new business module

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12 BUSINESS SKILLS Module 1 starts with a brief overview of some basic business concepts and definitions to make sure all the participants have a common understanding of what doing business means. It continues with a case study that serves to illustrate the importance of a well thought-out business idea and careful preparation before starting a business. Finally, it provides two simple forms that help the participants formulate their business idea and assess their entrepreneurial capabilities. Session 1: Business basics 1.1 Key learning points of the session In this introductory session, the participants will learn that: • a business produces goods or services for customers for the purpose of generating a profit; • to generate a profit, they conduct three basic activities: buying, producing and selling; • to generate a profit, the income from the business activity must exceed its total cost; • entrepreneurs must know the total cost of producing and marketing their goods or services; • a business can only generate a profit if customers buy its goods or services; • entrepreneurs must know the type of people they want to sell their goods or services to; • entrepreneurs must know their competitors and their goods or services (i.e. quality and prices); • entrepreneurs must know the infrastructure and market support services for their market; • entrepreneurs must know the institutions, rules and standards that affect their business activity. Do not present the key learning points at this stage of the session but rather summarize them at the end.
INTRODUCTION TO BUSINESS 13 1.2 What is a business? A business is a set of regular activities conducted by an individual or a group of individuals to generate profit by fulfilling the needs of other people. To generate a profit, businesses conduct three basic activities (see Hand-out 2): • buying (equipment and materials) • producing (goods or services) • selling (goods or services) Diagram 1: Typical business activities Buying Selling Suppliers Your business Customers Producing Businesses can be categorized according to their nature (see Hand-out 3). A common way to do this is set out below. (a) Agricultural business: If a person is growing crops or rearing livestock for sale, we say he is running an agricultural business. For example: Abdi is raising chickens to sell them on the market. (b) Manufacturing business: If a person uses raw materials and his labour and tools, equipment or machinery to produce finished products, we say he is running a manufacturing business. For example: Jean is cutting palm leaves, braiding them into small mats, and selling them as roofing material in his village. (c) Service business: If a person satisfies the needs of others using his skills and tools, equipment or machinery, we say he is running a service business. For example: Paul buys a motorcycle to provide transportation services to the people in his village.
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MODULE 4: INITIAL MARKET ASSESSMENT
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MODULE 5: ESTIMATING INCOME, COST A
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ESTIMATING INCOME, COST AND PROFIT
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MODULE 7: KEEPING RECORDS AND MANAG
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