Author: KNEC notes and Past Papers

The use of technology is important because it increases labour productivity and this in turn increases local competitiveness for both consumer and producer. Technology selected by entrepreneurs should favour locally produced tools and equipment. This makes it easier to maintain Read More …

Time management is critical to the achievement of organization goals. Projects or activities delayed due to poor time management can cost the company in terms of poor image and loss of business opportunities due to being perceived by customers as Read More …

Cash shortages can prevent you from meeting your financial obligations and make it difficult to expand your business.  In some cases it will mean you will need to close your business. It is important to know your cash flow position.  Read More …

One of the keys to successful businesses is the employment and retention of the right people. However the employment of staff also brings with it legal obligations, including: Provision of a safe working place as per the Occupational Health and Read More …

Inventory control is the management of inventory and relies heavily on information provided by the inventory record keeping system. Inventory is required to support the operations of the business, whether it be a retailing or manufacturing business. The proper management Read More …

In many businesses, the cost of purchasing merchandise for resale (retailing) or the costs of purchasing and converting materials into finished products (manufacturing) represent the business’s most significant expenditures. Keeping track of merchandise and materials, known as inventory, is important Read More …

To be a good manager one should have the following qualities Intelligence – to enable him understand difficult ideas and deal with varied issues. Initiative – to enable him get solutions to problems and take control of situations Self confidence Read More …

Management is necessary because resources are scarce and factors such as employees , technology costs keep changing. Effectiveness is the ability to obtain the intended results, while efficiency is accomplishing the objectives by utilising minimum resources. Management functions involve planning, Read More …

In order to increase chances of survival small businesses need to identify firms that offer support services where they can get help with the running of the business. Some of the support services for small enterprises include: Training services This Read More …

Legal registration e.g. registration of business names Tax compliance e.g. VAT, income TAX, PAYE Trade license e.g. single business permit Public health inspection Environmental requirements e.g. NEMA Registration with relevant government department e.g. Ministry of Fishery, Livestock, Training Social Security Read More …