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Short Learning Programme
on
Entrepreneurial Skills
Since 1970 the Small Business Advisory Bureau offers business advice to prospective entrepreneurs in starting an own business. With the expertise available it is intended to draw the attention of prospective entrepreneurs to various business opportunities, the factors influencing the establishment and managing of an independent business, the unique problems facing business owners and methods of preventing or solving such problems. Existing theories regarding the management and operation of a business will be addressed, but the emphasis during the presentations will be on the practical application of the theories to minimise unemployment in South Africa.

Purpose of the course:

Define and understand the meaning of the words ‘entrepreneur’ and ‘entrepreneurship’ and the different forms of businesses that can be used to start a business. This includes knowledge of the importance of small businesses and their problems in the economy and the importance of feasibility and viability studies and what such studies entail. Describe management and the management activities involved in running successful businesses. For this purpose, they need to be able to identify the basic management elements, additional management tasks and the explanation of management information. Understand and explain the importance of administrative processes in small businesses, such as a record-keeping system, the balance sheet, income statement and the pricing policy in retail businesses. Understand and explain how to do a viability assessment on a new or existing business. Explain the difference between the concepts trademark and patent. Taxation in South Africa. Assess the legal rules that relate to the validity of various contracts. The importance of insurance for small businesses. Describe market segmentation and market segmentation processes. Understand the elements of marketing and how to keep customers satisfied.

Admission requirements:

Admission requirements: 
Participants must be entrepreneurially orientated with the necessary skills that are required to become entrepreneurs. Numeracy skills to do basic calculations must already be in place.
Learning assumed to be in place: 
Grade 12 or an equivalent qualification with preferable or applicable working experience in the small business environment.

Course outcomes and assessment criteria :

Course outcomes and the associated assessment criteria: 

z

Study Unit

Outcomes

Assessment Criteria

  After completion of this course, participants will: Participant will be assessed on the following criteria:

(1)   IE: Introduction to entrepreneurship [Proposed credits points: 3]

 

Specific outcome 1

Define and understand the meaning of the words “entrepreneur” and “entrepreneurship”.

  • Identify and explain the difference between entrepreneurs, investors, and managers.
  • Understand and discuss the general characteristics of entrepreneurs.
  • Demonstrate the skills that entrepreneurs must possess.

Specific outcome 2

Demonstrate the importance of small businesses in the economy.

  • Define small businesses and discuss why people operate small businesses.
  • Demonstrate the understanding of shortcomings in operating small businesses.  

       Specific outcome 3

Specify small business problems.

  • Understand and discuss the unique external and internal problems and failures of small businesses.
(2)  IO: Entrepreneurial ideas and opportunities [Proposed credits points: 3]

Specific outcome 1

Understand and discuss the importance of feasibility and viability studies and what such studies entail.

  • Explain technical and market feasibility studies.
  • Identify and discuss the analyses of competitors, personnel, and financial feasibility studies.

Specific outcome 2

Assess sources of business ideas and the role of creativity and innovation in the development of business opportunities

  • Explain the role played by creativity and innovation in developing business opportunities.
  • Discuss the factors that influence creativity and techniques to improve creativity to start a business.
  • Explain how one must evaluate business opportunities.
(3)   EMS: Entrepreneurial management skills [Proposed credits points: 3]

Specific outcome 1

Describe management and the management activities involved in running successul businesses.

  • Explain different definitions of management.
  • Demonstrate an understanding of a schematic presentation of the management process.

Specific outcome 2

Identify the basic management elements

  • Identify and explain planning, organising, activation, leadership, and control as a basis for management.
  • Discuss and explain the advantages of thorough planning.
  • Discuss and explain the requirements for thorough planning.
  • Explain and understand the planning process.
  • Discuss the organisational process and symptoms of poor organisation.
  • Explain influence, authority, and power in managing a business.
  • Discuss the control proses in running a business.
  • Explain and discuss requirements for a control system.

Specific outcome 3

       Identify additional management tasks

  • Explain en discuss motivation as an additional management task.
  • Explain and demonstrate the communication process as an additional management task.
  • Explain and demonstrate co-ordination as an additional management task.
  • Explain and demonstrate delegation as an additional management task and explain the delegation process.
  • Explain and demonstrate discipline as an additional management task.
  • Explain and demonstrate human development and explain how entrepreneurs must manage themselves.

(4)  AS: Entrepreneurial Administrative skills [Proposed credits points: 3]

              

Specific outcome 1

Understand and explain management information.

  • Demonstrate and name the information required by management in small businesses.
  • Discuss important daily, monthly and yearly information that is of importance for businesses.

Specific outcome 2

Understand and explain the importance of a record-keeping system.

  • Explain and understand the use of a daily cash sales register.
  • Develop, explain and describe the use of goods received register.
  • Describe the use of a payments register.
  • Understand the receiving procedures of goods and demonstrate how the goods received register must be completed.

Specific outcome 3

Understand and explain the administrative processes in small businesses.

  • Demonstrate the collection of information in small businesses.
  • Explain and discuss the different documentation required for small businesses.
  • Explain and understand the use of a daily cash sales register.

5)  FS: Entrepreneurial Financial Skills [Proposed credits points: 30]

Specific outcome 1

Understand the balance sheet and the importance thereof.

  • Demonstrate the ability to identify and evaluate the difference between assets, liabilities and owners’ equity in businesses.
  • Explain and differentiate between current assets and current liabilities.
  • Illustrate and understand the accounting equation.
  • Understand own capital and outside capital in businesses.
  • Understand and calculate the return on an investment.

Specific outcome 2

Understand the income statement and the importance thereof.

  • Understand revenue and expenditure.
  • Explain and distinguish between the concepts, gross and net.
  • Calculate the purchase price of a product, selling price and cost price.
  • Understand and calculate the concept, costs of sales.
  • List and understand operating expenses and compile an income statement.

Specific outcome 3

Understand the pricing policy in retail businesses.

  • Distinguish between the concepts, gross profit, and markup.
  • Calculate a markup percentage and the gross profit percentage on a product.
  • Explain and list factors which influence prices for retail businesses.
  • Understand and apply the concept, theoretical gross profit percentage, in practice.
  • Calculate an average gross profit percentage of a business.

Specific outcome 4

Understand and explain how to do a viability assessment on a new or existing business.

  • Compile a running cost budget.
  • Determine and calculate the break-even turnover of a business.
  • Determine and calculate the budgeted turnover and ideal turnover of a business.
  • Determine and calculate the cash break-even turnover of a business.
  • Understand and compile a turnover budget.
  • Understand and compile a purchase budget.
  • Understand and compile a cash flow budget.
  • Explain and understand the task of a financial manager.

Specific outcome 5

Understand the pricing policy for manufacturers and businesses rendering services.

  • Understand and explain the cost classifications of direct and indirect material and labour.
  • Understand and explain the cost classifications of direct and indirect overheads.
  • Explain the flow of cost in a production process.
  • Explain the difference between variable and fixed costs.
  • Be able to calculate the break-even point for a small industrialist.
  • Be able to calculate the material costs of a product.
  • Be able to calculate the productive hours available per annum for businesses.
  • Be able to calculate the labour rate, overhead rate and a profit rate for businesses.
  • Be able to calculate the cost price and selling price of products or services.
  • Be able to compile a production cost statement and income statement.
(6)  LS; Entrepreneurial legal skills [Proposed credits points: 3]

Specific outcome 1

Understand the different forms of businesses that can be used to start a business in

  • Discuss and explain the differences between the various forms of businesses.
  • Discuss the advantages and disadvantages of the various forms of businesses.

Specific outcome 2

Explain the difference between the concepts, trademark, and patent.

  • Explain how trademarks and patents are identified.
  • Understand the necessity of registering trademarks and patents.

Specific outcome 3

       Taxation in South Africa.

  • Explain and discuss the tax structure in South Africa.
  • Understand the various kinds of taxes for small businesses.
  • Explain how the tax is calculated for the different forms of businesses.
  • Explain and calculate value added tax on products.
  • Calculate input and output VAT for businesses.

Specific outcome 4

Assess the legal rules that relate to the validity of various contracts

  • Discuss and explain various factors surrounding contracts.
  • Explain factors which influence consensus between two parties.

Specific outcome 5

The importance of insurance for small businesses.

  • Understand and discuss the various factors surrounding insurance.
  • Explain the basic requirements of insurance.
  • List and explain the various kinds of insurance that are important for small businesses.

(7)   MM: Marketing Management Skills [Proposed credits points: 10]

Specific outcome 1

Describe market segmentation and market segmentation processes. 

  • Discuss the purpose of market segmentation in terms of the division of the market into groupings with similar characteristics, needs, wants, and behaviours.
  • Explain market segmentation implications in relation to improving marketing efforts. 
  • Identify and explain geographic, demographic, psychographic and behaviouristic segmentation bases. 

Specific outcome 2

Understand the elements of marketing and how to keep customers satisfied

  • Describe and understand the elements of marketing and the influence of each on businesses.
  • Understand and explain the influence of products, pricing, place, promotions, and people in marketing the products of small businesses.
  • Explain market investigation.
  • Determine a gap in the market and where to establish specific businesses.
  • Describe how to inform customers of the business on the products they are buying.
  • Describe how to attract customers to businesses.
  • Describe the importance of shop layout.
  • Describe and discuss the importance of product displays in retail businesses.
  • Describe and discuss the importance of customer relations

(8)   Small Business Planning Skills [Proposed credits points: 3]

Specific outcome 1

Prepare to start a new business venture. 

  • Discuss and describe the importance of a business plan.
  • Determine strengths and weaknesses of a proposed business idea.
  • Explain technical viability, market viability, organisational abilities and determine your own financial situation.

Specific outcome 2

Steps in preparing a business and basic requirements for writing a business plan.

  • Discuss the title page, table of contents and the executive summary in a business plan.
  • Determine a mission and vision statement for a business.
  • Explain and discuss products and type of business.
  • Explain and discuss the marketing plan.
  • Explain and discuss the financial plan.

Specific outcome 3

How can one ensure success with a business plan?

  • Explain how one should use a business plan. 
  • Write a business plan for a new business venture

 

Assessment: 
80% attendance of compulsory study schools or attendance over ten days because a huge amount of the theory is backed up with practical examples during the contact training. Assessment will be done through case studies during the contact sessions. One test per subject or one assignment and a final examination on each of the subjects. To pass a subject, participants have to obtain a final mark of 50% or more. The weight of the assignment and/or test mark is 40% and the examination mark 60% in the determination of the final mark. A sub-minimum of 40% must be obtained in the examination of each subject to pass that specific subject. If participants fail and the assignment and/or test mark was more than 40%, they can write a re-exam in that specific subject and the maximum mark obtained by participants will be a 50% allocation as a final mark. To obtain the Short Learning Programme in Introduction to Entrepreneurship skills cum laude, participants have to complete the programme within one academic year and have to obtain an average of at least 75% for all eight subjects.
Method of assessment: 
The assignment and final examination will test participants on the outcomes of each subject to determine their understanding and if participants can apply the outcomes practically as emerging entrepreneurs.

Additional information

Mode of delivery: 
Contact
Target group: 
The unemployed youth and people who want to enter the business world to start their own businesses. People who want to start their own businesses from home and who want to later move into formal businesses.
Contact us
Name: 
Me Lizanne Smit
E-mail: 
Telephone number: 
018 299 4191