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GAGE COLLEGE

ACCOUNTING DEPARTMENT
BASIC ACCOUNT WORK LEVEL II

Learning Guide
Unit of Competence: Develop Business Practice
Module Title: Developing Business Practice
LG Code: EIS BAW2 14 0812
TTLM Code: EIS BAW2 M14 1212

TTLM Development Manual Date: JULY,2018

Compiled by: ACC DEPT
GAGE college
Training, Teaching and Learning Materials
INTRODUCTION
Welcome to the module “Developing Business Practice”. This learner’s guide
was prepared to help you achieve the required competence in “Basic Account
Works Level II”. This will be the source of information for you to acquire
knowledge attitude and skills in this particular occupation with minimum
supervision or help from your trainer.

Summary of Learning Outcomes

After completing this learning guide, you should be able to:

Lo 1.Obtain Identify business opportunity

Lo2. Identify personal business skills
Lo3. Plan for establishment of business operation
Lo4. Implement establishment plan
Lo5. Review implementation process

How to Use this TTLM

o Read through the Learning Guide carefully. It is divided into sections

that cover all the knowledge, skills and attitude that you need.
o Read Information Sheets and complete the Self-Check at the end of
each section to check your progress
o Read and make sure to Practice the activities in the Operation Sheets.
Ask your trainer to show you the correct way to do things or talk to
more experienced person for guidance.
o When you are ready, ask your trainer for institutional assessment and
provide you with feedback from your performance.

TTLM Development Manual Date: JULY,2018

Compiled by: ACC DEPT
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Training, Teaching and Learning Materials

INFORMATION SHEET 1: Obtain Identify business opportunity

What is a Business Opportunity?

 A business opportunity may be defined simply as an attractive investment
idea or proposition that provides the possibility of a monetary return for the
person taking the risk.

 Such opportunities are represented by customer requirements and lead to the

provision of a product or service which creates or adds value for the buyers
or end-users.

Characteristics of a good business opportunity

To be a good business opportunity, it must fulfill, or be capable of meeting, the

Following criteria:
 Real demand: responds to unsatisfied needs or requirements of customers
who
Have the ability to purchase and who are willing to buy
 Return on investment, provides acceptable returns or rewards for the risk
and
Effort required
 Be competitive: be equal to or better (from the viewpoint of the customer)
than
Other available products or services
 Meet objectives: meet the goals and aspirations of the person or
organization
Taking the risk
 Availability of resources and skills: the entrepreneur is able to obtain the
Necessary resources.

Why should you Generate Business Ideas?

There are many reasons why entrepreneurs or would-be entrepreneurs need to
Generate business ideas. Here are just a few:
 You need a great idea to start a new business(You need an idea)
 Business ideas need to respond to market needs(To respond to market
needs)

TTLM Development Manual Date: JULY,2018

Compiled by: ACC DEPT
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 Business ideas need to respond to changing consumer wants and
needs(Changing fashions and requirements)
 Business ideas help entrepreneurs to stay ahead of the competition(To stay
ahead of the competition.)
 Business ideas use technology to do things better(To exploit technology –
do things better)
 Business ideas are needed because the life cycles of products are limited
(Because of product life cycle.)
 Business ideas help to ensure that businesses operate effectively and
efficiently (To spread risk and allow for failure.)
Sources of Business Ideas
 Hobbies/Personal Interests
 Personal Skills and Experience
 Franchises
 Mass Media (newspapers, magazines, TV, Internet)
 Business Exhibition ( show, reveal, demonstrate)

Another way to find ideas for a business is to attend exhibitions and trade
fairs. These are usually advertised on the radio or in newspapers. By visiting
such events regularly, you will not only discover new products and
services, but you will also meet sales representatives, manufacturers,
wholesalers, distributors and franchisers. These are often excellent sources
of business ideas, information and help you in getting your business started.
Some of them may also be looking for someone just like you to be a
business partner.

 Surveys
The needs and wants of the customer, which provide the rationale for a new
product or service, can be ascertained through a survey. Such a survey might
be conducted informally or formally by talking to people.

 Customer Complaints(criticism )
Whenever consumers or customers complain bitterly about a product or
Service, or when you hear someone say “I wish there was .....” or “If only
there were
a product/service that could ....”, you have the potential for a business idea
 Changes in Society

TTLM Development Manual Date: JULY,2018

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 Brainstorming
 Being Creative

OPERATION SHEET 1: Obtain Identify business opportunity

Purpose:
This learning outcome aims to provide trainees with the knowledge, skill and
attitude business opportunities. Understanding the concept of work relationship
helps to make easy the daily work activity.

Equipment, Tools and Materials:

 Computer
 Projector
 White board
 White board marker &Duster
 Lecture room
 Printer

Condition:

Students and trainer’s are legally required to lock the health and safety of trainer.
This applies to all organizations and including voluntary organizations.
 Students must provide safe working environment.
 Students must not put themselves or others at risk.

Procedure:
 Need to create good communication
 Identify the objective of workplace communication
 Prepare effective common plan
 Apply practically

TTLM Development Manual Date: JULY,2018

Compiled by: ACC DEPT
GAGE college
Training, Teaching and Learning Materials

SELF-CHECK 1

Part I: Answer the following questions:

1. What is business opportunity?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
2. List at least three from the characteristics of good business opportunity?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

3. List al the source of business ideas?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

4. Why should you Generate Business Ideas?

________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

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INFORMATION SHEET 2: Identify personal business skills

Personal Skills and Experience

Over half of the ideas for successful businesses come from experiences in the work
place. For example, a mechanic with experience in working for a large garage who
eventually sets up his/her own car repair or used car business. Thus, the
background of potential entrepreneurs can play a crucial role in the decision to go
into business as well as the type of venture to be created. Your skills and
experience are probably your most important resource, not only in generating ideas
but also in capitalizing on them to develop a good business opportunity.

Important Entrepreneurial Traits

1. Hard Working: This involves the ability to work for long hours.
2. Self-Confident: to succeed, entrepreneurs have to believe in themselves and in
Their ability to achieve the goals they have set for themselves.
3. Builds for the Future: the goal for most successful business people is to build a
Secure job and income for themselves which is based on their own abilities. This
Means entrepreneurs understand that it may take several years to build up
Business income to a reasonable standard.
4. Profit-Oriented: This means recognizing that the business comes first. Once
profits are generated, the entrepreneur can make decisions about how the profits
can be used – to expand the enterprise or for personal use.
5. Goal-Oriented: This ability to set goals and to work to achieve them is
Fundamental to being an entrepreneur.
6. Persistent: all businesses have their problems and disappointments. Being
Persistent in solving a problem is one of the keys to being a successful
Entrepreneur.
7. Copes with Failure: all business ventures inevitably contain disappointments
and failures as well as successes. Coping with failures involves recognizing these
Failures, learning from them and seeking new opportunities. Without this
Characteristic, early failures may end a person’s attempt at self-employment.
8. Responds to Feedback: entrepreneurs are concerned to know how well they are
doing and to keep track of their performance. Obtaining useful feedback and
Advice from others is another important characteristic of entrepreneurs.

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9. Demonstrates Initiative: research shows that successful entrepreneurs take the
initiative and put themselves in positions where they are personally responsible for
success or failure.

10. Willing to Listen: the successful entrepreneur is not an inward looking person
that never uses outside resources. Self-reliance does not exclude the ability to ask
for help when needed from such people as bank officials, accountants and
business advisers. Being able to listen to the advice of others is a key
characteristic of an entrepreneur.
11. Sets Own Standards: setting standards of performance and then working to
achieve them is another indicator of a successful entrepreneur. These standards can
be income, quality, sales or product turnover. Most entrepreneurs want to do
better each year, to set and achieve higher standards from year to year.
12. Copes with Uncertainty: being an entrepreneur is much more uncertain than
employment. This uncertainty is about sales and turnover, but it often also exists
in other areas such as material delivery and prices, and bank support. An ability to
cope with this uncertainty without becoming too stressed is a necessary trait of
being an entrepreneur.
13. Committed: starting and running an enterprise demands total commitment by
the entrepreneur in terms of time, money and lifestyle. It has to be a major
priority in the entrepreneur’s life.
14. Builds on Strengths: successful business people base their work upon the
strength(s) they have, such as manual skills, interpersonal skills, selling skills,
organizational skills, writing skills, knowledge of a particular product or service,
knowledge of people in a trade and ability to make and use a network of contacts.
15. Reliable and Has Integrity: the qualities of honesty, fair dealing and
reliability
in terms of doing what one has promised to do are essential traits of an
entrepreneur.
16. Risk-Taker: being an entrepreneur involves some risks. Entrepreneurs have
the
ability to take measured or calculated risks. Such risks involve working out the
likely costs and gains, the chance of success and the belief in oneself to make the
risk pay off. Entrepreneurs may be considered risk avoiders when they reduce
their risks by having others assume part of the risk. Those who assume the
entrepreneur’s risk may be bankers, suppliers and customers.

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How Do I Find a Good Business Idea?
1. Creativity

Meaning of Creativity

 Creativity is the ability to design, form, make or do something in a new or

different way.
 Creativity is the ability to come up with innovative solutions to
needs/problems and to market them. An entrepreneur’s creativity is often the
difference between success and failure in business.
 Creativity often distinguishes high-growth or dynamic businesses from
ordinary, average firms.
 To be creative, entrepreneurs need to keep their mind and eyes open to their
environment.

Most people can think of several occupations which require creativity

Example artist, musician, dancer, designer and scientist.
However the need for creativity is not limited to these occupations. Creative ideas
are needed anywhere there are problems with unknown solutions.

In the business world, entrepreneurs use creativity

 to solve everyday problems

 to promote products and services
 to update products and services

Some people believe that they are not creative. They may overlook situations in
which they have good ideas, or they may avoid sharing their ideas with others. By
recognizing and sharing their ideas, people can begin to develop their creative
ability.

People can develop their creative potential through:

 learning and
 practice.

Several techniques can be used to develop more creative thinking habits. Some of
these techniques are:

a. Increasing awareness of one’s environment:- means learning to pay

attention to sights and sounds we ordinarily ignore. Most people are in the
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habit of blocking out certain sights and sounds in order to concentrate on one
thing at a time. By paying attention to what we usually ignore, we can open
our minds to new ways of thinking.

b. Brainstorming is a technique in which persons generate a large number of

ideas. Unusual ideas are encouraged. Ideas are never judged or criticized
during brainstorming. Participants may combine and improve ideas during
brainstorming.

c. New and original ideas can be developed by using existing ideas as a

starting point. Parts of existing ideas can be changed in many ways. They
can be:

 made bigger,
 made smaller,
 modified in color, taste or style, rearranged, reversed, substituted or
combined.

Products and services are often changed to make them more attractive by
using this simple technique. This method could also be used to help
entrepreneurs make their working situations more pleasant and efficient.

Here are seven steps to expanding your creative potential:

1. Examine how you perceive creativity and creative people.

Our results-oriented culture has tended to look at those whose creativity
produces a product — a book, painting or cake — as officially creative. We
have been less able to recognize people who identify new ways of thinking
and behaving, especially in everyday and business life, as just as creative.

2. Spend time with creative people.

Observe how they act, think, relax and respond. Ask them to talk about what
events in their lives influenced their creativity.
3. Learn your own warm-up process.
This warm-up process increases your ability to ready yourself to develop a
creative idea and take positive risks in making changes, even small ones.
What events and settings seem to encourage your creative actions?
4. Move, dance, exercise, bicycle, walk and stretch.
These physical activities get us out of our thinking brain and allow us to
truly inhabit all of our body. As the body moves, the right and left parts of

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the brain; both the imaginative side and the cognitive side are able to work
together more efficiently.
5. Listen to music and experiment with improvisational exercises.
Notice how different types of music promote various levels of energy within
you. Theater and drama exercises will help you practice different ways of
responding, apart from your habitual roles.
6. Keep a notebook of interesting or creative ideas and observations.
Paste a few pictures from magazines that interest or intrigue you, even if you
don’t know why. Scribble and doodle. Whatever you do, don’t censor
yourself. See what happens.
7. Find a mentor or coach who can help you develop your
creativity to a higher level.

OPERATION SHEET 2: Identify personal business skills

Purpose:

This learning outcome aims to provide trainees with the knowledge, skill and
attitude business opportunities. Understanding the concept of work relationship
helps to make easy the daily work activity.

Equipment, Tools and Materials:

 Computer
 Projector
 White board
 White board marker &Duster
 Lecture room
 Printer

Condition:

Students and trainer’s are legally required to lock the health and safety of trainer.
This applies to all organizations and including voluntary organizations.
 Students must provide safe working environment.
 Students must not put themselves or others at risk.

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Procedure:

 Need to create good communication

 Identify the objective of workplace communication
 Prepare effective common plan
 Apply practically

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SELF-CHECK 2

Part I: Answer the following questions:

1. What is creativity?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
2. What are the important traits of good entrepreneur ?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

3. How can you develop your creativity potential?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

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INFORMATION SHEET 3: Plan for establishment of business operation

Major Competencies Required for Successful Entrepreneurship

There are three major competencies for successful entrepreneurship. These may be
Defined as:
 a body of knowledge
 a set of skills
 a cluster of traits

A. Knowledge
Has been defined as a set or body of information stored, which may be recalled at
an appropriate time. Knowledge in the context of business may be manifested by
information on, or familiarity with aspects such as:
 a business opportunity • the market
 customers • competitors
 production processes • technical matters
 business management • sources of assistance
Knowledge of business or entrepreneurship, however, is not enough for success in
setting up and operating a business – in the same way as, for example, reading or
learning about flying, driving or swimming will not on its own enable you to fly a
plane, drive a car or swim in a pool.

B. Skill
Has been defined as the ability to apply knowledge and can be acquired or
developed through practice, e.g. flying, driving or swimming. In the context of
business, it is possible to distinguish between skills of a technical and managerial
nature. Some examples are listed below:

Technical Managerial
 Engineering • Marketing (including selling)
 Computing • Financial management
 Carpentry • Organization
 Mechanics • Planning
 Catering • Leadership
Knowledge and skills are relatively easy to acquire or develop. However, traits
take time to develop and are not easily changed or acquired.
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C. Traits
have been defined as the aggregate of peculiar qualities or characteristics which
constitutes personal individuality. In a cross-cultural study of India, Malawi and
Ecuador, 14 personal entrepreneurial characteristics (PECs) that appear to depict
the behavior of successful entrepreneurs were identified. The research was funded
by USAID and undertaken by McBer & Company and Management Systems
International. The 14 PECs can be summarized as follows:

A successful entrepreneur:

 Takes initiative • Sees and acts on opportunities

 Is persistent • Personally seeks information
 Is concerned for high quality • Is committed to fulfilling contracts
 Is oriented to efficiency • Plans systematically
 Solves problems in original ways • Demonstrates self-confidence
 Takes calculated risks • Is assertive
 Is persuasive • Uses influential strategies

Identifying Potential Entrepreneurs

A growing number of employees are becoming dissatisfied with paid employment
for a variety of reason:
1. They dislike following orders
2. Their abilities are not being recognized
3. Employee income is at a set level
4. Their responsibility is limited
5. Implementing their own ideas is difficult
6. They are unhappy about dependency on their employer
Dissatisfied employees may seek new opportunities to become self-employed.
They
tend to go into business for themselves for a variety of reasons:
1. Independence – they want to be their own boss
2. Immediate need for a job
3. They want to supplement employment income
4. They want to develop a business for their children
5. They want to make more money than they make as an employee
6. They want to have an opportunity to prove their ability

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Leadership Styles
Entrepreneurs are responsible for setting goals and making plans for their business.
To a great extent, the work of employees plays a large part in implementing these
plans and achieving goals. Developing and maintaining morale is, therefore, an
important task of the entrepreneur.

Leadership qualities must be self-developed because these qualities vary from

person to person. Knowing that you are personally responsible for your leadership
ability will help you to strive to make improvements. There is no single best way
to be a leader. Entrepreneurs are individuals who have developed their own
personal styles of leadership. The following three styles of leadership are
commonly used:

1. the “iron fisted” or autocratic leader makes decisions and gives

orders
Without asking the opinion of employees;
2. the “let’s vote” or democratic leader gives group members a voice in
Decisions;
3. The “hands-off” or laissez-faire leader leaves all decisions up to the
group members.

Most leaders use a combination of styles, depending on the group and the situation.
Leaders in the business world have two main responsibilities:

a. task responsibilities, or “getting the job done”, and

b. people responsibilities, or maintaining employee morale.

To a great extent, leadership is an attitude which is demonstrated in the approach

entrepreneurs have toward “getting the job done.” A leader is usually willing to
assume challenges which may involve great risks and potentially great
opportunities.

A leader understands the total task to be accomplished and is able to determine

new and innovative ways to accomplish the task. To maintain morale, a guideline
for good leaders to follow is “treat others as you would like to be treated.” Trying
to view a situation through the eyes of the other people involved will help in
developing a positive “you” attitude towards employees.

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A good leader achieves a balance between the following two types of
responsibilities. Sometimes certain situations, such as forming a new group, call
for paying attention to people more than tasks. Other situations, such as the
introduction of a new procedure, will probably require more attention to tasks
rather than people. Understanding leadership can help entrepreneurs become more
effective leaders.

Entrepreneurs are successful motivators of their employees. Some entrepreneurs

motivate others by the sheer example of their hard work, but this may not be the
best
leadership style. High person-oriented entrepreneurs tend to be the most successful
motivators.
The following are techniques that high person-oriented entrepreneurs would use to
motivate and lead their employees.

1. Builds employee confidence and self-esteem by praising their good work

and showing them that their best efforts are always appreciated.
2. Informs employees what is to be accomplished. Good communication is
essential to
success.
3. Delegates authority and responsibility to subordinates.
4. Uses leadership role to maintain personal contact with all employees.
5. Rewards desirable behavior as employees tend to repeat rewarded behavior.
Does not reward undesirable behavior because people tend not to repeat
behavior that is unrewarded.
6. Being an active listener means that feedback is given to the person speaking.
7. Sets specific, clearly understood, measurable goals and continually reviews
them.
4. Takes corrective action. Discusses negative aspects of a worker’s
performance in private. Never criticizes a worker in public.

Important Leadership Traits

1. Treat others more like people than numbers

2. Tactful and consistent in relations with others
3. Fair and honest in dealing with others
4. Sets good example for others
5. Cooperative
6. Dependable
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7. Good listener and respects others’ point of view
8. Cheerful and optimistic
9. Helpful in assisting others to do a better job
10. Receptive and accepts new ideas
11. Emotionally stable in dealing with people
12. Hard worker
13. Loyal to employees
14. Accepts responsibilities
15. Admits mistakes
16. Obtains good work results
17. Good work habits
18. Promotes well being and belongingness among employees

OPERATION SHEET 3: Plan for establishment of business operation

Purpose:
This learning outcome aims to provide trainees with the knowledge, skill and
attitude business opportunities. Understanding the concept of work relationship
helps to make easy the daily work activity.

Equipment, Tools and Materials:

 Computer
 Projector
 White board
 White board marker &Duster
 Lecture room
 Printer

Condition:

Students and trainer’s are legally required to lock the health and safety of trainer.
This applies to all organizations and including voluntary organizations.
 Students must provide safe working environment.
 Students must not put themselves or others at risk.

Procedure:

 Need to create good communication

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 Identify the objective of workplace communication
 Prepare effective common plan
 Apply practically

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SELF-CHECK 3

Part I: Answer the following questions:

1. List the competencies required by successful entrepreneurs?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
2. List and explain the three leadership styles
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

3. Why potential entrepreneurs dissatisfy by paid employment?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

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INFORMATION SHEET 4: Implement establishment plan

Plan and implement the best alternative

Once an alternative is selected, a plan is then drawn up for its implementation. This
would include a timetable, a clear definition of the goal, a set of contingency plans
for possible outcomes and a feedback process so that necessary changes can be
implemented quickly.

Procedures for Analyzing Risk Situation

1. Assess the Risk
2. Determine Goals and Objectives
3. Clarify Alternatives
4. Gather Information/Weigh Alternatives
5. Minimize Risks
6. Plan and Implement the Best Alternative

Guidelines for Setting Goals

a. Your goals should be your own. They should be set for things you really
want to achieve.
b. Goals should be specific. They should be clear, concrete and written.
c. Goals should be measurable and can be quantified. You need to be able to
know when you have reached a goal.
d. Review goals periodically to measure the extent your goals have been
achieved.
e. Goals should be set for a definite time period. Setting deadlines can be an
aid in attaining goals.
Goals should include both short-range and long range goals.

Setting Entrepreneurial Goals

a. Your entrepreneurial goals should be your own.
You should set goals for things you really want to achieve. You are more likely to
accomplish goals you set for yourself than if you try to achieve goals others want
you to accomplish. You must “have your heart” in your goals. Sometimes you may
want to accept the goals of another person, however, you should make a conscious
effort to think and talk through the advantages and disadvantages of such goals.
You will be more successful in attaining goals, whether they are your own or
others, if you have a personal commitment to the goals. One common example of a

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person accepting the goals of other people occurs between parents and children.
For example, Greg’s parents always wanted him to be an attorney.
From the time he was a small child, Greg had accepted that he would become an
attorney without questioning it. He made excellent grades in college, and was
accepted into law school. After a few months of law school, Greg began to realize
that he was not interested in law. He knew he could succeed in law, but his heart
wasn’t in it. He realized that it would be a big disappointment to his parents if he
didn’t finish, but he also thought it was important to do what he wanted to do
himself. As a result, he began thinking about his own goals for the first time.

b. Goals should be specific.

They should be clear, concrete, and written. Writing down your goals will help you
to clarify in your own mind what you really want. There is something about getting
it down on paper that forces you to understand what you want. This process of
putting your goals into words may help you realize how vague your thinking really
is. Writing your goals on paper will help you to clarify them for yourself and also
Helps you to develop a sense of personal commitment to your goals.

Most people carry around a number of vague would-be goals in their heads.
“I’vegot to get organized.” “I’ve got to get into shape.” “I’ve got to prepare for the
future.” “I’ve got to stop wasting time on . . .” One reason these goals rarely are
translated into action is that they are too general. They need to be put into terms
which will enable you to decide how you will go about achieving the goal. For
example, take the goal “to get into shape.” Depending on the person, this could
mean taking an exercise class, going swimming, setting up a program of
jogging,etc. The point is that you must know what being in shape means for you
before you can take action.

c. Goals should be measurable.

You need to be able to know when you have reached a goal. The easiest goals to
measure are probably financial — they can be stated in dollars and cents. Other
goals may be more difficult to measure, but describing the exact conditions which
will exist when a goal is reached is helpful. There are at least two reasons why
setting measurable goals is important. First, it helps you know exactly where to
aim. Having a goal which is not measurable is something like aiming for a target
when you are not sure where it is. Second, having measurable goals provides you
with opportunities to succeed. You will know exactly how well you have
succeeded. Many people tend to think they should always go just a little bit further
to consider themselves successful. This may be okay for those super-human people
who never get discouraged, but for normal folks it can be enough to prevent them
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from even bothering to set goals at all. Studies have shown that one of the most
effective ways to develop a habit is by rewarding it. The feeling of satisfaction
which results from accomplishing a goal is a type of reward. If you set goals you
cannot measure, you may be discouraging yourself from the goal setting habit by
denying yourself the opportunity to succeed.

d. Goals should be set for a definite time period.

Setting deadlines for completing your goals is important. Many people say thatthey
work best under pressure. They tend to leave things to the last minute,although
they realize that they could probably be more thorough if they wouldstart early and
plan their time. When we are working toward our own goals, weprobably have no
outside person putting pressure on us. Setting deadlines forourselves can provide a
form of pressure to help us get our goals accomplished.Perhaps the number one
obstacle to achieving goals is procrastination. The oldsaying is that tomorrow
never comes. Setting definite time periods for
accomplishing goals helps prevent procrastination. Just as important, this
processhelps us become aware of procrastination.

e. Goals should be set both short-range and long-range goals.

There are really two kinds of short-range goals. One type of short-range goal is
astep toward a long-range goal. Some people call these sub-goals, since they
aresmaller parts of larger goals. Another type of short-range goal is independent of
alarger long-range goal. Both kinds of short-range goals are necessary. The
firstkind helps you work toward a long-term goal which is important to you.
Thesecond kind can help you develop confidence in your ability to accomplish
moredifficult or complicated goals.

Implementing Changes
In any activity, entrepreneurs must first determine whether or not a risk is
involved.In a risk situation, the entrepreneur’s power, position or authority may be
challenged.When something is wrong in the business, entrepreneurs should be able
to appraisethe situation realistically and try to solve the problem. Entrepreneurs
must be able totake the necessary corrective action. When a risk situation is
apparent, the decisionwhether to risk or not becomes very important. When
entrepreneurs decide to risk,
they should follow a definite plan for initiating action. Alternative plans may also
bedevised in case the first plan does not succeed. These alternatives allow for
flexibilityin case the conditions of the risk change.

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Once a plan of action is devised, it must be activated. It is only when the plan
isinitiated that entrepreneurs can really know and understand the risks that
areinvolved. At first, little feedback may be received regarding the decision. This
lack offeedback may create doubts. It is during the early stages after the decision
has beenimplemented that entrepreneurs must be fully committed to their decision
until theproblem has been solved. Once they are convinced that a certain course of
action willsolve the problem, specific actions will help to determine the outcome.
Promoting thedecision and gaining the support of others will help to make the
decision succeed.

The risk-taking ability of entrepreneurs is enhanced by:

 their willingness to use their abilities to the fullest extent to move the odds
intheir favour;
 their capacity to assess the risk situation realistically and their ability to
alterthe odds;
 looking at the risk situation in terms of established goals, and
 comprehensive planning and proper implementation.

The act of risk-taking is an essential part of being an entrepreneur.

Entrepreneursusually set high goals for themselves, and then use all their abilities
and talents toachieve these goals. The higher the goals, the greater the risks
involved. Innovationin business, which results in higher quality goods and
services, is the result of actionby entrepreneurs, who are willing to accept great
challenges and take calculated risks.

Questions to Ask Before Taking a Risk

 Is the goal worth the risk involved?
 How can the risk be minimized?
 What information is needed before taking therisk?
 What people and other resources can help tominimize the risk?
 What fears do I have in taking this risk?
 Am I willing to try my best to achieve thegoal?
 What will be achieved by taking the risk?
 What preparation will I need to make beforetaking the risk?
 How will I know (in quantitative terms) when Ihave accomplished my goal?
 What are the biggest obstacles to achievingmy goal?

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OPERATION SHEET 4: Implement establishment plan
Purpose:
This learning outcome aims to provide trainees with the knowledge, skill and
attitude business opportunities. Understanding the concept of work relationship
helps to make easy the daily work activity.

Equipment, Tools and Materials:

 Computer
 Projector
 White board
 White board marker &Duster
 Lecture room
 Printer

Condition:

Students and trainer’s are legally required to lock the health and safety of trainer.
This applies to all organizations and including voluntary organizations.
 Students must provide safe working environment.
 Students must not put themselves or others at risk.

Procedure:

 Need to create good communication

 Identify the objective of workplace communication
 Prepare effective common plan
 Apply practically

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SELF-CHECK 4

Part I: Answer the following questions:

1. How can set entrepreneurial goals?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
2. What are the questions to be ask before taking a risk?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

3. How can you enhance your risk taking ability?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
________________________________________________________________________

INFORMATION SHEET 5: Review implementation process

Hiring and Orienting New Employees

A. The Hiring Process

Hiring a new employee is as important to the entrepreneur as it is to the person
Hired. It can either be the beginning of a mutually rewarding relationship, or the
beginning of a long series of mistakes.

Two of the major influences on high employee turnover are the recruiting and
selection procedures used. The way entrepreneurs advertise a position, handle
applications, conduct interviews, and select and introduce a new worker to a job
are all elements in the effort to cut down on employee turnover.

1. Sources of Potential Employees

 Within the business
 Want ads
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Training, Teaching and Learning Materials
 Employment agencies
 Educational institutions
 Former employees
 Current employees
2. Selection Procedures
 Application form
 Interview
 Checking of references
 Testing applicant’s skills
B. Orientation Process
As a general rule, on their first day new employees should be shown around the
Business. The new employee should be introduced to the rest of the employees,
Given an overall view of the entire operation, and shown exactly how their jobs fit
into the total operation of the business. Such small gestures take little effort and
will probably save both time and money in the long run.

Remember, it is important to start the new employee off on the right foot. Proper
orientation will help a great deal in getting a more productive, long-term
employee.

1. Four Basic Rules of Orientation

 Prepare the employee
 Present the work
 Try the employee out under supervision
 Follow-up

2. Six factors in preparing for the orientation of a new employee

 Know the job
 Have a current employee serve as a mentor
 Prepare a simple job breakdown
 Set a training timetable
 Arrange the work area
 Evaluate new employee’s work on a daily basis

C. Employee Considerations

Pay Plans. To employees, wages are an important part of their jobs. They expect
their pay to reflect the skills and energy they put into a business. If entrepreneurs
want to attract and keep good workers, they must take into consideration the rate
paid by other firms for a similar job.
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Fringe Benefits. Of all fringe benefits, those for sick leave and holidays are the
most widely appreciated by employees. Entrepreneurs should have a set policy
regarding all fringe benefits.

Employee Relations. Good pay and fringe benefits aren’t all it takes to make
employees happy; job satisfaction means much more to them. Entrepreneurs
have a responsibility to provide the best kind of physical surroundings and to
make sure that there is always two-way communication with the staff.

Working Conditions. The health, comfort and safety of employees, as well as

decent working conditions, should be of genuine concern to entrepreneurs. A good
environment can do much to encourage efficiency and good attitudes in addition
to preventing accidents. The premises should have good ventilation, sufficient
heating and cooling, good lighting and proper sanitation, and safety facilities.
Having a first-aid kit and a doctor’s telephone number are necessities in a health
and safety programme in any business.

OPERATION SHEET 5: Review implementation process

Purpose:
This learning outcome aims to provide trainees with the knowledge, skill and
attitude business opportunities . Understanding the concept of work relationship
helps to make easy the daily work activity.

Equipment, Tools and Materials:

 Computer
 Projector
 White board
 White board marker &Duster
 Lecture room
 Printer

Condition:

Students and trainer’s are legally required to lock the health and safety of trainer.
This applies to all organizations and including voluntary organizations.
 Students must provide safe working environment.
 Students must not put themselves or others at risk.

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GAGE college
Training, Teaching and Learning Materials

Procedure:

 Need to create good communication

 Identify the objective of workplace communication
 Prepare effective common plan
 Apply practically

4
GAGE college
Training, Teaching and Learning Materials

SELF-CHECK 5

Part I: Answer the following questions:

1. Write the hiring process?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

2. What are the four basic rules of orientation?

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________