Entrepreneurship S4_SB PDF

ENTREPRENEURSHIP for General Education Student’s Book Senior Four © 2023 Rwanda Basic Education Board All rights reserved. This book is the property of the government of Rwanda. Credit must be provided to REB when the content is quoted. i FOREWORD The ambition to develop a knowledge-based society and the growth of regional and global competition in the jobs market has necessitated the shift to an entrepreneurship competence-based syllabus. With the help of the teachers, whose role is central to the success of the syllabus, students will gain appropriate entrepreneurial skills and be able to apply what they have learned in real-life situations. Hence, they will make a difference not only in their own lives but also in the socio-economic transformation of the nation. This students’ book serves as a guide to teaching and learning of entrepreneurship in senior four. Entrepreneurship is meant to equip the students with the required knowledge, skills, attitudes, and values to produce skilled citizens the country wants, that can address challenges faced in their communities. In this subject students will acquire various entrepreneurial competences through project activities which will enable them to identify community challenges/problems and come up with creative solutions. This will require them to develop and pitch their business plans to relevant stakeholders as they prepare to start-up businesses. I wish to sincerely extend my appreciation to the people who contributed towards the development of this student’s book, particularly the REB staff who organized the whole process from its inception. Special appreciation goes to the development partners who supported the exercise throughout. Any comments or contributions towards the improvement of this students’ book in future is welcome. Dr. MBARUSHIMANA Nelson Director General, REB ii ACKNOWLEDGEMENT I wish to sincerely express my special appreciation to the people who played a role in the development of the entrepreneurship students’ book. The process would not have been successful without the support from different stakeholders. I wish to sincerely express my appreciation to the development partners who contributed to the development of this student's book until its completion. These are REB, EDUCATE! Allan & Gill Gray Philanthropy Rwanda, Rwanda Standards Board, public, and private secondary schools, Rwanda Polytechnic and the University of Rwanda that provided their staff at various stages of its development. Furthermore, I owe gratitude to EDUCATE! for their technical and financial support. Ms. Joan MURUNGI, Head of Curriculum, Teaching and Learning Resources Department/REB iii TABLE OF CONTENT FOREWORD.......................................................................................................... i ACKNOWLEDGEMENT......................................................................................... ii Unit 1: Initiation to Entrepreneurship....................................................................1 1.1 Meaning of entrepreneurship, entrepreneur and intrapreneur.......... 2 1.2 Stages of entrepreneurship process....................................................... 4 1.3 Creativity, innovation and invention....................................................... 6 1.4 An entrepreneur as a creative person................................................... 9 Unit 2: Business Ideas and Opportunities..........................................................13 2.1 Concepts and characteristics of business ideas................................. 14 2.2 Sources of viable business ideas...........................................................17 2.3 Factors influencing the choice of a business opportunity................ 19 2.4 Evaluating business ideas...................................................................... 20 Unit 3: Entrepreneurship as a Career.................................................................26 3.1 Meaning of concepts............................................................................... 27 3.2 Career fields of entrepreneurship......................................................... 28 3.3 Employment options............................................................................... 34 3.4 Entrepreneurship career path............................................................... 38 Unit 4: Setting Personal Goals............................................................................43 4.1 Concepts and importance of having personal values.......................44 4.2 Identifying values, skills and personal qualities................................. 47 4.3 Personal qualities in relation to entrepreneurship, personal development, engagement with society and the workplace..............49 4.5 Steps for setting SMART goals............................................................. 58 Unit 5: Laws in Business Operations................................................................. 62 5.1 Meaning of laws and importance of business laws........................... 63 iv 5.2 Laws related to business........................................................................66 5.3 Legal institutions related to business...................................................69 5.4 Legal forms of business ownership..................................................... 73 5.5. Business formation and registration according to their forms....... 85 5.6 Benefits of registering and consequences of not registering a business.88 Unit 6: Role Of Standards in Business...............................................................90 6.1 Meaning of Standards in Business........................................................ 91 6.3 The process of establishing standards for new products in Rwanda...... 100 6.4 Certification in Rwanda........................................................................ 103 6.5 Certification process (Product and system certification processes)........ 105 Unit 7: Business Management.........................................................................109 7.1 Meaning of concepts and importance of business management..110 7.2 Managerial functions............................................................................. 113 7.3 Stakeholders in business....................................................................... 115 7.4 Factors considered in choosing people to work with......................118 7.5 Organizational structure.........................................................................119 Unit 8: Financial Management..........................................................................125 8.1 Meaning of concepts and functions of financial management..... 126 8.3 Meaning, types and calculation of Interest.......................................135 8.4 Investment appraisal techniques....................................................... 139 Unit 9: Financial Institutions............................................................................ 152 9.1 Meaning of financial institutions......................................................... 154 9.2 Types of financial institutions..............................................................155 9.3 Roles of financial institutions in promoting entrepreneurial culture........163 References...................................................................................................... 169 Key Unit Competence Entrepreneurship 1 Unit 1: Initiation to To be able to generate business ideas and take advantage of opportunities. Introduction Like all other countries all over the world, Rwanda is striving to create an entrepreneurial population at all levels it can. It is in this regard that this unit will equip you with the competences to make you behave creatively towards solving society problems. Building on the entrepreneurship knowledge and skills acquired in Ordinary level, this unit will enable you to explain entrepreneurship, describe the stages of entrepreneurship, and become a creative, inventive and innovative person. In the long run, this unit will enable you use your creative thinking to solve community problems. Introductory Activity Read the scenario below and answer the questions that follow; Scenario: Niyomungeri’s Bakery Project Niyomungeri wants to start a bakery project. Before starting the project, he first researched about the most marketable bakery products and found out that cakes and chapati are more marketable. He also discovered that the whole village had one supplier of these items and in many shops, such items were lacking. Backed with this useful information and the experience of making bread from his mother, he decided to start the bakery project with the personal savings accumulated from pocket money while at school. He prepared a start-up budget that helped him start and operate the bakery project within the trading center which he called “Niyo Bakers’’. In his business, he came up with unique products with different shapes and colors of cakes that helped the business to grow. He is now able to pay his school fees, support his family and offer jobs to his friends using the profits generated. He has a plan of expanding his project to nearby trading centers. 1 2 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Questions: a) What made Niyomungeri start the bakery project? b) What do you call the whole process of Niyomungeri starting a business? c) Is Niyomungeri an entrepreneur? Explain your answer. d) What innovation did Niyomungeri develop to make his business get customers? e) How will the above project solve community problems? 1.1 Meaning of entrepreneurship, entrepreneur and intrapreneur Learning Activity 1.1 Based on the scenario of Niyomungeri’s Bakery Project what is meant by: i. entrepreneurship ii. an entrepreneur Suppose that Niyomungeri decided to hire a very innovative young man called Byiringiro who after a few months came up with new ways of cooking, new recipes , and new ways of advertisement. What do we call Byiringiro in entrepreneurship? a. Entrepreneurship Entrepreneurship refers to the ability to see and evaluate business opportunities from the environment, gather the necessary resources and use them to start the identified business and successfully manage it. It is also defined as “the process of foreseeing investment and production opportunities, organizing an enterprise to undertake new production process, raising capital, hiring labor, arranging the supply of raw materials, finding sites, introducing new techniques, discovering new resources or raw materials and selecting top managers for the day to day operations of the enterprise." b. An entrepreneur This is a person who has the ability to see and evaluate business opportunities from his/her environment, gather the necessary resources and use them to start the identified business and successfully manage it. UNIT 1: Initiation to entrepreneurship 3 For example, Mrs. Habamahirwe started and managed a business from the identified business opportunities c. Intrapreneur An Intrapreneur is an employee who is tasked with creating an innovative idea within an organization. For example, Byiringiro who came up with new ways of cooking, new recipes, and new ways of advertisement Application Activity 1.1 Read the following and answer by circling the most correct choice 1. An individual who starts, creates and manages a new business can be called……… A. A leader B. A manager C. A professional D. An entrepreneur 2. People who own, operate, and take risk of a business venture: A. Aptitude B. Employee C. Entrepreneurs D. Entrepreneurship 3. An employee who starts a new initiative for their company which entails setting up a new distinct business units can be regarded as A. Ecopreneur B. Technopreneur C. Intrapreneur D. Entrepreneur 4. Choose which of these two statements is correct or incorrect Statement I: An intrapreneur is a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through risk-taking and innovation Statement II: Intrapreneurship refers to employee initiatives A. Statement I is correct, but II is incorrect B. Statement II is correct, but I is incorrect C. Both the statements I and II are correct D. Both the statements I and II are incorrect 4 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 1.2 Stages of entrepreneurship process Learning Activity 1.2 Based on the scenario of Niyomungeri, suppose that he is currently producing enough bakery products to satisfy his community, employs five (5) workers and he is also selling his products to the nearby towns. With examples from the scenario, describe the stages of the entrepreneurship process that Niyomungeri went through as highlighted in the scenario. For an entrepreneur to be successful, he/she should go through the various stages of entrepreneurship process explained: Figure 1.1. Stages of entrepreneurship – Idea generation (Discovery): Idea generation is the first stage of every entrepreneurial journey. The goal here is to identify and validate a profitable business idea. An entrepreneurial process begins with the idea generation, where the entrepreneur identifies and evaluates the business opportunities. Once the opportunity has been decided upon, the next step is to evaluate it. UNIT 1: Initiation to entrepreneurship 5 Opportunity evaluation (Concept development): This is the process of determining which business ideas offer valuable opportunities and are worth pursuing. Concept development helps you evaluate your customers’ reactions to your product or service before your product launch. It is a structured way to develop an idea, see if customers like your idea, and determine what customer market is willing to buy it. Raising and allocating resources (Resourcing): The third step in the entrepreneurial process is resourcing, where the entrepreneur identifies all required resources both monetary and non-monetary resources. He or she goes ahead to decide how the resources will be allocated to suit the production activities intended by the business. Business launch /company formation (Actualization): Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals.. Growth (Harvesting): The final step in the entrepreneurial process is harvesting, after beginning to earn money an entrepreneur decides on the future prospects of the business, that is, its growth and development. Note: the entrepreneurial process is to be followed, again and again, whenever any new venture is taken up by an entrepreneur, therefore, it is a never ending process. Application Activity 1.2 You have a dream of starting up a business to an identified challenge in your community and you are concerned about how to start the process that will lead to realizing your dream. Describe the stages of the entrepreneurship process that you will have to go through in order to realize your dream business. 6 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 1.3 Creativity, innovation and invention Learning Activity 1.3 Analyze the figure 1.2 and the case study below and use them to answer the questions that follow: As a solution, the company introduced the use of TAP & GO cards to be used in Rwanda with the aim of easing transport fare payments but also supporting the development of a cashless economy. Fig. 1.2: Tap & Go cards have marginally In an interview conducted with cut cash flow losses for bus operators in employees of AC group limited Kigali since its launch. Source: AC Group they testified that at first it was complicated but later on, upgrades AC group limited, a leading provider in the systems were made which of interactive and intelligent public eventually made the use of Tap & transport solutions realized that Go very efficient, and the system passengers would face risks and has been adopted by other difficulties in carrying transport transport companies in Rwanda. money in cash. Questions: 1. With specific examples from the scenario, what is meant by the following terms a. Creativity b. Innovation c. Invention 2. What is the relationship between the three terms as defined in 1) above? 3. Suggest any other examples of creativity, innovation and invention that have been done in your community. 1.3.1 Meaning of creativity, invention and innovation Creativity is an act of thinking new things, coming up with ideas, new ways of looking at opportunities and new approaches to solve problems. There are two kinds of creativity that is innovation and invention. UNIT 1: Initiation to entrepreneurship 7 Invention refers to creating something for the first time that has never existed. It involves developing a new concept, design, or method that solves a particular problem or meets a need. Innovation is doing new things or implementing the newly created ideas. It is the development of products, ideas, markets, devices, processes for something that already exists. 1.3.2 Relationship between creativity, innovation and invention Figure 1.3: The evolution of music (creativity, invention, and innovation) Creativity is the ability to think and act in ways that are new and fresh. In our minds, there are two kinds of creativity: innovation and invention. Innovation is thinking creatively about something that already exists. For example, figure 1.3, shows the creativity of portable music devices and the various inventions and innovation that it has undergone. Invention is creating something that did not exist before (for example, portable music devices). Therefore, the three terms are related in a way that both innovation and invention originate from creativity. For a person to be successful in life, she/he must be creative by doing new things or doing old things differently. Being innovative helps a person find new business ideas, improve existing business activities, and find solutions to difficult problems. All these help an entrepreneur to become successful. 8 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 The relationship between Creativity and Innovation is like the relationship between recycling and upcycling. One brings new ideas, new products while others improve what is existing. Application Activity 1.3 The government of Rwanda advocates for a made in Rwanda program among the entrepreneurs and the entire population. This signifies that many products have been created. Some of the products made are in existence for the first time while other products in existence have been modified to look different and new. Complete the table below by identifying products or services that have been made in your community as a result of creativity, innovation and invention. Category Products or services made Creativity Innovation Invention UNIT 1: Initiation to entrepreneurship 9 1.4 An entrepreneur as a creative person Learning Activity 1.4 Read the scenario below and answer the questions that follow. After completing university education, Julian noticed that her community lacked a health facility making people travel long distances in search of medical services. She did not stop on looking at the problem only, but went ahead and thought of how she can apply her creative skills to solve the problem. She approached the community leaders and discussed with them her ideas of establishing a private clinic to solve the community problem which they liked and promised to support her start-up the clinic. Questions: a) Do you think Julian is a creative person in relation to the scenario above? Justify your answer. b) Outline the factors that influenced Julian to be creative as indicated in the scenario above. 1.4.1. Meaning of a creative person Figure 1.4. Products from creativity A creative person refers to an individual who has the ability to bring something unique into existence. 10 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 A creative person is one who is able to look at different perspectives, broadens his/her minds and hence, generates a range of possibilities to solve community problems. All entrepreneurs are believed to be creative people. For instance, Sina Gerald the owner of Urwibutso enterprise is believed to be among the prominent entrepreneurs because of the products he invented and created. The world’s recognized entrepreneurs such as Jeff Bezos, Elon Musk, Bill gates, Mark Zuckerberg are called entrepreneurs because of what they invented and created. A business entrepreneur is someone who starts and runs a business. They are in charge of everything in the business, from making new products to selling them. A creative entrepreneur is someone who uses their creativity to solve problems and create value. They are always looking for new and innovative ways to do things. Their ultimate goal is to create something that makes a difference in the world. 1.4.2. Factors that influence an entrepreneur to be creative There are a multitude of factors that influence people’s creativity. These are grouped into social, economic, political and environmental factors. The following are some of the factors that foster creativity among entrepreneurs: a) The external environment. A cultural environment can have a significant impact on whether entrepreneurs become creative or not such as: – a culture that values learning and education; – a sense of urgency or necessity, forcing solutions with limited tools; – support from governments or an environment with resources, guidance and access to markets b) Vibrant internal business culture. Business cultures that embrace risk, failure, and experimentation innovate more and get new products to market faster hence promoting creativity. c) The right leadership. Building a creative-friendly culture is often the result of good leadership (political and business). Good leaders are also good internal communicators who promote brainstorming, creativity, and innovation. UNIT 1: Initiation to entrepreneurship 11 d) Experience. The more you experience the more creative you become. These experiences define your ideas and creativity which are presented through your work. e) Fearlessness/risk taking. Fearlessness is a major factor in one’s creativity. A person who does not fear to take risks tends to be more creative. f) Desire/passion. Entrepreneurs with desire to changes things or solve problems or inspire others or do new things tend to be more creative g) Working environment. Creativity can be fostered when the environments are more conducive. h) Space and time. Creativity needs space and the right amount of time. It takes time and space for an entrepreneur to achieve something truly original and creative. The following factors may influence an entrepreneur to be creative in his/her business a) Social factors: Social factors are influences that affect and define lifestyle, elements such as family, community, socio-economic status and religion b) Economic factors: The state of the economy plays an important role in every aspect of daily life from the well-being of people to the ability of a company to thrive. Economic factors such employment levels and price changes (inflationary tendencies) may influence creativity c) Political and legal factors: Political factors such as government policy on taxation and tariffs, security, competition regulation and intellectual property law may influence creativity. Application Activity 1.4 Referring to your community, a) Mention any entrepreneurs you know of (if you do not know their names, mention the activity they are involved in) b) Would you say they are all creative entrepreneurs? Explain your answer c) What factors make some entrepreneurs more creative than others? 12 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Skills Lab Activity Using the knowledge of initiation to entrepreneurship you have acquired, discuss problems affecting the school community and come up with creative business club projects that you will start to address those problems. End of Unit Assessment I. Project Activity Using the knowledge acquired from this unit, discuss problems affecting the school community and generate a list of creative ways/solutions to address those problems. II. Other Assessment Questions 1. Differentiate creativity and innovation using examples. 2. Describe the factors that can influence an entrepreneur to be creative. 3. In many parts of Rwanda, people are still facing challenges of fuel to use in their homes for cooking and other business activities. This has escalated deforestation and its negative effects. As a student with knowledge on invention, creativity and innovation, make a list of possible ways to creatively solve the challenge identified above. 2 Unit 2: Business Ideas and Opportunities Key Unit Competence To be able to generate business ideas and take advantage of opportunities. Introduction Every human mind is equipped with different ideas, some of which are connected to business while others are not. As seen under the unit 1: initiation to entrepreneurship, there are some factors that make people to be creative. The creative thoughts are the ones that turn to be business ideas given the available opportunities in the communities. The characteristics of viable business ideas, sources of viable business ideas, factors influencing choice of business ideas as well as evaluating business ideas using SWOT will enable you to come up with viable business ideas to implement before or after school. Introductory Activity Using your entrepreneurship knowledge from ordinary level and unit 1 in senior 4, answer the questions below 1. What is the difference between a business idea and a business opportunity? 2. What characteristics should a viable business idea possess? 3. Name the various sources of good business ideas and opportunities 4. Mention the factors that influence the choice of a business opportunity 5. Mention the factors considered when evaluating business ideas 6. What factors does the SWOT analysis consider as a way of evaluating business ideas or opportunities? 13 14 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 2.1 Concepts and characteristics of business ideas Learning Activity 2.1 The following is the interview between Miss Kaneza, a specialist in mushroom growing and Mr. Makuru, a journalist from one of the prominent TV stations in Rwanda. Analyze the interview and answer the questions that follow. Makuru: How did you decide to get into mushroom growing and processing? How did you start? Kaneza: It was during the long senior six vacations after failing to get a job as I waited for my results. I basically got the idea after listening to the radio, reading newspapers, and watching TV about how different people have succeeded by starting their own business activities. Coupled with my secondary school entrepreneurship competences, I decided to give it a try and started with very many business ideas such as selling fruits and vegetables, and also selling phone accessories. It was not an easy task deciding on the activity but after doing enough research from successful mushroom growers, I finally decided to settle for mushroom growing and processing. Makuru: What was the biggest challenge while starting your business activity and how did you overcome it? Kaneza: There were so many challenges such as competition, unsure market, lack of experience but deciding on turning my business idea into a profitable business was the most challenging. I had to do a lot of research from existing entrepreneurs, Sector offices, and financial institutions. I also had to do personal evaluation. UNIT 2: Business ideas and opportunities 15 Questions: a) How can you define the term business and what is Kaneza’s business about? b) In relation to Kanezas’ business, how can you define the terms business ideas and business opportunity? c) What examples of business ideas and business opportunities can you identify from the above interview? d) Kaneza says it was not easy for her to start up the business activity. What challenges did she encounter during her search for a viable business opportunity and how did she overcome them? e) What do you think would be the characteristics of a viable business idea? 2.1.1 Meaning of concepts A business refers to any economic activity that involves the production, selling of goods and services, covering risks with the aim of getting profits. It can be a business related to buying and selling or producing goods and services. Meaning of business idea: a thought about the possibility of a business. It can also be defined as a thought that an entrepreneur may come up with as a result of scanning the environment with the purpose to develop a business activities. Examples of business ideas may include any thought about the possibility of doing business in real estates, clothing and textiles, food processing, online buying, internet and computer services, food delivery services, photography and videography, horticulture business. Business Opportunity is an identified situation that can be turned into a real and profitable business activity. Business opportunities are situations or circumstances that create a good environment to implement a business idea. Characteristics of viable business ideas Since business ideas are just thoughts about the possibility of a business one should remember that not all ideas will result into viable business, therefore business ideas with prospects for growth must have the following: a. Uniqueness A business idea should have a unique selling point (USP), something that will make it stand out from others and competitors that offer the similar 16 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 products or services. This can be achieved via the quality of the service or product, pricing, customer service, method or mode of production or unique ingredients. b. Innovativeness A good business idea should bring up something that did not exist or pioneering a concept. This can apply to both a new business and an already existing one. An innovative concept might stem from a previous one. c. Solving a specific problem An idea should identify and solve a specific problem either in a locality or region. The business owner must be able to say what the problem is and the solution that is being provided to the target market by the product or service that they offer. d. Scalability A viable business idea should provide room for an enterprise to grow from a small one into a larger one. A scalable concept will allow you to expand your business and handle increased demands, thereby doubling your revenue and profits while keeping inputs and costs to the minimum. e. Profitability Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. f. Available market demand (number of willing buyers / customers) for the business idea. g. Availability of factors of production for example, land, labor, capital, entrepreneurship and time, to favor the success of the idea. h. Favorable government policy. An idea supported by government policy can easily be successful for example, business ideas related to ICT or made in Rwanda. i. Conducive social & cultural factors which increase chances of market for the idea j. Value creating (is the intended business product going to add any advantage to the already existing products?) k. The ideas that match with the available funds and other resources. UNIT 2: Business ideas and opportunities 17 Application Activity 2.1 Analyze the extract below and answer the questions that follow As of 2020, the average startup failure rate in Africa stood at 54 percent. However, the rate differed across countries. In Ethiopia and Rwanda, 75 percent of the startups ceased operations, while Kenyan startups had a failure rate of 24 percent in the same year (Published by Saifaddin Galal, Apr 28, 2023) Why do you think the failure rate of startups in Rwanda is very high? 2.2 Sources of viable business ideas Learning Activity 2.2 Analyze the dialogue below and use it to answer the questions that follow. Gatete : Hello cousin, long time how are you? How is the village? Mutoni: Long time indeed, We are fine. How is life and work in the USA? Gatete : Fine. Fine. And speaking of work, I have accumulated some money and I want to invest in business back home. What advice can you give me? Any kind of business ideas? Mutoni: You know we are in a rural area. People here are very poor although there is a lot of land that is underutilized. The grasses are also good for animals. Gatete : Okay. I think I can go into goat rearing since I even have some experience back here in the USA. Mutoni: Yeah. I think it is a good idea since it will even provide employment opportunities in addition to skills to the local people to get out of poverty. Gatete : Thank you very much, cousin. Let us do more research to see if our business idea can really work. I will send you a list of things you will check on for the business idea. See you. Questions: a) What is the business idea in the dialogue? b) What is the source(s) of the business idea in the dialogue? c) What factors can make the business idea above viable? 18 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 In simple terms, a business idea is the reason for setting up a business. It drives everything about the business, from what products and services are offered to how these products are marketed. Business ideas may be completely new business ideas, modified business ideas or using differently an existing business idea. Sources of business ideas can be based on the following: a) Resources: resources that are not being utilized fully can be a source of business ideas b) People’s needs: unmet needs or needs that are not being satisfied can be a source of business ideas c) Types of customers: customer segments that are not being satisfied or whose needs are not being met can be sources of business ideas d) Idle resources: idle resources such as waste materials that have negative effect on the environment can be a source of business ideas e) Existing business: gaps (products, services or needs) not filled by existing business can be a source of business ideas. Skills Lab Activity Using the knowledge of initiation to entrepreneurship you have acquired, discuss problems affecting the school community and come up with creative business club projects that you will start to address those problems. Application Activity 2.2 Complete the table below by filling in the potential sources of business ideas and the ideas that could be generated from your community. Source of business ideas in the Potential business idea community UNIT 2: Business ideas and opportunities 19 2.3 Factors influencing the choice of a business opportunity Learning Activity 2.3 Use the list of different viable business ideas provided below and answer the questions. The business ideas – Baking mandazi business – Liquid soap making and selling – Envelopes and paper bags marking – Chicken rearing – Buy a bicycle and do local transportation – Operating a small hair salon (barber shop) Required: i. What business idea would you choose to do first? Explain why? ii. What factors influenced you from not choosing other business ideas? Justify your answers. iii. What effects do you think would happen if you did not consider those factors? Some entrepreneurs absolutely believe that choosing viable business ideas must be through a purposeful search for opportunities while others believe that a viable business idea is something that had been readily available and overlooked but now discovered accidentally. Below are some factors that may influence the choice of a business opportunity – Identified market need or gap: A person is likely to choose an opportunity which he/she thinks will solve the identified market needs. – Growing market: Most people want to avoid the hustles of starting a new business. So, they will choose ideas or opportunities that already have an existing/ growing market. – Low funding requirements: The amount of funding required to implement a business opportunity may influence one’s choice of a business idea. Most people will choose opportunities that do not involve a lot of funding in relation to profits. 20 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 – Vision or goals: The choice of a business opportunity will greatly depend on the vision or goals of the entrepreneur. These could be short term or long-term goals. – High profit margins: Of course, on every entrepreneur’s mind is profit. The profit margin expected from the opportunity will greatly influence one’s choice. – Not easily copied: Every entrepreneur of course wants to protect their ideas, protect intellectual property and develop a brand reputation. So entrepreneurs are likely to choose ideas/ opportunities that cannot be easily duplicated in the market at least in the short run. – Inheritance: Inheritance is the practice of passing on properties, rights, and obligations upon the death of an individual. Most people would prefer continuing in the line of family business than going for new business opportunities. – Influence from family, friends or role models: People may be influenced by family or role models for choice of a business opportunity. Application Activity 2.3 In Rwanda today, Motorcycle taxis or ‘Motos’ are an important part of the country’s public transport infrastructure. Briefly explain why most youth are influenced to operate Motorcycle taxis than other business opportunities. 2.4 Evaluating business ideas Learning Activity 2.4 1. Why do you think it is good to evaluate your business idea before going ahead to invest in your resources? 2. What are the key concepts that SWOT Analysis helps an entrepreneur to evaluate in a business idea? 3. Suppose that you have a business of providing consultancy services in your locality. One of the customers with a variety of business ideas approaches you to advise him on which one to implement. State the main questions you would ask the customer to help you properly evaluate his business ideas. UNIT 2: Business ideas and opportunities 21 Figure 2.3. Evaluating business ideas and opportunities When you have a business idea, it is important to evaluate it carefully to help you determine its viability. A business idea evaluation typically involves studying market conditions, establishing a target market and analyzing the projected costs of the new venture. Knowing how to evaluate a business idea can help you plan effectively so you can achieve your business goals. 2.4.1 Factors for evaluating business ideas – Legal consideration: The new idea should be in line with the legal regulatory framework for example, an idea to sell drugs may not be viable because it is illegal in Rwanda. – Potential customers: An entrepreneur has to assess potential and actual market for the goods and services. There must be a clearly defined market if the opportunity is to be considered. – Incentives: Offered by the government and Non-Governmental Organizations, incentives are legitimate business opportunities to exploit as they save on costs. E.g. duty free importation of sugar and maize, tax waivers, etc. – Self-Analysis: When you do get an idea about the kind of business you want to take up, you should also consider your ability to manage resources. You need to examine your talents, goals, and desires. 22 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Review your marketing skills to ensure that you have the necessary background to make your business successful. – Network: Having a good network connection with the customers, partners and investors can save a lot of time and reduce costs. Having contacts with individuals who have the technical expertise will help you take off your business faster as you can partner with them – Differentiation: If there are a lot of competitors in your business, then you need to identify what makes your idea unique. You also need to figure out something that sets you apart and serves as an exclusive selling point of the idea. – Financial requirements: Evaluating the resources needed for the business idea is crucial. Banks usually expect entrepreneurs to come up with a portion of the investment to show that they can take the risk with the lender. – Risk Assessment: Another important factor while evaluating the business idea is the risk associated with it. There can be certain factors that might hamper your business idea, for example, the current state of the economy, weather events and competition. 2.4.2 Evaluating business ideas using SWOT Analysis SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. A SWOT analysis is a useful tool for an entrepreneur to evaluate the viability of a business idea. The viability or success of a business idea can be better understood by finding out its strengths, weaknesses, opportunities and threats. When doing a SWOT Analysis for a business idea, consider the following: Strengths: these are internal factors that may favor a business idea. Consider factors such as: – Uniqueness of the idea – Availability of resources – Clear vision – Possession of particular Skills required a) Weakness: these are internal factors that may hinder a business idea. Consider factors such as: – Lack of particular skills – Lack of enough resources UNIT 2: Business ideas and opportunities 23 – Limited customers – Lack of clear vision a) Opportunities: these are external factors that may favor a business idea. Consider factors such as: – Conducive political environment – Favorable government policy – Few competitors – An expanding market – Discovery of better quality raw materials a) Threats: these are external factors that may hinder a business idea. Consider factors such as: – Un-conducive political environment – New and similar businesses being set up – Higher taxes – Barriers from the competitors – Scarcity of raw materials SWOT Analysis can be represented graphically on a matrix below STRENGTH WEAKNESSES Internal factors Uniqueness of the idea Lack of particular skills Availability of resources Lack of enough resources Clear vision Limited customers Possession of particular Skills required Lack of clear vision OPPORTUNITIES THREATS External factors Conducive political Un-conducive political environment environment Favorable government New and similar policy businesses being set up Few competitors Higher taxes An expanding market Barriers from the competitors Discovery of better quality raw materials Scarcity of raw materials 24 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 STRENGTHS and WEAKNESSES are internal factors, while OPPORTUNITIES and THREATS are external factors. When you have collected details for all four quadrants of the SWOT analysis, you should be ready to use that information in practice – informing your strategy for the business idea. Ideally, you should try to match your strengths with the opportunities – and tackle your weaknesses, turning them into strengths. To conduct a SWOT analysis, do the following: 1. Assess your strengths. Think about how you can capitalize on them to take advantage of your opportunities. 2. Review your weaknesses. Make a step-by-step action plan to evaluate their importance and mitigate the risk they pose for the business idea. 3. Evaluate the opportunities. Structure a plan that shows how you might take advantage of them, and what might hinder your progress. 4. Weigh up the threats. Record their potential impact on the business idea if you can, and explore ways in which your strengths might help you overcome them. Example of SWOT Analysis Below is a SWOT analysis for Facebook. Figure 2.4: SWOT analysis for Facebook UNIT 2: Business ideas and opportunities 25 From the figure above, identify Facebook’s Strengths Weaknesses Opportunities Threats Application Activity 2.4 1. Using the SWOT analysis, evaluate the feasibility of your business idea by considering at least two local competitors. Clearly, show your strengths and opportunities available to you. End of Unit Assessment I. Project Activity: Scan the environment around your school or community and identify any challenges or problems that you think need to be solved. Make a list of potential business ideas for any one identified challenge or problem. Use a SWOT analysis to choose a viable business idea that can be implemented in your back home business. II. Other Assessment Questions 1. For any business idea, explain how availability of different resources creates business opportunities 2. Many people confirm that “Businesses built up on the identification of societal problems have higher chances of success than those built up based on the available resources. Do you agree with this statement? Support your answer 3. Using your school as a sample business idea. Use the SWOT Analysis to evaluate its viability. Unit 3: Key unit competence a Career 3 Entrepreneurship as To be able to make rational entrepreneurial career choices Introduction In the current world many people no longer prefer to be employed by others though people could work in different fields as teachers, accountants, lawyers, doctors, soldiers among others. After being inspired by many successful people in the business world, young people want to become entrepreneurs and the only way to become one, is choosing to do business as a career. In addition to the background knowledge about career opportunities from ordinary level, the meaning of career concepts, career field, career options and entrepreneurship career path in this unit will enable you to make rational entrepreneurial career choices. Introductory Activity Scenario: Mugeni’s fruit vending business. Mugeni after completing ordinary level, decided to look for something she could do to finance her studies in advanced level. In a close conversation with her friend Martha who knew all her life challenges while at school, advised Mugeni to either join the police, army, technical school and specialize in construction or start a small business selling fruits. From the many options suggested by Martha, Mugeni decided to go and start a business of vending fruits in her hometown. In her life she had never wished to work for other people despite the hard life she was going through. She successfully started her business and within no time it expanded and she was able to help her family to cover up some expenses. Now she exports fruits outside the country as she also continues with her studies. 26 UNIT 3: Entrepreneurship as a career 27 Questions: 1. Referring to your ordinary level knowledge, what do you understand by the terms : career, career choice and entrepreneurship? 2. State the career fields identified in the scenario above. 3. Why do you think Mugeni was never interested in working for other people in her life? 4. Do you think there is any career path in the scenario of Mugeni above? Support your answer. 3.1 Meaning of concepts Learning Activity 3.1 Read and complete the following statements by using the correct word(s) provided in brackets: ( Job, Work, Career, Career choice, Activity, Entrperneurship) 1. What one wants to become in the future is called………., 2. A selection of a vocation or job that someone wishes to do for wellbeing is ………………………….. 3. A decision of utilizing one’s skills or resources to do something that is beneficial to himself/herself and to the community is called…………….. A career refers to a job or profession that someone does for a long period of time in his or her life. It also refers to what one wants to become in the future, for instance a doctor, accountant, entrepreneur or engineer. Fig.3.1. Army officers and lawyers as careers one may choose 28 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Career choice refers to the selection of a vocation or job that someone wishes to do for wellbeing. For example, a person can choose to be an engineer, pilot, teacher, doctor, nurse, lawyer etc. Entrepreneurship as a career refers to when a person makes a decision of utilizing his/her skills or resources to identify challenges/problems in the community and start something that is beneficial to himself/herself and to the community. For example, suppose after graduating in any career field, a person may decide to utilize his/her skills in that field or any other field to start up a business or an activity that generates income, that person is said to have chosen Entrepreneurship as a career. Note: The career you choose is most likely the job you will do for the rest of your life. You should therefore be careful when making a career choice Application Activity 3.1 There is a confusion among your fellow students on the concepts of career choice and choosing entrepreneurship as a career. Design a short note with vivid examples from your community to help them to understand the difference between career choice and choosing entrepreneurship as a career? 3.2 Career fields of entrepreneurship Learning Activity 3.2 1. Use the examples of entrepreneurship career fields given in the table below and suggest the entrepreneurship careers you can pursue. No Media Education Engineering Media Agriculture field field 1 2 3 Why would one invest in any of the above entrepreneurship careers? UNIT 3: Entrepreneurship as a career 29 All the career fields existing in the world serve as entrepreneurship career fields because one can generate different business activities from them. They can be explained as below; – Education field: One may choose a career in the education field such as starting a stationery shop dealing in scholastic materials, making uniforms, starting a private school, operating a school canteen, operating training center among others Figure 3.2 Examples of careers in the Education field.. – Medical or health field: One may choose a career in the medical field such as starting private clinics, pharmacies, counseling services, medical stores as their entrepreneurship careers. Figure 3.3 Examples of careers in the Health field – Agricultural field: People can choose a career related to livestock farming and crop growing (cash crop growers). Examples of such careers would include selling animal drugs and pesticides, selling flowers and seedlings among others 30 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Figure 3.4. Examples of careers in the agriculture field – Engineering field: One may choose a career in the field of engineering such as running a construction company, software development, selling of electronics, repair shops, web designing and graphics among others. Figure 3.5 Examples of careers in Engineering field – Commercial and manufacturing field: One may choose a career in the field of commerce and manufacturing such as buying and selling crops, crop processing activity, tax declaration services, business advisory services among others – Transport field: One may choose a career in the field of transport and such as transporting people on bicycles, motorcycles, taxis, operating travel agencies, designing transport related technologies among others UNIT 3: Entrepreneurship as a career 31 Figure 3.6 Examples of careers in the transport field – Legal field (law): One may choose a career in the legal field such as barrister, compliance specialist, contracts lawyer, law assistant, legal advisor, legal secretary, legal receptionist among others Figure 3.7. Example of career in the legal field – Finance field: One may choose a career in the field of finance such as managing forex bureau operators, making business plans for mortgage loans, finance consultancy businesses, business advisory, tax advisors, financial statement analysts, credit analysts among others. 32 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Figure 3.8. Example of a career in the Finance field – Hospitality field: One may choose a career in the hospitality field such as hospitality services coordinator, guest experience manager, director of HR & training, VIP lounge assistant, guest services coordinator, kuvuga amazina y’inka, comedian, musicians, artists, tour guides among – Security forces field: One may choose a career in the security field such as selling security equipment like CCTV cameras, sniff dogs, garments (uniforms), starting private security training and service companies, policeman, soldier, among others. Figure 3.9 Examples of careers in the security field. UNIT 3: Entrepreneurship as a career 33 – Media field: One may choose a career related to comedy shows, creating youtube media channels, video, and film production libraries, selling newspapers, photographing, starting a radio station among others Figure 3.10 Examples of careers in Media field Application Activity 3.2 Given your combination, which career fields are related to the combination? Can you identify careers in entrepreneurship that you can choose/ pursue from the fields above by completing the table below. Your combination: ………………… Career fields related to your Entrepreneurship careers combination to pursue in the career field identified 34 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 3.3 Employment options Learning Activity 3.3 In the current world, many young people are usually confused on whether to work for themselves or work for others amidst the employment challenges existing in societies. a) With examples of careers, which employment option can you undertake? Justify your answer b) Compare the benefits and challenges associated with working for yourself (being an entrepreneur) or being employed. Figure 3.11 Employment options 3.3.1 Self-employment Self- employment: This is a type of work in which one does not work for a specific employer who pays them a constant salary or wage. Under this employment option, an entrepreneur utilizes his/her resources to run a profitable business enterprise. All entrepreneurs who own active entities are examples of self -employed people. a. Benefits of self-employment: – Freedom and independence in decision making. The self-employed person does not need to consult anybody regarding any decision. – High degree of job security. You are not worried of being fired at work – Self employment encourages innovation and creativity – High respect in the society UNIT 3: Entrepreneurship as a career 35 – Creation of employment for other people in the community – Develop self-reliance to an individual – Improved standards of living, that is, ability to access basic necessities as a result of income generated – It encourages provision of goods and services to the public – It promotes efficient use of business resources b. Challenges of self-employment: – Challenge of starting a business a fresh ( poor experience in doing business) – Lack of required resources – Having to run all aspects of your business – Finding the funds to get started and keep growing – Building relationships with people who can help you – Working long hours to meet deadlines or fix problems – Living with an income that is hard to predict – Giving up paid holidays and health insurance or paying for your own benefits plan – Risking your money on your business – Dealing with ups and downs in workflow 3.3.2 Paid employment Paid employment: This is a type of work in which one works for a specific employer who pays them a constant salary or wage. Under this employment option, an individual does not own the business/ employment. In this type of employment, you can be employed by another person, business owner, government, Non-Governmental Organization, churches among others and you are paid a salary on a periodical basis. Examples of people who who are paid employed include, teachers, nurses, receptionists, waiters, counters, cashiers, among others. 36 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Figure 3.12 Aspects paid employment a. Benefits of paid employment – Certain and specific responsibilities undertaken – Fixed and possible/favorable hours of work – Minimum risks are faced by the worker – Regular saving is possible and hence future investment can be made. – Fringe benefits like housing allowances and medical care can be given – Debt of the firm do not affect the employees Figure 3.13 Benefits of paid employment UNIT 3: Entrepreneurship as a career 37 b. Challenges of paid employment – Follow strict order and instructions at the place of work – Work under the control and pressure of the employer thus causing stress. – Low freedom is exercised at work especially regarding decision making – Harassment from the employer which may lead to psychological torture – Low level of innovation as there is where a worker does not have authority to change anything. – Low level of job security because any time you can be fired by the employer – Paid employees do not enjoy the profit of the business but just relying on the salary Figure 3.14 Challenges of paid employment. Skills Lab Activity “It is better to work for our business club projects rather than working for others” Is this statement true or false? Justify your stand. Application Activity 3.3 Read the scenario below and use it to answer the question that follow: After graduation from a TVET center/school in motor vehicle mechanics, Jean Bosco, immediately got a job in one of the motor vehicle garages located in Rulindo town. Four years later, his former classmate Murindwa came to the garage to repair his vehicle and had enough time to converse with him. 38 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 J. Bosco’s friend was happy to testify that after graduation, he decided to pursue entrepreneurship as a career and started a saloon in his home town which has managed to earn him good income. During their discussion Jean Bosco shared his experience that much as he is paid on time, the job puts him under pressure, working many hours, paid less salary, and would like to become self-employed. Murindwa, informed Jean Bosco, that as much as he loves being self-employed, there are also some challenges he needs to be aware of. Questions 1. With examples from the above scenario, how would you explain the concepts of self -employment and paid employment 2. Which benefits and challenges that is Jean Bosco is likely to encounter by being self employed? 3.4 Entrepreneurship career path Learning Activity 3.4 Analyze the success story of Zulfat Mukarubega and answer the questions that follow. Success story of Zulfat Mukarubega (Adapted from s.4 Accounting students’ book) Zulfat Mukarubega the founder of Rwanda Tourism University College (RTUC) that has changed the face of the hospitality industry. Her story is not only inspiring, but also remarkable, as she is the brains behind the country’s first and only tourism university in Rwanda. At a time when women had limited opportunities and were confined to the kitchen, Mukarubega defied the odds and ventured into entrepreneurship. With only 5000 FRW she opened up a restaurant which later opened doors for success. Later she started a university “Starting a business is full of ups and downs; things were tough at the beginning.” I started with twelve students of which seven dropped out and I remained with five. Getting lecturers was not easy and making people understand the need to embrace the importance of hospitality was the hardest thing then,” Mukarubega says. UNIT 3: Entrepreneurship as a career 39 Since its inception, RTUC has blossomed into a successful college with over 3000 students and now has a second branch in Gisenyi which attracts students from as far as the Democratic Republic of Congo, Burundi and Uganda. The college has had graduations, and most of the graduates are employed while others have started their own businesses.. Besides RTUC, Mukarubega plans to open up a home care training center where house maids will be trained on how to raise children. “Women should believe in themselves; they should be innovative and think about the future because in Rwanda women have a high potential to realize their dreams and excel. The government has opened doors for us, we should use the opportunity,” she says. Note: RTUC has changed its name to UTB (University of Tourism Technology and Business Studies). Questions: 1. What is Mukarubegas’ career 2. From the success story, summarize the journey that Mukarubega went through to develop her entrepreneurial career. 3. What key lessons did you draw from Mukarubega’s entrepreneurial career path that would make you successful in your future business endeavors? 3.4.1 Meaning of entrepreneurship career path Figure 3.14 Steps of entrepreneurship career A career path is a sequence of jobs that leads to your short- and long-term career goals. Some people follow a linear career path within one field, while others change fields periodically to achieve career or personal goals. 40 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Entrepreneurship career path refers to all the jobs/ occupations that someone undergoes to become successful in an entrepreneurship career. Below are examples of career paths one can follow in entrepreneurship: Administration: Administrative Assistant—Executive Assistant—Office Manager Advertising: Advertising Account Coordinator—Assistant Account Executive—Account Executive—Senior Account Executive Communications: Public Relations Assistant—Public Relations Representative—Assistant Director of Public Relations—Director of Communications Customer service: Customer Service Representative—Inside Salesperson —Outside Salesperson—Major Account Salesperson—Regional Sales Manager Editorial: Editorial Assistant—Assistant Editor—Associate Editor—Editor— Senior Editor—Editorial Director Education: Teacher—Curriculum Coordinator—Assistant Principal— Principal Education to insurance (career change): Teacher—Insurance Salesperson—Trainer for New Agents Engineering: Junior Engineer—Senior Engineer—Project Manager— Engineering Consultant Human resources: Human Resources Assistant—Benefits Assistant— Benefits Specialist—Assistant Director of Human Resources—Director of Human Resources Retail: Retail Sales Clerk—Assistant Manager—Department Manager— Store Manager—Regional Manager Example of entrepreneurship career pathing: Kagiraneza started vending Mandanzi from a bakery in his village. Later he was employed in the bakery which enabled him to accumulate money that made him start his own bakery products distribution shop. The work finally gave him more skills on how bakery products are made. Currently, Kagiraneza own a bakery plant of his own as an entrepreneur UNIT 3: Entrepreneurship as a career 41 Current 5 Bakery plant owner years 4 years 3years Bakery product shop owner 6 months Worker in bakery Vending mandazi 3.3.3 Entrepreneurship career path planning – Assess yourself: This is the first step that begins with understanding yourself. A number of areas of self-knowledge is important in laying a foundation for a career plan. – Make a list of potential occupations (related to self-assessment): Once you have understood yourself, the next step is to investigate the entrepreneurship options available. – Explore the options: During this stage, you gather all the necessary information related to the identified entrepreneurial occupations. Carry out research on a specific entrepreneurship career, talk to someone practicing that career, about its elements, time demands, needed skills, and responsibilities. Such first-hand experience is important for you to make a relevant goal. – Narrow down your list: Now from the options researched on, pick 1 or 2 options that match the results from your self-assessment. – Set goals: After you have narrowed down the business options, set a goal of the career in entrepreneurship from your options. The career goals set must be SMART and you have to think of strategies for achieving the goals. – Create an entrepreneurship career action plan: After setting your career goals, determine the resources, timeline, support needed, main activities to be undertaken to achieve your goal. – Implement your action plan: Now, you go ahead to put in action the planned activities. Put measures to evaluate progress on each activity in the plan and actions to be taken in case of a change in the plans. 42 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Application Activity 3.4 Based on your combination at school, choose a career and create a plan of how you will to achieve your career in entrepreneurship. End of Unit Assessment I. Project Activity Based on the challenges in your community, choose an entrepreneurship career and create a career plan that will enable you to achieve your career. II. Assessment questions 1. With specific examples from your community, describe any five career fields that people are involved in. 2. Assume that after graduation in languages, you are provided with two alternatives, that is a scholarship to further your studies in business administration or using your linguistics skills to make money through activities like ‘kuvuga amazina y’inka’. Which alternative would you go with? Justify your answer. Key unit competence Personal Goals4 Unit 4: Setting To be able to make a plan to achieve their personal goals Introduction Setting goals can be an effective way to help yourself grow and develop, both personally and within your career. When you set goals for yourself, you are ultimately approaching success with an open mind, and making progress toward your goals. Personal goal setting is a key factor in determining the life a person lives. However, this depends upon our beliefs which deliver direct command to values and qualities that in long run deliver power forces of positivity, and then they contribute to good things in our lives. This unit will help you to make appropriate plans of achieving your personal goals. Introductory Activity Analyze the image below and answer the questions that follow. Adapted from HANGA KAZI Feed the future Rwanda. 43 44 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Questions: 1. What do you see in the illustration above? 2. From the illustration above, what do you think is the meaning of a personal goal? 3. What do you think is goal setting? 4. What do you think was the goal of the person in the illustration? 5. What values, skills or qualities could have enabled the person to achieve the goals? 6. What are the characteristics of a good goal? 7. What steps did the person follow in order to reach the goal? 8. Why do you think it is important for one to have personal values? 4.1 Concepts and importance of having personal values Learning Activity 4.1 1. Read and complete the following sentences using the correct word or words from the list provided in brackets. (Personal values, Personal qualities, Personal goals, Personal skills) a) ……………………………are short- or long-term goals that can apply to your work, family life or lifestyle. They are meant to motivate you to achieve what you want in life. b) ………………………….are “broad desirable goals that motivate people’s actions and serve as guiding principles in their lives" c) ………………………………are skills used when interacting with other people or skills needed for a specific task. d) ………………………….are attributes such as patience, humor, initiative and flexibility are relevant to the type of work that would suit you. 2. Give any five (5) importance of having personal values? UNIT 4: Setting personal goals 45 4.1.1 Meaning of personal goals, personal values, personal skills, and personal qualities In life people have goals they wish to achieve and that is why most of the people spend sleepless nights at work in order to achieve the goals they have set. The goals set must be in line with one’s skills and values to enable him/ her to achieve those goals easily. a. Personal goals These are short- or long-term goals that can apply to one’s work, family life or lifestyle. They are meant to motivate a person to achieve what one wants in life. For example, improve your growth mindset, stay open-minded to new opportunities, learn something new, and recreate your work-life balance. When someone’s goal relates to business activities, it is called “Business Goal” Example of personal goal Example of a personal business goal To do CPA ( Certified Public Increasing my business turnover by 12% Accountant) after S6 each year Join Military course in next 3 years Buy a bicycle for transportation services from today in October 2023 Do push-ups every morning for Do customer survey for my business my fitness launch in December b. Personal values: These are desirable goals that motivate a person’s actions and guide him/ her through his/her lives. Personal values influence a person’s actions, relationships, career and overall life. Personal values also guide a person as he/she makes big decisions and can influence one’s personal development. For example, courage, creativity, professional achievements, independence, honesty, determination. c. Personal skills: Personal skills relate to ‘soft’ skills used when interacting with other people; but also to ‘hard’ skills which are skills needed for a specific task. A skill is an ability to perform a specific task that may be acquired or developed through training or experience. For example, verbal communication, teamwork, analyzing & investigating, taking the initiative, planning & organizing. 46 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 d. Personal qualities: Personal qualities are attributes such as patience, humor, initiative and flexibility that are relevant to the type of work that would suit you. These are the characteristics, attributes or personality traits that make up and reflect who you are. Examples include honesty, dependability or having a good sense of humor or being dependable, self-determination, persistence 4.1.2 Importance of having personal values Our personal values help us to be our true self and have a greater sense of purpose. They drive our personalities, goal setting, and how we take action in life. Our values also give us a better understanding of who we are. They will lead us to set goals that work towards our dreams instead of against them. Below are the benefits of having personal values: – Boosts your self-confidence - a sense of comfort with oneself and his/her instincts and a belief that one can trust his/her own abilities, knowledge, and judgment. – Helps you create long-term goals, not only short-term goals – Gives you a greater sense of what your ambitions and career goals are – Helps you manage your stress level since you will know how to focus on what is most important – Gives you a better sense of clarity about the present and future – Encourages you to be more assertive and work hard for your dreams – Builds up your resilience during challenging times since you will have a deeper motivation to keep going – Makes you feel more satisfied with your choices and surroundings since you know they’re in alignment with your deeper values Application Activity 4.1 A d a p t - Avoid neg- Improve your Develop time ability ativity in Teamwork communication Courage management the work- skills. skills. place. Improve your Learn financial Self- Creativity from management motivating failure. skills. UNIT 4: Setting personal goals 47 Thinking Problem outside the Empathy Honest Loyalty Hard word solving box 1. Work out which of the above are personal qualities, values, goals and skills by completing the table below: Personal P e r s o n a l Personal values Personal qualities goals skills 2. Rwandan society cherishes different values such as patriotism, love for work, peace and reconciliation among others. Explain the importance of values in the Rwandan society 4.2 Identifying values, skills and personal qualities Learning Activity 4.2 1. Using the knowledge you have on the meaning of personal values, skills and qualities, make a list of : a) 5 of your own personal values b) 5 of your own personal skills and c) 5 of your own personal qualities 2. From the personal values, skills and qualities mentioned above, identify which of them are desirable for: a) Family b) Society and c) Business by completing the table below Family Society Business Personal qualities Personal skills Personal values 48 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 It is important to be aware of our personal values, skills and qualities as they determine the career choices we make and the goals we set, in addition to the relationships we have with our families and the society. Provided below is a list of some of the personal values, skills and qualities: Personal qualities Personal skills Personal values – Drive – Teamwork – Courage – Empathy – Commercial awareness – Creativity – Self-awareness – Analyzing & investigating – Kindness – Adaptable – Self-motivating – Independence – Flexible – Taking the initiative – Honesty – Professionalism – Written communication – Loyalty – Positive attitude – Planning & organizing – Determination – Thinking outside – Problem solving – Inclusiveness the box – Problem solving – Engaging – Decision making – Loyalty – Interpersonal skills – Honesty – Action planning – Self-determination – Organizational skills – Persistence – Leadership – Management – Efficiency – Financial skills – Prioritizing work – Influential Application Activity 4.2 Given the knowledge acquired on personal values and qualities, explain the most key values and qualities that can make you to live with others in peace; i. At home ii. At your workplace iii. At school iv. In the classroom UNIT 4: Setting personal goals 49 4.3 Personal qualities in relation to entrepreneurship, personal development, engagement with society and the workplace Learning Activity 4.3 Provided below is a list of the personal qualities. Creativity, determination, decision making, goal setting, responsibility, commitment, respect, involvement, tolerance, cooperation, respect, ethics Use the list above to complete the table below by identify the qualities in relation to: Personal Engagement with Workplace development society It is vital to recognize that personal qualities like self-awareness, self- confidence, self-control, self-knowledge, personal reflection, resilience and determination are the foundation of how we behave. These interactions can be engaging with society, at the workplace, for personal development or an entrepreneur. Personal qualities in relation to entrepreneurship An entrepreneur is a person who has a passion for creation and the ability to follow through on their ideas, someone who has the ability to see a need that has previously not been addressed or in some cases create a need that did not even exist. Successful entrepreneurs possess the following personal qualities: – Creativity: Creativity helps in coming up with new solutions for the problems at hand and allows one to think of solutions that are out of the box. – Professionalism: An entrepreneur’s mannerisms and behavior with their employees and clientele goes a long way in developing the culture of the organization. – Self-discipline: Self-discipline enables entrepreneurs to achieve their targets, be organized and set an example for everyone. – Reliability: Reliability results in trust and for most ventures, trust in the entrepreneur is what keeps the people in the organization motivated and willing to put in their best. 50 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 – Risk-taking: Without the will to explore the unknown, one cannot discover something unique. And this uniqueness might make all the difference. – Passion: Passion acts as a driving force, with which an entrepreneur is motivated to strive for better. – Planning: Planning is strategizing the whole business ahead of time to enable you to come up with a structure and a process for how to reach your goal. – Knowledge: An entrepreneur should possess complete knowledge of his/her niche or industry, know what his/her strengths & weaknesses are so that they can be worked on. – Social Skills: Social Skills are also needed to be a good entrepreneur. Overall, these make up the qualities required for an entrepreneur to function. – Open-mindedness towards learning, people, and even failure: An entrepreneur must be accepting, which enables him/her to realize when a scenario or event can be a useful opportunity. – Empathy: A good entrepreneur should know the strengths and weaknesses of every employee who works in the business. An entrepreneur has to reach the hearts of employees for the success he desires. e. Personal qualities in relation to engagement with the society – Be a good listener: Focusing on both what people say and how they say it ensures that you accurately receive the messages people communicate to you. UNIT 4: Setting personal goals 51 – Be persuasive: you must persuade others to embrace your ideas and follow your plans to get anything done. – Be responsible and kind: It’s essential that you do your best to meet your obligations to your colleagues. – Be a leader: If you have leadership qualities, you can function as a leader whenever a situation arises that requires that you take the lead, set the team’s direction, or make decisions. – Be honest and have integrity: People with personal integrity always try to do the right thing – Be courageous: Having courage gives you the tenacity to work through issues and disagreements without compromising your principles. – Be self-aware: Self-awareness—knowing what your strengths and weaknesses are and acknowledging what you have yet to learn – Be wholehearted: Being wholehearted is the quality that allows you to embrace all of the other virtuous human qualities f. Personal qualities in relation to personal development Personal development skills are the skills you need to enable you to set personal goals and to achieve personal empowerment. Personal development skills are important because they allow you to create strategic and tactical plans for personal and professional growth toward your goals – Be an active listener. Part of being a good communicator is paying attention to what other people say. – Work well with others. Good people skills make you a valued team member. – Organize your time, work and materials. Plan out tasks so you can complete them quickly and easily. – Work through challenging situations. When dealing with a problem, assess your options and determine the best solution. – Believe in yourself. If you have confidence in your decisions, others may be more likely to believe in you. – Adapt to change. Be flexible so you can deal with changes in work and life easily. – Be truthful. Honesty is the foundation of a positive relationship with colleagues and supervisors. – Be committed to and passionate about your career. People with good work ethics tend to be productive, reliable and determined to do quality work. 52 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 – Guide those around you. Being a good leader requires confidence, vision and communication. g. Personal qualities in relation to the workplace In order for a person to be successful at the workplace, he/she should possess the following qualities: – Detail-oriented (pays attention to the details and portrays a keenness to exploring the topic or issue at hand, as well as reasons behind it and issues surrounding it). – Analytical (uses logical reasoning or systematic approaches to solve a problem). – Problem solver (has a plan when issues arise). – Proactive (controlling the situation by causing something to happen rather than responding to it after it has happened). – Productive (manages time wisely and prioritizes well). – Focussed (does not get distracted easily to allow maximum attention to be given to the task at hand). – Patient (strong determination to solve the problem and does not get easily flustered). UNIT 4: Setting personal goals 53 – Flexible (is available at any time in case of an emergency and has a flexible work schedule). – Hard Working (gives 100% of their effort in all that they do). – Good Listener (listens to the concerns of employees and tries to improve the working environment). Application Activity 4.3 Read the personal qualities below and using a (X), check which personal quality relates to: Entrepreneurship, Personal Development, Engagement with society and Workplace P e r s o n a l Entrepreneur- Personal de- Engagement W o r k - qualities ship velopment with society place Be Empathetic Be Intuitive Be Creative Be Passionate Be a Life-long Learner Be a Good Listener 54 ENTREPRENEURSHIP FOR GENERAL EDUCATION | Senior 6 Be a Good Listener Be Persuasive Be Responsible and Kind Be a Leader Be Honest and Have Integrity Be Courageous Be Self- Aware Be Wholehearted 4.4 Concept of SMART goals Learning Activity 4.4 1. What do you understand by a SMART goal? 2. Provided below are examples of goals. Analyze them and identify the SMART goals from the ones that are not

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