PST06209 Entrepreneurship

NTA Level 6 • Semester 2 • PST06209 Concepts of Entrepreneurship Entrepreneurship • Source Session/Topic 1 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 1: Concepts of Entrepreneurship Total Session Time: 60 minutes Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define entrepreneurship, intrapreneurship and enterprise • Explain entrepreneurship process • Explain factors that contribute to the development of entrepreneurship Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 15 minutes Presentation Definitions of Entrepreneurship, 2 Buzzing Intrapreneurship and Enterprise 3 15 minutes Presentation Entrepreneurship process 15 minutes Presentation Factors that Contribute to the Development of 4 Brainstorming Entrepreneurship 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 1 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definitions of Entrepreneurship, Intrapreneurship and Enterprise (15 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is entrepreneurship? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZEby using the content below • Entrepreneurship o Entrepreneurship can be regarded as "a condition that creates new business in terms of risk taking and expected profit‖. o Other definitions include:  It is the process of creating something new and assuming the risk and reward  It is the process of organizing, managing and assuming the risk of a business o Is the process of creating incremental wealth  It is a way of thinking, reasoning, and acting that results in the creation, enhancement, realization, and renewal of value for an individual, group, organization, society. At the heart of this process are the creation and/or recognition of opportunities followed by the will and initiative to (innovatively) seize these opportunities o Key issues from the definitions; explain this state of mind, it is required to answer at least two questions:  Who are the entrepreneurs and what make them work so hard, with no guarantee that they will be successful?  What are the variables that are determined to risk so much and make so many sacrifices to fulfil an idea? o Almost all definitions of entrepreneurship include the following key behaviours  Initiative taking  Organising and reorganizing of social and economic mechanisms to turn the resources and situations into practical account  Acceptance of risk or failure __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 2 • Enterprise o An enterprise or business undertaking is a commercial unit aimed at producing services to satisfy both the client and the service provider. o For example, an enterprise may focus on assisting the public or a segment of the public on:  Research activities (e.g., proposal development in health)  Academic work (e.g., book writing in health)  Counselling patients and their families (e.g., PMTCT counselling)  Providing mortuary services  Providing cytology and histopathology services in the periphery  Providing a selection of full burial services  Clinic care of patient  Improving the quality of services within your organization to increase clients and raise the price • Intrapreneurship o This is the process of uncovering and developing an opportunity to create value through innovation and seizing that opportunity in an existing company STEP 3: Entrepreneurial Process (15 minutes) • The entrepreneurial process includes all the functions, activities, and actions that are part of perceiving opportunities and creating organizations to pursue them • The birth of a new enterprise just happenstance and its subsequent success or failure a chance process • The art and science of entrepreneurship can be taught and learned o Entrepreneurship is one of the fastest growing new fields of study in education • Entrepreneurial process can be viewed in six stages o See opportunity which others don‘t  Have vision o Persuade others o Gather resources o Organize resources o Create new venture, product or market o Constantly change/adapt themselves according to changing demand __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 3 STEP 4: Factors That Contribute to the Development of Entrepreneurship (15 minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are the factors that contribute to the development of entrepreneurship? ALLOW few students to respond? WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • The following are factors that contribute to development of entrepreneurship: o Independent lifestyle: This enables the individual to choose where to live and what to do to ensure their financial security to spend more time with family and friends o Successful entrepreneurs as role models: some people consider successful entrepreneurs as true heroes by awarding them a special status, especially because of achievements, including material, which makes them often as models to follow o Demographic factors: Represented by weight rather than population aged 25 and 40, from which the largest share identifying business opportunities and they contribute to the development of entrepreneurship o Increasing the share of services in total GDP: in conjunction with their relatively low cost, attract many people to develop business to achieve significant gains o Development of new technology: in the field of computers, in particular, enables small businesses to large company‘s competition through lower costs recorded in a small business o Internet development: as a worldwide computer network, available to millions of users, information from various areas, which contributes to increased chances of finding

NTA Level 6 • Semester 2 • PST06209 Historical Development and Theories of Entrepreneurship Entrepreneurship • Source Session/Topic 2 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 2: Historical Development and Theories of Entrepreneurship Total Session Time: 120 minutes +1hours of Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define of entrepreneurship theories • Explain the historical development of entrepreneurship • Explain the theories of entrepreneurship Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 10 minutes Presentation Definition of Entrepreneurship Theories 2 Buzzing 35 minutes Presentation Historical Development of Entrepreneurship 3 Small Group Discussion 60 minutes Presentation 4 Theories of Entrepreneurship 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 7 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning Tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Entrepreneurship Theories (10 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is entrepreneurship theory? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below • Entrepreneurship theory is: o A model that tries to provide a general explanation for how entrepreneurship works. o A statement of the underlying rationale for why something works in the way it does in entrepreneurship. o An observations made over time to explain, interpret, and predict behaviour of an event in entrepreneurship STEP 3: Historical Development of Entrepreneurship (35 minutes) __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 8 Activity: Small Group Discussion (15 minutes) DIVIDE students into small manageable groups ASK students to discuss on the following question • What is the historical development of entrepreneurship? ALLOW students to discuss for 10 minutes ALLOW few groups to present and the rest to add points not mentioned CLARIFY and SUMMARIZE by using the contents below o Human activity and acting agents can be divided into two broad classes; those who lead and those who follow o Entrepreneurial talent, however ill-defined, has always been closely aligned with the quality of leadership  The general who designed and executed a successful strategy took considerable risks and stood to gain substantial economic benefits. o The Greek idea of stasis led to the idea of economic activity as a zero sum game o Despite centuries of market experience, this idea persisted through the age of mercantilism and even today o In medieval Italy, the capitalist loaned money to the merchant-adventurer o The capitalist was a passive risk-bearer whereas the merchant-adventurer took an active role in trade or commerce  But the majority of the profits went to the investing partner o It was generally agreed that merchants were entitled to compensation for risk and recompense for their labor o Merchants needed to have ―good judgment with respect to risks, be well-informed with respect to goods qualities, prices and cost, be attentive to detail, and prepared to suffer hardships and manner of risks o Tax farming is an early example of entrepreneurship involving risk bearing and individual initiative o A tax farmer is an individual who successfully bids for the exclusive right to collect taxes in the name of the Crown o The amount of the bid is related in a predictable way to the bidder‘s evaluation of the amount of taxes he can collect o The incentive that spurs each entrepreneur to action is the opportunity to obtain profit o But the entrepreneur must also be reasonably assured that he may keep entrepreneurial profits that he acquires legitimately o Which in turn requires stability of institutional practices o Historically, the risk-bearing function of entrepreneurship became less important after the establishment of limited liability and the new forms of business organization it generated __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 9 o Subsequently, innovation came to be stressed over other aspects of entrepreneurship in theories of economic development STEP 4: Theories of Entrepreneurship (60 minutes) o Richard Cantillon (1680 – 1734) o Richard Cantillon‘s Essaisur la nature du commerce en general was published posthumously in 1755, but written two decades earlier o He recognized three classes of economic agents:  Landowners who are financially independent  Entrepreneurs who engage in market exchanges at their own risk in order to make a profit  Hirelings who avoid active decision making in order to secure contractual guaranties of stable income o The entrepreneur is someone who exercises business judgment in the face of uncertainty o The city creates opportunities for entrepreneurs willing to take risks in order to make goods available at the appropriate time and place o Cantillon emphasized the economic function of the entrepreneur over his/her social status o Cantillon argued that the origin of entrepreneurship lies in the lack of perfect foresight we have with regard to the future  This lack of perfect foresight is not a defect of the market system, but a part of the human condition o Uncertainty is a pervasive fact of everyday life, and those who must deal with it continually in their economic decisions are entrepreneurs o Consequently, it is the function of the entrepreneur, not his/her personality, that counts for economic analysis o Jean Baptiste Say (1762 – 1832) o Say‘s theory of the entrepreneur is part of a threefold division of human industry into distinct operations: o The first step is the scientific one.  Before any product can

NTA Level 6 • Semester 2 • PST06209 Importance of Entrepreneurship in the Economy and Pharmacy Profession Entrepreneurship • Source Session/Topic 3 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 3: Importance of Entrepreneurship in the Economy and Pharmacy Profession Total Session Time: 60 minutes +2 hours of Assignment/ Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • entrepreneurship importance • Explain general importance of entrepreneurship in economy • Explain specific importance of entrepreneurship in pharmacy profession Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD projector and computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 05 minutes Definition of Entrepreneurship Importance 2 Presentation 15 minutes Presentation General Importance of Entrepreneurship In 3 Buzzing Economy 25minutes Presentation Specific Importance of Entrepreneurship in 4 Pharmacy Profession 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 16 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Entrepreneurship importance (5 minutes) • Entrepreneurship importance is taking community and the society to the state of progress and prosperity: o Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing on the welfare of an entrepreneur. o It provides civilization with an enormous amount of goods and services and enhances the growth of social welfare o The man behind the entrepreneurship is an action-oriented and highly motivated individual who is ready to achieve goals STEP 3: General Importance of Entrepreneurship (15 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is the general importance of entrepreneurship? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below • Commercial importance o It is the source of income generation o Improves quality of products and services o It leads to business competition which eventually improves the wellbeing of the society • Social importance o Entrepreneurship helps people to improve their socioeconomic life. o It is the source of satisfying people‘s needs and wants. o It can be used to transform the lives of people within a certain area. o It is the source of employment. __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 17 o It helps to solve problems such as public health problems, accessibility to clean and safe water etc. • Economic importance o It improves economic status of an individual, family and community at large o It improves the income of the country. o It is the source of employment STEP 4: Specific Importance of Entrepreneurship in Pharmacy Profession (25 minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are the specific importance of entrepreneurship in pharmacy?‖ ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing on the welfare of an entrepreneur. • It provides civilization with an enormous amount of goods and services and enhances the growth of social welfare. • The man behind the entrepreneurship is an action-oriented and highly motivated individual who is ready to achieve goals • Thus, entrepreneurs take the economy and the society that is the whole civilization to the state of progress and prosperity • Taking this into consideration we can describe the Significance or importance of entrepreneurship which is stated below. • The importance of entrepreneurship are; o Growth of Entrepreneurship  Entrepreneurship the advent of new venture particularly small ventures in order to materialize the innovative ideas of the entrepreneurs.  Thus, the growth or establishment of small enterprises ii the specific contribution of entrepreneurship in every economy of the world.  The statistics reveal that in USA economy nearly half a million small enterprises is established every year.  Our country is not an exception in this regard. o Creation of job opportunities __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 18  Entrepreneurship firms contributed a large share of new jobs.  It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers  The small enterprises are the only sector that generates a large portion of total employment every year  Moreover, entrepreneurial ventures prepare and supply experienced labor to the large industries o Innovation  Entrepreneurship is the incubator of the innovation.  Innovation creates disequilibria in the present state of order.  It goes beyond discovery and does implementation and commercialization, of innovations.  ―Leapfrog‖ innovation, research, and development are being contributed by entrepreneurship.  Thus, entrepreneurship nurse‘s innovation that provides new ventures, product, technology, market, quality of good etc. to the economy that increases Gross Domestic Products and standard of living of the people. o Impact on community development  A community is better off if its employment base is diversified among many small entrepreneurial firms.  It promotes abundant retail facilities, a higher level of home ownership, fewer slums, better, sanitation standards and higher expenditure on education, recreation, and religious activities.  Thus, entrepreneurship leads to more stability and a higher quality of community life. o The consequence of business failure  The collapse of large industry almost has irresistible damage to the development of state and to the state of the economy and to the financial condition of the relevant persons.  The incumbents

NTA Level 6 • Semester 2 • PST06209 National Strategy for Growth and Reduction of Poverty Entrepreneurship • Source Session/Topic 4 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 4: National Strategy for Growth and Reduction of Poverty Total Session Time: 120 minutes + 1Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define National Strategy for Growth and Reduction of Poverty • Explain principles and fundamentals of MKUKUTA • Explain the strategy for MKUKUTA implementation Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks Presentation Definition of National Strategy for Growth 2 15minutes Buzzing and Reduction of Poverty Principles and Fundamentals of MKUKUTA 3 30 minutes Presentation Presentation Small group 4 60 minutes The Strategy for MKUKUTA Implementation discussion 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 22 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of National Strategy for Growth and Reduction of Poverty (15 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is National Strategy for Growth and Reduction of Poverty? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below • National Strategy for Growth and Reduction of Poverty o This represents Tanzania‘s commitment to the achievement of the national development goal o It focuses on growth, social well-being and governance, and is a framework for all government development efforts and for mobilizing resources o The MKUKUTA aims to foster greater collaboration among all sectors and stakeholders. o The government and national commitments to accelerating economic growth and fighting poverty o Emphasizes on  Focused and sharper prioritization of interventions – projects and programmes in key priority growth and poverty reduction sectors  Strengthening evidence- based planning and resource allocation in the priority interventions  Aligning strategic plans of ministries, departments and agencies (MDAs) and local government authorities (LGAs) to this strategy  Strengthening government‘s and national implementation capacity  Scaling up the role and participation of the private sector in priority areas of growth and poverty reduction;  Improving human resources capacity in terms of skills, knowledge and efficient deployment __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 23  Fostering changes in mind-set toward hard work, patriotism, and self-reliance  Mainstreaming cross cutting issues in MDAs and LGAs processes;  Strengthening the monitoring and reporting systems  Better implementation of core reforms, including further improvement of public financial management systems STEP 3: Principles and Fundamentals of MKUKUTA (30 minutes) • The principles guiding MKUKUTA are: o National ownership (the people, government, CSOs, Private Sector, etc) o Political commitment, leadership, and enhanced accountability o Commitment to stabilize macroeconomic variables and accelerate core reforms implementation; whereby the role of the private sector in pro-poor economic growth is emphasized and given a central role o Macro-micro linkages o Sector strategies, linkages and collaboration o Local partnerships and people‘s participation and community engagement o Harmonized assistance o Sustainable human development and equity o Sharper and focused prioritization • Fundamentals of MKUKUTA: o There are five (5) key fundamentals which are based on the major shift of this Strategy from its predecessor; which is high drive and scaling up the role and participation of the private sector in economic growth and employment generator and creation, through strengthening business climate for efficient use of factors of production, investing in people and infrastructure development, and sustaining the already achieved socio-economic progress. o Efficient use and development of factors of production, including human capital/resources  The basic factors that are essential for production are land (including water resources, mineral deposits, and other natural resources such as wildlife, fishery, and forestry), human resource, capital and technology  The strategy aims at enhancing efficient use of the factors of production for productivity gains and value addition  It also aims at developing these factors by investing in them, e.g .land development in terms of surveying, zoning, exploration and extraction of minerals, etc; expansion of capital stock such as plants and machinery; technology advances through R&D, and human resource development in terms of education, training, skills development and health provisioning  With regard to human resource development, the Strategy aims at improving quality of education, knowledge and skills development and ensuring that education and training systems produce skills demanded by the labour market  In all of this, the role of the private sector and ICT usage will be scaled-up __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 24 __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 25 o Strengthening and establishing well- functioning institutions and markets  The Strategy asserts that institutions are central to the way a country is governed  Well- functioning institutions induce efficient functioning of markets, improve service delivery and governance  To achieve the desired results, the Strategy, therefore, aims at strengthening reforms implementation framework for institutional change to take place and markets to function efficiently o Provision of infrastructure, the Strategy reaffirms that infrastructure development is at the center stage of economic development process  Functioning infrastructure reduces the cost of doing business, attracts private investment, enables production and social service delivery,  Infrastructure augments factors of production in enhancing economic growth  Thus, critical infrastructures such as energy, roads, railway, marine, communication, ports, and strategic

NTA Level 6 • Semester 2 • PST06209 Tanzania Development Vision 2025 Entrepreneurship • Source Session/Topic 5 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 5: Tanzania Development Vision 2025 Total Session Time: 120 minutes +2 hours of Assignment Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define Tanzania Development Vision 2025 • Explain the targets of the Tanzania Development Vision 2025 • Outline health service goals of Tanzania Development Vision 2025 • Describe driving forces for the realization of Tanzania Development Vision 2025 Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • Handout 5.1: implementation of the Development Vision 2025 • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 10 minutes Presentation Definition of Tanzania Development Vision 2 2025 Buzzing 25 minutes Presentation The targets of the Tanzania Development 3 Vision 2025 4 10 minutes Presentation Health Goals to be Realized in Tanzania Development Vision 2025 Presentation Driving Forces for the Realization of the 55 minutes Small Group 5 Tanzania Development Vision 2025 Discussion 6 05 minutes Presentation Key Points 7 05 minutes Presentation Evaluation 8 05 minutes Presentation Take Home Assignment __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 31 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Tanzania Development Vision 2025 (10 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is Tanzania Development Vision 2025? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below • Tanzania Development Vision 2025: o It is a document providing direction and a philosophy for long-term development o By 2025, Tanzania wants to achieve a high quality of livelihood for its citizens, peace, stability and unity, good governance, a well-educated society, and a competitive economy capable of producing sustainable growth and shared benefits by 2025 o It identifies health as one of the priority sectors contributing to a higher-quality livelihood for all Tanzanians Step 3: The Targets of the Tanzania Development Vision 2025 (25 minutes) • It is envisioned that the following specific achievements would be attainable by the year 2025: o High quality Livelihood  A high quality livelihood for all Tanzanians is expected to be attained through strategies which ensure the realization of the following goals: • Food self-sufficiency and food security • Universal primary education, the eradication of illiteracy and the attainment of a level of tertiary education and training that is commensurate with a critical mass of high quality human resources required to effectively respond and master the development challenges at all levels. • Gender equality and the empowerment of women in all socio-economic and political relations and cultures __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 32 • Access to quality primary health care for all o Access to quality reproductive health services for all individuals of appropriate ages. o Reduction in infant and maternal mortality rates by three-quarters of current levels. o Universal access to safe water o Life expectancy comparable to the level attained by typical middle income countries. o Absence of abject poverty o Good Governance and the Rule of Law  It is desired that the Tanzanian society should be characterized by: • Desirable moral and cultural uprightness. • Strong adherence to and respect for the rule of law • Absence of corruption and other vices. • A learning society which is confident, learns from its own development • Experience and that of others and owns and determines its own development agenda. o Strong and Competitive Economy  The economy is expected to have the following characteristics: • A diversified and semi-industrialized economy with a substantial industrial sector comparable to typical middle-income countries. • Macroeconomic stability manifested by a low inflation economy and basic macroeconomic balances. • A growth rate of 8% per annum or more • An adequate level of physical infrastructure needed to cope with the requirements of the Vision in all sectors. • An active and competitive player in the regional and world markets, with the capacity to articulate and promote national interests and to adjust quickly to regional and global market shifts. • It is also envisaged that fast growth will be pursued while effectively reversing current adverse trends in the loss and degradation of environmental resources (such as forests, fisheries, fresh water, climate, soils, biodiversity) and in the accumulation of hazardous substances. STEP 4: Health Service Goals to be Realized in Tanzania Development Vision 2025 (10 minutes) • This will be attained through strategies, which will ensure realization of the following health service goals: • Access to quality primary health care for all • Access to quality reproductive health services for all individuals of appropriate ages • Reduction in infant and maternal mortality rates by three-quarters of levels in 1998 __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 33 • Universal access to clean and safe water and sanitation • Life expectancy comparable to the level attained by typical middle-income countries; • Food self-sufficiency and food security; and • Gender equality and empowerment of women STEP 7: Driving Forces for the Realization of the Tanzania Development Vision 2025 (55 minutes) Activity: Small Group Discussion (15 minutes) DIVIDE students into small manageable groups ASK students to discuss on the following question • What are driving forces for the realization of the Tanzania Development Vision 2025? ALLOW students to discuss for 10 minutes ALLOW few groups to present

NTA Level 6 • Semester 2 • PST06209 Linkage between National Strategy for Economic Empowerment and Poverty Reduction Entrepreneurship • Source Session/Topic 6 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 6: Linkage between National Strategy for Economic Empowerment and Poverty Reduction (NSEGPR) and Vision 2025 Total Session Time: 60 minutes +1 hours of Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Explain the linkage between national strategy for economic empowerment and poverty reduction to economic growth and vision 2025 • Explain the translation of Vision 2025 by MKUKUTA Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks Linkage Between National Strategy for Presentation Economic Empowerment and Poverty 2 25 minutes Buzzing Reduction to Economic Growth and Vision 2025 20 minutes Presentation 3 Translation of Vision 2025 by MKUKUTA Brainstorming 4 05 minutes Presentation Key Points 5 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 40 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Linkage between National Strategy for Economic Empowerment and Poverty Reduction to Economic Growth and Vision 2025 (25 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What is the linkage between MKUKUTA and Vision 2025? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board • MKUKUTA: o It is a medium term mechanism to achieve the aspiration of Tanzania‘s Development Vision 2025 (TDV 2025) and the Millennium Sustainable Goals (MSGs) of transforming Tanzania into a middle income country characterized by:  High quality livelihood,  Peace, stability and unity,  Good governance,  A well- educated and learning society, and  A strong and competitive economy o It is committed to the Sustainable Development Goals (SDGs), as internationally agreed targets for:  Reducing poverty, hunger, diseases, illiteracy,  Reducing environmental degradation  Reducing discrimination against women o It strives to widen the space for country ownership and effective participation of civil society, private sector development and fruitful local and external partnerships  In development and commitment to regional and other international initiatives for social and economic development • Vision 2025: o The Tanzania Development Vision 2025 seeks to realize patriotism, nationalism and to strengthen national cohesion of all the people in society, taking into consideration current environment in the economic, political and other relevant factors __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 41 o The national cohesion will be realized only when the implementation of the Development Vision entails:  equal opportunities for participation of all the people  the same opportunities extended to all people for the enjoyment of the fruits of its achievements. o The formulation of the Development Vision 2025 has been realized through a national consensus which involved extensive consultations with the various groups in Tanzania society in the form of workshops, interviews, meetings, etc. o It is emphasised that the Development vision's implementation be:  Equally participatory; for it is only through such a participatory process that the Development Vision will acquire a people-centred  People-driven character which is the main foundation for obtaining the people's genuine commitment towards ensuring the realization of their goals STEP 3: Translation of Vision 2025 by MKUKUTA (20 minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What is the translation of Tanzania Vision 2025 by MKUKUTA? ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • MKUKUTA II translates Vision 2025 aspirations and SDGs into measurable broad outcomes organized under three clusters: o Cluster I: Growth for Reduction of Income Poverty; o Cluster II: Improvement of Quality of Life and Social Well-being; o Cluster III: Good Governance and Accountability  Moreover, MKUKUTA II is linked to sector policies and strategies through the operational targets  For effective implementation, Sectors aligns their Strategic Plans with MKUKUTA II, develop their Priority Action Programmes, and cost them  Detailed costing of interventions and the financing framework is undertaken under the MKUKUTA II implementation plan __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 42 __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 43 STEP 6: Key Points (5 minutes) • MKUKUTA is a medium term mechanism to achieve the aspiration of Tanzania‘s Development Vision 2025 (TDV 2025) and the Sustainable Development Goals (SDGs) of transforming Tanzania into a middle income country characterized by: o High quality livelihood o Peace, stability and unity o Good governance o A well -educated and learning society o A strong and competitive economy • MKUKUTA II translates Vision 2025 aspirations and SDGs into measurable broad outcomes organized under three clusters: o Cluster I: Growth for Reduction of Income Poverty; o Cluster II: Improvement of Quality of Life and Social Well-being; o Cluster III: Good Governance and Accountability STEP 7: Evaluation (5 minutes) • What is the link between national strategy for economic empowerment and poverty reduction to economic growth? • How does MKUKUTA translate of Vision 2025? __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 44 References Buskirk, R. H (1994). The Entrepreneurs Handbook: Premier Entrepreneur Programs, Inc. Denver, Co. Charantimath, P. M (2006) Entrepreneurship Development Small Business Enterprises: Delhi, India: Pearson Education, Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2005). Entrepreneurship. (6th Ed.) Boston: McGraw-Hill. Kuratko, D.F., & Hodgetts, R.M. (2007). Entrepreneurship: Theory, Process &

NTA Level 6 • Semester 2 • PST06209 Classification of Entrepreneurs Entrepreneurship • Source Session/Topic 7 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 7: Classification of Entrepreneurs Total Session Time: 120 minutes +2hours of Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define entrepreneur and intrapreneur • Outline types of entrepreneurs • Explain the roles of entrepreneur • Outline five factors that determine a person to become an entrepreneur • Explain qualities of entrepreneurs Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD projector and computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks Presentation 2 15 minutes Definition of Entrepreneur and Intrapreneur Buzzing Types of Entrepreneur 3 30 minutes Presentation Presentation Roles of Entrepreneur 4 35 minutes Brainstorming Factors that Determine a Person to Become an Presentation 5 25 minutes Entrepreneur 7 05 minutes Presentation Key Points 8 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 46 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Entrepreneur and intrapreneur (15 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • Who is an entrepreneur? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below • Entrepreneur r: o A person who explores entrepreneurial opportunities, introduces new goods and services and explores market through organized efforts that previously had not existed o A catalyst for economic change that uses purposeful searching, careful planning and sound judgment when carrying out the entrepreneurial process. o A person who is uniquely optimistic and committed, and works creatively to establish new resources or endow old ones with a new capacity • Intrapreneur o A person who starts entrepreneurial opportunities, introduces new goods and services in existing organization STEP 3: Types of entrepreneurs (30 minutes) Classification of entrepreneurships is done on the basis of: • Type of business Depending on the type of business, entrepreneurs can be categories as: o Business entrepreneur; convert ideas into reality, deal with both manufacturing and trading aspect of business o Trading entrepreneurs: undertake trading activities, concerned with marketing o Industrial entrepreneurs: undertake manufacturing activities only, new product development o Corporate entrepreneurs: interested in management as part of the organization, exceptional organizing, coordinating skills to manage a corporate undertaking __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 47 o Agricultural entrepreneur: production and marketing of agricultural inputs and outputs • Use of technology o Technical entrepreneur: production oriented, possess innovative skills in manufacturing, quality control etc. o Non-technical entrepreneur: develops marketing, distribution facilities, and strategies o Professional entrepreneur: uses the proceeds from sale of one business to start another one. Brimming with ideas to start new venture • Motivation o Pure entrepreneur: psychological and economic rewards motivate him/her o Induced entrepreneur: incentives, concessions, benefits offered by government for entrepreneurs motivate him/her. o Motivated entrepreneur: sense of achievement and fulfillment motivate him/her o Spontaneous entrepreneur: born entrepreneur with inborn traits of confidence, vision and initiative • Growth o Growth entrepreneur: one who enters a sector with a high growth rate; is a positive thinker o Super growth entrepreneur: one who enters a business and shows quick, steep and upward growth curve • Stages in development o First generation entrepreneur: innovator, risk taker, among the first in the families to enter business o Modern entrepreneur: who considers feasibility of business, which can adapt to change and dynamic market o Classical entrepreneur: one who gives more importance to consistent returns than to growth; concerned about customer and marketing needs • Others o Area: rural and urban entrepreneur o Gender/age: men and women entrepreneur o Scale: small and large scale entrepreneur __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 48 __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 49 STEP 4: Roles of Entrepreneur (35minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are roles of entrepreneur? ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • Entrepreneurs are of vital importance to an economy. • They are motivated by their own self-interest to make profits and in so doing provide employment, create goods and services, generate revenue impacting on the economy‘s level of national income, and hence potential for economic growth. • The roles of Entrepreneurs are: o Conceptualization  All business ventures begin with the conceptualization of an idea.  Most entrepreneurs identify a need in the market i.e. a service that is not being provided or a product that does not exist  If the product or service already exist, then ideas to make improvements may be conceptualized o Research  The entrepreneur is a smart/perceptive investor and takes calculated risks  Before investing money in a business venture a market research must therefore be done to ascertain the extent of the need for the product or service. This helps to minimize losses  A market research involves gathering information about a potential market to help an investor make decisions about entering that market. o Identification of resources  If the market research is favorable the entrepreneur must identify the necessary resources to operate business.  The resources required are land, labour and capital.  Land refers to location or place used to set up a business.  This may be bought, rented or family home. • Labour employed must

NTA Level 6 • Semester 2 • PST06209 Characteristics of Entrepreneurship Entrepreneurship • Source Session/Topic 8 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 8: Characteristics of Entrepreneurship Total Session Time: 120 minutes +1 hours of Tutorial Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Outline the characteristics of entrepreneurs • Outline misconceptions about entrepreneurs • Explain qualities of entrepreneurs Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • Handout 8:1: Qualities of an Entrepreneur • LCD projector and computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks Presentation Characteristics of Entrepreneurs 2 25 minutes Buzzing Presentation Misconceptions about Entrepreneurs 3 45 minutes Small Group Discussion Presentation 4 35 minutes Qualities of Entrepreneurs 8 05 minutes Presentation Key Points 9 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 56 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Objectives (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Characteristics of Entrepreneurs (25 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What are Characteristics of Entrepreneurs? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below The following are characteristics of Entrepreneurs include: • Confidence in personal abilities, due to optimism that demonstrate success when targeting, which many times but can also lead to failure; • The desire for immediate results, which causes them to continuously monitor the results, which will confirm whether they have done right or wrong; • Preference for a moderate risk, which means they face no risk in any circumstances, but a calculated risk, but nevertheless in the eyes of others may seem like an impossible goal; • Willingness to assume responsibilities, preferring to control their own resources to achieve their objectives; • High energy, above average, which allows him to make incredible effort needed to start a business, business creation; • Vision to enable the discovery times discovery future opportunities, not to meditate on the successes or failures that have passed; • Organizing skills, which allows entrepreneurs to put together people who carry out certain tasks to combined so as to implement the vision; • The desire to achieve, above money making entrepreneur motivation is more complex, expressing the first urge to go further, to do for others is impossible, the money represents only a confirmation of success; • High level of commitment, which makes them hard to work for a company that creates success, removing barriers that seem insurmountable to others; • Tolerance of ambiguity, as an absolute necessity entrepreneur, who often must make decisions based on uncertain information, or even contradictory; __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 57 • Flexibility, which is the ability of entrepreneurs to adapt to changing customer demand, is an important characteristic of entrepreneurs. o Being entrepreneur entails identify problems, deficiencies, gaps and/ or missing elements and finding ways to satisfy identified needs o People are not born with these characteristics, but they can be learned • There is no such thing as a typical entrepreneur. o Some entrepreneurs are quiet and hard-working, while others are more outgoing and flamboyant. o The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service. o Research indicates that there are a number of characteristics that are quite likely to be present in high-achieving entrepreneurs. STEP 3: Misconceptions about Entrepreneurs (45 minutes) Activity: Small Group Discussion (15 minutes) DIVIDE students into small manageable groups ASK students to discuss on the following question • What are the misconceptions about Entrepreneurship? ALLOW students to discuss for 10 minutes ALLOW few groups to present and the rest to add points not mentioned CLARIFY and SUMMARIZE by using the contents below • Myth is ancient story or set of stories, especially explaining the early history of a group of people or about natural events and facts o A commonly believed but false idea • Common myths in entrepreneurship are: o Entrepreneurs are born to lead  It may seem that some people were born natural leaders, or were born with better traits to become entrepreneurs  In reality, entrepreneurs come in all shapes and sizes  It‘s possible to acquire the necessary traits to become a successful entrepreneur no matter how you started out  Introverts, extraverts, ―idea people‖ and grunt workers have all had equal stakes in business ownership and development  Anyone can be an entrepreneur, given the right mindset and dedication __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 58 o The idea is everything  However, even the best ideas can end up failing if they aren‘t properly supported  Ordinary ideas can, with the right team and enough adaptation, end up surviving  Your idea is bound to change, and is tied to many other variables, so don‘t get too invested in it o You'll have unlimited freedom  Many people are drawn to the idea of entrepreneurship because of the potential freedom it brings.  It‘s true that entrepreneur set most of the rules  Entrepreneurs are responsible for making business profitable  Oftentimes, entrepreneurs make tremendous personal sacrifices, working long hours and getting stuck at the office far longer than one would like o It's an easy way to get rich  Entrepreneurship is a path to wealth-building with: • a strong potential for success •

NTA Level 6 • Semester 2 • PST06209 Factors Influencing Tendency to Engage in Entrepreneurship Entrepreneurship • Source Session/Topic 9 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 9: Factors Influencing Tendency to Engage in Entrepreneurship Total Session Time: 60 minutes Prerequisites • None Learning Tasks By the end of this session, learners will be able to: • Define entrepreneurial intention • Explain the positive factors that 'pull' people into entrepreneurship • Explain the negative situational factors that 'push' people into entrepreneurship • Explain the motivation and stages of entrepreneurship Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 05 minutes Definition of Entrepreneurial Intention 2 Presentation 15 minutes Presentation Positive Factors that 'Pull' People into Buzzing Entrepreneurship 3 15 minutes Presentation Negative Situational Factors that 'Push' People 4 brainstorming into Entrepreneurship 10 minutes Presentation Motivation and Stages of Entrepreneurship 5 8 05 minutes Presentation Key Points 9 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 67 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Entrepreneurial Intention (5 minutes) • Entrepreneurial intention is defined as willingness of individuals to perform entrepreneurial behavior, to engage in entrepreneurial action, to be self-employed, or to establish new business o It usually involves inner guts, ambition and the feeling to stand on one‘s feet o An individual may have potential to be entrepreneur but not make any transition into entrepreneurship unless they have such intentions (Mohammad Ismail et al., 2009). • Individuals decide to engage in entrepreneurial activity because of different (combinations of) motivations. o Generally, a distinction is made between positive factors that 'pull' and negative situational factors that 'push' people into entrepreneurship STEP 3: Positive Factors that 'Pull' People into Entrepreneurship (15 minutes) Activity: Buzzing (5 minutes) ASK students to pair up and buzz on the following question for 2 minutes • What are the positive factors that ‗pull‘ people into Entrepreneurs? ALLOW few pairs to respond and let other pairs to add on points not mentioned WRITE their response on the flip chart/board CLARIFY and SUMMARIZE by using the content below According to Model of the Entrepreneurial Event • The act of starting up a business is dependent upon a change that occurs in the life of an individual, i.e., a displacement. • Individual characteristics including: socio-cultural factors and economic, social and human capital  Determine how individuals experience, value and perceive‘ disruptive' events or encountered opportunities, as well as how they react to them o It is not the objective situation but rather the perception of an individual that makes him/her decide upon an entrepreneurial career. __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 68 o In reaction to a certain‘ disruptive' event some may start a business, whereas others go in a different direction. • Pull motivation may come in different forms distinguish between three pull motivations: market opportunity, social status and profit o There are six categories of motivation: innovation, independence, recognition, roles, financial success and self-realization. o Examples of 'pull' motivations are;  The need for achievement  The desire to be independent  Social development possibilities. o 'Push' motivations may arise from the exit from or risk of unemployment, family pressure and/or dissatisfaction with the present situation in general STEP 4: Negative Situational Factors that 'Push' People in Entrepreneurship (15 Minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are the negative factors that 'push' people in entrepreneurship? ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • Individuals with low prospects for wage-employment may become self-employed to earn a living. o Individuals make decision between three activities: unemployment, self-employment and employment. o The effect of unemployment, lowering the opportunity costs of self-employment, thereby driving individuals to start their own business, is often referred to as the push effect of unemployment o Push motivation is usually understood as the unemployment-push o Family pressure, for example in case of a business transfer to the new generation. o Different types of necessity entrepreneurs, including;  Individuals who are fired from their jobs  Individuals who decide themselves to leave wage-employment because their boss does not want to commercialize their ideas or inventions; __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 69  Individuals who are "unlikeable", e.g., due to a lack of educational or language skills (immigrant entrepreneurs) or criminal backgrounds. • Job dissatisfaction is a reason for new venture creation STEP 5: Motivation and Stages of Entrepreneurship (10 minutes) Individual characteristics and motivation • Gender and entrepreneurial motivation o Being a man has a positive effect on the decision to start a business because of 'exit of unemployment'.  There is significant impact of being a man on the probability of being an opportunity nascent entrepreneur versus being unemployed or in paid employment. • Age patterns are different for opportunity and necessity entrepreneurs o Age positively affects the start-up of a business because of "exit from unemployment",  Related to the fact that older people have a lower employability o Age is negatively related to the "search of the profit" and "social development" opportunity motivations o Opportunity entrepreneurs are older than necessity entrepreneurs. • Higher educated individuals have more alternatives, lowering the chances to be a necessity entrepreneur; o Lower educated people might have difficulties in finding a job. o Necessity entrepreneurs are less likely to be educated in the field that they start and run a business in. o

NTA Level 6 • Semester 2 • PST06209 Challenges Encountered by Entrepreneurs in Provision of Pharmaceutical Services Entrepreneurship • Source Session/Topic 10 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 10: Challenges Encountered by Entrepreneurs in Provision of Pharmaceutical Services Total Session Time: 60 minutes Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define entrepreneurship challenges • List challenges faced by entrepreneurs • Explain ways to address challenges faced by entrepreneurs Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 05minutes Presentation Definition of Entrepreneurship Challenges 2 Buzzing 20 minutes Presentation Challenges Faced by Entrepreneurs 3 Brainstorming 20 minutes Presentation Ways to Address Challenges Faced by 4 Entrepreneurs 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 73 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning Tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Entrepreneurship Challenges (5 minutes) • Entrepreneurship challenges are the encounters faced by entrepreneurs in analyzing problems and risks o One of the critical skills needed by an entrepreneur o Encounters to identify and evaluate the risks associated with the new venture idea and to react to them by developing strategies to overcome or manage them. STEP 3: Challenges Faced by Entrepreneurs (20 Minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are the challenges faced by entrepreneurs? ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • Cash flow management o Cash flow is essential to small business survival o Problem stems from delayed invoicing, which is common in the entrepreneurial world o Waiting to get paid can make it difficult to get by and when a customer doesn‘t pay, you can risk everything • Hiring employees o The hiring process can take several days of entrepreneur time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates • Time management o Time management might be the biggest problem faced by entrepreneurs o If entrepreneur only had more time, entrepreneur could accomplish so much more • Delegating tasks o Entrepreneur need to delegate or outsource tasks • Choosing what to sell o Entrepreneur could make a fortune if entrepreneur just knew what products and services to sell. You‘re just unsure how to pick a niche. • Marketing strategy __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 74 o Entrepreneur has to know the best way to market products and services: print, online, mobile, advertising, etc. o To maximize your return on investment with efficient, targeted marketing that gets results • Capital o Important prerequisite to establish an enterprise o Lubricant of the process of production • Strapped budget o Even though cash flow is fine, entrepreneur never has enough in their budget to market company to its full potential • Business growth o Enterprise can grow to the point at which entrepreneur can‘t take on any more work in current structure • Self-doubt o An entrepreneur‘s life is not enviable, at least in the beginning o It‘s extremely easy to get discouraged when something goes wrong or when you‘re not growing as fast as you‘d like o Self-doubt creeps in, and entrepreneurs feel like giving up STEP 4: Ways to Address Challenges Faced by Entrepreneurs (20 minutes) • Cash flow management o Proper budgeting and planning are critical to maintaining cash flow  One way to improve cash flow is to require a down payment for products and services  Your down payment should cover all expenses associated with a given project or sale as well as some profit for you o To require faster invoice payments o Invoice clients within 15 days, which is half the typical invoice period o In addition, more and more companies are requiring immediate payment upon project completion  In digital age when customers can pay invoices right from their mobile phones, it‘s not a stretch to request immediate payment o Establish a good relationship with vendors and are a good customer • Hiring employees o Be exclusive  In terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid  Take the time to seek real references people who can honestly attest to their work ethic and potential • Time management __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 75 o Make time. Here‘s how:  Create goal lists: have a list of lifetime goals, broken down into annual goals, broken down into monthly goals, then broken down into weekly goals  If any tasks do not mesh with your goals, eliminate them  If any tasks do not absolutely have to be completed by you, delegate them  Consistently ask yourself: ―Is what I‘m doing right now the absolute best use of my time?‖ • Delegating tasks o Find good employees and good outsourced contract help, for starters. o Be ultra-specific as to what you want done. o Don‘t make assumptions, and don‘t assume your help will be able to think for themselves • Choosing what to sell o Delegate the task to someone who is strong in this area. o You don‘t have to hire a huge, expensive marketing firm; rather, recruit a freelance researcher who has experience in whatever type of field you‘re considering entering (retail e-commerce, service industry, publishing, etc.). o Have them conduct market research and create a report with