1.

1
a. Define the term business
An organisation operated to make a profit from the sale of goods
and services.
b. What is entrepreneurship?
Refers to the process of identifying opportunities, allocating
resources and taking risks to produce goods and services through
creative and innovative processes, to satisfy unmet consumer
needs.
c. Distinguish between entrepreneurship and an entrepreneur
An entrepreneur is a person who in pursuit of making profits and
at a risk makes the most of opportunities in the environment by
combining expertise and resources to produce goods and
services while Entrepreneurship is the process of identifying
opportunities, gathering resources and taking risks in order to
produce goods and services through creative and innovative
processes to satisfy unmet consumer needs.
d. With the support of an illustration explain the entrepreneurial
process
 e. What are the important aspects of entrepreneurship
■ Identify an opportunity
■ Be innovative and creative
■ Gather resources
■ Create and grow a business
■ Take risk
■ Create rewards
■ Manage a business
f. Discuss the role of entrepreneurship within society
■ Creating employment opportunities
■ Personal Challenge
■ Industrial development
■ Economic growth
■ Income generation
■ Increase in exports and less dependence on imports.
■ Improved standards of living
g. Explain the impact of entrepreneurship on the individual, family
and local community
h. What are the characteristics of an entrepreneur?
■ Passionate
■ Goal setting
■ Self-awareness
■ Organisational Skills
■ Technical skills
■ Resilience
■ Competence in human relations
■ Market knowledge
■ Clear vision
i. As a group perform a self-assessment to determine your
entrepreneurial competencies
2. 2
a. Explain the major steps in the entrepreneurial process
■ Identification and evaluation of the opportunity
■ Development of the business plan
■ Determination of the required resources
■ Management of the resulting enterprise
b. What is an opportunity?
A favourable set of circumstances create a need for a new product,
service or business.
c. Describe the role of opportunity in the entrepreneurial process
■ Initiate and grow a business
■ Employment of people
■ Introduce innovation that could help fill important market
gaps
■ Boosting productivity in the economy.
d. Explain the difference between opportunity and idea.
Opportunity
A favourable set of circumstances that create a need for a new
product, service or business
While
Idea
A concept that can be used for financial gain and is usually
centred on a product or a service that can be offered for money.
e. Explain examples of potential business opportunities
■ Tourism opportunities
■ Manufacturing opportunities
■ Retail opportunities
■ Technology / High tech opportunities
■ etc
f. Describe the three generic approaches for identifying opportunities.
■ Observing trends.
■ Solving a problem.
■ Finding market gaps.
g. Discuss the key process of opportunity recognition.
 -Preparation
The knowledge base an entrepreneur brings to the
Opportunity Recognition process. It may either be deliberate or
undeliberate.
-Incubation
This is the period during which ideas intermingle and new
combinations arise. During this stage, a more clear understanding of
the opportunity is made.
-Insight
This is the period during which the entrepreneur confirms
whether the idea is truly a business / entrepreneurial opportunity. It
involves doing extensive research and figuring out how viable the
opportunity is.
-Evaluation
The business idea is evaluated. (Could give more notes on this)
-Elaboration
When a business idea has survived the evaluation stage and is
still considered viable, elaboration is the next stage. This is the stage
when many of the details are worked out, the opportunity is refined
and much is learned through trial and error.

h. Describe the process of brainstorming and its use as an idea

generator
i. Explain the purpose of maintaining an idea bank
An idea bank is a platform where people can post, exchange, discuss
and polish new ideas.
This is important since some people are better at recognising and
improving on opportunities than others usually due to prior
experience, intellectual curiosity, innovation and creativity, better at
networking, assess risks and are highly motivated. It is because of
this fact that an idea bank is important in trying to improve or even
come up with a business idea.
j. Discuss the problem-solving process.
■ Define the Problem
■ Options
■ Analyze the Options
■ Implement the Favoured Option
■ Evaluate the Results
k. Apply the opportunity recognition process to real life
l. Discuss the top ten business trends predicted by Dr James Canton
(2011)
■ Business and technology have fused into one system, one
conversation and one strategy for one world. This is central to
understanding the New Future.
■ Innovations are about new business models, enterprise and
marketplace collaboration, new leadership and knowledge
engineering.
■ Knowledge engineering (the formation and networking of
knowledge that creates results) is the true asset of the 21st
century.
■ The capture and analysis of customer information about
product/service use, needs, wants, desires and behaviour is
mission-critical to the enterprise.
■ The integration of customer touchpoints across all channels is
essential to future success.
■ The capacity of an organisation to understand the key
trends that will shape the future of technology, customers,
society and the marketplace will determine the survival of the
enterprise.
■ More disruptions are coming in the form of emerging
markets, electronics exchanges, security breaches and
changing customer demographics.
■ Human capital, the value of talent will be the most valuable
resource in the 21st century.
■ Entirely new industries will be formed by innovations yet to
be brought to the market.
■ The New Future will need New Leaders that are aware of how
to attract talent, manage innovation, set high visions and
execute profitably.
m. Give examples of early entrepreneurs who recognised gaps in the
marketplace.
■ Thomas Edison
■ Henry ford
■ Richard and Maurice Macdonald
■ Steve Jobs
■ Bill gates
3. 3
a. Define innovation according to Peter Drucker
■ Drucker defined innovation as the task of endowing human
and material resources with new and greater
wealth-producing capacity.
b. Discuss the relationship between innovation and entrepreneurship
c. Describe characteristics that make some people better at
recognising opportunities
■ prior experience
■ intellectual curiosity
■ innovation and creativity
■ better at networking
■ assess risks
■ are highly motivated
d. Discuss the model for opportunity recognition as discussed by
Lumpkin, Hills and Shrader

e. With the support of a diagram illustrating the five-step process used

in developing an idea

■
f. Discuss the reasons that would compel one to start a business
■ Earning Potential
■ Be Your Own Boss
■ Hire Like‐Minded People
■ Achievement
 ■ Change
■ Experience
g. Describe the reasons that give rise to new business ventures
■ External causes
1. Changes in industry
2. Accidental discovery
3. Changing Perceptions
4. Economic Change
5. Political Change
■ Voluntary self‐employment
■ Hobbies
h. Discuss how one can protect their business ideas
■ Patents
■ Copy Rights
■ Trade Marks
i. What is brainstorming?
j. Discuss common brainstorming techniques
■ Produce pros and cons of an idea
■ Complete a SWOT analysis
■ Identify future market trends by reviewing the potential
customers to know want now and what they will want in the
future
k. Give an example of a brainstorming process
l. Using an example describe how Venn diagrams can be used in a
brainstorming process.
■ It can be used to compare 2 or more ideas at the same time.
The overlapping area shows the information that is common
for all the overlapping ideas.
m. Discuss how competition can be assessed.
■ Who or what is the principal market serviced by your potential
competitors?
■ Do they sell services or products that overlap with your
potential business ideas?
■ How do they advertise and reach out to their potential clients?
■ How successful does the competition appear to be?
■ What do they charge for their products and services?
■ What type of customer support do they provide to their
current and future clients?
■ Is there still room in the marketplace for another company
that offers similar products and services?
4. 4
a. Differentiate between a business idea and a business concept
A business idea a concept that can be used for financial gain
while a business concept describes a business you wish to
create, the products and services you wish to provide, the
market it serves and the potential competition facing the
proposed business.
b. Describe the components of a business concept
■ WHAT does the product or service do?
■ HOW is it different from other products or services?
■ WHO will buy it?
■ WHY will they buy it?
1. Price?
2. Convenience?
3. Provides a sense of safety/security/well‐being?
4. Better than what is currently available?
5. Pleasurable experience?
6. Uses new technology?
■ WHERE will it be sold?
1. The geographic location of business and customers.
■ WHEN will it be ready to be sold?
1. Concept, start‐up, initial operations phase.
■ HOW will it be promoted and sold?
1. Will it be sold or marketed online?

c. Discuss the concepts that can be used to translate a business idea

into a business concept
■ Identify the marketplace
■ Begin small
■ Know who you are
■ Research the market
■ Test the business idea
d. Describe the process of developing a business concept
■ Initial Idea Exploration, Identification and Assessment
■ Idea/Concept Deliberation and Assessment
■ Go/No‐Go Decision
■ Business Plan Preparation
■ Business Implementation and Operations
e. Explain the five stages of growth that start-up businesses go
through as suggested by Churchill and Lewis (1983)
 ■ Existence
■ Survival
■ Success
■ Take‐Off
■ Maturity
f. Discuss four legal entities that are found in most countries as
discussed in Gorman (1989)
■ Sole trader/proprietorship
■ Partnership
■ A limited company
■ A public limited liability company
g. Explain the pros and cons associated with each of the four legal
entities discussed in (f) above
h. Explain the concept of the legal framework as applied to business
ventures.
5. 5
a. Who are competitors to a business?
Companies, government institutions providing similar products to
your target market.
b. Why is it important to analyse competition?
■ Who is selling into the same market?
■ Who offers similar products and services?
■ What the average price is for my proposed products and
services?
■ What types of customer service and support does the
company need to provide to satisfy my potential customers?
c. Based on stately (2002) suggest questions that should be
considered when sizing up the competition
■ Do they focus on price or product?
■ Are they a full-service company that provides ongoing support
to their customers?
■ How do they market to their customers?
■ What do they charge for their products or services?
■ How many employees do they have?
■ Where are they located?
■ Do they have an effective website?

d. How can data on the competition be collected?

■ Attending conferences and trade shows
 ■ Purchasing competitors products
■ Studying competitors’ websites
■ Setting up search-engine email alerts
■ Reading industry-related books, magazines, and websites
■ Talking to customers
e. Explain factors that can make a company gain a competitive
advantage
■ Price Point
■ Quality of products
■ Customer Service
■ Innovation
■ Exclusivity
f. Describe the three steps in financial planning
■ Project the firm’s sales revenues and expense over the
planning period
■ Estimate the levels of investment in current and fixed assets
that are necessary to support the projected sales
■ Determine the firm’s financing needs throughout the
planning period
g. Suggest criteria that can be followed by a business that needs to
assess its cash flow requirements.
■ Amount of money required
■ How quickly the money is needed
■ The length of time for repaying funds
■ The amount of risk involved in the reason for the cash
h. With examples, discuss the types of expenses that a new legal entity
may need to undertake.
■ Start-up expenses
1. Initial marketing materials.
2. Legal and accounting costs.
■ Operating expenses
1. Marketing and sales
2. Production costs
■ Capital expenses
1. Building of an office or storage facility
2. Purchase and/or upgrading of computer
equipment/hardware
■ Scaling and innovation costs
1. Research and development costs
2. Consulting costs
 ■ Developing and marketing your products and service
■ Acquiring or taking over a new business can involve “buying
out” your competitor
i. With examples discuss types of revenues that a company may need
to consider
■ Sales revenues
■ Revenues generated through borrowing
1. Banks
2. Friends or family
3. Personal assets
■ Revenues from investors
1. Angel investors
2. Venture capitalists
3. Public/private offerings
■ Cash reserves
■ Government assistance
1. Small business loans.
2. Business plan preparation.
3. Assistance with potential lenders.
■ Franchising
j. Discuss the various sources of borrowing that could be considered
by a company.
■ Banks
■ Family or Friends
■ Personal Assets

6. 6
a. Describe the different types of investors that could be considered
■ Family or Friends
■ Angel Investors
■ Partners
■ Venture Capitalists
■ Public/Private Offerings
b. Explain the various forms of government assistance
■ Small business loans.
■ Business plan preparation.
■ Assistance with potential lenders.
■ Education and training on how to operate a small business.
■ Creation of partnerships.
c. Differentiate between marketing and sales
Marketing is everything that you do to reach and persuade
prospects. Sales is the total amount collected for goods and services
provided.
d. Discuss the marketing and sales process
■ Marketing process
1. Decide you wish to offer products and services to the
potential customers
2. Decide on the price for your products and services
3. Raising customer awareness and educating them
about the products and services you are providing
4. The sales process should kick‐in
■ Sales process
1. You must employ a process of investigation and
negotiation
2. You need to negotiate the cost, delivery times, support
and other activities needed to support the sale
3. You need to close the deal with a formal contract or at
best the exchange of monies for the products received
e. What are marketing strategies?
■ Advertising in local, national or professional newspapers,
journals or magazines.
■ Creating radio or television advertising.
■ Direct mail brochures.
■ Presentations at trade shows or conferences.
■ Information web sites, webinars or social media sites.
■ Cold calls on potential customers.
f. Discuss marketing strategies that can be used by companies
■ Advertising in local, national or professional newspapers,
journals or magazines.
■ Creating radio or television advertising.
■ Direct mail brochures.
■ Presentations at trade shows or conferences.
■ Information web sites, webinars or social media sites.
■ Cold calls on potential customers.
g. Explain the concept of closing the sale
You must not only sell the product to the customer, but you must
ensure the customer is happy with the product or service.
h. What is a business model?
The business logic of making money
 i. Describe the nine building blocks of a business model.
■ The value proposition of what is offered to the market.
■ The segment(s) of clients that are addressed by the value
proposition.
■ The communication and distribution channels to reach clients
and offer them the value proposition.
■ The relationships established with clients.
■ The key resources needed to make the business model
possible.
■ The key activities are necessary to implement the business
model.
■ The key partners and their motivations to participate in the
business model.
■ The revenue streams generated by the business
model(constituting the revenue model).
■ The cost structure resulting from the business model.
j. Identify the weaknesses, strengths, threats and opportunities of a
business concept.
k. Discuss the concept of business model assessment.
l. Describe the concept of business model improvement.
m. Describe in a summary the contents that need consideration while
designing a business model for your new business venture

7. 7
a. What is a business plan?
■ Is an outline or blueprint of how you will implement, manage
and grow your business.
b. Describe in a summary the contents (outline) that need
consideration while designing a business plan for your new business
venture.
■ Executive Summary
■ Company Description
■ Strategic Plan
■ Market Analysis
■ Competitive Analysis

c. Describe the steps in producing a business plan.

 ■ Layout or define your basic business concept
■ Gather data on the feasibility and specific of your concept
■ Focus and refine your concept base on the data compiled.
■ Outline the specifics of your business.
■ Put your plan into a compelling format
■ Share the draft plan with others
d. Distinguish between a business proposal and a business plan.
e. Discuss the five key steps in the production of a business plan.
■
f. Explain the following terms:
■ Sales
■ Pricing
■ Packaging
■ Distribution.
g. Discuss the 7 Ps of the marketing mix.
■ product
■ price
■ place
■ promotion
■ people
■ process
■ physical(evidence)
h. Explain the three major types of products.
■ Durable
■ Non‐durable
■ Services
i. Discuss factors considered while selecting a location for a business
entity.
■ Who are your potential buyers
■ The product requirements
■ The service requirements
■ Access
■ Future requirement
j. What are the main methods used to communicate with customers?
■ Advertising
■ Sales promotion
■ Publicity
■ Personal selling
8. 8
a. What is technology?
This is scientific knowledge applied to business by all kinds of
people including entrepreneurs.
b. Discuss technologies required by a start-up business
■ Cell phones and smartphones
■ Desktop computer hardware
■ Laptop or Tablet hardware for mobile businesses
■ Access to local area networks to connect business
computers
■ Access to the Internet and wide area networks to support
external communications
■ Access to a cloud network for file storage, sharing,
collaboration and back‐up
■ Business software
c. Differentiate between e-Commerce and the internet.
E‐commerce is the paperless exchange of business information
via the internet while the internet is a network of networks
d. Explain common business activities completed via the internet.
■ Company information site.
■ Customer education and awareness.
■ Marketing of products and services.
■ Receiving customer orders and shipping of products.
■ Online customer support and technical support.
■ Communications with potential and current customers.
■ Ordering supplies and other materials from other
companies needed to support the business operation.
■ Communicate and work with virtual employees or
contractors used to support the creation of your products
or the delivery of your services.
■ Provides alternative revenue streams through the
advertising of other products and services provided by
similar businesses.
e. What are the benefits associated with e-commerce?
■ It is another way of conducting business transactions that
were traditionally carried out using telephone, mail or face
to face.
 ■ It gives smaller companies opportunities to compete with
bigger companies.
■ Small companies serve the small geographic area and the
internet blurs geographic boundaries.
■ E‐commerce allows any business to access customers no
matter where they live.
■ Helps small firms with cash flow problems by reducing
their sales cycle.
■ It helps small companies to build stronger customer
relationship.
f. Describe the type of technologies that you may need and how
you would use these technologies to grow a business.
■
g. Explain legal issues impacting a small business.
■ Requirements for registering a business, including
procedures for naming your business.
■ Local laws that govern business operations.
■ Guidelines that govern the health and care of employees
and customers.
■ The tax code for small business operations.
■ Code of the conduct relevant to specific industries, sectors
or professions.
h. Describe what is ethical and not ethical in business operations.
■ Compliance with laws, rules and regulations.
■ Conflicts of interest.
■ Dealings with the public.
■ Health and safety within the workplace.
■ Competition and fair dealings.
■ Discrimination and harassment.
■ Environmental management.
■ Proper use of company assets.
■ Payments to external providers or politicians.
■ Confidentiality.
■ Financial management and reporting.
■ Trustworthiness.
 i. Explain how you will develop a code of ethics for your business.
■ Identify general principles that will lead to fair business
practices.
■ Identify the values that will guide your interaction with
customers and employees.
■ Check with your industry association for basic standards to
follow.
■ Allow for the fact that ethical questions do not always have
a unique, faultless answer.
■ Write out specific statements that will assist you and others
in making day‐to‐day ethical decisions.
■ Apply your code of ethics to a written policy and procedure
manual identifying the major rules for operating your
business.
■ Train your employees (and family members) to make
ethical decisions about the business.
j. Discuss the different licenses you may need to get once you
register a business entity.
■ Trader’s license
■ Certificate of Occupancy/Permission
■ Liquor licence
■ Tour Guiding Licence
■ Vehicle Operating Licence
k. Explain common forms of tax considered in business entities.
■ Value Added Tax (VAT) registration
■ Business/Corporate tax requirements
9. 9
a. What is corporate entrepreneurship?
b. Explain entrepreneurship motivation factors.
c. Describe characteristics of an entrepreneur.
d. Discuss types of entrepreneurship.
e. Explain the types of entrepreneurs.
f. Describe the entrepreneurial process.
g. Discuss myths of entrepreneurship.
h. Explain the approach to entrepreneurship.
i. What is venture capital? Explain three primary characteristics of
venture capital.
 j. Difference between a Venture Capitalist and Bankers/Money
Managers.
k. Discuss the stages of Financing by Venture Capitalist.
l. Who are angel investors? What are the advantages and
disadvantages of angel investors?
m. What are the implications of Growth for the Firm.? What is going
public? Explain the pros and cons of going public. Explain the
modes of Capital Issuances.
10. 1
a. Discuss the concept of the MAIR model.
b. Explain the difference between pull and push factors as considered
in a business startup.
c. What is creativity?
d. Explain the process of creativity.
e. Explain the Methods of generating new ideas for entrepreneurs.
f. Discuss the Osborn-Parnes problem-solving model.
g. What is innovation?
h. Discuss the process of innovation.
i. Describe the various types of innovation.
j. What are the Factors Leading to Innovations in Organizations?
k. Explain sources of Innovation in Business Enterprises.
l. What are the dos and don’ts of innovation?
11. 1
a. Explain the following:
■ microscale
■ small enterprise
■ medium size
■ large scale
b. Discuss the Role of Micro and Small scale enterprises in Economic
Development.
c. Discuss the Challenges to the Development of Micro and Small
scale enterprises in Uganda
d. Explain the role of the Government in the Development of Micro and
Small scale enterprises in Uganda.
e. Discuss the General Forms of Entrepreneurship.
f. What is a franchise? Who is a franchisor? Explain the key important
features of a franchise. Discuss the pros and cons of a franchise.
g. Explain the types of Franchise methods.
 h. Explain reasons why family businesses in Uganda fail after the
founder dies.
i. Explain how Preparing children to take over the family business after
the founder’s exit can be done?
j. Explain the various types of partnership.
k. What is a cooperative society? Give pros and cons of a cooperative
society.
12. 1
a. What are the Essential features of entrepreneurship?
b. What is innovation? How can innovation occur?
c. What are the pros and cons of entrepreneurship to an:
■ Individual
■ The country
d. What are the Factors that favour Entrepreneurship? Explain key
Functions of Entrepreneurs.
e. Discuss the Major Entrepreneurial Functional Areas. Differentiate
between an entrepreneur and a manager.
f. Differentiate between Intrapreneur and Entrepreneurs.
g. Discuss the Opportunities for entrepreneurs in Uganda and abroad.
h. Describe the Role of Entrepreneurship in Economic Development.
Discuss the Entrepreneurship Myths.
i. Discuss gender and entrepreneurship. What are the
Challenges/Barriers to Women Entrepreneurs in Uganda? Explain
the Positive Factors influencing Women entrepreneurs in Uganda.
j. Discuss the Birds Model of Entrepreneurial Intentionality
13. 1
a. Discuss the concept of IT strategy.
b. Describe IT Infrastructure Management.
c. Discuss Benefits of Using ICTs in Business.
d. Explain Technology's Effects on a Competitive Advantage.
e. Discuss Strategic Management Process. Discuss Introduction to
Business Mergers & Acquisition.
f. Explain Types of Mergers & Acquisitions.
g. Discuss Legal Structures and Documentation of M&A.
h. Discuss Business Valuation and Financing M&A. Explain Reasons for
Mergers and Acquisitions.
i. How can Evaluating Acquisition Candidates?
j. Discuss Stages involved in M&A.
k. Explain Reasons for the Failure of M&A.
 l. Discuss Structure of Mergers
14. 1
a. Discuss E-Commerce Introduction. Explain E-Commerce
Advantages and Disadvantages
b. Describe Types of E-commerce (E-Commerce Market Models).
Explain Business Models Related to E-Commerce.
c. Discuss Functions of E-Commerce. Describe E-Commerce Revenue
Models.
d. Explain E-Commerce and Brick & Mortal Differentiation.
e. Discuss Electronic Payment Systems. Explain Tools & Technologies
for E-Commerce.
f. Illustrate E-Commerce Framework.
g. What are digital markets?
h. Explain the tools and techniques in digital marketing.
i. What are digital firms?
15. 1
a. Discuss Introduction to Security.
b. Describe Dimensions of E-commerce Security.
c. Explain e-Commerce threats and Counter Measures.
d. Discuss Security Protocols on the Internet.
e. Discuss Security Threats in the E-commerce Environment.
f. Explain ACID Properties in E-Commerce Transactions.
g. Discuss Change Management.
h. Describe IT Structural Organizational Change.
i. Explain Business Process Management
j. Discuss Overview of Systems Development
k. Describe Change Management Challenges