Author: KNEC notes and Past Papers

Ideas and opportunities need to be screened and assessed for viability once they have been identified or generated. This is not an easy task though important because it makes the difference between success and failure. The exercise certainly helps in Read More …

There are various ways through which business ideas can be generated. These include: Identifying a need in the community: people usually have many unsatisfied needs. By carrying out a market survey on the location where you need to establish your Read More …

Ideas can be generated from:   Hobbies/personal interests Personal skills/experience Franchises – An agreement where manufacturers or sole traders of a trade mark, product/service gives exclusive rights for local distribution to independent retailers in return for their payment of loyalties Read More …

A good business opportunity must fulfil or be capable of meeting the following: Real demand i.e. it should respond to unsatisfied needs or requirements of customers who have ability to purchase and are willing to exercise that choice. Return on Read More …

A business opportunity is an attractive idea which provides the possibility of a return for the entrepreneur taking the risk. Such opportunities are presented by customer requirements and lead to the provision of a product or service which creates or Read More …

 What is a Business Idea An opportunity in the environment which, can be translated into a business activity. The existence of a situation in the environment which, can be advantageously turned into a business activity. The existence of an opportunity Read More …

These include: Relevant training to gain skills and experience Ability to apply marketing, research, promotion and publicity Employing people with right qualification to advice on pricing and costing of products to beat competition Upholding social networking, joining business groups like Read More …

The following factors may inhibit entrepreneurial development Poor or lack of business acumen Poor marketing techniques Poor pricing policy or poor casting Poor networking and benchmarking to expand business horizon, customer base and markets Negative attitude towards entrepreneurial culture Lack Read More …

As stated earlier, values, norms and beliefs guide the society towards acceptable behaviour which leads to formation of good habits which may promote entrepreneurial development. The habits include: Independence A person who is independent finds it      difficult to work for Read More …

The following are elements of entrepreneurial culture: People are empowerment focused Value creation through innovation and change Attention to the basics/detail Hands-on management Doing the right thing Freedom to grow and to fail without embarrassment Commitment and personal responsibility Emphasis Read More …