CAPE Entrepreneurship Unit 2 - Entrepreneurship Practice

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CAPE Entrepreneurship Unit 2 - Entrepreneurship Practice

Business Education Department Ministry of Education, Science & Technology

Antigua and Barbuda

? 2017 by Commonwealth of Learning and Antigua and Barbuda Ministry of Education, Science and Technology.

CAPE Entrepreneurship Unit 2 ? Entrepreneurhip Practice is made available under a Creative Commons Attribution-ShareAlike 4.0 Licence (international): .

Acknowledgements

The Business Education Department wishes to thank those below for their contribution to this Open Textbook:

Carlene Spencer Janelle O'Mard Micheala Morris-Techeira

Tasheba Frederick Jacqueline Peters-Richardson

The views expressed in this publication are those of the authors, and do not necessarily reflect the views of COL or the Ministry of Education, Science & Technology, Antigua and Barbuda. All products and services mentioned are owned by their respective copyright holders, and mere presentation in the publication does not mean endorsement by COL or the Ministry of Education, Science & Technology, Antigua and Barbuda.

Business Education Department

Government Complex Queen Elizabeth Highway

St. John's Antigua

Fax: +268-462-4970 E-mail: Jacqueline.Richardson@.ag

Eo.jackrich2000@ Website: businesseducationantigua.

CAPE Entrepreneurship Unit 2 - Entrepreneurship Practice

Contents

About this Open Textbook

6

How this Open Textbook is structured ............................................................................. 6

Course Overview

7

Welcome to CAPE Entrepreneurship ............................................................................... 7 Unit 2 - Entrepreneurship Practice ................................................................................... 7 Course objectives.............................................................................................................. 7 Timeframe ........................................................................................................................ 8 Assignments ..................................................................................................................... 9 Assessments...................................................................................................................... 9

Getting around this Open Textbook

9

Margin icons ..................................................................................................................... 9

Unit 2 - The Entrepreneurship Practice

11

Introduction........................................................................................................... 11

Module 1 ? Essential of Business Ownership

11

Module Introduction ....................................................................................................... 11 Lesson 1 ? Types of Ventures ........................................................................................ 12 Lesson 2 - Legal and Regulatory Framework ................................................................ 33 Lesson 3 - Ethics and Social Responsibility................................................................... 43

Module 2 ? New Venture Planning and Creation

57

Module Introduction ....................................................................................................... 57 Lesson 1 - Market Research ........................................................................................... 57 Lesson 2 - Feasibility Analysis....................................................................................... 64 Lesson 3 - Start-up capital and Financial Statements..................................................... 70 Lesson 4 ? Developing the Business Model................................................................... 96 Lesson 5 - Implementing and managing the venture.................................................... 128 Lesson 6 - Harvesting the Venture ............................................................................... 138

Module 3 ? Managing, Growing and Harvesting the Venture

143

Module Introduction ..................................................................................................... 143 Lesson 1 - Venture Life Cycle...................................................................................... 143 Lesson 2 - Venture Models........................................................................................... 147 Lesson 3 ? Importance of venture valuation and valuation methods ........................... 159 Lesson 4 ? E-commerce and growing the venture ....................................................... 175

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CAPE Entrepreneurship

Unit 2 ? Entrepreneurship Practice

About this Open Textbook The Business Education Department has produced CAPE Entrepreneurship - Unit 2 - Entrepreneurship Practice. All Open Textbooks produced by the Business Education Department are structured in the same way, as outlined below.

How this Open Textbook is structured The course overview The course overview gives students a general introduction to the course. The information contained in the course overview helps students determine:

What you already needed to know. What you can expect from the course. How much time you need to invest in completing the course.

The overview also provides guidance on:

The course content

Resources Your comments

Study skills. Course assignments and assessments. Activity icons. Units.

We strongly recommend that students read the overview carefully before starting your study.

The course is broken down into units. Each unit comprises: An introduction to the unit content. Unit outcomes. Core content of the unit with a variety of learning activities. A unit summary. Assignments and/or assessments, as applicable. Answers to Assignment and/or assessment, as applicable.

For those interested in learning more about this subject, we provide you with a list of additional resources at the end of this Open Textbook; these may be books, articles or websites.

After completing CAPE Entrepreneurship, we would appreciate if you would take a few moments to give us your feedback on any aspect of the course. Your feedback might include comments on: Course content and structure. Course reading materials and resources. Course assignments. Course assessments. Course duration. Course support (assigned tutors, technical help, etc.)

Course Overview

Your constructive feedback will help us to improve and enhance this course.

Welcome to CAPE Entrepreneurship

Unit 2 - Entrepreneurship Practice The Entrepreneurship programme seeks to empower students by providing the knowledge, skills, and attitudes to achieve entrepreneurial success in a variety of settings. The programme places emphasis on the individual's acumen to realise the opportunity, assess risk, and apply the skills necessary to transform innovative ideas into viable and successful ventures.

The programme provides students with the mindset that supports creativity and innovation needed to transform ideas into ventures that create value and wealth. Also, the programme seeks to fill that void in the continuum from idea generation to venture creation and apprises students of ways to access training, technical support, funding and legislative incentives offered and provided by business organisations.

Entrepreneurship addresses fundamentals of entrepreneurial behaviour and thinking and engages students in practical experiences through idea generation and opportunity identification in implementing, managing and harvesting a venture. Moreover, the programme acquaints students with the essentials of business ownership, legal and regulatory frameworks, and the importance of market research, feasibility analysis and the development of a business model to successfully compete in the global marketplace.

The course provides a solid foundation for further studies in Entrepreneurship and preparation for Caribbean Advanced Proficiency Examination (CAPE). Individuals starting and operating a venture and/or becoming an entrepreneurial employee (entrepreneur) can utilize the acquired knowledge and understanding of the entrepreneurial process to create sustainable ventures.

Course objectives Objectives

The objectives of this course are to:

1. Develop an entrepreneurial mindset to deal with uncertainties in regional and global market environments

2. Understand the diverse character traits and behaviours which inform entrepreneurs

3. Demonstrate an understanding the entrepreneurial process from idea generation to concept development and creation of the venture

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