1. ENTREPRENEURSHIP

2. DEFINITION

3. Entrepreneurship  is the ability to create and build something practically from nothing.   It is the instinct of sensing an opportunity where others see chaos, contradiction and confusion.

4.  It is initiating, doing, achieving, and building and enterprise or organizing, rather than just watching, analysing or describing one.

5. QUALITIES OF A GOOD ENTREPRENEUR ( CHARACTERISTICS)

6.  Willing to take risks  Commitment or hardworking  Will seek challenges  Making decisions  Initiating action  Creative  Independent  Flexible and adaptable  Motivated

7. WAYS OF STRENGTHENING ENTREPRENEURIAL ABILITIES

8. - Help from other people, friends, family members etc. - Training - Read books - Communication - Observe from success business people - Motivational talks - Activities been done within the communities

9. ENTREPRENEURIAL ACTIVITIES FOUND IN THE COMMUNITY

10. - Farming - Fishing - Hair dressing - Dairy selling - Shoe repairs - Stone crushing and selling - Tailoring - Constructions - Street vending - Transport

11. REASONS FOR ENTREPRENEURS HIP

12. - Create jobs - Self-reliance - Promote health competition - Generate profit - National development - Spread prosperity - Employer (self)

13. TYPES OF BUSINESSES

14. Sole trader; a business run by one person in order to make profit Partnership; two or more people share ownership of the a single business in order to make a profit Cooperatives; an organization of people who come together to achieve a common goal or purpose. Limited company; is a group of people who come together to do business in order to make profit

15. SOURCES OF BUSINESS IDEAS

16. - Self - Friends - Family, members, books and media - Existing business - New knowledge and new technology

17. SWOT ANALYSIS

18. - Strengths of the new idea - Weakness of the new idea - Opportunities of a new idea - Threats of a new idea

19. FACTORS TO CONSIDER BEFORE FORMING A COMPANY

20. 1. locality 2. start-up capital 3. trading hours 4. source of raw materials 5. competition 6. advertising 7. banking

21. DOCUMENTS NEEDED FOR THE FORMATION OF DIFFERENT TYPES OF BUSINESS

22. PARTNERSHIP DEED It is a written agreement that spells out the duties and right of partners. Partnership deed may include the following: (i) Name of the partnership (ii) Name of the business (iii) Amount of capital each partner contributes (iv) The ratio in which partners share profit (v) The rate of interest each partner is to be paid (vi) The rights of each partner (vii) Ways of admitting a new partner.

23. ARTICLES OF ASSOCIATION It is a set of rules it contains the following rules: (a) Rights of shareholders (b) Powers of directors (c) Procedures of meetings (d) Sharing of profit (e) Borrowing powers of a business (f) Method of audit

24. MEMORANDUM OF ASSOCIATION This is an application letter to the registrar of companies to form a company and it relates to the external affairs of business it contains the following: (i) Name of the company e.g. ltd, for private, plc for public (ii) Address of the company’s registered headquarters (iii) The objects of a company (iv) A statement that shareholders have limited liabilities i.e. shareholders properties cannot be grabbed if the company has collapsed (v) The amount of authorized capital (vi) A list of founders or promoters (vii) Names and addresses of the first board of directors

25. Trading Licenses These are business permit issued by the government agencies that allow individuals or companies to conduct businesses.

26. Revision work

27. 1. what is entrepreneurship? 2. who is a sole trader? 3. list down 4 factor to consider when setting up a business 4. name 3 business document needed to start up a new business 5. name 4 types of business 6. what is SWOT analysis