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Unformatted text preview: 1 Content and Activities for Term 1, 2 and 3 Entrepreneurship S.5 Experimental Version Kigali, May, 2018 2 Copyright © 2018 Rwanda Education Board All rights reserved. This document is the property of Rwanda Education Board. 3 Table of Contents INTRODUCTION ..................................................................................................................................................... 8 UNIT 1 BUSINESS IDEAS AND OPPORTUNITIES ....................................................................................................... 9 1.1. MEANING OF A BUSINESS, A BUSINESS IDEA AND A BUSINESS OPPORTUNITY ...................................... 11 1.1.1. 1.1.2. 1.1.3. 1.2. CHARACTERISTICS/QUALITIES OF A BUSINESS IDEAS AND OPPORTUNITY ............................................. 15 1.1.1. 1.3. Meaning of business ............................................................................................................................12 Rationale of Business ...........................................................................................................................12 Business idea and business opportunity ..............................................................................................13 Why generate business ideas ...............................................................................................................15 SOURCES OF GOOD BUSINESS IDEAS AND OPPORTUNITIES ................................................................... 16 1.3.1. How to generate business ideas (Techniques of generating business ideas) .......................................16 1.3.2. Sources of business ideas .....................................................................................................................18 1.4. FACTORS INFLUENCING CHOICE OF A BUSINESS OPPORTUNITY ..................................................................19 1.4.1. Some factors considered while choosing of a business opportunity ....................................................19 1.5. EVALUATING BUSINESS IDEAS ..................................................................................................................20 1.5.1. Factors to consider when evaluating viable business idea and opportunities .....................................20 1.6. EVALUATING BUSINESS OPPORTUNITIES USING THE SWOT ANALYSIS! ....................................................22 1.6.1. Meaning of SWOT Analysis .................................................................................................................22 1.6.2. The purpose of a SWOT .......................................................................................................................23 END UNIT 1 ASSESSMENT .................................................................................................................................... 26 UNIT 2 CONTRACTS IN BUSINESS OPERATIONS ................................................................................................... 27 2.1. BUSINESS CONTRACTS: MEANING AND FORMS OF BUSINESS CONTRACTS .................................................28 2.1.1. Meaning of contract and Business contract .........................................................................................28 2.1.2. Forms of business contracts ................................................................................................................29 2.2. ELEMENTS OF A WRITTEN CONTRACT AND A VALID CONTRACT.................................................................30 2.2.2. Essential elements of a valid contract..................................................................................................31 2.3. IMPORTANCE AND TERMINATION OF BUSINESS CONTRACTS ......................................................................32 2.3.1. Importance of business contracts.........................................................................................................32 2.3.2. Termination of business contracts .......................................................................................................33 2.4. TYPES AND COMMON BUSINESS CONTRACTS............................................................................................33 2.4.1. Types of business contracts ..................................................................................................................34 2.5. GENERAL BUSINESS CONTRACTS: EMPLOYMENT RELATED CONTRACT AND LEASES .................................35 2.5.1. Employment related contract ...............................................................................................................37 2.6. BREACH OF A CONTRACT ...........................................................................................................................39 2.6.1. Breach of contract ...............................................................................................................................39 2.6.2. Defenses to breach of contract ............................................................................................................40 2.6.3. Remedies to a breach of contract.........................................................................................................41 2.7. CONFLICTS AND DISPUTES IN BUSINESS .....................................................................................................42 2.7.1. Business disputes and conflicts ............................................................................................................43 2.7.2. Business conflicts with stakeholders ....................................................................................................43 2.8. RESOLUTIONS TO CONFLICTS AND DISPUTES IN BUSINESS .........................................................................44 2.8.2. Examples of Conflict Resolution Skills ................................................................................................46 2.8.3. Resolution of conflicts in business .......................................................................................................47 4 END OF UNIT 2 ASSESSMENT ...................................................................................................................................51 UNIT 3 TAXES IN BUSINESS ................................................................................................................................. 53 3.1. MEANING OF TAXATION CONCEPTS: ..............................................................................................55 3.1.1. Tax and Taxation, Tax Evasion and Avoidance, Tax shifting ................................................................55 3.2. BENEFITS OF PAYING TAXES TO ENTREPRENEUR, GOVERNMENT AND SOCIETY ........................................57 3.2.1. Benefits of paying taxes to an entrepreneur ........................................................................................58 3.2.2. Benefit of paying taxes to the government..........................................................................................58 3.2.3. Benefit of paying taxes to Society ........................................................................................................59 3.3. PRINCIPLES OF TAXATION ..........................................................................................................................59 3.4. RIGHTS AND OBLIGATION OF THE TAXPAYERS...........................................................................................61 3.4.1. Rights of taxpayers ..............................................................................................................................61 3.4.2. Obligations of taxpayers in Rwanda ....................................................................................................62 3.5. TAXES IMPOSED ON BUSINESS IN RWANDA................................................................................................63 3.5.1. Direct and Indirect tax .........................................................................................................................64 3.6. TAX COMPUTATIONS AND EXEMPTS ..........................................................................................................67 3.7. TAX CONFLICTS AND RESOLUTION ............................................................................................................73 3.7.1. Tax conflicts .........................................................................................................................................73 3.7.2. Resolution ............................................................................................................................................73 3.8. SPECIAL AND NON-FISCAL TAX COLLECTION.............................................................................................75 3.9. SUBSCRIBING TO TAX SYSTEM: ..................................................................................................................79 3.9.1. Conditions for subscribing to tax system include the following ...........................................................80 3.9.2. Advantages of subscribing to tax system.............................................................................................81 3.10. SANCTIONS/ PENALTIES FOR NOT COMPLYING WITH TAX OBLIGATION ......................................................82 END OF UNIT 3 ASSESSMENT ...................................................................................................................................87 UNIT 4 BUSINESS RESEARCH ............................................................................................................................... 88 4.1. MEANING OF RESEARCH, BUSINESS RESEARCH AND THE IMPORTANCE OF RESEARCH IN BUSINESS............89 4.1.1. Meaning of research and business research ........................................................................................90 4.1.2. The role or importance of research in business ...................................................................................90 4.2. TYPES OF BUSINESS RESEARCH ..................................................................................................................91 4.3. KEY STEPS IN RESEARCH ...........................................................................................................................96 4.3.1. Steps that are involved in carrying out a business research ................................................................96 4.4. DATA COLLECTION ....................................................................................................................................98 4.4.1. Sources of Primary and Secondary data..............................................................................................98 4.4.2. Methods of data collection .................................................................................................................100 Methods of collecting primary data .................................................................................................................100 4.5. METHODS OF COLLECTING SECONDARY DATA ........................................................................................110 4.6. DATA ANALYSIS .....................................................................................................................................111 END UNIT 4 ASSESSMENT .......................................................................................................................................121 UNIT 5 BUSINESS GROWTH AND DEVELOPMENT .............................................................................................. 122 5.1. BUSINESS GROWTH AND BUSINESS DEVELOPMENT ............................................................................................123 5.1.1. The meaning of business growth and business development .........................................................123 5.2. INDICATORS OF BUSINESS GROWTH ................................................................................................................124 5.2.1. The indicators of business growth ....................................................................................................125 5.3. GROWTH STRATEGIES ..................................................................................................................................127 5.3.1. Internal business growth strategies .................................................................................................127 5.3.2. External business growth strategies .................................................................................................128 5.4. FACTORS THAT LEAD TO BUSINESS GROWTH .....................................................................................................133 5.5. FACTORS THAT HINDER BUSINESS GROWTH ......................................................................................................135 5.5.1. Internal factors that hinder business growth ...................................................................................135 5.5.2. External factors that hinder business growth ..................................................................................137 5 UNIT 6 TECHNOLOGY IN BUSINESS OPERATIONS .............................................................................................. 141 6.1. MEANING OF TECHNOLOGY IN BUSINESS. ........................................................................................................143 6.2. TYPES OF TECHNOLOGY. ...............................................................................................................................143 6.2.1. Capital Intensive Technology ............................................................................................................144 6.2.2. Labour Intensive Technology ............................................................................................................145 6.2.3. Intermediate Technology and Appropriate Technology. .................................................................148 6.2.4. Intermediate Technology ..................................................................................................................148 6.2.5. Appropriate Technology ...................................................................................................................149 6.3. FACTORS CONSIDERED BEFORE CHOOSING AN APPROPRIATE TECHNOLOGY. ...........................................................151 6.3.1. Approaches of choosing an appropriate technology .......................................................................151 6.3.2. Criteria for Choosing Technology Solutions ......................................................................................151 THE BENEFITS OF AN ENVIRONMENTALLY FRIENDLY TECHNOLOGY IN PRODUCTION ........................................ 151 6.4. TECHNOLOGY IN BUSINESS ............................................................................................................................152 6.5. INFORMATION COMMUNICATIONS TECHNOLOGY (ICT) IN BUSINESS ...................................................................154 6.5.1. Meaning of ICT ..................................................................................................................................155 6.5.2. Tools of ICT ........................................................................................................................................155 6.5.3. ICT and Business Publicity .................................................................................................................156 6.5.4. ICT and Business In Financial Management. ....................................................................................158 6.6. ROLE OF ICT IN BUSINESS. ............................................................................................................................158 6.6.1. ICT in Business ...................................................................................................................................159 6.6.2. Roles of information communication technology in business. ........................................................159 6.7. PROBLEMS/ LIMITATIONS ASSOCIATED WITH ICT. .............................................................................................161 6.8. E-COMMERCE ............................................................................................................................................162 History of e-commerce .....................................................................................................................................163 DISADVANTAGES OF E-COMMERCE ...............................................................................................................................164 6.9. ICT AS A SOURCE OF BUSINESS OPPORTUNITIES ................................................................................................165 UNIT 7 INTERPERSONAL COMMUNICATION ..................................................................................................... 168 7.1. LISTENING AND SPEAKING EFFECTIVELY............................................................................................................169 7.1.1. Effective listening skills/strategies ...................................................................................................169 7.1.2. Effective speaking skills/strategies ..................................................................................................170 7.2. COOPERATION AND TEAMBUILDING ...............................................................................................................171 7.2.1. Characteristics of a good team .........................................................................................................172 7.2.2. Behaviour of an effective team member ..........................................................................................172 7.3. EFFECTIVE COMMUNICATION.........................................................................................................................174 7.3.1. Meaning of communication and effective communication .............................................................174 7.3.2. Internal and external communication ..............................................................................................176 7.4. PUBLIC RELATIONS/CUSTOMER CARE ..............................................................................................................184 7.4.1. Public relations ..................................................................................................................................184 7.5. CUSTOMER RELATIONS .................................................................................................................................187 7.6. SUPPLIER RELATIONS ...................................................................................................................................192 7.6.1. Ways of becoming a successful sales person ...................................................................................192 7.6.2. Ways of becoming an effective salesperson ....................................................................................192 7.7. WRITING SKILLS ..........................................................................................................................................195 Business documents ........................................................................................................................................195 POINTS TO CONSIDER WHEN PROOFREADING ...................................................................................................................206 UNIT 8 OFFICE PROCEDURES .............................
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