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    KENYATTA UNIVER-WPS Office PDF

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    KENYATTA UNIVER-WPS Office PDF

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    KENYATTA UNIVER-WPS Office PDF

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    of 8

    GROUP NAME:EVEN GROUP

    DEPARTMENT: BUSINESS ADMINISTRATION


    SCHOOL:SCHOOL OF BUSINESS
    UNIT CODE: UCU 104
    UNIT TITLE: INTRODUCTION TO ENTREPRENEURSHIP
    LECTURER:DR JOHN MUTINDA
    GROUP MEMBERS

    CLINTON OTIENO
    1. D33/ 10292 /2024
    2. ANNETTE SABIRI D33/2284/2024
    NDEDA EDDY ODHIAMBO D33/2500/2024
    3.
    4. PATIENCE MWANZA D33/1998/2024
    5. JIMMY HARE KOMBE D33/1994/2024
    6. FAITH KIBE WANJIRU D33/10288/2024
    7. RIOBA LENNOX MALANDA D33/2074/2024
    8. FAITH KIPYEGON D33/ 9934 /2024
    9. MORGAN MATHEKA D33/2130/2024
    10. KIRITU YVONNE WAITHERA D33/2078/2024
    KENYATTA UNIVERSITY ( main campus)

    DEPARTMENT OF BUSINESS ADMINISTRATION

    First semester 2024/2025

    Ucu 104: introduction to entrepreneurship

    Assignment one(group work) even number

    Instructions (answer all questions)

    Question one
    You have been invited by a development committee group in
    Nairobi county to advise on different ways of identifying a
    business opportunity.Identify and describe any eight sources
    of business ideas you would recommend to a willing
    entrepreneur ( 10mks)

    1.Interests and hobbies .

    Most people have found great successful businesses while


    pursuing their interests or hobbies for instance traveling, music,
    sports can seemingly develop into a business.
    2. Customer surveys.

    The want and needs of the customers are the sources of


    business ideas generation and you can ascertain them by
    carrying out surveys.These surveys can be conducted either
    formally or informally through questionnaires, interviews or
    observations whilst listing the sources of business ideas that
    work best for you.

    3. Brainstorming and dreams.

    Brainstorming is a method of problem solving.The secret


    behind it is coming up with as many ideas and options as
    possible.

    4. Franchises.

    A franchise is a situation where a solemark distributor or


    manufacturer of a product gives exclusive rights to independent
    retailers for local distribution. Franchising can take different
    forms but the most common and preferred one is where you are
    offered the image, operating procedures and
    name of an established business. Besides buying a franchise
    you can also build on and sell its concept at a profit.

    5. Mass media.

    One way of becoming a successful entrepreneur is taking a


    careful look at the advertisements and commercials in these
    media.
    By reading a magazine or newspaper you can easily come
    across a business for sale that interests you.
    These media can also report on the trending fashion and
    pressing customer needs that you can jump on and start a
    business.

    6. Personal experience and talents.

    Experiences in places of work results in most ideas and


    opportunities for successful businesses.
    As an entrepreneur u can make most out of your skills,
    talents and experiences and start your own business.

    7. Trade fairs and exhibitions.

    Through attending trade fairs and exhibitions you will


    discover new services and products ,meet with
    manufacturers, sales representatives, distributors,
    wholesalers and franchisers who will inspire you to start a
    business that will thrive.

    8. Trends and innovations.

    Stay updated on current trends in technology fashion or


    lifestyle.
    These can provide insights which can be used to start a
    business.

    Question 2.

    Entrepreneurship is an attitude and lifestyle. Identify and explain


    ten entrepreneurial traits required of an individual who is fully
    determined to promote the entrepreneurial spirit.

    1. Passion and vision.

    Entrepreneurs must have a genuine passion for their ideas,


    products and services. They are driven by a clear vision
    of what they want to achieve and are willing to put in the
    necessary effort to make it a reality.

    2. Risk taking.

    Individuals promoting the entrepreneurial spirit need to


    be tolerant for risks and comfortable stepping out of
    their comfort zone.

    3. Innovation and creativity.

    Entrepreneurs constantly seek ways to solve problems,


    improving existing products or services and finding
    opportunities in unexplored areas.
    4. Self motivation.

    Successful entrepreneurs are selfmotivated and don't


    require external motivation. They have a strong sense
    of discipline which helps them remain focused.

    5. Adaptability .

    Entrepreneurs should be able to adapt to the


    constantly changing business landscape. They
    Should be able to respond quickly to market changes.

    6. Networking and relationship building.

    Entrepreneurs actively seek out to interact with


    others , establish partnerships and learn from their
    mistakes.

    7. Strong leadership skills.

    Entrepreneurs need to be able to lead by example,


    motivate their team, set goals, communicate
    effectively and empower others to give their best
    into the business.

    8.positiveness.

    Entrepreneurs approach tasks with the hope of


    success and not fear of failure.
    9. Self confidence.

    An entrepreneur is confident of achieving both


    challenging and realistic goals.

    10. Passion.

    Enthusiasmfortheirideasandcommitmentto
    their business ventures.

    Question 3. Incase an entrepreneur fails to obtain collateral security for loan


    purpose examine other options that can be left to him in order to survive at
    the market place.

    1. Unsecured loan: some financial institutions offer loans


    based on the entrepreneurs creditworthiness and business
    plan. But may have higher interest rates.

    2. Personal savings : an entrepreneur can invest their own


    personal savings into their businesses or ask for financial aid
    from family and friends.

    3. Small business grants: some government programs and


    organisations offer grants to small businesses without the
    need to be repaid.

    4. Business incubators: joining an incubator can provide


    access to funding, mentorship and resources.
    5. Barter and trading: an entrepreneur can consider battering
    goods and services with customers and other business to
    reduce cash expenses.
    6. Micro loans: some organizations specialize in providing
    small loans to small businesses.
    7. Strategic partnerships: collaboration with mutually
    beneficial partnerships can provide resources and support.
    8. Invoice financing: if a business has got outstanding
    invoices it can sell this invoices to a financial institution
    inordet to get immediate cash.

    9. Peer to peer lending: an entrepreneur can consider peer to


    peer lending wherby individuals lend money to businesses in
    exchange for interest payment.

    10.lean business model: operating in a lean and cost


    effective business can reduce the need of large amounts of
    capital.

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