seeking and exploiting opportunities.

They are usually:-

• Run by an through teams
• Informal
• Strongly results oriented.

What sets entrepreneurs apart from other successful people?

No single actor, but a mixture of:-
• A consistent vision that encompasses a strong desire for economic independence.
• Membership of a culture and environment that values entrepreneurship.
• An ability to recognize and pre-empt the chaotic “almost cycles” that “almost repeat”
themselves in the market place.
• Sheer luck (but remember the ore you practice, the luckier you get).

Summary: the heads of agreement

• High need for achievement – results oriented.
• High need for independence.
• Internal Locus of Control” – they believe they can, and must, control their own destiny
• They have the ability to take calculated risks successfully.
• They build organizations.
• They seek profit in the free market.
• They are active and innovative.

Have you got what it takes to be an entrepreneur?

1. Are you below average height?
2. Are you attractive to the opposite sex?
3. Have you ever been on a blind date?
4. Have you ever fiddled your taxes?
5. Are you a member of an oppressed minority group? (Women answer “Yes”)
6. Did you have unhappy childhood?
7. Are you always right?
8. If your colleagues took a vote on whether to sack you, would it be a rowdy meeting
and a close-run thing?
9. Do you usually find yourself begging forgiveness rather than seeking permission?
10. Did you sincerely want to be rich?

What Sets Entrepreneurs apart from other successful people?

No single factor, but a mixture of:-

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• A consistent vision that encompasses a strong desire for economic independence.
• Membership of a culture and environment that values entrepreneurship.
• An ability to recognize and pre-empt the chaotic “almost cycles” that “almost repeat”
themselves in the market place.
• Sheer luck (but remember, the more you practice, the luckier you get!).

Traits of entrepreneurs
Good with people (need to make sales).
• Self starters.
• Hard working.
• Confident.
• Conscientious.
• Easy to get along with.
• Self sufficient.
• Imaginative.
• Well organized.
• Good at business skills.

Who is most likely to fail?

• Women
• Those not married/not in stable relationship
• Under 40
• Little or no experience as employee.
• Little or no experience ins mall business.
• Low education/skill level.
• Little or no experience in chosen sector.
• Motivation to start specific and ephemeral.
• Too concerned with risk or too focused on constraints.
• Not confident of own abilities.

How do I Become an Entrepreneur?

• Get to know successful, independent business people and make sure they know you.
• Take every opportunity you can to practice the widest possible range of business skills,
preferably spending at least some time working in a small, entrepreneurial firm.
• Constantly scan your environment – seek as much information as you can from as many
different sources as possible.
• Learn first to work in, then the lead and eventually form teams.
• Learn to assess risks realistically and to reduce them wherever possible.
• Learn to deal with failure – be tenacious and persevering.
• Find an idea that obsesses you – but be prepared to modify it constantly.
• Build a good track record for financial management but at work and in your personal
life.
• Learn to plan meticulously in both the long and short term, concentrating on the things
that matter, without succumbing to “paralysis by analysis”.

Entrepreneur

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A corporate employee who exhibits those characteristics typical of an entrepreneur. When
he mobilizes his workforce to his vision, the organization gains competitive advantage.
Often in cases of management buy-ins, teams of entrepreneurial section managers who
share a vision come together and buy out old management before restructuring a new one
in line with their entrepreneurial vision.

Innovation
Innovation refers to new ways of doing things (Schumpeter 1934). This is inclusive of new
combinations of approaches (new products, new markets, new packaging, new pricing …
to create a market competitive advantage). Innovation makes organizations remain vigilant
in surveillance of strategic market positioning. Innovation can be full blast transformation;
bringing in new technologies and technological application to enhance strategic
competitive position, it could also take incremental modifications focusing on a resource
fit strategy of competition.

Incremental innovation implies taking step by step approach to innovation, ensuring

implementation of what organization can sustainably support while adapting to the new
systems. Incremental innovation may take the approach of hiring quality staff on part time
arrangements to reduce on costs; it could also use approaches of partial processing as
mostly seen in Kenya horticultural companies.

Breakthrough innovation focuses on overhaul of the system s to bring in radical changes

in resources’ alignment and distribution; transforming manual operation to automated
systems of operations while remaining vigilant of the risks involved. This is known as
taking strategically calculated risks (Risk analysis) in the course of undertaking innovative
programme within the organization.

Examples: Replacing manual record keeping through use of computer instead of manual
recording will force radical changes in down-sizing the workforce and enhance efficiency
in processing organizations’ management records.

Some Approaches to Entrepreneurship Development Programmes

1. Promotion Policy: On barazas to markets, finances, raw materials, etc.
2. Specific and sustained groups -sectoral, geographical, tailored made,
3. Comprehensive assistance package –training, finance linkage, counseling,
technology information
4. Developing and strengthening a network of institutions – independent trainers and
consultants
5. Group based capability building approaches – associations, group pressure, etc
6. Advocacy groups-authorities, private, commercials banks etc.

Problems
• Enabling Environment
o Inhibiting regulatory system
o Inadequate infrastructure
o Limited markets
o Poor access to technology

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Investment
• Low liquidity in the banks
• Scarcity of bankable proposals
• Collateral requirement contingent
• High cost of lending

Non-financial promotion program

▪ Cost effectiveness
▪ Poor integration
▪ Inadequate needs assessment
▪ Low participation of private sector

Entrepreneurship Stages
1. START-UP
2. STRUGGLING
3. STABILITY
4. SUCCESS
5. SIGNIFICANCE
An entrepreneur may go through all the five stages mentioned above or stop at stage two
and never move on to stage three depending on how they handle each stage. However an
entrepreneur may also not proceed beyond stage one if they only dream about liking/ the
notion of entrepreneurship concept but do not put dreams to action.
The session will assist you to move beyond stage one through a series of activities that will
provide an orientation to your entrepreneurship journey.

HELP THE STUDENTS;-

To fill-in the blanks on the stages of a business operation.
• Start-up – A very exciting stage. Marked by idea generation, business planning and
actual opening of business.
• Struggling – A rather demanding stage. The challenge is to ensure the ideal business
plan is achieved in the real world.
• Stability – The business breaks-even
• Success – The business makes profit
• Significance – The business is giving the entrepreneur both money and time.

EMPHASIZE;
• The fact that a training like this and the upcoming sessions will aid the student to quickly
go past the struggling to the stability stage of the business. This is a call to take the training
seriously especially in light of the fact that majority of start-ups never go beyond stage 2.

What Kind of Entrepreneur Are You?

A successful entrepreneur isn't always the classic, bull-by-the-horns risk-taker of legend.
Sure you'll need passion, drive and a good idea. You've got to know your strengths and
know how to make the most of them. This questionnaire, which is loosely based on a classic
personality test, can give you a sense of just how well suited you are to the work that you
do or want to start. Circle the number nearest the trait that is generally more descriptive of

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you. If the two terms are equally descriptive, circle the mid-point. Add the scores as shown
below. Your strengths lie not in the stars but in the sums.

Who Am
The Salesperson
You come alive in a crowd. Cocktail party conversation for you might as well be a
competitive sport. If given enough leash, you can spin relationships into gold. Skeptical
loners score low here.

The Creator
You're the genius in the meeting, the one who craves variety and sophisticated strategy.
You probably can't balance a checkbook, but you could change the world with one of your
good ideas.

The Diplomat
You're tolerant, agreeable and accepting, a natural mediator who can negotiate the
impossible. With your innovation and political savvy, you can infiltrate bureaucracies and
make them sing for you.

The Doer
High scores here mean you're industrious, disciplined and dependable. With your tenacity
and organizational skills, you could run your own small country. That is, if you could just
loosen up.
THINK ABOUT
Specific businesses that would thrive in each or a combination of the above groups.
Help the students to focus on their top two traits so that a Creator-Salesperson could
become a good web-developer, tailor etc. A doer-creator could be a good baker. Perhaps a
doer advisor could comfortably do wedding planning.

Stages of Creativity
1. Preparation
At this stage the entrepreneur conducts relevant research of the idea by finding more
information of the sector, industry or other similar businesses. The main goal is to
gain more knowledge and substantial experience in certain aspects of the sector or industry.

2. Incubation
The entrepreneur may want to test the idea at this stage. Hence they may be willing to
produce products and offer services to few people and see how the product or services fair
in the market. The feedback of the products and services will be used to further improve
the idea.
3. Insight
At this stage the entrepreneur fully conceptualizes the idea.

4. Evaluation
The stage at which insights are analyzed to determine whether the ideas will work or not.

5. Elaboration

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The entrepreneur will start to implement the idea that has a true business opportunity at
this point. In addition they will develop a business plan that illustrates the road map to
implementing the idea.

Instructions;-
Let the participants share the way they started their small business or if they are all
beginners, then give a relevant story of how one started a business and try to analyze how
the idea was born and grew to become a business venture. Then take the participants
through the stages of creativity.

Session Activity 1for individuals

Tips to identifying business opportunities
What are some of the current trends or “in-thing”?
Think of things that you enjoy or are good at.
Some of the best opportunities lie in what has been overlooked.
Which product that is used for one purpose could perhaps be changed slightly and used for
another
Do you know any good ideas that are poorly done? When you talk with people, what are
their needs and problems?
Do you read newspapers and magazines, watch TV and listen to the radio, check in the
website to keep on top of things?
Which opportunities have you come across?
Do you travel? Look for how people in those areas where you travel meet their needs and
solve their problems.
What are the products/ services that are not being offered where you live?.

Session Activity 2
Group Discussion
List and discuss different products or services, country of origin and attributes, origin
associated with the business idea.

Stages of Creativity

1. Preparation
At this stage the entrepreneur conducts relevant research of the idea by finding more
information of the sector, industry or other similar businesses. The main goal is to gain
more knowledge and substantial experience in certain
aspects of the sector or industry.

2. Incubation
The entrepreneur may want to test the idea at this stage. Hence they may be willing to
produce products and offer services to few people and see how the product or services fair
in the market. The feedback of the products and services will be used to further improve
the idea.

3. Insight
At this stage the entrepreneur fully conceptualizes the idea.
4. Evaluation

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The stage at which insights are analyzed to determine whether the ideas will work or not.

5. Elaboration
The entrepreneur will start to implement the idea that has a true business opportunity at
this point. In addition they will develop a business plan that illustrates the road map to
implementing the idea.

Session Activity 1
Individual activity
Tips to identifying business opportunities
• What are some of the current trends or “in-thing”?
• Think of things that you enjoy or are good at. Some of the best opportunities lie in
what has been overlooked.
• Which product that is used for one purpose could perhaps be changed slightly and
used for another?
• Do you know any good ideas that are poorly done?
• When you talk with people, what are their needs and problems?
• Do you read newspapers and magazines, watch TV and listen to the radio, check in
the website to keep on top of things?
• Which opportunities have you come across?
• Do you travel?
• Look for how people in those areas where you travel meet their needs and solve
their problems.

What are the products/ services that are not being offered where you live?

Session Activity 2
Group Discussion
List and discuss different products or services, country of origin and attributes, origin
associated with the business idea.

SESSION 3 BUSINESS PLAN DEVELOPMENT

A. SPECIFIC OBJECTIVES

By the end of the session, you should be able to:-

1. Relate the biblical
2. Understand the importance of creativity and business idea development.
3. Identify and differentiate the different components of a business plan.
4. Recognize the importance of writing a business plan.
5. Start constructing a comprehensive business plan.
6. Draw a road map of the business idea development.

Facts
1. A business plan is guideline to implementing a business idea.
2. A business plan is used to evaluate the progress of your business.

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Myths
1. A business plan guarantees you immediate success.
2. Small businesses do not need a business plan.
3. Business plans are a waste of time.
4. I only need a business plan when accessing a loan from a bank / donor/investors.
5. I will automatically qualify for a start-up loan capital once I have a business plan.

Note
Majority Investors and bankers require an entrepreneur to either have their own savings or
to have run the business for at least one year to qualify for a loan. Therefore very few banks
are willing to give startup capital. A business plan should clearly demonstrate the business
idea, projection of growth and how to get to the growth projection. Therefore the plan
should provide details about
the sector/industry, product or service, market, financial, human resource, and targets. All
the details provided in the business plan should be accurate and realistic. Therefore any
changes emerging from industry, market etc should be
adjusted accordingly.

Advantages of a Business plan

• Helps to clarify your vision and deciding whether or not to forge ahead.

• Determine if your product and/or service has a sufficient market to support

it and whether or not it will be profitable.
• Provides an estimate of your start-up costs and how much you'll need to invest or
finance.
• Convinces investors and lenders to fund your business.

• Defines your target market.

• Establishes or re-evaluates your competitive position within the marketplace.
• Defines corporate objectives and programs to achieve those objectives.

• Develops effective operational strategies.

• Makes you understand the risks involved and anticipates potential problems.
• Sets a value on a business for sale or for legal purposes.

1. EXECUTIVE SUMMARY
This is a brief (one-page) statement of the business plan objectives. This section briefly
tells your reader where your company is, where you want to take it, and why your business
idea will be successful. If you are seeking financing, the executive summary is also your
first opportunity to grab a potential investor’s interest. The executive summary should
highlight the strengths of your overall plan and therefore be the last section you write.
However, it usually appears first in your business plan document.

Contents of an Executive Summary

a) If You Are an Established Business
• The Mission Statement – This explains what your business is all about.

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• Company Information – when the business was formed, the names of the founders
and their roles, number of employees and business location(s).
• Growth Highlights – Include examples of company growth, such as financial or
mark highlights.
• Products/Services – Brief description of the products or services.
• Financial Information – current bank and investors.
• Summarize future plans – Explain where you would like to take your business.

b) If You Are a Startup or New Business

• What is the purpose of this plan? Will it be used as:
• An operating guide?
• A financing proposal?
• Business structure chosen (i.e., sole proprietorship, partnership, corporation)?

c) For financing proposal:

• Who is requesting the funds and how much is needed?
• What will the money be needed for?
• How will the funds be repaid?
• What collateral will be offered to secure the loan?

2. COMPANY DESCRIPTION
What to include in your company description:
• Describe the nature of your business and list the marketplace needs that you are
trying to satisfy.
• Explain how your products and services meet these needs.

• List the specific consumers, organizations or businesses that your company serves or
will serve.
• Explain the competitive advantages that you believe will make your business a success
such as your location, expert personnel, efficient operations, or ability to bring value to
your customers.

3. MARKET ANALYSIS
What to Include in Your Market Analysis:
• Industry Description and Outlook – Describe your industry, including its current size
and historic growth rate as well as other trends and characteristics e.g., life cycle stage,
projected
growth rate e.t.c.
• Information About Your Target Market – Narrow your target market to a manageable
size. Many businesses make the mistake of trying to appeal to too many target markets.
Research and include the following information about your market:
• Distinguishing characteristics – What are the critical needs of your potential customers?
Are those needs being met? What are the demographics of the group and where are they
located? Are there any seasonal or cyclical purchasing trends that may impact your
business?
• Size of the primary target market – In addition to the size of your market, what data
can you include about the annual purchases your market makes in your industry? What is
the forecasted market growth for this group.

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• How much market share can you gain? – What is the market share percentage and
number of customers you expect to obtain in a defined area?

Explain the logic behind your calculation.

• Pricing and gross margin targets – Define your pricing structure, gross margin levels,
and any discount that you plan to use.
• Competitive Analysis – Your competitive analysis should identify your competition by
product line or service and market segment. Assess the following characteristics of the
competitive landscape:
• Market share
• SWOT analysis
• Regulatory Restrictions – Include any customer or governmental regulatory
requirements.
4. ORGANIZATION AND MANAGEMENT
This section should include: your company's organizational structure, details about the
ownership of your company/business, profiles of your management
team, and the qualifications of your board of directors.
• Who does what in your business?
• Organizational structure
• Ownership information
5. DESCRIBE YOUR SERVICE OR PRODUCT
Emphasize the benefits to potential and current customers. Focus on why your particular
product will fill a need for your target customers.
What to include in your service or product line section:
• A description of your product / service
Include information about the specific benefits of your product or service – from your
customers' perspective. You should also talk bout your product or service's ability to meet
consumer needs, any advantages your product has over that of the competition, and the
current development stage your product is in e.g., idea, prototype.

• Details about your product’s life cycle

Be sure to include information about where your product or service is in its life cycle, as
well as any factors that may influence its cycle in the future.
• Intellectual property
If you have any existing, pending, or any anticipated copyright or patent filings, list them
here. Also disclose whether any key aspects of a product may be classified as trade secrets.
Lastly, include any information pertaining to existing legal agreements, such as
nondisclosure or non-compete agreements.
• Research and development (R and D) activities
Outline any R and D activities that you are involved in or are planning. What results of
future R and D activities do you expect? Be sure to analyze the R and D efforts of not only
your own business, but also of others in your industry.

6. MARKETING AND SALES

Define your marketing strategy. There is no single way to approach a marketing strategy.
Your strategy should be part of an ongoing business-evaluation process and unique to your
company. However, there are common

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steps you can follow which will help you think through the direction and tactics you would
like to use to drive sales and sustain customer loyalty. An overall marketing strategy should
include four different strategies:
a. A market penetration strategy
How you will capture the market and have a competitive advantage over the existing
competitors.

b. A growth strategy
This strategy for building your business might include: an internal strategy such as how to
increase your human resources, an acquisition strategy such as buying another business, a
franchise strategy for branching out, a horizontal strategy where you would provide the
same type of products to different users, or a vertical strategy where you would continue
providing the same products but would offer them at different levels of the distribution
chain.

c. Channels of distribution strategy

Choices for distribution channels could include;- original equipment manufacturers
(OEMs), an internal sales force, distributors, or retailers.

d. Communication strategy
How are you going to reach your customers? Usually a combination of the following tactics
works the best: promotions, advertising, public relations, personal selling, and printed
materials such as brochures, catalogues, flyers, etc.

7. DEFINE YOUR SALES STRATEGY

This covers how you plan to actually sell your product. Your overall sales strategy should
include two primary elements:
• A sales force strategy. If you are going to have a sales force, do you plan to use internal
or independent representatives? How many salespeople will you recruit for your sales
force? What type of recruitment strategies will you use? How will you train your sales
force? What about compensation for your sales force?
• Your sales activities. When you are defining your sales strategy, it is important that you
break it down into activities. For instance, you need to identify your prospects. Once you
have made a list of your prospects,
you need to prioritize the contacts, selecting the leads with the highest potential to buy first.

8. FUNDING REQUEST
If you are seeking funding for your business venture, use this section to outline your
requirements. Your funding request should include the following information:
• Your current funding requirement.
• Any future funding requirements over the next five years.
• How you intend to use the funds you receive – Is the funding request for capital
expenditures? Working capital? Debt retirement? Acquisitions?
• Any strategic financial situational plans for the future, such as: a buyout, being acquired,
debt repayment plan, or selling your business. These
areas are extremely important to a future creditor, since they will directly impact your
ability to repay your loan(s).

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9. FINANCIAL PROJECTIONS
You should develop the Financial Projections section after you've analyzed the market and
set clear objectives. That's when you can allocate resources efficiently. The following is a
list of the critical financial statements to include in your business plan packet.
• Historical Financial Data
The historical financial data to include are your company's income statements, balance
sheets, and cash flow statements for each year you have been in business (usually for up
to three to five years).
• Prospective Financial Data
All businesses, whether startup or growing; are required to supply their prospective
financial data. Each year's documents should include forecasted income statements,
balance sheets, cash flow statements, and capital

Expenditure budgets.
• Projections should match funding requests.
• Short analysis of financial information.
Appendix
This can include items such as your credit history, resumes, letters of reference, and any
additional information that a lender may request.

Business Plan Components Template (Reference

Appendix 1)
Session Activity 1
Individual Activity
In three years to come where would you like your business to be or what would want to
achieve. What is your dream? Use the outline of business description (item four and eight
of business plan component) in developing your dream. Also indicate how you will achieve
your dream or make your dream a reality?

Session Activity 2
Group Activity (Small Groups)
Each entrepreneur should present their business description/idea to members of the group.
The members of the group should ask questions on points that are not clear to the
entrepreneur for discussion. This activity/ exercise will assist each entrepreneur to further
refine their ideas or go back to the drawing board and select another idea.

Assignment
Each participant to develop a questionnaire for the business visit session activity 1. The
questionnaire will be used to collect information in the following areas and apply
components of the business plan as indicated below as a guideline.
1. Identify the capital required to start the business
2. How the operations are run.
3. What factors should be considered in developing
a plan for the business?
4. What should be considered when hiring staff?
5. Secrets of trade in the sector/industry
6. How to networking with various players of the industry (manufacturers, suppliers and
other entrepreneurs

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7. Strategies for business growth in the industry/
sector

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