CXC Principles of Business Exam guide: Section 3: Establishing a Business
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CXC CSEC Principles of Business Exam Guide Profile 1: Organizational Principles Section 3: Establishing a Business |
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. |
Define the term entrepreneur; |
The concept of entrepreneurship |
| 2. | Explain the role of an entrepreneur; |
The role of the entrepreneur in conceptualizing, planning, accessing funds, organizing, operating and evaluating the performance of a business. Attention should be paid to the bearing of risks and the entitlement to the profits and losses of the business. |
| 3. |
Identify the characteristics of the the typical entrepreneur;
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Personal traits and leadership qualities: (a) creative (b) innovative (c) flexible (d) goal-oriented (e) persistent (f) persevering (g) propensity to take calculated risks |
| 4. |
Outline reasons why persons may want to establish their own business;
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Reasons for wanting to start a business: (a) desire for financial independence (b) self-fulfillment (c) self-actualization |
| 5. | Outline the essential steps that should be taken in establishing a business; |
Steps for establishing a business: (a) conceptualization (b) research (market probe) (c) identification of resources (d) creation of a business plan (e) acquisition of funds (f) operation of the business |
| 6. | Describe the role of key functional areas in the operation of diferent types of business. |
Role of the production, marketing and finance, legal, Research and Development (R and D) departments in a business. |
| 7. |
Identify sources of information for conducting research into the establishment of a business; |
Primary and secondary sources of information for conducting research. |
| 8. | Explain the relationship between planning and the operation of a business; |
The necessity for short-term, medium-term and long-term planning in a business. |
| 9. |
Identify regulatory practices instituted by governments for the establishment of different types of businesses; |
Local regional and global rules for conducting business, including local government (municipal, village council, parish council regulations) |
| 10. |
Outline the advantages and disadvantages of different types of business organizations; |
Opportunities and challenges encountered by different types of organizations. |
| 11. |
Identify sources of captial for the setting up of a business; |
Sources of capital including venture capital. |
| 12. |
Explain the significance of collateral in accessing capital to establish a business; |
Collateral:
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| 13. | Outline the features of a business plan; |
Analysis of all the elements of a business plan, including the executive summary and the operational, marketing and financial plans. |
| 14. | Explain the purposes of a feasibility study; | The purpose of a feasibility study. |
| 15. |
Identify ethical and legal issues in the establishment and operation of a business; |
Ethical and legal issues, for example advertising, taxation and environmental issues. |
| 16. | Explain the consequences of ethical and illegal practices in business. |
Consequences of unethical and illegal practices in business:
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principles of business
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