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CXC CSEC Principles of Business Exam GuideProfile 1: Organizational PrinciplesSection 3: Establishing a Business | | | SPECIFIC OBJECTIVESThe students should be able to: | CONTENT | 1. | Define the term entrepreneur; | The concept of entrepreneurship | 2. | Explain the role of an entrepreneur; | The role of the entrepreneur in conceptualizing, planning, accessing funds, organizing, operating and evaluating the performance of a business. Attention should be paid to the bearing of risks and the entitlement to the profits and losses of the business. | 3. | Identify the characteristics of the the typical entrepreneur; | Personal traits and leadership qualities:(a) creative (b) innovative(c) flexible (d) goal-oriented(e) persistent(f) persevering(g) propensity to take calculated risks | 4. | Outline reasons why persons may want to establish their own business; | Reasons for wanting to start a business:(a) desire for financial independence(b) self-fulfillment(c) self-actualization | 5. | Outline the essential steps that should be taken in establishing a business; | Steps for establishing a business:(a) conceptualization(b) research (market probe)(c) identification of resources (d) creation of a business plan(e) acquisition of funds(f) operation of the business | 6. | Describe the role of key functional areas in the operation of diferent types of business. | Role of the | Identify sources of information for conducting research into the establishment of a business; | Primary and secondary sources of information for conducting research. | 8. | Explain the relationship between planning and the operation of a business; | The necessity for short-term, medium-term and long-term planning in a business. | 9. | Identify regulatory practices instituted by governments for the establishment of different types of businesses; | Local regional and global rules for conducting business, including local government (municipal, village council, parish council
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