Sba Study Guide

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CXC CSEC Principles of Business Exam GuideProfile 1: Organizational PrinciplesSection 3: Establishing a Business| |
| SPECIFIC OBJECTIVESThe students should be able to:| CONTENT| 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; | 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;| 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 | 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)...