CXC CSEC Principles of Business Exam GuideProfile 1: Organizational PrinciplesSection 3: Establishing a Business
| SPECIFIC OBJECTIVESThe students should be able to:
| Define the term entrepreneur;
| The concept of entrepreneurship
| 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.
| 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
| 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
| 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
| 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.
| 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.
| 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)...
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