Entrepreneurship and Small Business Development notes – University notes

ENTREPRENEURSHIP AND SMALL BUSINESS DEVELOPMENT

Subject content

THE NATURE OF ENTREPRENEURSHIP

• Introduction
• The evolution of Entrepreneurship
• Definition of Entrepreneurship
• Entrepreneur
• Characteristics of Entrepreneurs
• Types of Entrepreneurs
• Entrepreneurship versus Corporate Management
• Risk Management versus Risk Minimization
• Opportunity Driven versus Resource Driven
• Action versus Analysis
• Lean Management Team versus Personnel Heavy
• Intrapreneurship: The corporate compromise
• The Benefits of Entrepreneurship
• Activity
• Summary
• Review Questions

THE CONCEPT OF SMALL FIRMS

• Definition of small firms
• Why the link between Entrepreneurship and Small Business
• Entrepreneurship and Small-Scale Enterprise Development in Kenya
• A Historical perspective
• The Role of the Small Business in Entrepreneurship Development
• The Relationship between Big Businesses and Small Businesses
• Roles of Small business in the economy
• Economic roles
• Social roles
• Political Roles
• Activity
• Summary
• Review Question

CHALLENGES AND PROBLEMS OF SMALL FIRMS

• Introduction
• Business Failure
• Financial limitations
• Weaknesses in entrepreneurial or managerial functions
• Inaccessibility to markets
• Limited knowledge of Production and Technology
• Inaccessibility to Information
• Unsupportive Policies and Regulations
• Possible Interventions
• Comprehensive Management Development
• Finance and Credit Facilities
• Developing Markets and Marketing Opportunities
• Technology Upgrading
• Promotion of Inter-firm Cooperation and Networking
• Integrated Sector Specific Approaches
• Summary
• Review Question

MANAGING ENTREPRENEURIAL GROWTH

• Stages of Development
• New-Venture Development/Pre-start-up
• Start-Up Activities
• Growth Stage
• Needs at the First Stage of Growth
• Needs For second Stage Growth
• Stabilization of the Business
• Innovation or Decline
• Summary

SOURCES OF CAPITAL FOR ENTREPRENEURS

• The Need for Financing
• Debt versus Equity Financing
• Equity Financing
• Personal Funds
• Friends and Family
• Informal Investors
• Venture Capital Firms
• Investment Bankers
• Public offering
• Debt Financing
• Borrowings from Friends and Family
• Commercial Banks
• Co-operative societies
• Life Insurance Policies
• Savings and loan Institutions
• Government Agencies
• Small Business Administration
• Other Capital Sources
• Suppliers Capital/Trade Credit
• Customer Capital
• Internal Cash Management
• Account receivable financing
• Matching Financing to Venture Development
• Stage of Development
• Growth Rates
• Summary
• Activity
• Discussion Questions

ROLE OF ENTREPRENEURSHIP IN SMALL BUSINESS MANAGEMENT

• Introduction
• Competences of Entrepreneurs
• Business Planning
• Components of a Business plan
• Risk-taking
• Role of risk in Enterprise development
• Managing risks
• Decision Making
• Factors affecting entrepreneur’s decision-making
• Leadership
• Role of leadership in enterprise management
• Time Management
• Basic Principles of Time Management
• Benefits of Time Management
• Instituting and adopting to change
• Franchising

POLICY FRAMEWORK FOR SMALL ENTERPRISE DEVELOPMENT

• Introduction
• Government Policies
• Summary
• Review Questions

CASE STUDIES

• Introduction
• CASE A
• Keeping Things Going
• Questions
• Questions
• CASE C
• Nothing unique to offer
• Questions
• CASE D
• Questions