CAPE Entrepreneurship Syllabus Amended

Caribbean Advanced
Proficiency Examination®
SYLLABUS
ENTREPRENEURSHIP
CXC A29/U2/22
Effective for examinations from May–June 2024

Correspondence related to the syllabus should be addressed to:
The Pro-Registrar
Caribbean Examinations Council
Caenwood Centre
37 Arnold Road, Kingston 5, Jamaica
Telephone Number: + 1 (876) 630-5200

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E-mail Address: cxcwzo@cxc.org
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Copyright ©2022 by Caribbean Examinations Council

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CXC A29/U2/22 www.cxc.org

Contents
INTRODUCTION .................................................................................................................................. i
RATIONALE… ..................................................................................................................................... 1
AIMS……………. ................................................................................................................................... 2
SKILLS AND ABILITIES TO BE ASSESSED............................................................................................... 2
PREREQUISITES OF THE SYLLABUS ..................................................................................................... 3
STRUCTURE OF THE SYLLABUS ........................................................................................................... 3
APPROACHES TO TEACHING THE SYLLABUS ....................................................................................... 4
UNIT 1: ENTREPRENEURSHIP THEORY................................................................................................ 5

MODULE 1: THE ENTREPRENEURIAL MINDSET ..................................................................... 5
MODULE 2: THE ENTREPRENEURIAL PROCESS .................................................................... 14
MODULE 3: CREATIVITY AND INNOVATION ........................................................................ 21
UNIT 2: ENTREPRENEURSHIP PRACTICE ........................................................................................... 28

MODULE 1: ESSENTIALS OF BUSINESS OWNERSHIP ............................................................ 28
MODULE 2: NEW VENTURE PLANNING AND CREATION ...................................................... 33
MODULE 3: MANAGING AND GROWING THE VENTURE ..................................................... 41
OUTLINE OF ASSESSMENT ............................................................................................................... 49
ASSESSMENT DETAILS...................................................................................................................... 51
REGULATIONS FOR PRIVATE CANDIDATES ....................................................................................... 62
REGULATIONS FOR RESIT CANDIDATES ............................................................................................ 63
ASSESSMENT GRID .......................................................................................................................... 63
GLOSSARY OF BEHAVIOURAL VERBS USED IN THE ENTREPRENEURSHIP EXAMINATION ................... 64

NOTE TO TEACHERS AND LEARNERS
Please note that the syllabus has been revised and amendments are indicated by italics.
First issued in 2013

Amended 2016
Revised 2020
Revised 2022
Please check the website www.cxc.org for updates on CXC®’s syllabuses.
For access to short courses, training opportunities and teacher orientation webinars and workshops
go to our Learning Institute at https://cxclearninginstitute.org/
PLEASE NOTE
This icon is used throughout the syllabus to represent key features which teachers and
learners may find useful.

Introduction
T he Caribbean Advanced Proficiency Examination® (CAPE®) is designed to provide certification of

the academic, vocational and technical achievement of students in the Caribbean who, having
completed a minimum of five years of secondary education, wish to further their studies. The
examinations address the skills and knowledge acquired by students under a flexible and articulated
system where subjects are organised in 1-Unit or 2-Unit courses with each Unit containing three
Modules. Subjects examined under CAPE® may be studied concurrently or singly.
The Caribbean Examinations Council offers three types of certification at the CAPE® level. The first is
the award of a certificate showing each CAPE® Unit completed. The second is the CAPE® Diploma,
awarded to candidates who have satisfactorily completed at least six Units, including Caribbean
Studies. The third is the CXC® Associate Degree, awarded for the satisfactory completion of a
prescribed cluster of ten CAPE® Units including Caribbean Studies, Communication Studies and
Integrated Mathematics. Integrated Mathematics is not a requirement for the CXC® Associate Degree
in Mathematics. The complete list of Associate Degrees may be found in the CXC® Associate Degree
Handbook.
For the CAPE® Diploma and the CXC® Associate Degree, candidates must complete the cluster of
required Units within a maximum period of five years. To be eligible for a CXC® Associate Degree, the
educational institution presenting the candidates for the award, must select the Associate Degree of
choice at the time of registration at the sitting (year) the candidates are expected to qualify for the
award. Candidates will not be awarded an Associate Degree for which they were not registered.
CXC A29/U2/22 i www.cxc.org

Entrepreneurship Syllabus
 RATIONALE
Entrepreneurship seeks to empower students by providing the knowledge, skills and attitudes
required to achieve entrepreneurial success in a variety of settings. It places emphasis on the
individual’s acumen to realise opportunity, assess risk, and apply the skills necessary to transform
innovative ideas into viable, sustainable ventures. The CAPE® Entrepreneurship syllabus provides
students with the mindset that supports creativity and innovation needed to transform ideas into
ventures that create value and wealth.
In developing this syllabus consideration was given to the relatively high rate of unemployment,
constraints on job creation, the imperatives of globalisation in the region, and the need to inculcate
the spirit of entrepreneurism. Research has shown that one of the main obstacles to individuals
starting their own business ventures is the lack of knowledge of how to transform an idea into a
successful venture. Most aspiring entrepreneurs lack the ability to analyse opportunities, assess risk,
develop and implement a business plan in order to get their ventures started. The CAPE®
Entrepreneurship syllabus seeks to fill that void in the continuum from idea generation to venture
creation.
Several governments, as well as many non-governmental organisations in the region have

implemented entrepreneurial initiatives which offer training, tax incentives, funding and start-up
support to individuals to assist them in actualising entrepreneurial ambitions. The syllabus apprises
students of ways to access these training, technical support, funding and legislative incentives.
Through the use of learner-centred teaching and assessment approaches, students are offered the
opportunity to acquire a variety of experiences in the fundamentals of entrepreneurial behaviour and
thinking. Learners are also engaged in practical experiences through idea generation and opportunity
identification to implementing, managing and harvesting a venture. The syllabus also acquaints
students with the essentials of business ownership, legal and regulatory frameworks, the importance
of market research, feasibility analysis and the development of a business model in order to
successfully compete in the global marketplace. It will contribute to the development of the Ideal
Caribbean person, as agreed by CARICOM Heads of Government, by promoting and encouraging
teamwork, collaboration and the sharing of ideas with persons of different ethnic backgrounds, culture
and points of view in the region. It will engender the demonstration of a strong appreciation of moral
issues including responsibility for and accountability to self and community, ethical behaviours in
entrepreneurial practice as well as foster a positive work ethic and independent and critical thinking.
Essentially it will support the creative imagination in its various manifestations and nurture its
development in the economic and entrepreneurial spheres and in other areas of life. In keeping with
the UNESCO Pillars of Learning, students will learn to know, to be, to do, to live together and to
transform themselves and society in a sustainable way.
The syllabus provides a good foundation for students seeking to (1) pursue further studies in
Entrepreneurship and other related disciplines; (2) start, operate and grow their own venture; (3)
and/or effectively operate as an intrapreneur within an existing business.
CXC A29/U2/22 1 www.cxc.org

 AIMS
This syllabus aims to:
1. explore the evolution of entrepreneurship;
2. develop an entrepreneurial mindset within individuals to deal with high uncertainty in local,
regional and global market environments;
3. increase understanding of the various types of entrepreneurs and the diverse character traits
which inform their behaviour;
4. enhance the students’ understanding of the entrepreneurial process from idea generation, to
concept development and creation of the venture;
5. develop collaboration, communication, critical thinking, research and problem-solving skills

through creativity, innovation and practical applications;
6. apprise students of existing opportunities and support services for venture creation and
sustainability within and outside the region to support economic and social gains;
7. broaden the students’ understanding of the ethics, social responsibility, as well as the legal
and regulatory frameworks which support entrepreneurship development in the region;
8. enable students to appreciate the increasing impact of disruptive innovations which lead to
rapid transformation of current knowledge, technology and industries;
9. introduce students to the appropriate tools used to assess the viability of a venture;
10. expose students to the various stages of managing and growing a venture over its lifecycle;
11. encourage students to utilise ICT tools in the practice of entrepreneurship; and,
12. help students to develop the skills and competencies necessary to transition to further studies
and/or the world of work.
 SKILLS AND ABILITIES TO BE ASSESSED

The skills and abilities that students are expected to develop on completion of this syllabus have been
grouped under three headings:
(a) Knowledge and Comprehension;
(b) Application; and,
(c) Communication and Networking.

Knowledge and Comprehension
The examinations will test candidates’ skills and ability to:
(a) identify and recall basic facts, concepts, and principles of Entrepreneurship theory;
(b) understand the diverse Entrepreneurship concepts; and,
(c) discuss the impact of entrepreneurial behaviour on venture creation.
Application
(a) select and use facts, theories and concepts appropriately in formulating solutions to
entrepreneurial problems;
(b) draw conclusions based on a body of information; and,
(c) critically analyse complex situations and determine innovative solutions.
Communication and Networking
(a) distinguish relationships among various components of business and its environment;
(b) communicate information effectively to peers and stakeholders; and,
(c) develop professional networks to harness resources.
 PREREQUISITES OF THE SYLLABUS

Entrepreneurship is directed to students pursuing any field of study regardless of their career
aspirations. However, a minimum knowledge of the areas of business would be helpful. Successful
participation in the course of study will also depend on good verbal and written communication skills.
 STRUCTURE OF THE SYLLABUS

The syllabus is divided into two Units. Each Unit comprises three Modules, each requiring 50 hours.
The total time for each Unit is therefore expected to be 150 hours. Each Unit can independently offer
students a comprehensive programme of study with appropriate balance between depth and
coverage and provide a basis for further study in this field.

Unit 1: Entrepreneurship Theory
Module 1 - The Entrepreneurial Mindset

Module 2 - The Entrepreneurial Process
Module 3 - Creativity and Innovation
Unit 2: Entrepreneurship Practice
Module 1 - Essentials of Business Ownership

Module 2 - New Venture Planning and Creation
Module 3 - Managing and Growing the Venture
 APPROACHES TO TEACHING THE SYLLABUS

Teachers are encouraged to use the following approaches when teaching these Modules:
(a) Experiential learning – ‘learning by doing’.
(b) Classroom discussion, peer tutoring and scaffolding of knowledge.
(c) Guest lecturers/presentations by stakeholders from the business community, Non-

Governmental Organisations (NGOs), Government, private sector organisations.
(d) First-hand interaction with local and regional entrepreneurs.
(e) Research, discussion on the experiences of notable entrepreneurs in the Caribbean region.
(f) Cases, scenarios, simulations, role-play.
(g) Portfolios.
(h) Group work on projects.
(i) Group work and group presentation of School-Based Assessment.
(j) Integration of ICT tools and internet sources (including audio-visual materials on reputable
sites).

 UNIT 1: ENTREPRENEURSHIP THEORY
MODULE 1: THE ENTREPRENEURIAL MINDSET
GENERAL OBJECTIVES
On completion of this Module, students should:
1. appreciate the evolution of entrepreneurship;
2. develop an understanding of intrapreneurship, entrepreneurship and the entrepreneurial

mindset;
3. develop an awareness of the diverse characteristics of an entrepreneur;
4. understand the role and impact of entrepreneurship on national and regional development;
5. develop an understanding of the impact of cultural diversity on the development of

entrepreneurship; and,
6. demonstrate an understanding of best practices in entrepreneurship development and small

business management.
SPECIFIC OBJECTIVES CONTENT
Students should be able to:
The evolution of entrepreneurship

1. examine the evolution of Introduction to the origins and concept of
entrepreneurship; entrepreneurship:
- evolution of entrepreneurship: Schumpeter,

Drucker, Cantillon.
2. explain the nature and growth of (a) Elements of entrepreneurship.
entrepreneurship;
(b) Drivers/trends in entrepreneurship:
(i) emerging drivers of contemporary

entrepreneurship;
(ii) Information and Communication

Technology (ICT), Globalisation, changing
demands, unemployment, changing
demographics, institutional support, ease
of entry in the informal sector; and,
(iii) emerging areas for enterprise

development – including the creative and
cultural industries, renewable energy;
agro-preneurship, ICT.

UNIT 1
MODULE 1: THE ENTREPRENEURIAL MINDSET (cont’d)

Types of Entrepreneur
3. distinguish among the types of Including, but not limited to:

entrepreneur;
(a) nascent;
(b) novice;
(c) serial;
(d) survival/necessity;
(e) lifestyle;
(f) habitual;
(g) portfolio;
(h) social;
(i) opportunity; and,
(j) speculative.
Characteristics of an Entrepreneur
4. discuss the characteristics of an Including, but not limited to:

entrepreneur;
(a) innovative;
(b) creative;
(c) calculated risk-takers/premeditated;
(d) systematic planner;
(e) visionary;
(f) achievement oriented;
(g) persistent;
(h) dynamic;
(i) hardworking;
(j) self-confident;
(k) aggressive;
(l) egotistic; and,
(m) emotional intelligence.

UNIT 1
Role and impact of entrepreneurship in national and regional development
5. examine the role and impact of (a) Role of entrepreneurship in job creation,
entrepreneurship in national growth in GDP, social development
and regional development; (social entrepreneurship).
(b) Impact of entrepreneurship on job

creation, growth in GDP, social
development (social entrepreneurship).
6. discuss the challenges (a) Definition of social entrepreneurship.

associated with social
entrepreneurship; (b) What has to be managed:
(i) recognising opportunities;
(ii) finding resources;
(iii) developing an innovation

strategy;
(iv) developing the venture; and,
(v) developing a rich network.
Noted Regional and International Entrepreneurs
7. discuss the work of noted Including but not limited to:

entrepreneurs within and
outside the region; Chris Blackwell, Marley Family, Eddie Grant, Arthur
Lok Jack, Thalia Lyn, Vincent Hosang, Audrey Marks,
Joan Duncan, Aleem Mohammed, Anthony Sabga,
Dr Cécile La Grenade, Richard Branson, Bill Gates,
Mark Zuckerberg, Reno Gajadhar, Jay Z, Oprah
Winfrey, Steve Jobs, Hubert and Helen
Bhagwansingh, James Husbands, Allen Chastanet,
Adrian Augier, Ronald Ramjattan, Edward Beharry,
Sir Charles Williams and Yesu Persaud.

UNIT 1

Cultural diversity of Entrepreneurship
8. examine the impact of cultural Entrepreneurship and:

diversity on entrepreneurship
development; (a) Gender.
(b) Youth.
(c) Ethnicity.
(d) Family.
(e) Religion.
(f) Politics.
(g) Socio-economic status.
Myths of Entrepreneurship
9. discuss the myths of Including but not limited to:

entrepreneurship;
(a) entrepreneurship ventures and small businesses
are the same thing;
(b) all entrepreneurs are rich;
(c) entrepreneurs are born not made;
(d) entrepreneurship is easy;
(e) all you need is money to start;
(f) successful entrepreneurship needs only a great

idea;
(g) entrepreneurs always generate new ideas;
(h) all you need is luck;
(i) entrepreneurs are extreme risk takers; and,
(j) entrepreneurs are motivated primarily by money
or profit.
Mistakes/Pitfalls of Entrepreneurship
10. discuss potential mistakes/ Including but not limited to:
pitfalls of entrepreneurship;
(a) Human Resource (HR)/Management failures: lack
of leadership, judgement and knowledge, lack of
experience;

UNIT 1

Mistakes/Pitfalls of Entrepreneurship (cont’d)
(b) operation failures: poor inventory management;

poor planning;
(c) marketing failures: weak marketing strategy;

uncontrolled growth; poor location; incorrect
pricing;
(d) financial failures: poor financial control;

inadequate record keeping;
(e) failure as a natural part of the entrepreneurial

process; and,
(f) timing.
Factors that Contribute to the Success of Entrepreneurs
11. assess the factors that contribute Including but not limited to:
to the success of entrepreneurs;
(a) having an in-depth knowledge of the business;
(b) building a viable business model;
(c) using lean start-up principles;
(d) knowing when to pivot;
(e) having a solid business plan;
(f) effective management of financial resources;
(g) understanding financial statements;
(h) having the right team;
(i) effective management of people;
(j) having a competitive edge; and,
(k) maintaining a positive attitude.

UNIT 1

Entrepreneurship vs Intrapreneurship
12. distinguish between (a) Entrepreneurship vs Intrapreneurship:

entrepreneurship and
intrapreneurship; and, (i) definition;
(ii) features; and,
(iii) advantages and disadvantages.
(b) Types of entrepreneurship including but not

limited to:
(i) dynamic growth;
(ii) speculative;
(iii) social/green;
(iv) necessity; and,
(v) opportunity.
(c) Role of the entrepreneur and the intrapreneur in

enterprise development:
(i) factors that contribute to enterprises

becoming more entrepreneurial;
(ii) openness and flexibility, innovation,

proactivity; and,
(iii) environment of change, chaos,

complexity, competition, uncertainty and
contradiction.
Entrepreneurship vs Small Business Management

13. differentiate between (a) Entrepreneurship vs Small Business Management:
entrepreneurship and small
business management. (i) definition;
(ii) features/characteristics; and,
(iii) advantages and disadvantages.
(b) Innovation as the main difference between

entrepreneurship and small business
management.

UNIT 1
Suggested Teaching and Learning Activities
To facilitate students’ attainment of the objectives in this Module, teachers are encouraged to engage
students in the following teaching and learning activities. Have students:
1. conduct an internet search on the local, regional and international environment to identify
potential areas of entrepreneurial opportunities (for example, trade shows) and explain how
this entrepreneurial activity will aid in national and regional development;
2. role-play a scenario which distinguishes between the entrepreneur and the intrapreneur;
3. create an observation schedule and visit a business to observe the extent to which different
attributes or factors associated with the content covered in the module is evident. Alternately,
students may view relevant videos/shows and note their observations. These should be
shared in a class discussion;
4. debate the types and essential characteristics of an entrepreneur;
5. engage in group presentations and discussions on the impact of cultural diversity on

entrepreneurship;
6. engage in a class presentation where entrepreneurs are invited to share their experiences;
7. view audio visual presentations of successful and/or unsuccessful entrepreneurs and discuss
the factors which impacted their success or failure;
8. participate in a discussion forum or talk show to explore the myths of entrepreneurship;
9. create an audio (such as a podcast), a visual (such as a flyer), or an audio visual (such as a
movie), advertising or promoting a workshop or a conference which will address key areas of
interest to an entrepreneur;
10. conduct online or face-to-face interviews with entrepreneurs or small business professionals
to determine what influenced their decision to became entrepreneurs, challenges and
opportunities in their field of business, the local or regional impact as well as best practices
among other relevant information. Students may use the information as part of the classroom
discussion and/or in preparation for their SBA; and,
11. create games or participate in games to reinforce concepts outlined in the Module.

UNIT 1
RESOURCES
Texts
Barreira, J., and Urban, The Entrepreneurial Mindset: Cognition, Motivation and Behaviours.
B. South Africa: Pearson Education, 2011.
Kuratko, Donald F. Entrepreneurship: Theory, Process, Practice 10th Edition. Mass. Ohio:
South-Western Cengage Learning, 2017.
Maharaj, S. et al. CAPE Fundamentals in Entrepreneurship Unit 1. Trinidad: Genesis

Books Publishers, 2017.
Stephen-James, L.B., Entrepreneurship for Caribbean Students 2 nd Ed. Carlong Publishers,

Bowen, M.M. et al. 2018.
Electronic Sources and Websites
Bowen, M. (2021). Jamaican micro/small entrepreneurs: A comparative assessment of their

motivations and problems. Journal of Research in Marketing and Entrepreneurship, 23 (1), pp.122-
138. https://doi.org/10.1108/JRME-02-2020-0019file://bsp-
nas.its.bethel.edu/HomeM/mmb86499/Desktop/Bowen%20Publication-10-1108_JRME-02-2020-
0019.pdf
CAPE Entrepreneurship Unit 1: http://oasis.col.org/bitstream/handle/11599/2752/2017_Spencer-

OMard-Samuel-Phillip-Frederick-Peters_CAPE-Entrepreneurship-Theory-Unit-
1.pdf?sequence=1&isAllowed=y
http://www.carlongpublishers.com/index.php/online-resources/secondary-portal.html
Ebscohost: http://search.ebscohost.com/
Global Enterprise Monitor: https://www.gemconsortium.org/
Network for Business Sustainability. 2013. Driving Social Change: Best Practices for Business Leaders
and Social Entrepreneurs. London and Canada: Network for Business Sustainability: http://nbs.net/wp-
content/uploads/NBS-Executive-Report-Social-Change.pdf
http://www.carlongpublishers.com/index.php/online-resources.html
Pounder, Paul (2016) Entrepreneurship and Gender Disparity in the Caribbean. Journal of Research on
Women and Gender Vol. 6, 4-23
https://journals.tdl.org/jrwg/index.php/jrwg/article/download/14/41

UNIT 1
Electronic Sources and Websites
Pounder, P. (2018) Addressing Youth Entrepreneurship: Challenges and Prospects Sourcing Micro-
finance in the Caribbean Economy. Youth Voice Journal, 8.
https://www.researchgate.net/publication/328074717_Addressing_Youth_Entrepreneurship_Challe
nges_and_Prospects_Sourcing_Microfinance_in_the_Caribbean_Economy
Academic Journals
International Journal of Entrepreneurship and Innovation

Journal of Entrepreneurship Theory and Practice
Journal of Small Business and Entrepreneurship
Journal of Research in Marketing and Entrepreneurship

UNIT 1
MODULE 2: THE ENTREPRENEURIAL PROCESS
GENERAL OBJECTIVES
1. understand the entrepreneurial process;
2. appreciate the key stages in the entrepreneurial process; and,
3. understand the entrepreneurial process through which business ideas are evaluated.
Steps in the Entrepreneurial Process
1. describe the steps in the (a) Idea generation.

entrepreneurial process;
(b) Opportunity identification.
(c) Opportunity/business concepts development.
(d) Resource identification and acquisition.
(e) Implementation and management of the business

venture.
(f) Harvesting the business venture.
Idea Generation
2. discuss the process of generating (a) Methods of generating ideas: brainstorming,

ideas; focus group, check list methods, problem
inventory analysis, scenario thinking, the
notebook method, reverse brain storming, Delphi
method, Gordon method, Force-field analysis,
TRIZ, Rapid Prototyping, free association.
(b) Screening ideas and selecting from among

competing ideas:
- assess the feasibility/viability of ideas.
(c) How ideas are linked to opportunity.

UNIT 1
MODULE 2: THE ENTREPRENEURIAL PROCESS (cont’d)
Opportunity Identification
3. distinguish between an idea and Distinguishing features between an idea and an

an opportunity; opportunity. Including but not limited to:
(a) market demand;
(b) ability to generate revenues; and,
(c) availability of technology and resources

(financial, human and physical).
4. discuss sources of Sources of Opportunities:

entrepreneurial opportunities;
(a) changing demographics;
(b) emerging markets;
(c) new technologies;
(d) political and regulatory changes; and,
(e) social changes.
5. evaluate an opportunity from Opportunity evaluation:

given information;
(a) market issues;
(b) economic issues;
(c) competitive advantage issues; and,
(d) management issues.
Idea Screening/Business Concept Development
6. describe a business concept; Definition/description of a business concept.

UNIT 1
Idea Screening/Business Concept Development (cont’d)

7. discuss sources of business Sources of business concept: New products, new
concepts; services, new processes, new markets, new
organisational structures/forms, new sales or distribution
channels, new development paradigms, mass media,
customer feedback, hobbies/interests, trade
fairs/exhibitions.
8. develop a business concept from Steps in developing a business concept from an idea.
an idea;
(a) Identify potential market.
(b) Decide on target market.
(c) Identify customer segment within the market.
(d) Identify segment characteristics.
(e) Decide on target segments.
(f) Identify customer needs or preferences.
(g) Decide on marketing mix factors such as pricing.
(h) Identify media, promotional and sales channels.
(i) Develop a marketing plan.
Resource Identification and Acquisition (Financial, Physical and Human)
9. assess the required resources for Required resources: including skilled employees, general
a venture; management expertise, marketing and sales expertise,
technical expertise, financing, distribution channels,
sources of supply, production facilities, licences, patents
and legal protection.
10. describe sources of required Acquiring the required resources:

resources for a venture;
(a) internal sources including personal equity, family
and friends; and,
(b) external sources including debt, equity (stocks),

leveraging, outsourcing, leasing, contract labour,

UNIT 1

Resource Identification and Acquisition (Financial, Physical and Human) (cont’d)
temporary staff, angel funding, venture capitalist,

bootstrapping (crowd funding and crowd
sourcing), supplier financing, joint ventures,
partnerships, barter and gifts.
11. evaluate the role of local and Business and entrepreneurial development
regional business and organisations: including Caribbean Group of Youth
entrepreneurial development Business Trusts (Antigua and Barbuda, Jamaica,
organisations in providing required Barbados, Guyana, Trinidad and Tobago, St. Lucia, St.
resources for a venture; Vincent and the Grenadines, Dominica and Belize),
Jamaica Business Development Corporation, HEART
Trust/NTA (Jamaica), Institute of Private Enterprise
Development (IPED); National Entrepreneurship
Development Company Limited (NEDCO), Micro, Small
and Medium Sized Enterprises (MSME) Alliance
(Jamaica); Grenada Investment Development
Corporation, Caribbean Association of Small and Medium
Enterprises (CASME); DFLSA Incorporated (Guyana and
Suriname).
Implementation and Management of the Business Venture
12. explain the activities involved in (a) Implementation of concept.

implementing and managing a
venture; and, (b) Monitoring of performance.
(c) Honouring of obligations to resource providers.
(d) Reinvestment in the business.
(e) Expansion of the business.
(f) Achievement of performance goals.

Harvesting the Business Venture
13. assess the various options of Harvesting strategies/exit strategies:

harvesting a venture.
(a) absorption of new concept or product line into
mainstream operations;
(b) licensing of rights;

UNIT 1
Harvesting the Business Venture (cont’d)
(c) family succession;
(d) go public (IPO);
(e) employee share ownership plan (ESOP);
(f) liquidate (Shut down) venture;
(g) selling the venture;
(h) management buy-out (MBO); and,
(i) mergers and acquisitions.
Note: Information should include reasons, impact,

comparison/contrast of strategies, advantages,
disadvantages.
1. work collaboratively and use any of the methods of idea generation to develop an idea for a
venture;
2. evaluate the environment to determine whether opportunities exist for pursuing a chosen
venture;
3. present a simulated activity or case which incorporates the entrepreneurial process and
allows opportunities for application of relevant techniques;
4. work in pairs to create a visual or audio-visual presentation, detailing the steps in developing
a business concept from an idea;
5. work in groups to create a digital presence for a business concept;

UNIT 1
6. participate in a lecture/presentation/panel discussion facilitated by entrepreneurs and

resource persons from the business environment. Students should then write a reflection on
the lessons learnt from the activity;
7. collaborate to engage in research to determine the role of local and regional business
development organizations in providing required resources for a venture. Each group should
creatively present their findings to the class;
8. create a visual or audio-visual representation, for example, a process flow or video detailing
the steps in the entrepreneurial process; and,
9. engage in discussions or debate on harvesting strategies and the application to various venture
types after listening to audios and viewing videos on the topic.
RESOURCES
Texts:
Bessant, J. and Tidd, J. Innovation and Entrepreneurship, 3rd Edition. New Jersey: John
Wiley and Sons, 2015.
Kuratko, Donald F. Entrepreneurship: Theory, Process, Practice 10th Edition. Mass.

Ohio: South-Western Cengage Learning, 2017.

Stephen-James, L.B., and Entrepreneurship for Caribbean Students 2 nd Edition. Carlong

Bowen, M.M. et al. Publishers, 2018.
Electronic Resources:
Business Concept proposal- https://www.youtube.com/watch?v=K-6VGk4kHHA

https://www.youtube.com/watch?v=F0MxYgdOY3A&feature=youtu.be
https://www.slideshare.net/GurleenKaur79/mergers-and-acquisitions-60053504

UNIT 1
Academic Journals:


UNIT 1
MODULE 3: CREATIVITY AND INNOVATION
GENERAL OBJECTIVES
1. understand the nature of creativity and innovation;
2. appreciate the value of creativity and innovation;
3. appreciate the process of nurturing and managing innovation; and,
4. understand the importance of protecting creations and innovations.

The Role and Importance of creativity
1. explain the role and importance (a) The meaning of creativity.

of creativity in entrepreneurship;
(b) Role of creativity.
(c) Importance of creativity.
2. discuss the process of creativity; Process of creativity:
(a) recognition/preparation;
(b) incubation;
(c) insight; and,
(d) validation/refinement.
The Role and Importance of Innovation
3. explain the role and importance (a) The meaning of innovation.

of innovation in
entrepreneurship; (b) The role of innovation.
(c) The importance of innovation.

UNIT 1
MODULE 3: CREATIVITY AND INNOVATION (cont’d)
The Role and Importance of Innovation (cont’d)
4. differentiate between creativity Differences between creativity and innovation.

and innovation;
5. discuss the core innovation (a) Core innovation concepts:
concepts and their impact on the
entrepreneurial process; (i) incremental;
(ii) modular;
(iii) architectural;
(iv) discontinuous/radical/disruptive; and,
(v) open.
(b) Impact on the entrepreneurial process.

6. explain the types of innovation in The 4Ps of Innovation:
relation to the 4Ps of Innovation;
(a) product;
(b) process;
(c) position; and,
(d) paradigm.
7. discuss sources of innovation; Sources of innovation:
(a) new markets;
(b) new technologies;
(c) new political rules;
(d) running out of roads (limited options);
(e) change in sentiments or behaviours;
(f) deregulations;
(g) changes in the business models;
(h) global trends; and,
(i) new knowledge.

UNIT 1
Nurturing and Managing Innovation
8. discuss the micro factors that Conditions for effective innovation:

would nurture innovation;
Micro/Organisational level:
(a) incentives for innovating;
(b) internal policy; and,
(c) organisational culture:
(i) inspiration;
(ii) observation;
(iii) listening to consumer; and,
(iv) organisational structure.
9. discuss the macro factors that Macro/National level

would nurture innovation;
Policy development:
(a) social (for example, changing demographics);
(b) political (for example, internal governance,

stability);
(c) economic (for example, entrepreneurship

policies, incentives);
(d) environmental (regulations, environmental

responsibility);
(e) cultural (respect for indigenous customs and

practices); and,
(f) ethical (adherence to sound principles and

business practices).

UNIT 1
Nurturing and Managing Innovation (cont’d)
10. discuss the challenges associated Problem areas:

with social innovation; and,
(a) resources;
(b) conflicts;
(c) voluntary nature;
(d) ‘lumpy’ funding; and,
(e) scale of the challenge.
Methods of protecting Creativity and Innovation
11. discuss the various methods of (a) Definition of Intellectual property.

protecting creativity and
innovation. (b) Intellectual property rights:
(i) Trademarks;
(ii) Patents;
(iii) Copyright;
(iv) Registered Industrial Design;
(v) Geographical Indications;
(vi) Traditional cultural expression and

traditional knowledge; and,
(vii) Trade secrets (processes, techniques,

confidential disclosure agreements).
(c) Importance of protecting creativity and

innovation.

UNIT 1
1. provide responses to simple scenarios which allow them to apply their knowledge on how to
protect an innovation;
2. present items in class and discuss ways of adding value through innovation;
3. visit the intellectual property rights office (virtually or face-to-face) in their locale to learn the
processes involved in the registration of intellectual property or research the processes and
creatively present their findings;
4. compare different types of entrepreneurs (such as mathematicians, engineers, entertainers)

based on given scenarios or mini cases;
5. participate in presentations by resource persons focusing on intellectual property rights and/or

the conditions for effective innovation at the micro and macro levels. Students should write a
reflection on the lessons learnt;
6. work as a member of a collaborative group in which the jigsaw strategy is used to read
assigned content for a particular topic and facilitate the sharing of the content to their
classmates. For example, conditions for effective innovation, role and importance of creativity
or innovation;
7. engage in research and discussion about the importance of the adherence to ethical principles
and business practices;
8. research local or regional policies that were developed within the last ten years which created
conditions for effective innovation and share their findings in the class;
9. respond to the following (or similar) scenario: John has an excellent idea for a product which
could help to alleviate the challenges persons usually experience in determining how to get
from one place to another in his country. He wants to prevent others from using his idea
without his permission. Provide John with some advice; and,
10. work in groups to discuss and creatively present information on one of the following topics:
(a) the impact of each core innovation concept;
(b) the micro and macro factors that would nurture innovation; and,
(c) the importance of protecting creativity and innovation.

UNIT 1
RESOURCES
Texts:
Barringer, B.R. and Ireland, R.D. Entrepreneurship: Successfully Launching New Ventures,
6th Edition. Harlow, Essex: Pearson Education Limited,
2018.
Bessant, J. and Tidd, J. Innovation and Entrepreneurship, 3rd Edition. New Jersey:
John Wiley and Sons, 2015.
Mariotti, S. and Towle, T. Entrepreneurship: How to Start and Operate a Small

Business, 10th Edition. New Jersey: Prentice Hall, 2011.
Mariotti, S., Towle, T. and Patel, N. Entrepreneurship: Owning your Future, 12th Edition. New
Jersey: Prentice Hall, 2016.
Maharaj, S. et al. CAPE Fundamentals in Entrepreneurship Unit 1. Trinidad:

Genesis Books Publishers, 2017.
Scarborough, N. M., and Cornwall, Essentials of Entrepreneurship and Small Business

J.R. Management, 9th Edition. New Jersey: Prentice Hall, 2018.
Stephen-James, L.B. and Bowen, Entrepreneurship for Caribbean Students, 2nd Edition.
M.M. et al. Carlong Publishers, 2018.

Geographical Indication:
https://www.youtube.com/watch?v=j36GZ6T0l0k
Pounder, Paul (2015). Expanding Entrepreneurship Opportunities through Local Governance: The
Case of Barbados, Commonwealth Journal of Local Governance Vol. 16: 4490 –
http://dx.doi.org/10.5130/cjlg.v0i0.4490
Pounder, P. (2019). Examining interconnectivity of entrepreneurship, innovation and sports policy

framework. Journal of Entrepreneurship and Public Policy, Vol. 8 No. 4, pp. 483-499.
https://doi.org/10.1108/JEPP-08-2019-111

UNIT 1
The 4Ps of Innovation Space: https://www.youtube.com/watch?v=UlF8GDeW80c
What is intellectual property?

https://www.youtube.com/watch?v=AzQzSUZsT_k
Expanding entrepreneurship opportunities through local governance: The case of Barbados

Academic Journals:


 UNIT 2: ENTREPRENEURSHIP PRACTICE
MODULE 1: ESSENTIALS OF BUSINESS OWNERSHIP
GENERAL OBJECTIVES
1. understand the various types of ventures;
2. appreciate the importance of conforming to local, regional and international legal and
regulatory frameworks; and,
3. understand the importance of ethics and social responsibility in operating a venture.
Types of ventures
1. discuss the features of various (Features: to include but not limited to formation, owner’s
types of ventures; liability, number of owners, tax liability, transferability of
ownership, continuity of venture, cost of formation, ability
to raise capital.)
(a) Sole trader/ Sole Proprietorship.
(b) Partnership (Limited and General) – Joint

Venture.
(c) Franchise.
(d) Corporation (C and S corporation).
(e) Limited Liability Company (LLC).
(f) Private Companies/ Private Limited Companies

(PLC).
(g) Non-Governmental Organisation (NGO),

including (Community Based Organisations
(CBOs), Social Enterprises, Charities and
Endowments/Foundations) and Cooperative
Societies.
(h) State-owned enterprises (Statutory

Organisations).

UNIT 2
MODULE 1: ESSENTIALS OF BUSINESS OWNERSHIP (cont’d)

Risk and Benefits
2. evaluate the advantages and (a) Advantages and disadvantages of each type of
disadvantages associated with venture.
each type of venture;
(b) Creation and acquisition of venture (including but
not limited to selection, cost,
complexity/organization, personal liability, need
to obtain start-up funding, extent of
ownership/management, distribution of
profit/loss, extent of government regulation-tax
consideration/implication, involving of other
principals).
(c) Personal and business risks (financial, career,
reputational/market, credit, operational costs,
reputational).
Legal and Regulatory Framework
3. discuss the importance of (a) Registration of a venture.
observing legal and regulatory
practices in operating a venture; (b) Industrial, Personnel/Labour laws (Property tax,
income tax, GCT, HR policies, Collective
bargaining, EOQ).
(c) Tax obligations (Steps for registration: tax
incentives in respective countries).
(d) International Standards and Regulations:
International Organization for Standardization
(ISO); Duty of Care, Occupational Safety and
Health Administration (OSHA) and Hazard
Analysis and Critical Control Points (HACCP).
(e) Financial Regulations (including but not limited to
Anti-Money Laundering [AML]; Countering
Financing of Terrorism [CFT]; International
Financial Reporting Standards [IFRS]).
(f) Environmental stewardship.
(g) Intellectual Property Rights (IPR).
(h) Open innovation.
(i) Contracts (types – legal, sales, leases,
components, contextual/situational).
(j) Accreditation and Certification.

UNIT 2
Ethics and Social Responsibility
4. assess the role of ethics and (a) Importance of business ethics and integrity – role
corporate social responsibility in of ethics and integrity in ventures.
operating a business venture;
and, (b) Code of ethics (reasons, importance).
(c) Business Etiquette (Contextualised professional

business practices).
(d) Corporate Social Responsibility (CSR).
(e) Corporate governance.
(f) Social entrepreneurship (Social Enterprises,

Philanthropic Organisations and Individuals).
(g) Social Sector Actors/Non-Governmental

Organisations (NGOs).
5. discuss the importance of the The 3Ps:

Triple Bottom Line in creating and
managing a sustainable business (a) people;
venture.
(b) planet; and,
(c) profit.

UNIT 2
1. work collaboratively to conduct research on legal and regulatory framework for venture
creation and operation within their respective country or region and either create a brochure,
flyer or presentation to inform a group of people about the framework. Additionally, students
may upload the information to a suitable online space such as a class wiki or web page;
2. work individually or in groups to create a code of ethics for a proposed business;
3. create a table, diagram, interactive infographic or any other suitable resource comparing
selected types of ventures;
4. draft a contract for a franchise, sole trader, and partnership agreement;
5. work collaboratively to analyse a case and provide suitable responses regarding the issues
documented. These may be related to the issues explored in Specific Objectives 2,3 and 4;
6. organise and implement a formal business meeting/dinner to help them develop acceptable
etiquette;
7. identify a community project and do some voluntary service to give back to their community.
Students should then write a reflection on the personal and social/community impact of their
service. They may share excerpts from their reflection in class. Students may also creatively
present pieces encouraging involvement in voluntary service;
8. engage in a “round table talk” activity with each member of the Panel representing particular
entrepreneurs, members of environmental, social, health, education and youth groups. Focus:
‘The importance of corporate social responsibility’;
9. collaborate in pairs or groups to play the role of content experts who present on the topic “How
to mitigate the risks/disadvantages and enhance the benefits/advantages of a venture”.
Students should select or design relevant resources to enhance the delivery of the
presentation; and,
10. view a video on an aspect of the module and write a one-page reflection about lessons learnt
including how one of the ideas explored in the video could be applied if he/she was a business
owner.

UNIT 2
RESOURCES
Texts:
Barringer, B.R. and Ireland, Entrepreneurship: Successfully Launching New Ventures, 6th Edition.
R.D. Harlow, Essex: Pearson Education Limited, 2018.

Spinelli, S. and Adams, R. New Venture Creation, Entrepreneurship for the 21st Century, 10th
Edition. New York: McGraw Hill/Irwin, 2016.
Stephen-James, L.B., Entrepreneurship for Caribbean Students 2 nd Edition. Carlong

Verstraete, T. and Jouison- A Business Model for Entrepreneurship. Cheltenham: Edward Elgar
Laffitte, E. Publishing Ltd, 2012.
Electronic Sources and Websites:
Pounder, Paul (2015). Expanding Entrepreneurship Opportunities through Local Governance: The
Case of Barbados, Commonwealth Journal of Local Governance Vol. 16: 4490 -
Pounder, P. (2021). Social entrepreneurship and cultural contextualization: A review. International

Journal of Development Issues.Vol.20No.3. pp.344-357
https://www.academia.edu/50997220/Social_entrepreneurship_and_cultural_contextualization_a_r
eview
Academic Journals:

Journal of Business Ethics

UNIT 2
MODULE 2: NEW VENTURE PLANNING AND CREATION
GENERAL OBJECTIVES
1. understand the importance of market research and feasibility analysis;
2. appreciate the process of determining the viability of a venture;
3. demonstrate an understanding of the importance of start-up capital and financial statements

in venture creation;
4. understand the importance of a business model canvas, business model, and business plan;
and,
5. demonstrate an understanding of the components of a business model canvas, business

model, and business plan.
Market Research (venture opportunity screening)
1. conduct market research for a (a) Definition and purpose of market research.
venture;
(b) Benefits of conducting market research.
(c) Key elements of market research:
(i) product characteristics;
(ii) market analysis;
(iii) expected sales trends;
(iv) customer analysis;
(v) promotional strategy; and,
(vi) nature and level of competition.
(d) Cost-benefit analysis approach to market

research:
(i) definition; and,
(ii) importance.

UNIT 2
MODULE 2: NEW VENTURE PLANNING AND CREATION (cont’d)
Market Research (venture opportunity screening) (cont’d)
(e) Stages in the market research process:
(i) aim/problem;
(ii) research objective;
(iii) research design;
- research methods;
(iv) sampling;
(v) data collection;
(vi) data analysis and presentation;
(vii) conclusion; and,
(viii) reporting.
Feasibility Analysis
2. conduct a feasibility analysis for a (a) Definition and purpose of a feasibility analysis.
venture;
(b) Benefits of a feasibility analysis.
(c) Key elements of a feasibility analysis:
(i) personality feasibility (individual’s SWOT

profile);
(ii) technical feasibility;
(iii) operational feasibility;
(iv) financial feasibility;
(v) market feasibility;
(vi) time feasibility;
(vii) industry feasibility; and,
(viii) cultural feasibility.

UNIT 2

Feasibility Analysis (cont’d)
3. distinguish between market Distinguishing features of market research and feasibility

research and feasibility analysis; analysis.
Start-up Capital and Financial Statements
4. describe sources of funding; Sources of funding: equity financing, debt financing

(loans, venture funding, angel funding), grants, crowd
funding, gifts, bequests.
5. explain the steps in the Steps in the accounting cycle:

accounting cycle;
(a) collect source/business documents;
(b) prepare journal entries;
(c) post to ledgers;
(d) extract trial balance; and,
(e) prepare financial statements.
6. discuss the elements of various Key components of each Financial Statement (Statement
financial statements; of Cash Flows, Statement of Comprehensive Income,
Statement of Financial Position).
7. prepare Financial Statements; (a) Statement of Cash Flows to include Operating,

Investing and Financing activities (Cash Flow
Statement).
(b) Statement of Comprehensive Income (Income

Statement).
(c) Statement of Financial Position (Balance Sheet).
(d) Break-even analysis; (appreciate significance of

break-even value).
(e) Sensitivity analysis.
Note: Focus on financial statements for Sole

proprietorship, partnership, small company.

UNIT 2

Start-up Capital and Financial Statements
8. discuss various savings and Savings and investments options (including savings
investment options; accounts, certificates of deposit/ fixed deposits, mutual
funds, stocks and bonds, treasury bills, real estate,
annuities).
The Business Model Canvas
9. explain the purposes and (a) purpose;

benefits of a business model
canvas; (b) components; and,
(c) benefits.
10. develop a business model Components: key partners, key activities, key resources,
canvas; value proposition, customer relationships, channels,
customer segments, cost structure, revenue streams.
The Business Model
11. discuss the components of a (a) Description of a business model.

business model;
(b) Components of a business model:
(i) Value proposition (how do you create

value?):
- product offering: good, service

or combination of both;
- standardised or customised;
- direct or indirect distribution;

and,
- internal manufacturing or
outsourcing.
(ii) Beneficiary (for whom do you create

value?):
- business to business, business to

consumer or both; and,

UNIT 2

The Business Model (cont’d)
- local, regional or international;

general or niche market.
(iii) Operations (what is your internal source

of advantage?):
- Internal capabilities of a business,

including unique skills,
technologies, resources.
(iv) Product differentiation (how do you

differentiate your product?):
- operational excellence;
- product quality;
- innovative leadership;
- cost; and,
- networks.
(v) Income generation (how do you intend to

make money?):
- operating leverage (fixed and

variable costs);
- volumes (high, medium, low),

margins (high, low);
- pricing (fixed, flexible); and,
- revenue sources.
(vi) Investment Model (what are the time

scope and ambitions of the venture?):
- subsistence model;
- income model;
- growth model; and,
- speculative model.

UNIT 2
The Business Model (cont’d)
(vii) Investment Model (what are the time

scope and ambitions of the venture?):
- subsistence model;
- income model;
- growth model; and,
- speculative model.
12. develop a business model for a Prepare a business model.

business plan; and,
The Business Plan (students are not required to produce a business plan)
13. discuss the purpose, benefits and (a) Purpose of a business plan.
components of a business plan.
(b) Benefits of a business plan.
(c) Components of a business plan:
(i) executive summary

(concise summary of various
components);
(ii) business description (business

concept/value proposition)
(What does the business do?);
(iii) management description

(Who comprises the team that can make
this happen?);
(iv) marketing analysis

(How is revenue potential determined?
What/who is my competition? How am I
better or different? What will my ideal
customer pay? Location?);

UNIT 2

The Business Plan (students are not required to produce a business plan) [cont’d]
(v) operational plan

(What are the resource requirements?);
(vi) financial plan

(Is the company viable for me or for my
investors?);
(vii) competitor analysis

(Competitors’ strengths and
weaknesses); and,
(viii) bibliography and appendices.
To facilitate students’ attainment of the objectives in this Module, teachers are advised to engage
1. engage in activities to develop a survey instrument to gather data for a needs assessment for
generating their venture idea. Students should use a suitable medium to sell the idea to their
peers;
2. engage in activities to conduct a SWOT analysis of their personal profile;
3. engage in activities to conduct a SWOT analysis of an existing venture. Students should then
recommend suitable strategies for addressing identified weaknesses and minimizing the
threats;
4. engage in activities to identify funding needs and sources for a venture;
5. engage in activities to prepare a simple statement of cash flow, statement of comprehensive

income and statement of financial position from a scenario or case provided;
6. work in pairs to design a suitable visual or audio-visual resource highlighting the stages in the
market research process or the key elements of a feasibility analysis. The information should
be shared in class;
7. create and present a 30-second commercial on the value of a market research or feasibility
study;
8. develop a lean canvas from an existing or proposed business of their choice and pitch their
idea; and,
9. participate in a webinar/workshop in which teachers of Accounts are invited to facilitate or co-

teach relevant topics.

UNIT 2
RESOURCES
Texts:
Austin, D., Louisy, E., Principles of Accounts for CSEC 2 nd Edition. Oxford University
Deosara-Pulchan, S. & Press 2019.
Sylvester, T.
Kuratko, Donald, F. Entrepreneurship: Theory, Process, Practice, 10th Edition. Mason,

Ohio: South-Western Cengage Learning, 2017.

Mariotti, S., and Mariotti, T.T. Entrepreneurship: How to Start and Operate a Small Business,
10th Edition. New Jersey: Prentice Hall, 2011.
Stephen-James, L.B., Bowen, Entrepreneurship for Caribbean Students, 2nd Edition. Carlong
M.M. et al. Publishers, 2018.
Wood, F., Robinson, S. Principles of Accounts for the Caribbean, 6th Edition. Hodder
Education, 2018.
Alanis Business Academy- How to Create Your Lean Canvas

https://www.youtube.com/watch?v=FjB_e7UO1hc
Lean Canvas Intro - Uber example https://www.youtube.com/watch?v=pvIN9STpzCQ
Osterwalder- Explaining the Business Model Canvas in 6 Minutes

https://www.youtube.com/watch?v=RpFiL-1TVLw
The Business Model Canvas - 9 Steps to Creating a Successful Business Model - Start-up Tips https:
//www.youtube.com/watch?v=IP0cUBWTgpY
Academic Journals:


UNIT 2
MODULE 3: MANAGING AND GROWING THE VENTURE
GENERAL OBJECTIVES
1. understand the stages in the business venture life cycle;
2. understand the various venture models;
3. understand the various venture valuation methods;
4. be aware of the approaches to valuing intangible assets;
5. understand the key strategies used to grow a business venture; and,
6. understand how e-commerce can aid in the operation and growth of a business venture.

Venture Life Cycle
1. discuss the stages of the business Stages of the business venture life cycle:
venture life cycle;
FORMAT 1:
(a) start-up;
(b) expansion;
(c) maturity;
(d) diversity;
(e) lifestyle; and,
(f) capped growth.
FORMAT 2:
(a) new venture development;
(b) start-up activities;
(c) venture growth;
(d) business stabilization; and,
(e) innovation or decline.
NOTE: Students should be advised to use only one of the

two (2) formats when responding to examination
questions. Both should not be combined.

UNIT 2
MODULE 3: MANAGING AND GROWING THE VENTURE (cont’d)
Venture Models
2. distinguish among the types of Knowledge of how a venture can grow from one model to
venture models; another over time:
(a) promising start-ups;
(b) venture-backed start-ups; and,
(c) corporate-supported start-ups.
Importance of Venture Valuation
3. discuss the importance of (a) Determining the real value of the business
business venture valuation; venture (to track an increase or decrease in
business value).
(b) Buying or selling a business or major asset.
(c) Raising growth capital (through an Initial Public

Offering [IPO] or the sale of existing
stocks/shares).
(d) Establishing an Employee Stock Ownership Plan

(ESOP).
(e) Assessing and managing tax obligations.
(f) Structuring a buy, sell or joint venture agreement

with stockholders (for example, Mergers and
Acquisitions).
(g) Attempting to buy-out a partner or shareholder

(or management buy-out).
(h) Preparing wills, gifts of deed and settling estates.
(i) Preparing divorce settlements.
(j) Conducting business analysis.
(k) Reporting for internal bookkeeping or accounting

purposes or external auditing purposes.
(l) Developing a succession plan.
(m) Obtaining insurance coverage (new or

additional).

UNIT 2
Venture Valuation Methods
4. discuss the methods used in Including but not limited to:

business venture valuation;
(a) Entry Cost Valuation;
(b) Asset (Asset-Based) Approach;
(c) Book Value Method /Net Book Value;
(d) Price/Earnings Multiple /Price-Earnings Ratio;

and,
(e) Discounted Cash Flow (DCF) Method.
Approaches for Valuing Intangible Assets
5. identify the approaches used for (a) Market Approach: for Patents, Technology,
valuing specific intangible assets; Copyright, Internally developed software, Brand
names.
(b) Income Approach: for Patents, Technology,

Copyright, Brand names, Customer relations.
(c) Cost Approach: for Assembled Workforce,

Internally developed software, Customer
relations.
Business Venture Growth Strategies
6. evaluate the various business (a) Market Penetration.

venture growth strategies;
(b) Market Expansion or Development.
(c) Product Expansion or Development.
(d) Diversification.
(e) Acquisition of other companies/businesses.

UNIT 2
E-Commerce and Growing the Venture
7. discuss how the internet impacts The Internet and its impact on business venture
business venture development; development:
(a) speed and flexibility;
(b) less emphasis on size/space;
(c) high sales volume; and,
(d) low profit margin.
8. discuss approaches to Approaches to e-commerce that support business

e-commerce that support venture growth:
business venture growth;
(a) online banking/internet banking;
(b) online shopping malls;
(c) virtual communities – store-front services;
(d) partnership with existing online payment facilities

such as, Visa, MasterCard, PayPal, Digital
Wallets, DCash, Mobile Money;
(e) internet service providers (such as, Digicel,

FLOW, AT&T, Verizon); and,
(f) private initiatives:
- hiring a professional to design a customized

website for the business venture OR
building a website in-house.
9. explain the factors to consider Factors to consider before launching into e-commerce:
before launching into e-
commerce; (a) networking potential;
(b) integration of the web into overall strategy;

UNIT 2
E-Commerce and Growing the Venture (cont’d)
(c) importance of lasting relationship with

customers;
(d) ongoing investment of resources; and,
(e) data mining.
10. assess the online potential of a Factors to be considered in assessing the online potential
business venture; of the venture:
(a) appeal to customers;
(b) target market;
(c) distribution cost; and,
(d) costs and benefits.
11. discuss the benefits of selling Benefits of selling online:

online;
(a) greater global/international reach;
(b) enhanced customer service and convenience;
(c) greater interactive communication with

customers and ability to understand their needs;
(d) lower operational costs of doing business; ability

to grow faster;
(e) ability to track customers purchases and sales

results; and,
(f) ability to spot new business opportunities and

capitalize on them.
12. assess some of the myths about Myths about e-commerce:

e-commerce; and,
(a) setting up a business on the web/internet is easy
and inexpensive;
(b) if you launch a website customer will flock to your

site;

UNIT 2

E-Commerce and Growing the Venture (cont’d)
(c) making money on the web/internet is easy;
(d) privacy/security is not an important issue on the

internet;
(e) technology is the most important element of any

e-commerce effort;
(f) you do not need a strategy only a website; and,
(g) customer service is not as important as it is in a

traditional retail store.
13. discuss strategies for e- Strategies for e-commerce success:
commerce success.
(a) data mining;
(b) developing an online marketing plan;
(c) developing an online community;
(d) attracting customers by giving freebies;
(e) making creative use of email;
(f) ensuring that the website is appealing, gives a

feeling of credibility and is user friendly;
(g) forming strategic business alliances;
(h) promoting the website on and offline;
(i) focusing on a market niche; and,
(j) ensuring safety of customer data.

UNIT 2
1. develop a comparative matrix of different business venture models;
2. engage in research or complete a WebQuest activity to access information on the importance

of business venture valuation. The information will inform a class discussion on the topic;
3. debate a topical issue relating to the impact of e-commerce on new venture creation;
4. work collaboratively to engage in an internet search and prepare a technology enhanced

presentation on the approaches to e-commerce that support business venture growth and/ or
the impact of e-commerce on new venture creation;
5. work in pairs to prepare and present a visual or audio-visual resource on strategies for e-
commerce success;
6. work collaboratively to prepare a poster, flyer, movie or video on the benefits and pitfalls of
online ventures;
7. work in pairs or small groups to prepare a jingle or technology enhanced presentation on

myths about e-commerce; and,
8. develop and present a business concept using web 2.0 tools.
RESOURCES
Texts:
Allen, K. R. Launching New Ventures: An Entrepreneurial Approach, 8th Edition.

Boston, Massachusetts: Cengage Learning, 2020.
Barringer, B.R. and Entrepreneurship: Successfully Launching New Ventures, 6th Edition.
Ireland, R.D. Harlow, Essex: Pearson Education Limited, 2018.
Spencer, C. et. al. CAPE Entrepreneurship Unit 2 – Entrepreneurship Practice, 1st Edition,
St. John’s, Antigua: Ministry of Education, Science & Technology, 2017.
Stephen-James, L.B., Entrepreneurship for Caribbean Students 2 nd Edition. Carlong

UNIT 2
Association of International Certified Professional Accountants – “Three approaches to valuing

intangible assets”: https://www.cgma.org/resources/tools/valuing-intangible-assets.html
How to create a pitch deck - https://www.youtube.com/watch?v=SB16xgtFmco

Academic Journals:
Ebscohost – http://search.ebscohost.com/

 OUTLINE OF ASSESSMENT
Each Unit of the syllabus will be assessed separately. The same scheme of assessment will be applied
to each Module in each Unit. Grades will be awarded independently for each Unit.
The Assessment will be comprised of two components, one external component and one School-Based
Assessment Component.
EXTERNAL ASSESSMENT FOR EACH UNIT (60 per cent)
Paper 01 This paper consists of forty-five (45) multiple- (30 per cent)
(1 hour choice items. There are fifteen (15) items on each
30 minutes) Module.
Paper 02 This paper consists of three questions, one on (30 per cent)
(2 hours each module of the unit. Each question will
45 minutes) contain one mini-case study scenario. Each
scenario will present candidates with the kind of
situations that entrepreneurs encounter on a
daily basis. The questions will require candidates
to apply knowledge of all areas of the syllabus in
general, to critically analyse the issues involved
and prescribe real and defensible solutions to
problems.
Paper 032- One extensive case study/scenario covering all (40 per cent)
Alternative three Modules of the respective Unit.
to the SBA
(2 hours)
SCHOOL-BASED ASSESSMENT FOR EACH UNIT (40 per cent)
Paper 031 Unit 1: Interview and report (40 per cent)

School-
Based
Assessment (40 per cent))
(SBA) Unit 2: Business Model

SCHOOL-BASED ASSESSMENT
Students should create a portfolio with evidence of their entrepreneurial experience in completing
their SBA. While it will not be submitted for external moderation, it is considered critical for students
‘to appreciate the concepts and reinforce them for lifelong learning’.
Unit 1
Candidates must interview an entrepreneur and produce a written Case Study report and make an
oral presentation. The Case Study report should not exceed 1,500 words and must be presented as
outlined on pages 54-56. The presentation will be made to the teacher and peers in the classroom
setting. The School-Based Assessment requires that candidates undertake a project which must
demonstrate their skills in research, analysis, evaluation and presentation of information.
Unit 2
Candidates are required to undertake ONE project that includes the development of a Business Model.
Candidates must identify an original business idea, translate the idea into a well-conceptualised
business concept, and then build a Business Model around it. This Business Model must demonstrate
the basic market and economic feasibility of the proposed business.
The Business Model should not exceed 1,500 words and must be presented as outlined on pages
59-60.
Candidates must complete the School-Based Assessment for each unit that they write.
Paper 032
This Paper is the Alternative to the SBA. It will assess similar skills in Communication and Networking
as those assessed in the SBA. Candidates are encouraged to engage in similar activities to the SBA as
they prepare for their examinations.
Units 1 and 2
Private candidates are required to write an Alternative Paper – Paper 032. It comprises an extensive
case/scenario/information, which will assess their skills in research, analysis, and evaluation on the
industry highlighted in the syllabus for the specific examination year.
MODERATION OF SCHOOL-BASED ASSESSMENT
School-Based Assessment Record Sheets are available online via the CXC®’s website www.cxc.org.
All School-Based Assessment Record of Marks must be submitted online using the SBA data capture
module of the Online Registration System (ORS). All SBA projects must be submitted to CXC® for
moderation purposes. These projects will be reassessed by CXC® Examiners who moderate the School-
Based Assessment. Teachers’ marks may be adjusted as a result of moderation. The Examiners’
comments will be sent to schools.
Copies of the students’ assignment must be retained by the school until three months after publication
by CXC® of the examination results.

 ASSESSMENT DETAILS
External Assessment by Written Papers (60 per cent of Total Assessment)
Paper 01 (1 hour 30 minutes – 30 per cent of Total Assessment)
1. Number of Questions
All questions are compulsory. This paper will consist of 45 multiple-choice questions. There
will be 15 questions from each Module.
2. Syllabus Coverage
(a) Knowledge of the entire syllabus is required.
(b) The intention of this paper is to test candidates’ knowledge across the breadth of the
syllabus.
3. Mark Allocation
(a) One mark will be assigned for each question. Each item will be weighted by 2.
(b) The total number of marks available for this paper is 45.
(c) The 45 marks for this paper will be weighted to 90 marks.
(d) This paper contributes 30 per cent towards the final assessment.
(e) Marks will be awarded for knowledge, comprehension, and application.
4. Use of Calculators
Candidates may use silent non-programmable calculators.
Paper 02 (2 hours 45 minutes – 30 per cent of Total Assessment)
This paper will comprise three questions, one on each Module of the Unit.
1. Composition of Paper
(a) This paper will consist of three compulsory mini-case study scenarios, each with
extended response questions.
(b) Candidates are required to attempt ALL three questions, one from each module.
(c) The total number of marks available for the paper is 75.
(d) The 75 marks for this paper will be weighted to 90 marks.
(e) This paper contributes 30 per cent towards the final assessment.

2. Syllabus Coverage
(a) Each question requires a greater depth of understanding than those questions in
Paper 01.
(b) The purpose of this paper is to test candidates’ in-depth knowledge of the syllabus.
3. Question Type
Questions require an extended response involving reasoning, analysis and synthesis.
4. Mark Allocation
Each question is worth 25 marks.
5. Award of Marks
Marks will be awarded for:
(a) clear logical reasoning;
(b) evidence of ability to analyse a problem step by step and to apply principles and
practices, skills and knowledge to reach a logical conclusion;
(c) evidence of problem-solving ability; and,
(d) evidence of the ability to synthesise information.
The maximum available marks will be awarded when candidate meets all criteria.
SCHOOL-BASED ASSESSMENT
School-Based Assessment is an integral part of the students’ assessment of the course of study
covered by this syllabus. It is intended to assist the students in acquiring certain knowledge, skills and
attitudes that are associated with the subject. The activities for the School-Based Assessment are
linked to the syllabus and should form part of the learning activities to enable the students to achieve
the objectives of the syllabus. Students are encouraged to work in groups to complete the School-
Based Assessment.
During the course of study for the subject, students obtain marks for the competence they develop
and demonstrate in undertaking their School-Based Assessment assignments. These marks contribute
to the final marks and grades that are awarded to the students for their performance in the
examination.
The guidelines provided in this syllabus for selecting appropriate tasks are intended to assist teachers
and students in selecting assignments that are valid for the purpose of School-Based Assessment. The
guidelines provided for the assessment of these assignments are also intended to assist teachers in
awarding marks that are reliable estimates of the achievements of students in the School-Based
Assessment component of the course. In order to ensure that the scores awarded are in line with the
CXC® standards, the Council undertakes the moderation of the School-Based Assessments marked by
teachers.

School-Based Assessment provides an opportunity to individualise a part of the curriculum to meet
the needs of the student. It facilitates feedback to the student at various stages of the experience.
This helps to build the self-confidence of the students as they proceed with their studies. School-Based
Assessment also facilitates the development of the critical skills and abilities emphasised by this CAPE®
subject and enhance the validity of the examination on which the students’ performance is reported.
School-Based Assessment, therefore, makes a significant and unique contribution to both the
development of the relevant skills and the testing and rewarding of the student.
REQUIREMENTS OF THE SCHOOL-BASED ASSESSMENT
UNIT 1
The Project – Paper 031
Candidates are required to:
1. conduct secondary research on the market and industry of the selected business (locally,
regionally, internationally);
2. conduct an intensive interview with an entrepreneur in their locality/community; and,
3. write a comprehensive report.
The interview will cover all three modules in the Unit – The Entrepreneurial Mindset, The
Entrepreneurial Process, and Creativity and Innovation as they relate to the particular entrepreneur,
business venture, market and industry.
The purpose of this project is to enable the candidate to:
1. develop, appreciate and embrace the entrepreneurial mindset;
2. explore the entire entrepreneurial process, from generating venture ideas to exiting the
venture as it relates to the particular entrepreneur; and,
3. elicit from the entrepreneur how he/she handles the joint issues of creativity and innovation;
especially how these two issues were nurtured, managed and protected.
The interview may be conducted individually or in groups consisting of no more than four (4) persons.
Where the School-Based Assessment is done in groups each candidate’s reflection on impact on self
must be included in the written component of the case study report.
Candidates will be awarded individual marks for the written reflection of impact on self (marked out
5) as well as the oral presentation of impact on self (marked out of 10). Additionally, each candidate
should be awarded the group mark obtained for the written component of the case study report
(marked out of 45).
Candidate’s final mark will comprise the group mark as well as the marks for the written and oral
impact-on-self (reflection).

PRESENTATION OF PROJECT
1. The aims of the project are to:
(a) promote self-learning;
(b) allow teachers the opportunity to engage in the formative assessment of their
students;
(c) allow students to enhance their understanding of the nature of entrepreneurship;
(d) allow students to display evidence of careful observation and some degree of
originality in their work;
(e) allow students to analyse business information gathered and make practical
decisions;
(f) explore more fully, some areas of the Unit which may not be assessed adequately in
an external examination;
(g) encourage students to engage in meaningful self-reflection; and,
(h) enhance students’ interview, communication and presentation skills.
Skills to be Assessed
1. Knowledge and Understanding: candidate’s ability to demonstrate knowledge and

understanding of the objectives being assessed in the
Module.
2. Application: candidate’s ability to collect, classify and communicate

information.
3. Analysis: candidate’s ability to distinguish relationships among

components of the business environment.
4. Evaluation and Reasoned candidate’s ability to interpret, make judgement and

Judgement: recommendations appropriate to the business under
investigation.
5. Presentation: candidate’s ability to present the report using, where

necessary, relevant charts, tables and graphs.
Managing the Research Project
The research project is worth 40 per cent of the candidate’s total mark. Teachers should ensure that
sufficient time is allowed for teaching the research skills contained in the Module, explaining the
requirements of the School-Based Assessment, discussing the assessment criteria and monitoring and
evaluating the project work.

Planning
It is important to start planning for the research project work early. Agreed deadlines should be
established. Dates for completion and submission of specific activities should be set by the teacher.
Length of the Report
The length of the report should not exceed 1,500 words, excluding bibliography, charts, graphs,
tables, pictures, references and appendices.
FORMAT OF THE RESEARCH REPORT
Field Interview of an Entrepreneur
Candidates must interview an entrepreneur and produce a written report and an oral presentation. It
would be preferable that the selected entrepreneurs have ventures that have been in operation for
at least five years and have employees. The industries to be investigated for Paper 031, the field
interview, for the examination years 2024–2031 are listed on Page 61.
This assignment is designed to provide the opportunity for students to explore different types of
business or industry, to begin to develop an entrepreneurial mindset and to develop a professional
network in the field if they think they would like to be a part of it.
This should also show the assimilation of their coursework. Candidates are encouraged to seek
permission to record the interview using relevant technology (audio visuals, still pictures). More than
one face-to-face or virtual meeting with the entrepreneur may be needed, in order to capture
sufficient information; so plan ahead!
Interview Report
The Case Study report should include a self-reflection and should not exceed 1,500 words. It must be
presented as outlined on pages 54-57. The oral presentation will be made to the teacher and peers
in the class setting (relevant computer-based or web-based tools may be used to support the
presentation).
Considerations for the preparation and conduct of the interview.
Students can use the following statements to guide the preparation and conduct of the interview.
Mindset:
1. name and description of the venture (business name, type of venture, nature of the business,
venture location);
2. characteristics of the entrepreneur;
3. background of the entrepreneur prior to starting the venture; and,
4. the key factors that contributed to the success of the entrepreneur.

Processes, Practices and Challenges:
1. the idea generation process used by the entrepreneur;
2. the opportunity identification source used by the entrepreneur;
3. review of market and industry;
4. key historical events in the start and existence of the venture;
5. present state of the venture (strengths and weaknesses);
6. major present and future challenges; and,
7. emerging opportunities (growth and/or harvesting).
Creativity and Innovation:
1. origin and background of the venture:
- why was the venture started;

- what was the source of innovation for the venture;
- the role of creativity and innovation in starting and managing the venture;
- current conditions for nurturing innovation in the venture; and,
- any existing intellectual property rights.
The Interview Report
The interview report will be assessed based on the following:
1. Aim and objectives

2. Data collection method
3. Presentation of interview report
4. Impact on self
5. In-class oral presentation of the impact on self (reflection)
6. Conclusion
7. Presentation of report

MARK SCHEME FOR SCHOOL-BASED ASSESSMENT UNIT 1
MARKS
Allocation of Marks for Interview Report (60 Marks)
1. AIM AND OBJECTIVES (6)
• Aim of the interview report clearly stated and relevant to the topic
1-2
chosen.
• Two objectives of the interview report clearly stated and relevant to the
1-4
topic.
2. DATA COLLECTION METHOD (8)
• The method(s) of investigation clearly stated. Includes: 1-4
- when, where and with whom was the interview conducted;

- research methods used (primary, secondary, qualitative,
quantitative); and,
- number and type of questions (open-ended, closed-ended).
• Justification for the method(s) used. 1-2
• A statement or explanation of limitations and/or challenges. 1-2
3. PRESENTATION OF INTERVIEW REPORT (See Content of the Interview Report) (21)
• Mindset: 6
- name and description of the venture; 2

- business name and type of venture; 1
- nature of the business;
- venture location; 1
- characteristics of the entrepreneur;
- background of the entrepreneur prior to starting the venture; and, 1
- the key factors that contributed to the success of the entrepreneur. 1
• Processes, Practices and Challenges: 1-10
- the idea generation process used by the entrepreneur; 1

- the opportunity identification source used by the entrepreneur; 1
- review of market and industry and description; 3
- key historical events in the start and existence of the venture; 1
- present state of the venture (strengths and weaknesses); 2
- major present and future challenges; and, 1
- emerging opportunities (growth and/or harvesting). 1

• Creativity and Innovation: 1-5
- origin and background of the venture: 5
• why was the venture started;

• what was the source of innovation for the venture;
• the role of creativity and innovation in starting and managing
the venture;
• current conditions for nurturing innovation in the venture; and,
• any existing intellectual property rights.
4. IMPACT ON SELF (5)
• Candidate adequately reflects on how findings impact his/her own 1-3

attitudes and behaviour.
• Candidate adequately reflects on how findings impact his/her inspiration 1-2

towards venture creation.
5. IN-CLASS ORAL PRESENTATION OF IMPACT ON SELF (10)
• Level of Preparedness. 1
• Knowledge of content. 1-2
• Inspiration towards venture creation. 1-2
• Presentation (delivery, audience engagement, integration of support 1-3
resources).
• Response to questions. 1-2
6. CONCLUSION (4)
• Conclusion based on findings. 1-2
• Conclusion effectively linked to the purposes of the project. 1-2
Note: The conclusion should reflect lessons learnt from the experience of
interviewing the entrepreneur and researching and writing the interview report.
7. PRESENTATION OF PROJECT (6)
• Information communicated using correct grammar. 1-2
• Use of media other than text to present information (graph, tables, 1

charts, diagrams).
• Bibliography presented in an acceptable manner (APA style). 1
• Information in Project report presented logically and coherently. 1-2
Total Marks (60)

UNIT 2
The Business Model – Paper 031
Candidates are required to select an industry of their choice and conduct research on a proposed
product/service. The research should consist of primary data collected via interviews/and or a survey,
or secondary data relevant to the product or service. Candidates should analyse the findings to inform
the development of the business model.
The research may be conducted individually or in groups. Groups should consist of no more than four
(4) persons.
The research will enable students to:
1. understand the importance of research in determining the feasibility of a product or service;
2. distinguish between primary and secondary data relevant to research;
3. select appropriate research instruments and procedures required to conduct research; and,
4. apply research findings in decision-making.
Students will use the research to develop an innovative venture idea, translate the idea into a well-
conceptualised business concept, and then build a business model around it. This business model must
demonstrate the basic market and economic feasibility of the proposed venture idea. Each activity
is to be documented according to the guidelines given below.
NB. You are not required to develop a full business plan.
The Business Model should be developed using the following guidelines (Refer to the section ‘The
Business Model’ at UNIT 2, MODULE 2):
1. Description of research conducted and summary of findings.
2. Description of the venture. (Why the venture was started, business name, type of business,
nature of the business and business location).
3. Mission and vision statements.
4. Value proposition (how do you create value?).
5. Beneficiary (for whom do you create value?).
6. Operations (what is your internal source of advantage?).
7. Product differentiation (how do you differentiate your product?).
8. Income generation (how do you intend to make money?).
9. Investment Model (what are the time scope and ambitions of the venture?).

10. Financial analysis:
(i) Financial request [start-up funds needed and likely source(s)]; and,
(ii) Financial Statements (Statement of Cash Flow, Statement of Comprehensive Income,

Statement of Financial Position).
Overall Presentation
The final documents should include:
(a) Cover Page;
(b) Table of Contents;
(c) Executive Summary;
(d) Business Model Components;
(e) Bibliography (APA style); and,
(f) Appendices.
They should also demonstrate appropriate writing skills such as:
(a) Organisation of ideas.
(b) Vocabulary, use of language.
(c) Grammar and spelling.
ALLOCATION OF MARKS FOR BUSINESS MODEL (60 Marks)

MARKS
1. Description of research conducted and summary of findings (10)
• objective clearly stated and relevant to the topic chosen 1-2

• description of population and sample 1-2
• description of data collection instruments 1-2
• description of data collection method 1-2
• summary of findings 1-2
2. Description of the Venture (4)
• Why the venture was started 1

• Business name and location 1
• Nature and Type of business 1-2
3. Mission and Vision Statements (4)

• Mission statement 1-2
• Vision statement 1-2

4. Value Proposition (4)
• Product or service offering 1
• Standardised or customised 1
• Direct or indirect distribution 1
• Internal manufacturing or outsourcing 1
5. Beneficiaries (4)
• Business to business, business to consumer or both 1-2
• Local, regional or international; general or niche market 1-2
6. Operations (2)
• Internal capabilities of a business, including unique skills, technologies, resources 1-2
7. Product Differentiation (4)

• Operational excellence 1
• Product quality/innovative leadership 1
• Cost 1
• Networks 1
8. Income Generation
(8)
• Operating leverage (fixed and variable costs) 1-2
• Volumes (high, medium, low) 1
• Margins (high, low) 1
• Pricing (fixed, flexible) 1-2
• Revenue sources 1-2
9. Investment Model (6)
• Type of investment model 1

• Time ambitions of the venture 1
• Scope ambitions of the venture 1-2
• Size ambitions of the venture 1-2
10. Summary of Financial Analysis (8)

• Financial request 1-2
• Statement of Cash Flows 1-2
• Statement of Comprehensive Income 1-2
• Statement of Financial Position 1-2
11. Presentation of Project (6)
• Table of contents presented in an acceptable format 1

• Information communicated using correct grammar 1-2
• References presented in appropriate format (APA style) 1
• Information in Project report presented logically and coherently 1-2
TOTAL (60)

 REGULATIONS FOR PRIVATE CANDIDATES
Private candidates will be required to write Papers 01 and 02. Detailed information on Papers 01 and
02 is given on pages 50-51 of this syllabus.
Private candidates are also required to write, Paper 032, an Alternative Paper to the School-Based
Assessment. This paper will be based on the industries targeted for the examination year and is worth
40 per cent of the total mark for the Unit.
UNIT 1 and UNIT 2
Paper 032 – (40 per cent of Total Assessment)
Composition of the Paper

This Paper will assess similar skills in Communication and Networking as those assessed in Paper 031
– the SBA.
This paper comprises one compulsory question incorporating all three Modules of the Unit being
examined.
Private candidates are expected to undertake an investigation on a specific topic in order to address
the scenarios presented in the examination.
1. Question Type
Questions in this paper may be short answer and extended essay type, based on the case.
2. Mark Allocation
The total number of marks available for this paper is 60 marks.
 LIST OF INDUSTRIES
The Industries for Paper 031-the SBA and Paper 032 for Unit 1 and Paper 032 for Unit 2, for the
examination years 2024–2031 are listed below.
The following identifies the examination year and the industries to be investigated.
YEAR of EXAM INDUSTRIES for STUDY

2024 Artificial Intelligence Industry; Cottage Industry
2025 E-commerce Industry; Education Industry
2026 Mental Health Industry; Insurance Industry
2027 Hospitality Industry; Electronic Payment Industry
2028 Pharmaceutical Industry; Supply Chain Management Industry
2029 Food Manufacturing Industry; Agrotechnology Industry
2030 Construction Industry; Poultry Industry
2031 Aviation Industry; Baking Industry

 REGULATIONS FOR RESIT CANDIDATES
Resit candidates must complete Papers 01 and 02 of the examination for the year for which they
reregister.
CAPE® candidates may reuse any moderated SBA score within a two-year period. In order to assist
candidates in making decisions about whether or not to reuse a moderated SBA score, the Council will
continue to indicate on the preliminary results if a candidate’s moderated SBA score is less than 50 per
cent in a particular Unit. Candidates reusing SBA scores should register as “Resit candidates” and must
provide the previous candidate number when registering.
Resit candidates may be entered through schools, recognised educational institutions, or the Local
Registrar’s Office.
 ASSESSMENT GRID
The Assessment Grid for the TWO Units showing marks assigned to Papers and Modules and
percentage contributions of each paper to the total scores.
Module Module Module Percentage

Papers Total
1 2 3 (%)
External Assessment
Paper 01 15 (30) 15 (30) 15 (30) 45 (90) 30
1 hr 30 minutes
Paper 02
2 hours 45 minutes 25 (30) 25 (30) 25 (30) 75 (90) 30
3 mini cases, 1 per module
School-Based Assessment
Paper 031
Unit 1 SBA - Interview Report
Unit 2 - Business Model
Paper 032 (Alternative to the School- 20 (40) 20 (40) 20 (40) 60 (120) 40
Based assessment)
2 hours
1 case covering all three Modules of
the respective Unit
Total 100 100 100 300 (100)
For the School-Based Assessment, the total mark earned by the candidate for the entire project must
be divided equally among the three modules. Any remainder should be added to any module
according to the candidate’s strength based on the teacher’s judgement.
*WEIGHTED SCORES IN BRACKETS

 GLOSSARY OF BEHAVIOURAL VERBS USED IN THE
ENTREPRENEURSHIP EXAMINATION
WORD DEFINITION
Analyse Examine methodically and in detail the elements of a process, a

situation or a theory, and then draw conclusion(s).
Apply Use knowledge and/or principles, approaches or theories to solve

problems.
Assess Present reasons for the importance of particular structures,

relationships, processes or approaches.
Comment State opinion or view with supporting reasons.
Compare and State, describe and elaborate on the similarities and differences.
contrast
Define Provide a precise statement giving the nature or the scope or the
meaning of a term; or use the term in one or more sentences so that
the meaning is clear and precise.
Describe Provide a detailed account, including significant characteristics or

elements of an issue or situation.
Develop Elaborate on or expand an idea or argument with supporting

reasons.
Differentiate State or explain briefly those differences between or among items or

or situations which can be used to define them or place them into
Distinguish separate categories.
Discuss Write an extended answer defining key concepts, stating what is,
exploring related concepts and issues, present reasoned arguments
for and against, using detailed examples but not necessarily drawing
a conclusion.
Evaluate Weigh evidence and make judgements based on given criteria.
The use of logical supporting reasons for a particular point is more

important than the view held; usually both sides of an argument
should be considered.
Examine Write an extended answer defining key concepts, stating what is and
exploring related concepts and issues.

WORD DEFINITION
Explain Provide statements on what happened, how it happened and why it

happened. Provide elaboration of particular terms, concepts,
approaches.
Formulate Develop a hypothesis.
Give/State Provide short, concise statements.
Identify Name specific components or features. Point out, indicate without

explanation or recognise and select.
Interpret Explain the meaning of.
Investigate Use appropriate procedures to observe, research, record data,

analyse and draw logical conclusions.
Justify Explain the correctness of/give reasons for the selection of.
List Use headings only.
Name Provide actual names (but no other details).
Outline Provide main points, or features only without details.
Plan Prepare to conduct an investigation.
Suggest Offer an explanation deduced from information provided or

previous knowledge and consistent with subject knowledge.
Western Zone Office

24 May 2023

CARIBBEAN EXAMINATIONS COUNCIL
Caribbean Advanced Proficiency Examination®

CAPE®
ENTREPRENEURSHIP
Specimen Papers and
Mark Schemes/Keys
Specimen Papers:
Unit 1 Paper 01
Unit 1 Paper 02
Unit 1 Paper 032
Unit 2 Paper 01
Unit 2 Paper 02
Unit 2 Paper 032
Mark Schemes and Key:
Unit 1 Paper 01
Unit 1 Paper 02
Unit 1 Paper 032
Unit 2 Paper 01
Unit 2 Paper 02
Unit 2 Paper 032
CANDIDATE – PLEASE NOTE!
PRINT your name on the line below and return
this booklet with your answer sheet. Failure to
TEST CODE 02160010
SPECIMEN 2024 do so may result in disqualification.
CARIBBEAN E XAM I NAT I O N S COUNCIL

CARIBBEAN ADVANCED PROFICIENCY EXAMINATION®
ENTREPRENEURSHIP
SPECIMEN PAPER
UNIT 1 – Paper 01
1 hour 30 minutes
READ THE FOLLOWING INSTRUCTIONS CAREFULLY.
1. This test consists of 45 items. You will have 1 hour and 30 minutes to answer them.
2. In addition to this test booklet, you should have an answer sheet.
3. Do not be concerned that the answer sheet provides spaces for more answers than there are items
in this test.
4. Each item in this test has four suggested answers lettered (A), (B), (C), (D). Read each item
you are about to answer and decide which choice is best.
5. On your answer sheet, find the number which corresponds to your item and shade the space
having the same letter as the answer you have chosen. Look at the sample item below.
Sample Item
One of the MAJOR challenges online retailers experience is Sample Answer

(A) tracking sales results A B C D
(B) managing communication
(C) the capacity to enhance customer service
(D) the ability to maintain sufficient stock levels
The best answer to this item is “the ability to maintain sufficient stock levels”, so (D) has been
shaded.
6. If you want to change your answer, erase it completely before you fill in your new choice.
7. When you are told to begin, turn the page and work as quickly and as carefully as you can. If
you cannot answer an item, go on to the next one. You may return to that item later.
8. You may do any rough work in this booklet.
9. Figures are not necessarily drawn to scale.
10. You may use a silent, non-programmable calculator to answer items
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO.
Copyright © 2023 Caribbean Examinations Council

All rights reserved.
02160010/MJ/CAPE/SPEC 2024
-2-
1. Which of the following persons 5. Noami is the only entrepreneur in her

described the term ‘entrepreneur’ as “go community who owns an upcycling store.
between” and “between taker”? She is creative and, as a result, has gained a
large customer base. Which of the following
(A) Peter Drucker characteristics BEST describes Naomi?
(B) Richard Cantillon
(C) Jean Baptiste Say (A) Visionary
(D) Joseph Schumpeter (B) Self-confident
(C) Hard-working
(D) Achievement-oriented
2. Tracey is creative and makes unique
handmade indigenous jewellery. She
intends to sell her products using 6. An entrepreneur can be BEST described
e-commerce. as an individual who has
Which of the following industries BEST (A) access to new opportunities

describes Tracey’s venture? (B) a strong desire to achieve and is
innovative
(A) Retail (C) the urge to keep a product in the
(B) Cultural existing market
(C) Agricultural (D) a strong desire for making profit
(D) Technological
7. Kevin is a social entrepreneur who trains

3. Which of the following is NOT a women across the region in entrepreneur-
driving force behind contemporary ship. As a result, many women have been
entrepreneurship? empowered to start businesses.
(A) Ease of entry Which of the following are likely out-

(B) Unemployment comes of Kevin’s training initiative?
(C) Institutional support
(D) Decreasing consumption I. Job creation
II. Growth in GDP
III. Social development
4. Harry is an entrepreneur who recently
started his own business. He is also a (A) I and II only
minority owner in several other enterprises. (B) I and III only
(C) II and III only
Which of the following types of (D) I, II and III
entrepreneurs BEST describes Harry?
(A) Serial
(B) Nascent
(C) Habitual
(D) Speculative
GO ON TO THE NEXT PAGE

02160010/MJ/CAPE/SPEC 2024
-3-
8. Keisha and Katty are appalled by the 11. Which of the following statements is NOT
large percentage of pregnant high school a myth associated with entrepreneurs?
girls in their neighbourhood. They have
decided to start a venture to protect at-risk (A) All entrepreneurs are rich.
teenagers. Which of the following types of (B) Entrepreneurs generate ideas.
entrepreneurs BEST describes Keisha and (C) Entrepreneurs are born, not made.
Katty? (D) Entrepreneurs take calculated risks.
(A) Social
(B) Lifestyle Item 12 refers to the following scenario.
(C) Portfolio
(D) Dynamic Sunil operated a thriving bakery. He hired
his inexperienced brother-in-law, Jose, and
made him responsible for retail operations.
Item 9 refers to the following scenario. After six months of operation, Sunil’s
business failed.
9. Mary lives near a crime-infested area in an
urban district. She gained employment in a 12. The MOST likely type of failure
leading advocacy organization. Her main experienced by the business was
task is to provide training and education to
discourage youths from committing crime. (A) financial
(B) marketing
Which of the following BEST describes (C) operational
the challenge for Mary’s organization? (D) management
(A) Developing networks

(B) Recognizing opportunities 13. Alexis started her business one year ago;
(C) Accessing financial resources however, the business failed. As a typical
(D) Developing an innovative strategy resilient entrepreneur, what is the BEST
action that Alexis could take to revive her
venture?
Item 10 refers to the following scenario.
(A) Become an intrapreneur.
Sophia and Leroy applied to a bank for a (B) Rewrite her business plan.
loan to start a business. They were equally (C) Change her business strategy.
qualified. However, the manager decided (D) Invest more money in the venture.
to grant the loan to Leroy while denying
Sophia’s request, indicating that men are
more successful than women in business
ventures.
10. Based on the scenario, the manager’s

decision was based on
(A) gender
(B) politics
(C) ethnicity
(D) social status

02160010/MJ/CAPE/SPEC 2024
-4-
Item 14 refers to the following scenario. 17. Financial funding offered to an entrepreneur
in return for an equity position in his/her
Tariq is employed by ANR Inc. as a venture is known as
machine operator. While fixing a machine,
he discovers, through trial and error, that (A) leasing
with some adjustments he can improve (B) outsourcing
the function and ease of the operation of (C) angel funding
the machine. Tariq’s manager agrees that (D) supplier financing
the change will improve the machine’s
operation. The company decided to pay
Tariq for his innovation. 18. An idea for a business that includes basic
information such as the service or product,
14. Based on the scanario, Tariq can be the target demographic and the unique
considered selling proposition describes a
(A) a manager (A) business concept

(B) an intrapreneur (B) structural resource
(C) an entrepreneur (C) harvesting strategy
(D) a business owner (D) business opportunity
15. Which of the following factors distinguishes 19. To which of the following sources of
an entrepreneur from a traditional small opportunities do differences in age,
business owner? population size, race and ethnicity relate?
(A) Ability to innovate (A) Social changes

(B) Amount of wealth (B) Political changes
(C) Employment status (C) Emerging markets
(D) Number of start-ups (D) Changing demographics
16. An entrepreneur creates new business in 20. Which of the following types of assistance
the face of risk and uncertainty for the are provided by entrepreneurial develop-
purpose of achieving profit and growth by ment agencies?
identifying
I. Financial
(A) people II. Technical
(B) threats III. Incubation
(C) products
(D) opportunities (A) I and II only
(B) I and III only
(C) II and III only
(D) I, II and III

02160010/MJ/CAPE/SPEC 2024
-5-
21. The first step in the entrepreneurial process 25. Janine is in the process of comparing the
involves organizational goals to actual results to
determine whether corrective actions must
(A) idea generation be employed.
(B) opportunity identification
(C) business concept development In which aspect of managing a venture is
(D) resource identification and acquisi- Janine engaged?
tion
(A) Expansion of the business
(B) Monitoring of performance
22. The Whitehall Community Foundation is (C) Reinvestment in the business
seeking to raise funds for the refurbishment (D) Achievement of performance goals
of its library. The foundation has sought
funding from a large group of people via
its website. This method of raising finance 26. R&R Tech is a new venture in the
is referred to as r e n e w a b l e energy sector. In order
to ascertain opinions on emerging
(A) bartering opportunities within the industry, the
(B) outsourcing company has employed a panel of experts
(C) angel funding who will anonymously complete multiple
(D) crowd funding rounds of questionnaires.
Which of the following idea generation

23. The first step in the development of a methods is being used by R&R Tech?
business concept requires an entrepreneur
to identify (A) Focus group
(B) Brainstorming
(A) the potential target market (C) Delphi method
(B) customer needs or preferences (D) Gordon method
(C) promotional and sales channels
(D) the customer segment within the
market 27. Which of the following are harvesting
strategies which can be used by
entrepreneurs?
24. Which of the following is an advantage of
an organization ‘going public’? I. Licensing
II. Liquidation
(A) Low initial costs III. Outsourcing
(B) Ease of raising finance
(C) Privacy of financial reports (A) I and II only
(D) Greater operational control (B) I and III only
(C) II and III only
(D) I, II and III

02160010/MJ/CAPE/SPEC 2024
-6-
28. The process by which a small group of 32. Price Inc designed a new type of
people interact to produce a large quantity biodegradable body wipes which provides
of imaginative ideas is called a sustainable alternative for customers.
This type of innovation is known as
(A) ideation
(B) brainstorming (A) modular
(C) group thinking (B) incremental
(D) mind mapping (C) architectural
(D) discontinuous
Items 29–30 refer to the following scenario.

33. CC Chocolates introduces additional
After a law was passed to ban the usage flavours to its product line. These new
of single-use plastic containers, Jordan flavours are specially designed for primary
Packaging identified an opportunity for the school children. This type of innovation is
sale of eco-friendly disposable containers known as
to its customers.
(A) radical
29. The MAIN source of opportunity for Jordan (B) modular
Packaging is (C) incremental
(D) architectural
(A) social changes
(B) new technologies
(C) emerging markets 34. Sammy completed the experiment phase
(D) regulatory changes of his new X-box creation. Sammy has to
make a presentation regarding his design.
However, he needs to assess the strengths
30. The MAIN source of the business concept and weaknesses of his new creation before
for Jordan Packaging is new formally launching it.
(A) markets The stage in the creative process which will

(B) services allow Sammy to assess the strengths and
(C) products weaknesses of his idea is known as
(D) processes
(A) insight
(B) validation
31. Bianca is a student at MET University. (C) incubation
She envisioned an idea concerning how to (D) recognition
improve the handling of baggage for the
BOAC airline. She shared her idea with her
professor and peers in a class presentation.
Which of the following concepts BEST
describes Bianca’s unique idea?
(A) Insight
(B) Invention
(C) Creativity
(D) Innovation

02160010/MJ/CAPE/SPEC 2024
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35. The process of creating and turning an idea 39. Which of the following micro-level factors
into a product or service that can be sold or describes the nurturing of innovation?
used is known as
I. Provision of incentives and rewards
(A) insight II. Creation of an organizational
(B) creativity culture that inspires innovation
(C) invention III. Creation of a cultural context that
(D) innovation supports internal policies
(A) I and II only

36. LPM is a recently elected political party in (B) I and III only
Country X. The leaders of the party have (C) II and III only
designed a software to detect voter fraud. Its (D) I, II and III
use will be invaluable in the next election.
Which of the following BEST describe the 40. M&M Supermarket adopted supply chain
source of innovation? management solutions for its warehousing
and distribution department. This type of
(A) New markets innovation can be described as
(B) New technologies
(C) New political rules (A) process
(D) New opportunities (B) product
(C) position
(D) paradigm
37. Jeremy has to complete a project but he
is unable to think of a solution. He got
frustrated and decided to wash his car. 41. Back Berry Solutions made a series of small
While washing his car he had a ‘eureka’ improvements to its mobile phones to keep
moment. its competitive edge in the market. Which of
the following types of innovation describes
In which stage of the creative process was the series of improvements made by Back
Jeremy engaged? Berry Solutions?
(A) Insight (A) Open

(B) Validation (B) Modular
(C) Incubation (C) Open source
(D) Recognition (D) Architectural
38. Donna is a software engineer. She designs

computer codes and software programs.
Which of the following intellectual
property rights (IPRs) can Donna use to
protect her products?
(A) Patent
(B) Copyright
(C) Trademark
(D) Trade secret

02160010/MJ/CAPE/SPEC 2024
-8-
42. Carl is an automotive engineer. He invented 44. The 4Ps innovation model was created to
a new body for toy cars. In building the cars, be used as an analysis tool. Which of the
Carl retained the existing components and following items is NOT one of the 4Ps?
core designs; he only changed the way in
which the existing components were linked. (A) Price
This type of innovation is known as (B) Process
(C) Position
(A) modular (D) Paradigm
(B) incremental
(C) architectural
(D) discontinuous 45. A government ministry has been given
the responsibility of promoting respect for
indigenous customs and practices. Which of
43. Agriculture and food products have a distinct the following policies is critical for the growth
quality because of the soil, climate and other and sustainability of indigenous customs and
conditions in which they are grown. Which practices?
of the intellectual property rights (IPRs) will
protect the creativity and innovation of these (A) Social
products? (B) Cultural
(C) Political
(A) Patent (D) Environmental
(B) Trade secret
(C) Geographic indicator
(D) Registered industrial design
END OF TEST
02160010/MJ/CAPE/SPEC 2024
UNIT 1 – Paper 01
Item Specific Objective Key

1 1.1.1 B
2 1.1.2 B
3 1.1.2 D
4 1.1.3 C
5 1.1.4 A
6 1.1.4 B
7 1.1.5 D
8 1.1.6 A
9 1.1.6 D
10 1.1.8 A
11 1.1.9 D
12 1.1.10 D
13 1.1.11 C
14 1.1.12 B
15 1.1.13 A
16 1.2.5 D
17 1.2.10 C
18 1.2.6 A
19 1.2.4 D
20 1.2.11 D
21 1.2.1 A
22 1.2.10 D
23 1.2.8 A
24 1.2.13 B
25 1.2.12 B
26 1.2.2 C
27 1.2.13 A
28 1.2.2 B
29 1.2.4 D
30 1.2.7 C
31 1.3.1 C
32 1.3.5 D
33 1.3.5 C
34 1.3.2 B
35 1.3.3 D
36 1.3.7 B
37 1.3.2 C
38 1.3.11 A
39 1.3.8 D
40 1.3.6 A
41 1.3.5 B
42 1.3.5 C
43 1.3.11 C
44 1.3.6 A
45 1.3.9 B
TEST CODE 02160020
SPECIMEN 2024
ENTREPRENEURSHIP
ENTREPRENEURSHIP THEORY
SPECIMEN PAPER
UNIT 1 – Paper 02
2 hours and 45 minutes
1. This paper consists of THREE mini-case scenarios and THREE questions, ONE
from EACH module.
2. Answer ALL THREE questions.
3. EACH question is worth 25 marks.
4. Write your answers in the spaces provided in this booklet.
5. Do NOT write in the margins.
6. If you need to rewrite any answer and there is not enough space to do so on the
original page, you must use the extra lined page(s) provided at the back of this
booklet. Remember to draw a line through your original answer.
7. If you use the extra page(s), you MUST write the question number clearly in
the box provided at the top of the extra page(s) and, where relevant, include
the question part beside the answer.

‘‘*’’Barcode Area”*”
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DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
INSTRUCTION: Read EACH case and answer the questions which follow.
MODULE 1: THE ENTREPRENEURIAL MINDSET
Case 1: Optimistic Partnership
Delisa and Safina are recent graduates of The University of the West Indies; Delisa studied law while
Safina pursued business. Both were considered creative and innovative by their lecturers, traits which
could help them as employees or persons capable of establishing their own ventures. Godfrey, a brother of
Safina, encouraged them to be more entrepreneurial with their knowledge and their network. He posited
that with the rapid growth of Information and Communication Technology (ICT), institutional support and
globalization are huge factors for the growth of entrepreneurship. He also mentioned that Delisa and Safina
can be intrapreneurs if they found entrepreneurship too risky. Delisa and Safina discussed Godfrey’s ideas
and decided that they preferred the path of entrepreneurship. They determined that Safina’s knowledge
of business would be an asset to the venture. However, Delisa indicated that while she was excited and
hopeful to begin the exciting journey of venture creation, her law background did not prepare her for a
future in owning and managing a business. To allay her fears, she asked Safina to describe to her details
about what is needed to become a successful entrepreneur. Safina told Delisa that there are many factors
that are critical to the success of their business. She indicated that it is her opinion that knowing your
business in depth, managing your financial resources, developing a solid business plan and managing
people effectively are key considerations.
1. (a) Distinguish between the terms ‘entrepreneur’ and ‘intrapreneur’.
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[4 marks]

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(b) Describe any THREE factors mentioned in the case that can contribute to the success of
Delisa and Safina’s venture.
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[9 marks]

02160020/CAPE/SPEC 2024
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(c) Discuss how Delisa and Safina can use THREE drivers of contemporary entrepreneurship,
mentioned in the case, to support the development of their venture.
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[12 marks]
Total 25 marks

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MODULE 2: THE ENTREPRENEURIAL PROCESS
Case 2: Great Aspirations
Floyd, a teacher at a secondary school in Laverne Valley, had a strong desire to establish a business
venture. This desire was inspired by observing his mother, Marva, who produced and sold various baked
goods to members of the community when he was growing up. On occasion, Floyd assisted his mother
with the promotion and sale of her goods. This allowed him to interact closely with the customers and to
gain feedback on the products. After the completion of his Diploma in Education, Floyd determined that
this would be the opportune time to focus on the creation of his venture. He believed that this business
would be a means of supplementing his current income. Floyd was excited at the prospect of using all he
had learnt while assisting his mother in her venture.
Floyd began evaluating various opportunities but was having difficulty generating a solid business plan.
He decided to seek the expertise of his close friend who owned several business ventures. He learnt that he
would need a business location, marketing and sales expertise, as well as a reliable and consistent distribution
channel to move the finished products to customers. Floyd was encouraged to seek the assistance of the
local Small Business Association (SBA) or Entrepreneurial Development Agency (EDA), as they could
provide valuable guidance in the areas of planning and growing the business venture. He was beginning to
understand that this was a process that required consistent monitoring from idea generation to harvesting.
2. (a) Outline EACH of the following steps in the entrepreneurial process.
(i) Resource identification and acquisition
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(ii) Implementation and management of the venture
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[4 marks]

02160020/CAPE/SPEC 2024
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(b) Describe THREE possible sources of business concepts with respect to Floyd’s venture.
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[9 marks]

02160020/CAPE/SPEC 2024
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(c) Discuss THREE types of assistance that the Small Business Association/Entrepreneurial
Development Agency could offer to Floyd to help him develop his venture.
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[12 marks]
Total 25 marks

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MODULE 3: CREATIVITY AND INNOVATION
Case 3: Singing Sandy and Kadance
Singing Sandy has always been described as a very creative and innovative person. Using the steps in
the creative process, she has experimented with different genres. This has resulted in the creation of a
new musical genre called kadance which is a fusion of kaiso and dancehall music. Kadance is the new
wave and is taking the music industry by storm. A cultural embellishment in Tiango, the creative and
innovative music and lyrics of Kadance has created a high demand for the product not only locally but
regionally and internationally.
The infectious spirit of the kadance beat captivates the young and young at heart. Singing Sandy performs
in shows locally so that she can advertise her brand. In one of her local performances, she met Brother
Rest who was quite impressed by her talent. He is the owner of a recording studio and a well-known
music producer. Brother Rest is known for his unfair business tactics in the music industry. The latter
was unknown to Singing Sandy, who recorded several pieces with the corrupt Brother Rest. She signed
contracts which gave him sole ownership of her music.
3. (a) Differentiate between ‘creativity’ and ‘innovation’.
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[4 marks]

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(b) Describe THREE steps in the creative process that Singing Sandy could have utilized in
creating kadance.
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(c) Discuss THREE ways in which Singing Sandy could have protected her creativity and
innovation from unethical persons like Brother Rest.
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[12 marks]
Total 25 marks
END OF TEST
02160020/CAPE/SPEC 2024
Sequential Bar Code
02160020/CAPE/K/MS/SPEC 2024
C A R I B B E A N E X A M I N A T I O N S C O U N C I L
ENTREPRENEURSHIP
UNIT 1 — PAPER 02
KEYS AND MARK SCHEME
SPECIMEN 2024
-2-
02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02
MODULE 1
THE ENTREPRENEURIAL MINDSET
Question 1.
OBJECTIVE QUESTION SUGGESTED RESPONSES

1.1.12 (a) Distinguish between the terms ‘entrepreneur’ and
‘intrapreneur’.
Ownership: In a start-up, the entrepreneur is the owner

who establishes the venture (1) whereas the intrapreneur
is the creative employee within the already established
business/organization (1)
Risk: In a start-up the entrepreneur takes all the risks

(1) whereas the intrapreneur takes minimal risks (1).
In a start-up the entrepreneur owns the concept,

property, and business (1) however with intrapreneur
the company owns everything (1).
Distinction including two points about each concept

(4 × 1 mark)
Distinction including one point about each concept
(2 × 1 mark)
[4 marks]
1.1.4 (b) Factors that can contribute to the success of the

venture.
• Knowing your business in depth – it is important to

understand the business in depth so as to access the
opportunities that exist and are emerging (1). The
entrepreneur will need to understand the market (1),
the financing that is required (1) what human
resources are needed and what operations will have
to be carried out in the venture (1).
• Developing a solid business plan – the business plan

is the roadmap for the venture (1) and is used to
guide process (1). It will detail the four critical
areas: management, marketing, financials, and
operations (1). With a business plan both internal
and external stakeholders will have information as
to what will happen in the venture (1). The plan
can also be used to get additional resources from
other investors (1).
-3-
02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02
Question 1. (continued)

• Managing your financial resources – this is
crucial to the business as it is considered the
lifeblood of the operations (1). With proper
management of the financials, one is able to
understand the cash-flow, income and
expenditures, balance sheets, and various income
statements and ratios (1). Without proper
management of financials, the business will fail,
as it will not be able to meet its obligations
(1). Proper management of financials allows for
proper planning and estimates of how the business
will perform over time (1).
• Managing people effectively – the effective

management of human resources, whether manually
or mechanically in all aspects of the venture
(financials, operations, and marketing) is
crucial (1). Human resource management includes
recruitment (1); ensuring working conditions are
conducive (1) ensuring that all labour laws and
regulations are adhered to (1) and that there is
effective communication within the organization
(1).
One mark for each of three contributing points to the

description of any THREE factors (3 × 3 marks)
[9 marks]
1.1.11 (c) Drivers of contemporary entrepreneurship found in the

case.
• Information and Communication Technology (ICT) –

Technology is used to handle the communication
process such as telecommunications. It includes
the use of computers, tablets, mobile phones, and
any other software with connection to the internet
(1).
Delisa and Safina can use technology to access

wider market coverage so that they can provide
their services in both brick-and-mortar
establishments as well as virtually (1). This could
result in a potential increase in demand for their
services which can result in increased sales
revenue and profitability (1).
• Globalization – Globalization is the spread of

products, technology, information, and jobs across
national borders and cultures (1).
-4-
02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02

Globalization makes the world a large
marketplace. This will allow Delisa and Safina
increased access to raw materials globally which
can result in lower production costs (1), possibly
allowing them to lower the price of their goods
and services (1). This may result in the business
gaining a competitive advantage (1). Specialized
machinery and equipment can be made available at
a cheaper cost (1), this can increase the
efficiency and productivity of the venture (1).
Interaction and integration with persons locally
and overseas will help to build global networking
skills and increase their social capital (1).
• Institutional Support – Delisa and Safina can

benefit from loans and/or grants given through
development banks, micro enterprises, development
schemes and small business bureaus (1). They can
also receive training to provide them with the
skills that they lack, or to improve their skill
set (1). Delisa and Safina can utilize
institutional support to finance the start-up of
the operations of their venture; including paying
their employees and creating new jobs as needed
(1). They can also receive institutional support
through research and development to
expand/diversify their product offerings (1).
One mark for each of four contributing points to the

discussion of each driver (3 × 4) marks.
[12 marks]
Total 25 marks
-5-
02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02
MODULE 2
THE ENTREPRENEURAL PROCESS
Question 2.

1.2.1 (a) Steps in the entrepreneurial process.
• Resource identification and acquisition – This

involves the entrepreneur determining and putting
steps in place to obtain the management, marketing,
operations and financial resources needed for the
venture (1). These resources may include skilled
employees, general management expertise, marketing
and sales expertise, technical expertise, financing,
distribution channels, sources of supply, production
facilities, licenses, patents and legal protection
(1).
• Implementation and management of the venture - This

involves moving from the idea to operating the
venture (1). The process spans implementation of the
concept, monitoring of performance, payback of
resource providers, reinvestment in the business,
expansion of the business and achievement of
performance goals (1).
One mark for each of two appropriate contributing points

to the outline (2 × 2 × 1 mark) [4 marks]
1.2.7 (b) Sources of business concepts for Floyd’s venture.
• New products/ services (1) - Floyd can discover the

need for new products/ services by observing
changing consumer tastes and preferences (1). The
creation of a new product/ service or adaptation of
an existing product/ service can potentially result
in greater customer satisfaction (1). This can allow
the venture to gain a competitive advantage within
the market and increase the venture's market share
(1). New products and services can result in high
demand for the products and increased revenue for
the venture (1).
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02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02

• New processes (1) - The identification and
implementation of new processes within the
organization can lead to increased efficiency and
a reduction in wastage for the venture (1). For
example, if Floyd employs specialized machinery
within the business a reduction in the time taken
to produce a product may be experienced (1). As a
result of the time saved, the venture can benefit
from cost savings (economies of scale) (1) due to
an increase in the number of units which can be
produced. The reduction in the
manufacturing/production costs can lead to an
increase in profitability for the venture (1).
• Mass media (1) - These include newspapers, magazine

articles, television, radio broadcasts and the
internet which can be used as a method to
disseminate information (1). Mass media is often
used as a source of ideas and opportunity. For
example, Floyd may discover an opportunity to
purchase an already existing business venture in
an advertisement in a newspaper or magazine (1).
This discovery can lead to Floyd becoming an
entrepreneur through the acquisition of the
venture (1). Additionally, Floyd could also
discover changes in consumer tastes and
preferences via documentary or browsing the
internet (1). For example, he may become aware that
people are now increasingly interested in healthy
eating (1). This can create the opportunity for
Floyd to create products that meet consumers’
needs.
One mark for correct identification of each source of

business concept (3 × 1 mark = 3 marks)
One mark for each of two appropriate contributing
points to the description
(3 × 2 = 6 marks) [9 marks]
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02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02

1.2.11 (c) Types of assistance offered by Small Business
Association (SBA/Entrepreneurial Development Agency
(EDA)could offer to Floyd.
• Financial assistance (1) - The Small Business

Association (SBA)/ Entrepreneurial Development
Agency (EDA) can help Floyd to source start-up
capital (1). They can connect him with lenders
and funding to help him plan, start and grow the
business (1). The Small Business Association/
Entrepreneurial Development Agency could also
guarantee a loan which is administered by a
financial institution (1). Additionally, they can
assist with providing guidance regarding the
availability of grants specifically focused on
new and growing businesses (1).
• Technical assistance (1) - The Small Business

Association/ Entrepreneurial Development Agency
can assist Floyd in writing his business plan to
ensure that it contains all the elements to assist
in guiding the business to improve over time (1).
They can also help mentor him on an ongoing basis,
giving advice on the respective business
decisions he needs to make (1). Decisions such as
the ideal place for relocating the plant, good
sources of raw materials, distribution channels
and inventory management (1).
• Recruitment, Education and training (1) - The Small

Business Association/ Entrepreneurial Development
Agency has the capacity to help Floyd with
recruiting strategies (1). This could include help
with preparing job descriptions and help with
deciding how many employees he should have, (1)
given the volume of work needed to be done at the
plant (1). The Small Business Association/
Entrepreneurial Development Agency can also assist
with training in the application and use of
technology (1) to enhance business effectiveness
(1).
One mark for correct identification of three types of

assistance (3 × 1 = 3 marks)
One mark for each of three appropriate contributing
points to the discussion (3 × 3 = 9 marks) [12 marks]
Total 25 marks
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02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02
MODULE 3
MANAGING AND GROWING THE VENTURE
Question 3.

1.3.4 (a) Differentiate between ‘creativity’ and
‘innovation’.
Creativity is the ability to develop new ideas (1) and

discover new ways of looking at opportunities (1).
Singing Sandy’s idea of how to improve her brand is an
example of her creativity. (1) So, she seized the
opportunity to experiment with different music
genres.
Innovation is the ability to apply creative solutions to

opportunities to create something original or new.
(1) Innovation is the outcome of a creative idea which
is doing new things. (1) Singing Sandy seized the
opportunity to bring the creative genre alive by
creating a new dance called Kadance which is a fusion
of kaiso and dancehall music (1).
One mark for each contrasting point for each (2 × 2

marks) [4 marks]
1.3.2 (b) Steps in the creative process that Singing Sandy

could have utilized in creating Kadance.
• Recognition/Preparation (1) – This will be the

first step in the creative process for Singing
Sandy. In this first stage she will get her
mind ready for the creative thinking process
(1) by experimenting with the different genres
(1).
• Incubation (1) – For the incubation stage,

Singing Sandy will take time (1) to reflect on
the information collected for creating the new
musical genre (1).
• Insight (1) – The insight stage comes during

the incubation period, it is when the ‘light
bulb goes on’ – a spontaneous
breakthrough/eureka moment (1). In Sandy’s
case, the breakthrough idea to create a fusion
of kaiso and dancehall music is bearing fruit
(1).
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02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02

• Validation/refinement (1) – At this stage
Sandy verifies her idea to fuse kaiso and
dancehall to see if they are working well
together. (1) In addition, she analyses the
results against her original objectives. (1)
This is to test if her dream of Kadance was
realized (1).
One mark each for identification of three creative

processes (3 × 1 mark = 3 marks)
One mark each for two contributing points to the
description (3 × 2 marks = 6 marks) [9 marks]
1.3.11 (c) Ways in which Singing Sandy could have protected

her creativity and innovation from unethical
persons like Brother Rest.
• Copyright (1)- Copyright is the exclusive right

to perform, copy, display or distribute an
artistic work. Singing Sandy should first
register her work as she is the original
creator/owner of her unique music and lyrics
(1). Therefore, she should have the lyrics in
a tangible/written format to give protection
(1). Since copyright are exclusive rights given
for literary and musical work, no other person
like Brother Rest can use Sandy’s music unless
the permission is granted by Sandy for others
to do so (1).
• Traditional Cultural Expression and Traditional

Knowledge (1)- These are practices passed down
from one generation to another which form part
of one’s heritage or culture. Hence, through
traditional cultural expression and traditional
knowledge, Sandy, by fusing Kaiso and Dancehall
music, gives her a competitive advantage that
sets her apart from the regular genres (1).
Singing Sandy’s unique sound would need to be
protected by her recording of the music (1).
Hence, this can be used as a protection of her
Intellectual Property. Sandy’s ‘Kadance’ is
unique to her and will become part of her
culture. Therefore ‘Kadance’ is a word that
will be protected as a trademark to her (1).
This certainly will distinguish her style from
other traditions and cultural expressions.
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02160020/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 — PAPER 02

• Contract (1)- A contract is a written/verbal
agreement between parties. In this case an
agreement was made between Sandy and Brother
Rest which gave him the sole ownership of her
music. Therefore, Singing Sandy should have
carefully read the contracts before signing
(1). In addition, she should have sought
advice from a lawyer or competent workers from
the IPR Office who understands the law of
contract and license, prior to her contractual
arrangements with Brother Rest (1). This would
have assisted Singing Sandy in protecting her
brand (1).
One mark each for identification of three ways (3

× 1 = 3 marks)
One mark each for three correct contributing point
to the discussion (3 × 3 = 9 marks) [12 marks]
Total 25 marks
TEST CODE 02160032
SPECIMEN 2024
ENTREPRENEURSHIP
ENTREPRENEURIAL THEORY
SPECIMEN PAPER
UNIT 1 – Paper 032
2 hours
1. This paper consists of a case study and TWELVE questions.
2. Answer ALL questions.

02160032/CAPE/SPEC 2024 Sequential Bar Code
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INSTRUCTION: Read the case study and answer the questions that follow.
CASE STUDY
Green Queen
Paula holds a Master of Education in Science with a minor in Business Administration. She resides in the
suburban area of Saint Vieux and was employed as a laboratory technician for ten years. Over the years,
Paula noticed that as the number of fast-food restaurants in the community increased, more people had
become unhealthy, with many of them suffering from numerous non-communicable diseases (NCDs)
which often lead to amputations. In fact, Saint Vieux has become known as the amputee capital of the
Caribbean. When Paula’s dearly beloved grandmother, Paulette, became a victim of NCDs, Paula knew
she had to do something about the state of health in her community and by extension her country. With
her knowledge of science and business, her love for humanity and her zest for health and fitness, Paula
decided to embark on a health food production and preparation drive which she called Green Queen.
In her backyard, Paula created an organic garden using planters made from recycled containers, plastic
bottles and roof guttering. The planters are geometrically arranged and cascade as high as six feet. The
garden is watered with rainwater and recycled water from household use. Fertilizer for the garden consists
of compost from food products. The produce from the garden is used to create healthy dishes. Paula
employed a popular award-winning chef who prepares delicious, appetizing vegan dishes. Paula launched
her restaurant with a sampling fair where persons were treated to a variety of dishes. Many patrons said
that the items were very tasty and that it was hard to tell that the dishes did not contain meat. Among the
popular dishes were the casserole de la veg, spinach cake, eggplant roll and cauliflower pizza. These were
complemented by the famous forever young smoothies made with all green fruits and vegetables, which
proved to be a big hit among female fitness fanatics.
Green Queen has been in operation for 7 years and has 11 employees. The customer base has grown
significantly over the years as more persons have experienced the benefits of eating healthy. Paula has a
very good rapport with her customers, many of whom she knows by name. She has recently introduced
personalized meal plans for families who wish to eat heathy but who neither have the time nor know
how to prepare their meals. She also supplies two gyms in the area with a variety of smoothies and green
juices. Once a month, Paula treats the residents of the Community Adult Nursing Home with a special
lunch. Recently, Paula was featured in the local newspaper for sponsoring a health fair organized by the
Ministry of Health and Wellness. As a result, Paula is hardly able to keep up with the surge in demand
and is now contemplating her next move.
You have been asked to conduct an intensive interview with Paula to determine her entrepreneurial mindset,
her creative process and her approach to innovation in starting and growing her business.
Use the information from the case to answer the following questions in writing the interview report.

02160032/CAPE/SPEC 2024
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AIM AND OBJECTIVES
1. (a) State the aim of the interview report.
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[2 marks]
(b) State TWO objectives of the interview report.
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[4 marks]

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DATA COLLECTION METHOD
2. Identify FOUR questions to assess EACH objective in 1 (b) on page 3.
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[4 marks]
3. (a) State TWO advantages of using the interview as a data collection method.
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[2 marks]
(b) Outline ONE potential limitation or challenge that you may encounter when conducting
the interview with Paula.
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[2 marks]

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ENTREPRENEURIAL MINDSET
4. (a) Describe the venture, including its name, location, type and nature.
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[4 marks]
(b) Outline THREE entrepreneurial characteristics demonstrated by Paula.
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[6 marks]

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PROCESSES, PRACTICES AND CHALLENGES
5. Discuss TWO key factors that have contributed to Paula’s success.
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[8 marks]

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6. (a) Describe the idea generation process Paula used to develop her venture.
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[3 marks]
(b) Outline ONE source of opportunity identification used by Paula.
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[2 marks]
7. Outline ONE strength and ONE weakness of the venture.
Strength
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Weakness
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[4 marks]

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8. Assess ONE future challenge that may be faced by the venture.
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[4 marks]
9. Assess emerging opportunities for growth and/or harvesting.
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[4 marks]

02160032/CAPE 2013/SPEC
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CREATIVITY AND INNOVATION
10. (a) Explain ONE way in which Paula can nurture innovation in her venture.
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[3 marks]
(b) Identify ONE suitable intellectual property right that Paula could utilize to protect her
brand. Justify your response.
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[2 marks]

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IMPACT ON SELF
11. Write a brief reflection on the impact of the business on your attitude and behaviour.
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[3 marks]
12. Write a brief reflection on how the business impacts/inspires your desire to create a venture.
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[3 marks]
Total 60 marks
END OF TEST
02160032/CAPE/SPEC 2024
Sequential Bar Code
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
UNIT 1 – PAPER 032
SPECIMEN 2024
-2-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 1.
SUGGESTED RESPONSES
AIM AND OBJECTIVES
(a) State the aim of the interview report
To determine the entrepreneurial mind-set, process, creativity and

innovation in the establishment and growth of Green Queen.
Two marks for well-developed/appropriately stated aim

[2 marks]
One mark for partially developed aim
(b) State TWO objectives of the interview report.
• To determine the characteristics (1) and factors that enabled Paula

to become a successful entrepreneur (1)
• To determine the sources of business concepts (1) and required

resources that Paula would have utilized in the process of creating
her venture (1)
• To determine how Paula used creativity (1) and innovation in the

establishment and growth of her business (1)
Two marks for full statement of objective 2 x 2 [4 marks]

One mark for partial statement of objective
-3-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 2.
SUGGESTED RESPONSES
DATA COLLECTION METHOD
Identify FOUR questions to assess EACH objective in 1 (b).
• Examine the extent to which Paula’s characteristics contributed to

her success.
• Identify two factors that would have contributed to Paula’s success

as an entrepreneur.
• Describe the entrepreneurial process Paula utilized to create her

venture.
• State the sources of business concepts utilized by Paula.
• Discuss the role of creativity in the growth and development of

Paula’s business venture.
• Describe Paula’s innovative mindset in developing her business

venture.
One mark for any four appropriate questions identified.

[4 marks]
-4-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 3.
SUGGESTED RESPONSES
(a) State TWO advantages of using the interview as a data collection method.
• Allows for the collection of first-hand information.
• Allows for observation of body language.
• Allows both the interviewer and interviewee to seek and provide

further clarification.
• Improves the accuracy of data/information
One mark for each correctly stated advantage (2 × 1)

[2 marks]
(b) Outline ONE potential limitation or challenge that you may encounter
when conducting interview with Paula.
• Given Paula’s involvement in the business she may not have

sufficient time (1) to accommodate an interview (1).
• Paula may not be willing to divulge the secrets of her success (1)
as that may affect her competitive edge (1).
• It may be challenging to access Paula’s location (1), and she may

not be technologically savvy to conduct a virtual interview (1).
One mark for any correctly stated advantage (2 × 1)

[2 marks]
-5-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 4.
SUGGESTED RESPONSES
ENTREPRENEURIAL MINDSET
(a) Describe the venture, including name, location, type and nature.
Green Queen is the sole proprietorship located in the sub-urban area of

Saint Vieux. It is owned and operated by Paula (1). It provides healthy
organic meal options and green juices (1). Green Queen also practices
good environmental stewardship through recycling and reusing strategies
(1). The venture demonstrates corporate social responsibility by giving
back to the community, for example, donating lunches to community Adult
Nursing home and sponsoring health fairs (1).
One mark for each contributing point to the description (×4)
[4 marks]
(b) Outline THREE entrepreneurial characteristics demonstrated by Paula.
Visionary (1) – Paula recognized a health issue created by the unhealthy

eating habits of the persons in her community. She then embarked on the
production of healthy food alternatives (1).
Innovative (1) – In her backyard, Paula created an organic garden with

planters made from recycled materials and roof guttering (1).
Creative (1) – Paula used produce from the garden to create healthy
dishes such as casserole de la veg (1).
A systematic planner (1) – Paula maximized her small space by

geometrically arranging the planters which cascaded as high as six
feet.
Persistent (1) - Paula has been operating the business for seven years
and responds to her customers’ changing needs. This has resulted in the
growth of her customer base (1).
Goal oriented (1) - Paula’s goal was to reduce the negative impact of
unhealthy eating habits by embarking on a healthy food production and
preparation drive has been realized through her love for humanity and,
zest for health and fitness (1).
Hardworking (1)– Paula works both within and outside the business to
ensure its success and sustainability. She produces her own products
and is involved in community outreach (1).
One mark for each correctly identified characteristic (3 × 1)
One mark for elaborating on characteristics (3 × 1)
[6 marks]
-6-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 5.
SUGGESTED RESPONSES
PROCESSES, PRACTICES AND CHALLENGES
Discuss TWO key factors that have contributed to Paula’s success.
• Good customer relationship (1) - Paula has a good rapport with

her customers and knows many of them by name. This relationship
enabled customers to provide feedback on her products and customer
service as well as suggestions for improvement (1). The
enhancement of Paula’s products based on recommendations could
lead to increased customer satisfaction (1). This relationship
also helps to build customer loyalty and expand the customer base.
Good customer relationships could also enhance brand recognition
(1).
• Uniqueness/Quality of the products (1) – Paula uses organic

ingredients from her garden, which are healthy alternatives to
genetically modified organisms (GMO) options (1). She also
develops creative recipes to produce tasty, healthy dishes and
juices (1). Paula also utilizes the expertise of a popular award-
winning chef to prepare healthy, delicious food. These unique
inputs resulted in Paula gaining a competitive edge in the market
(1).
• Increased demand for the product (1) – The expansion of the product
offerings through the introduction of personalized meal plans for
families and the supply of smoothies to two gyms have led to an
increase in the customer base (1). Additionally, Paula’s
demonstration of corporate social responsibility through her
donation of meals to the nursing home (1) and sponsorship of the
health fair have resulted in increased demand for the products
which translated to increased sales (1).
• Continuous innovation/creativity (1) – Paula’s promotional

strategy of launching her restaurant with a sampling fair allowed
many persons to be aware of her product offerings (1). Paula’s
introduction of personalized meals for families who wish to eat
healthy but did not have the time nor know-how was an innovative
idea that helped to increase her customer base and contributed to
the success of her business (1). Additionally, Paula’s continued
expansion of her product line through the use of her unusual
combination of fruits and vegetables to produce meals and
smoothies appealed to new markets (1).
One mark for each correctly identified factor (2 × 1)
One mark for each contributing point to the discussion (3 × 1)
[8 marks]
-7-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 6.
SUGGESTED RESPONSES
(a) Describe the idea generation process Paula used to develop her venture.
• Paula used the problem inventory analysis method in generating the

idea for her venture (1). This is the method of arriving at new ideas
and solutions by focusing on problems, screening possible
alternatives, and selecting an appropriate alternative (1). Paula
noticed an increase in non-communicable diseases (NCDs) as a result
of unhealthy eating habits among members of her community. She then
decided to embark on the production of healthy food alternatives (1).
One mark for identifying the process (1 mark)

One mark for each contributing point to the description (2 × 1)
[3 marks]
(b) Outline ONE source of opportunity identification used by Paula.
• Social changes (1) – changes in cultural norms where traditionally

families prepared most of their meals at home to an increase in the
number of persons purchasing fast food (1).
Initiatives by the ministry of health (1) to organize a health fair

to promote healthy lifestyles (1).
• Emerging markets (1) – from Paula’s organic garden she created

healthy food alternatives such as vegan dishes (1). Green smoothies
were also provided for fitness enthusiasts. She also provided
personalized meal plans for busy families (1).
One mark for identifying the source of opportunity (×1)

One mark for elaborating (×1) [2 marks]
-8-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 7.
SUGGESTED RESPONSES
Outline ONE strength and ONE weakness of the venture.
Strength
▪ Paula has a very good rapport with her customers (1), many of whom
she knows by name (1).
▪ Paula was able to apply her education and training (1) to enhance
her business offerings, such as specialized meals (1).
▪ Paula’s business has grown significantly (1) and has contributed

to persons in the community eating healthier (1).
▪ Paula practises corporate social responsibility (1) through giving

back to her community in the form of sponsoring a health fair (1).
One mark for each contributing point to the outline of a strength (×2)
[2 marks]
Weakness
▪ Paula faced uncontrolled growth and was overwhelmed (1) with the
surge in demand for her products (1).
▪ Because of the organic nature of Paula’s business (1), she may

encounter high cost of production (1).
▪ Paula has to work long hours (1) in order to keep ahead of her
competitors (1).
▪ As Paula’s business grows, she may not have sufficient yard space
(1) to grow the additional required vegetables to meet her demand
(1).
One mark for each contributing point to the outline of a weakness (×2)
[2 marks]
-9-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 8.
SUGGESTED RESPONSES
Assess ONE future challenge that may be faced by the venture.
Paula’s backyard capacity may soon be too limited to grow the vegetables
needed to supply the growing demand of her business (1). Therefore, in
order for her to meet the growing demand she may need to outsource
vegetables (1), or purchase/rent a larger space to increase production
(1). If she is unable to increase her production then her customer base
may be reduced which will negatively impact her profitability (1).
Paula relies heavily on the use of rainwater and recycled water from
household use. However, this may not be available in adequate supply in
periods of low rainfall (1). Additionally, she may not have adequate
storage capacity to store sufficient water for the expansion of her
vegetable production (1). Hence, she may be faced with an increased cost
of paying for additional water supply (1) thereby reducing her profit
margin (1).
One mark for each contributing point to the assessment of the venture
(1×4) [4 marks]
-10-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 9.
SUGGESTED RESPONSES
Assess emerging opportunities for growth and/or harvesting.
Growth: Paula can grow her venture by advertising to more gyms, schools
and other businesses in her community (1). She can also expand her
business to other communities and in an online space (1). Paula can also
add additional product offerings to her current line of products (1).
This will lead to an increase in her competitive advantage (1).
Additionally, by employing a popular award-winning chef, this will help
to increase her market share/customer base (1).
Harvesting: A strategy that Paula may choose is to stop producing her

own vegetables and outsource them from local farmers who farm organic
goods at a cheaper/more economical cost (1). Paula can acquire or merge
with a small business that produces organic fruits and vegetables (1)
- this will increase her capacity to produce more goods and services
and enhance business processes (1). Additionally, Paula may also sell
the rights or permission to other companies to produce her specialized
products (1).
One mark for each contributing point to the assessment of growth and/or
harvesting (×4) [4 marks]
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02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 10.
SUGGESTED RESPONSES
CREATIVITY AND INNOVATION
(a) Explain ONE way in which Paula can nurture innovation in her venture.
Paula’s innovation of making healthy green smoothies and tasty vegan

meals can be nurtured by using new processes and adding new products to
her current offerings (1). Paula can also nurture innovation by offering
frozen foods, through the use of mobile trucks for delivery of her
products (1). She can also add an online presence to her business (1).
Paula can also make her prices more competitive by adding combo deals
and specials (1).
One mark for each contributing point to the explanation (×3)[3 marks]
(b) Identify ONE suitable intellectual property right that Paula could
utilize to protect her brand.
Trade Secrets (1) can be used to protect her food and smoothie recipes
from competitors from reproducing her products (1).
Paula may Copyright (1) her recipes for her green juices and vegan
dishes in order to protect the ownership of her work (1).
Trademark (1) - Paula can protect her brand name (Green Queen) to
prohibit other companies or entrepreneurs from using it, as well as to
show ownership (1)
One mark for identifying the right

One for each justification [2 marks]
-12-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 11.
SUGGESTED RESPONSES
IMPACT ON SELF
Write a brief reflection on the impact of the business on your attitude

and behaviour.
Paula’s outreach in the form of a monthly lunch treat for the residents
of the community nursing home has inspired me to also give back to my
community through corporate social responsibility (1).
Her ability and desire to create strong relationships with stakeholders

such as customers is commendable since it allows her to establish loyal
customers as well as gain free word-of-mouth advertising (1).
Paula’s concern for the health of the residents of her community has
helped me to reflect on my health and encouraged me to make healthier
food choices (1).
One mark for each contributing point to the reflection (×3) [3 marks]
-13-
02160032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 12.
SUGGESTED RESPONSES
Write a brief reflection on how the business impacts/inspires your
desire to create a venture.
Paula’s awareness of the ills in her community has inspired her

business. She noticed many persons are unhealthy and had amputations.
Therefore, I am more inspired to seek out needed ventures in my community
(1).
In creating a venture, an entrepreneur should consider the location.

Paula’s location of her business was pivotal to its success (1).
Paula used her knowledge, skills and experiences to create her business.
This has inspired me to use my knowledge of entrepreneurship in a similar
way (1).
One mark for each contributing point to the reflection (×3) [3 marks]
Total 60 marks
CANDIDATE – PLEASE NOTE!
PRINT your name on the line below and return
this booklet with your answer sheet. Failure to
TEST CODE 02260010
SPECIMEN 2024 do so may result in disqualification.

ENTREPRENEURSHIP
SPECIMEN PAPER
UNIT 2 – Paper 01
1 hour 30 minutes
1. This test consists of 45 items. You will have 1 hour and 30 minutes to answer them.
2. In addition to this test booklet, you should have an answer sheet.
3. Do not be concerned that the answer sheet provides spaces for more answers than there are items
in this test.
4. Each item in this test has four suggested answers lettered (A), (B), (C), (D). Read each item
you are about to answer and decide which choice is best.
5. On your answer sheet, find the number which corresponds to your item and shade the space
having the same letter as the answer you have chosen. Look at the sample item below.
Sample Item
One of the MAJOR challenges online retailers experience is Sample Answer

(A) tracking sales results A B C D
(B) managing communication
(C) the capacity to enhance customer service
(D) the ability to maintain sufficient stock levels
The best answer to this item is “the ability to maintain sufficient stock levels”, so (D) has been
shaded.
6. If you want to change your answer, erase it completely before you fill in your new choice.
7. When you are told to begin, turn the page and work as quickly and as carefully as you can. If
you cannot answer an item, go on to the next one. You may return to that item later.
8. You may do any rough work in this booklet.
9. Figures are not necessarily drawn to scale.
10. You may use a silent, non-programmable calculator to answer items.

02260010/MJ/CAPE/SPEC 2024
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1. Sudeep is seeking direction in deciding the 4. John Rong grants a licence to Lilo Food
BEST way to organize his entrepreneurial Stores to market products using John
venture. His first decision is to determine Rong’s name and design, to provide the
the form of legal ownership. same products. This type of venture is
called a
Which of the following features of the
venture has a direct bearing on legal (A) franchise
ownership? (B) partnership
(C) limited company
(A) Liability (D) sole proprietorship
(B) Taxation
(C) Profitability
(D) Transferability 5. Joy-Ann, the owner of JA Apparel, is
considering expanding her business.
Kristian, the owner of a store, has offered
2. Karla is the owner of Karla’s Hairstyling to partner with Joy-Ann. Which of the
Salon while Tommy is an entrepreneur following is an advantage that Joy-Ann
managing his own barber shop. Due to would enjoy as a partnership over a sole
individual challenges, they are facing, the proprietorship?
two have decided to merge their businesses
to take advantage of their individual (A) Shared risks
expertise. (B) Unlimited liability
(C) Timely decision-making
Which of the following forms of business (D) Continuity of the business
would be MOST suitable for the new
venture? 6. A Caribbean government mandated that
an airline must obtain a licence before
(A) Franchise operating in that territory. Which of
(B) Sole trader the following types of requirements
(C) Partnership is the airline being asked to satisfy?
(D) Corporation
(A) Contract
(B) Taxation
3. Which of the following types of business (C) Registration
has unlimited life and allows for the easy (D) Environment
transferability of ownership?
(A) Partnership 7. Which of the following regulatory

(B) Corporation frameworks contains guidelines for
(C) Sole proprietorship regulating processes and services relating
(D) Limited liabilty partnership to the types of businesses?
(A) International Financial Reporting

Standards
(B) Hazard Analysis and Critical
Control Points
(C) Occupational Safety and Health
Administration
(D) International Organization for
Standardization

02260010/MJ/CAPE/SPEC 2024
-3-
8. Rajiv is a certified professional accountant 12. Mr Sam rears cows for a living to help
who has decided to open a fast-food supplement his family’s income. Each
restaurant. He advises his employees to week he gives one gallon of milk to the
place yellow cones on wet floors in the children’s home in his community. Mr
restaurant. Sam is demonstrating
Which of the following regulations is (A) good business ethics

Rajiv observing? (B) environmental stewardship
(C) good corporate governance
(A) Duty of care (D) corporate social responsibility
(B) Industrial labour laws
(C) Occupational safety and health
(D) Hazard analysis and critical 13. Which of the following activities is an
control example of a lumber company practising
corporate social responsibility?
9. Articles of Association may BEST be (A) Providing cash donations for

described as the legal document that reforestation
(B) Supporting the company’s fun-
(A) pertains to the legal regulation of day celebrations
taxes (C) Spearheading the growth of the
(B) governs the company’s external company
relations (D) Increasing workers’ salaries and
(C) pertains to the company’s ethical wages
guidelines
(D) governs the establishment of a
corporation 14. A company has decided to pay the college
fees of 50 children from impoverished
families living within its local community.
10. Mr Brown arranged with Mrs James to
This is an example of the company’s
acquire a property for a period of ten
years. Which of the following terms BEST
(A) legal obligation
describes the contractual arrangement?
(B) ethical behaviour
(C) corporate governance
(A) Rent
(D) social entrepreneurship
(B) Sales
(C) Lease
(D) Contextual
15. Sandra has a logging company that provides
lumber for community projects. Sandra
11. When a registered company evades taxes, is careful to cut the trees in a manner
which of the following actions is likely to that ensures the proper regrowth of the
be taken by a regulatory agency? forest. Which of the following types of
development BEST describes Sandra’s
(A) Prosecute the company’s board of action?
directors.
(B) Cut the company’s source of raw (A) Economic
material supply. (B) Sustainable
(C) Arrest the company’s non- (C) Agricultural
managerial employees. (D) Entrepreneurial
(D) Encourage customers to boycott
the company’s products.
02260010/MJ/CAPE/SPEC 2024
-4-
16. The primary purpose of a business plan to 20. Mia operates a fashion design business in
a venture is to a small town of Lagota. She focuses on
advertising, public relations and personal
(A) clarify the vision selling. Which of the following elements
(B) clarify the mission of market research is Mia utilizing?
(C) determine an exit strategy
(D) establish the business’ feasibility (A) Customer analysis
(B) Promotional strategy
(C) Definition of market
17. Which of the following activities (D) Expected sales trends
represents the correct order of the
accounting cycle?
21. The MAIN reason for preparing a
(A) Journalizing, identifying source statement of cash flow for a new venture
documents, posting to ledgers, is to
extracting the trial balance
(B) Identifying source documents, (A) register the venture
posting to ledgers, extracting the (B) determine unpaid debts
trial balance (C) benefit the shareholders
(C) Journalizing, posting to ledgers, (D) support the business model
identifying source documents,
extracting the trial balance 22. Which of the following financial statements
(D) Identifying source documents, shows the revenue earned against the
journalizing, extracting the trial expenses incurred by a business?
balance, posting to ledgers
(A) Statement of cash flow
(B) Statement of financial position
18. In which of the following sections of (C) Statement of breakeven analysis
a business plan would the promotional (D) Statement of comprehensive
resource be found? income
(A) Financial
(B) Marketing 23. Which of the following is NOT a source
(C) Operations of funding for a new venture?
(D) Management
(A) Gift
(B) Loan
19. Prior to establishing a restaurant, Brian has (C) Sales
to examine the way of life of his potential (D) Grant
customers. Which of the following types
of feasibility focuses on the environment
in which the venture will operate? 24. The section of a business plan that an
investor reads first, to determine the
(A) Time feasibility of the venture, is described as
(B) Industry the
(C) Cultural
(D) Management (A) financial plan
(B) marketing analysis
(C) executive summary
(D) business description

02260010/MJ/CAPE/SPEC 2024
-5-
25. Kobi decided to develop a business model 29. Michelle is a novice entrepreneur. She is
for his call centre business. Which of the preparing a business model to determine the
following would NOT be suitable for his time scope and ambitions of the venture.
product differentiation?
Which of the following components of the
(A) Product quality business model would help Michelle to
(B) Revenue sources achieve her objective?
(C) Innovative leadership
(D) Operational excellence (A) Value proposition
(B) Investment model
(C) Income generation
26. The statement that shows the value of an (D) Product differentiation
organization’s assets, liabilities and owner’s
equity is the statement of
30. In developing a business model canvas,
(A) cash flows various components capture how the
(B) cash budget business intends to make money. The section
(C) financial position that details the various sources of income
(D) comprehensive income to be generated is known as
(A) cost structure

27. Which of the following would be (B) key resources
considered a saving and investment option (C) revenue streams
for a business venture? (D) value proposition
(A) Cash
(B) Inventory 31. The MOST appropriate form of financing
(C) Raw materials during the rapid growth stage of a venture
(D) Fixed deposits is
(A) first-round financing

28. Patricia’s ambition is to determine the (B) second-round financing
long-term prospect for development and (C) start-up or seed financing
to reinvest her profits to become a well- (D) public and seasoned financing
established clothing line. Which of the
investment models would Patricia be
pursuing?
(A) Income
(B) Growth
(C) Speculative
(D) Subsistence

02260010/MJ/CAPE/SPEC 2024
-6-
32. Joy-Ann is the CEO of the Hay Strong 34. E-commerce has contributed immensely
Consulting Firm. She discovered that rapidly to new venture growth and
one of the firm’s clients was considering development across the globe. Zee is an
purchasing the intangible assets of an entrepreneur who markets his products on
existing registered business. The Hay the internet. His customer base increased
Strong Consulting Firm specializes in from 50 to 200 in six months.
helping prospective buyers through the
due diligence process. Which of the following factors contributed
to Zee’s increased customer base?
Which of the following approaches should
the prospective client explore before (A) Low-profit volume
acquiring an existing company? (B) Speed and flexibility
(C) High incidental costs
I. Cost (D) More emphasis on size and space
II. Market
III. Income
(A) I and II only

(B) I and III only
(C) II and III only
(D) I, II and III
33. Ansoff developed a tool to evaluate risks

associated with growth strategy, while
Blacks’ Enterprises altered existing
products for a new market. Which of the
following options was used by Blacks’
Enterprises?
(A) Diversification
(B) Market penetration
(C) Market development
(D) Product development

02260010/MJ/CAPE/SPEC 2024
-7-
Items 35 and 36 refer to the following financial data of The Hodge Company.
The Hodge Company

Financial Data, 2021–2022
Statement of Financial Position 2022 2021
$ $
Current assets 2 680 112 1 926 802
Net fixed assets 817 040 939 790
Total assets 3 497 152 2 866 592
Current liabilities 1 144 800 1 650 568
Long-term debt 400 000 723 432
Other Data
No. of shares 250 000 100 000
EPS 1.014 –1.602
DPS 0.220 0.110
Stock price 12.17 2.25
35. Using the book value approach, what is the value of The Hodge Company in 2022?
(A) $ 492 592

(B) $ 1 952 352
(C) $ 2 866 592
(D) $ 3 497 152
36. What is the price earings multiple of The Hodge Company in 2022?
(A) 2
(B) 8
(C) 10
(D) 12

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-8-
37. The process of buying and selling via the 40. At which stage of the venture life cycle
internet is referred to as does the entrepreneur consider expanding
or remaining in the market of choice?
(A) e-banking
(B) e-commerce (A) Start-up activities
(C) e-marketing (B) Venture growth stage
(D) e-communication (C) Business stabilization
(D) New venture development
38. Ms Wills is excited to share her products

and services with wholesalers across 41. Kyle is considering adding an e-commerce
the Caribbean. However, the regulatory presence to the store front operation
environments in the various countries of his leather crocs business. Which
differ with respect to labelling, handling of the following factors should Kyle
and packaging. first consider before adding the online
component to his business?
Before Ms Wills launches his business,
which of the following factors must first be (A) Data mining
considered in assessing the online potential (B) Social capital
of the venture? (C) Web integration
(D) Ongoing investment
(A) Target market
(B) Financial services
(C) Price of the products 42. Which of the following venture valuation
(D) Location of the business methods considers the time value of money?
(A) Book value

39. Which of the following is NOT a benefit (B) Price earnings
of selling online? (C) Payback period
(D) Discounted cash flows
(A) Higher operational costs of doing
business
(B) Ability to spot new business 43. Which of the following strategies is likely
opportunities to promote success in e-commerce?
(C) Enhanced customer service and
convenience (A) Focusing on market needs
(D) Ability to track customers’ (B) Minimizing the use of emails
purchases and sales (C) De-emphasizing strategic alliances
(D) Focusing on corporate social
responsibility

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44. The stage in the venture life cycle where 45. Zac has been operating a shoe shine
the entrepreneur can consider entering other business for 30 years. He is now considering
target markets is described as retiring and having his son take over the
business.
(A) growth
(B) decline Which of the following approaches
(C) start-up to venture valuation would be MOST
(D) maturity important in assisting Zac in making a
decision?
(A) Raising growth capital

(B) Developing a succesion plan
(C) Attempting to buy out a partner
(D) Obtaining insurance coverage
END OF TEST
02260010/MJ/CAPE/SPEC 204
UNIT 2 – Paper 01
Item Specific Objective Key

1 2.1.1 A
2 2.1.1 (b) C
3 2.1.1 (d) B
4 2.1.1(c) A
5 2.1.2 A
6 2.1.3 C
7 2.1.3 D
8 2.1.3 C
9 2.1.3 D
10 2.1.3 C
11 2.1.3 A
12 2.1.4 D
13 2.1.4 A
14 2.1.4 D
15 2.1.5 B
16 2.2.13 D
17 2.2.5 B
18 2.2.13 B
19 2.2.3 C
20 2.2.1 B
21 2.2.6 D
22 2.2.6 D
23 2.2.4 C
24 2.2.13 C
25 2.2.11 B
26 2.2.7 C
27 2.2.8 D
28 2.2.1 A
29 2.2.11 B
30 2.2.10 C
31 2.3.1 C
32 2.3.5 B
33 2.3.6 C
34 2.3.7 A
35 2.3.4 B
36 2.3.4 D
37 2.3.8 B
38 2.3.9 A
39 2.3.11 A
40 2.3.1 B
41 2.3.9 C
42 2.3.4 D
43 2.3.13 A
44 2.3.1 A
45 2.3.3 B
TEST CODE 02260020
SPECIMEN 2024
ENTREPRENEURSHIP
ENTREPRENEURSHIP PRACTICE
SPECIMEN PAPER
UNIT 2 – Paper 02
2 hours and 45 minutes
1. This paper consists of THREE mini-case scenarios and THREE questions, ONE
from EACH module.
2. Answer ALL THREE questions.
3. EACH question is worth 25 marks.

-2-
INSTRUCTION: Read EACH case and answer the questions which follow.
MODULE 1: ESSENTIALS OF BUSINESS OWNERSHIP
Case 1: Biggy’s Big Decision
Biggy, a college student, worked two part-time jobs, one with the Hot Press Newspaper Company and the
other with Pete’s Pet Shop, a popular sole trader business in town. Upon graduation, Biggy accepted a
full-time position as a reporter with the newspaper company from which Mr Little, the owner, was retiring
and selling the business for $500 000. Biggy was excited at the prospect of buying the venture, given
his experience. At the pet shop, Biggy was responsible for cleaning the animals and their cages, feeding
them, ensuring that they had adequate shelter, providing their medication on time and ensuring that the
pets were generally healthy. Most of all, he ensured that the animals were treated humanely.
To be able to buy the Hot Press Newspaper Company, Biggy estimated that he could save $200 000
from his wages; he would also take a loan from his parents and then negotiate the selling price with Mr
Little. Additionally, his friend Stumpy, who had experience in operating a small business, was willing
to invest in the business venture. Biggy agreed to work with Stumpy on this venture given their access
to funds, expertise and love for this line of work. While drafting the agreement for the partnership, they
both expressed their intention to become a franchisee in the next five years. In addition, Biggy expressed
to Stumpy his desire for the new business to have a strong emphasis on being sustainable, focusing on
people, profit and the planet.
1. (a) Define EACH of the following terms.
(i) Partnership
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[2 marks]
(ii) Franchise
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[2 marks]

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(b) Describe THREE advantages that Biggy and Stumpy could experience from choosing a
franchise over a partnership.
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[9 marks]

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(c) Discuss how Biggy and Stumpy can integrate the 3P’s to achieve a sustainable business.
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Total 25 marks

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MODULE 2: NEW VENTURE PLANNING AND CREATION
Case 2: Keisha’s Aspirations
Keisha graduated from university over a year ago and has been finding it difficult to gain employment in
her desired field of study. She is very creative. In her spare time, she expresses her creativity by making
items from wood and broken trees on the farmland. She gifted some of her items to friends and family who
loved them and encouraged her to start her own business, as they were very impressed by her creations.
They also encouraged her to sell similar items locally, with the prospect of expanding later if sales go well.
Keisha’s best friend, Hali, told her about conducting market research as she believed this would be a good
opportunity for Keisha to gain insight into the potential market for rustic craft items. Hali figured that
Keisha needed to determine the product characteristics, the definition of the market, expected sales trends
among other things, in order to determine the viability of her aspirations.
Based on positive feedback from the market research, Keisha felt that she should test the potential of her
rustic items by looking at the key elements of a feasibility analysis. Keisha’s high school teacher suggested
that she seek funding from a financial institution and other investors, and told her that her SWOT profile,
management, operational and time feasibility were potentially good areas to consider as her business plan
might be a requirement for such funding. Additionally, Keisha decided to develop a business model and
focused on value proposition, operations and investment models.
2. (a) Outline TWO key elements of market research that Keisha should consider.
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[4 marks]

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(b) Using supporting evidence from the case, explain THREE ways in which feasibility analysis
is important to the success/expansion of Keisha’s business.
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[9 marks]

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(c) Discuss how Keisha could apply the THREE components of a business model, specified
in the case, to her business.
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[12 marks]
Total 25 marks

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MODULE 3: MANAGING AND GROWING THE VENTURE
Case 3: Moving Forward
John came from an entrepreneurial family. He thus ventured into starting a business. In checking his
options, he decided to forego assistance from an established business because he wanted to avoid the
bureaucracy that such start-ups can encounter. Due to the scarcity of venture capitalists in his country,
John opted to start his business using his own resources and whatever assistance he could get from his
family. John’s friend, Rodney informed him that this type of venture, which is quite nimble, is known as
a ‘promising startup’.
John followed Rodney’s advice and added an online component. He collaborated with online payment
facilities to give his clients a variety of payment options. These options included credit cards, debit
cards, PayPal and Mobile Money. Through blogs and online newsletters, he was able to create a virtual
community centred on his business. Finally, his business was integrated into an online shopping mall.
The business quickly succeeded as its sales increased significantly. John was impressed and is currently
looking at ways to further improve his online footprint.
To facilitate the planned expansion, John was informed that he would have to either seek investors or
borrow from financial institutions. Rodney advised John to get his business valued as a means of facilitating
the raising of the required funding from the source chosen. Rodney ruled out ‘entry cost valuation’ as a
method of valuing the business. The three valuation options that the friend considered most appropriate
were the book value method, price/earnings multiple method and discounted cash flow method.
3. (a) Distinguish between the ‘promising start-ups’ model and the ‘corporate-supported start-
ups’ model.
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[4 marks]

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(b) Describe the THREE methods suggested in the case that could be utilized in valuing the
business venture.
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[9 marks]

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(c)
Discuss the THREE approaches to e-commerce mentioned in the case that support business
venture growth.

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[12 marks]
Total 25 marks
END OF TEST
02260020/CAPE/SPEC 2024
Sequential Bar Code
02260020/CAPE/KMS/SPEC 2024
ENTREPRENEURSHIP
UNIT 2 – Paper 02
KEY AND MARK SCHEME
SPECIMEN 2024
– 2 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME
Question 1.
2.1 (a) (i) Definitions of Partnership:
• Partnership – This is a business entity or arrangement

that is created by two or more parties as in the case
of Biggy and Stumpy (1). It is characterized by shared
ownership, returns and risks (1).
(ii) Definitions of Franchise:
• Franchise – This is a right or license granted to an

individual or group (1) to market a company’s goods or
services within a certain territory or location (1).
OR
• A Franchise is a right or license granted to the

franchisee to use another business’ name (1), processes,
techniques and procedures for trading purposes (1).
Two marks for complete definition including at least two

points (2 marks)
One mark for partial definition including one point(1
mark)
(2 × 2 marks)
[4 marks]
– 3 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

2.2 (b) Advantages Biggy and Stumpy could experience from choosing
a franchise over a partnership.
▪ Business assistance (1) – By choosing a franchise, Biggy

and Stumpy will have a better chance of accessing funding
from a financial institution than if they were to operate
a partnership as the franchise would be an already
established business organization and would have greater
credibility (1). Another form of business assistance
that Biggy and Stumpy could experience is management
training and support for their managers and employees
(1). Additionally, they could benefit from standardized
operational procedures and processes (1).
Biggy and Stumpy could also benefit from research and
development of new ideas for the newspaper production
(1).
▪ Brand recognition (1)- Being a franchisee will allow

Biggy and Stumpy to experience greater brand recognition
from having an established customer base who has trust
in the brand (1). Being a franchise will enable Biggy
and Stumpy to have greater access to dependable, quality
suppliers (1). Because of the franchisor brand, Biggy
and Stumpy will gain more customers while also building
good relationships, thus maintaining their loyalty (1).
▪ Economies of scale (1) - Biggy and Stumpy could

experience competitive advantage through cost savings as
they would be a part of a larger chain that would
purchase from the same suppliers and would receive
discounts (1). Biggy and Stumpy would also experience
marketing economies of scale through global advertising
(1). Biggy and Stumpy will be able to benefit from
technical economies of scale through access to new and
improved equipment and machinery used to produce their
newspaper (1).
▪ Social capital (1) - Being a franchise also allows Biggy

and Stumpy to increase their social capital through a
larger network (1), thus giving them a greater presence
or visibility in the marketplace (1), enhances
credibility and will give their venture a competitive
edge (1).
One mark for identifying advantage.3 × 1 mark = 3 marks)

One mark each for two supporting points for each advantage
described (3 × 2 marks = 6 marks)
[9 marks]
– 4 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

1.2.5 (c) How Biggy and Stumpy can integrate the 3P’s to achieve a
sustainable business.
Sustainability helps to protect and maximize the benefits of

the following 3 Ps. Sustainable organizations should strive
to achieve the right balance between social responsibility
(people), economic profitability (profit) and environmental
friendliness (planet).
▪ People - Biggy and Stumpy should seek to foster a

sustainable business culture both within and outside their
organization by employing the right people for the
relevant positions (1) and providing opportunities for
staff development through training or upskilling (1).
Creating a safe working environment (1) and treating the
workers fairly and caring about their wellbeing (1).
▪ Planet - An environmentally sustainable business should

consider the impact the organization’s operation has on
the planet (1). Biggy and Stumpy should seek to reduce
carbon footprint by using environmentally friendly
products in their operation (1). They should also ensure
that they practice proper recycling and reusable
techniques to help the environment. (1) Biggy and Stumpy
should also try to use more digital documents instead of
printed paperwork or replacing their paper towel holders
with air dryers in the store (1). They should also seek
to reduce single-use containers where possible (1).
▪ Profit - A business should be profitable in order to be

sustainable. Without a profit an organization cannot
survive. Biggy and Stumpy should seek to manage their
inventory through the use of recycling and creating less
waste from their newspaper production, this way they can
save money (1). They should also streamline the gap
between their inventory and their usage by aligning the
size of their order with demand for their product (1).
Biggy and Stumpy could purchase their materials in bulk,
thus reducing the cost of production (1). They could also
sell the newspaper online which would reduce printing cost
thus saving money which will in-turn increase their bottom
line (1).
One mark for identifying each of three factor (1 × 3 = 3

marks)
One mark each for three supporting points towards
discussion of each P (3 × 3 = 9 marks)
[12 marks]
Total 25 marks
– 5 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME
Question 2.

2.1 (a) Key elements of the market research that Keisha should
consider.
• Product Characteristics (1)– In considering product

characteristics, Keisha would focus on the main
physical features/physical appearances of the
product that describes the product’s ability to
satisfy the needs of the customers (1). She would
also focus on the quality, safety, durability,
functionality, usability, and maintainability of the
product (1).
• Definition of Market (1) - Keisha will determine the

size and share of the market in which the business
will operate (1). The market should have a
mass/wide/large scale appeal or it could be a
niche/small/specialized market (1). It factors in the
target market in terms of its local, regional,
international, or global appeal (1).
• Expected Sales Trends (1) - Keisha’s analysis of the

pattern of sales from the different market segments
may include the monthly forecast of sales, whether
the volume of sales is high or low (1), and the
prediction of sales in the future (1). It also
determines the expected cash flow (1). A comparison
can be made between the sales trends of the business
and its competitors (1).
One mark each for identifying two elements (2 marks)

One mark for each contributing point to the outline.
(2 × 1, 2 marks)
[4 marks]
– 6 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

2.2 (b) Ways in which feasibility analysis is important to the
success/expansion of Keisha’s business.
▪ A feasibility analysis is important as it will help

Keisha to evaluate the likelihood of the venture
achieving success (1). This can be done by assessing
the key elements of the feasibility analysis including
but not limited to personality/SWOT profile (1),
management, operational, and time feasibilities (1).
▪ A feasibility analysis can provide an opportunity for

investors or financial institutions (1) as the success
or expansion of the business is explored (1). Also,
feasibility analysis can help to determine the
profitability of Keisha's business (1) and help to
determine whether investing or lending in such a
business is worthwhile (1).
▪ The results of the feasibility analysis could provide

Keisha with valuable information for fundamental
decisions and help to determine whether to pursue such
an idea (1). Keisha should critically evaluate all the
necessary information and make adjustments where
necessary (1). Hence, Keisha could keep what is needed
and discard what is not worthwhile (1).
One mark for each contributing point to the explanation

of each way (1 × 3 × 3 = 9 marks) [9 marks]
– 7 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

2.11 (c) How Keisha could apply the THREE components of a business
model that are specified in the case to her business.
• Value Proposition - This is the benefit or value that

the firm intends to deliver (1). With self-confidence,
Keisha should show that value will be created and
delivered to customers (1). Hence, the needs of the
customer in each segment of the market should be
presented, and the products and services that will be
used to satisfy those needs (1).
In delivering the value proposition, Keisha should

consider the product offering (1), whether the item is
a standardized or customized product (1), whether the
channel of distribution is direct or indirect (1), and,
in the case of manufacturing whether it will be internal
or if outsourcing will be utilized (1).
• Operations - This entails the internal sources of

capabilities of the business to have a competitive
edge/advantage (1). The structure and systems within the
firm can be a source of strength or weakness for Keisha.
Also, she should aim to build on the strengths and
improve or eliminate the weaknesses (1). Keisha could
utilize cutting-edge technology than the traditional
structure (1).
Therefore, Keisha needs to think about the technologies

that will make the business more efficient or effective
(1). Also, she should factor in the human resources
needed with the unique skills and competencies which may
arise from previous experiences, training, or hiring
(1).
Additionally, Keisha could examine the physical

resources that are required to make the business
operational (1). This may include equipment, machinery,
furniture, fittings, land, buildings, and motor vehicles
(1). Other requirements for operations may include the
organizational structure and culture of the business
(1). Additionally, the benefits of intellectual property
including patents may prevent others from developing her
rustic products (1).
– 8 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

• Investments Models - The focus of this model is the
time scope and ambitions of Keisha’s venture (1). The
consideration is to look at the medium and long-term
prospects for the business to determine the expected
growth (1).
Investment models may include the:
Subsistence model – the ability of Keisha to survive

and meet her obligations with the no-growth strategy in
mind (1). This is done strictly for her survival (1).
Income model – In this approach, her focus is more on

generating a steady and consistent income flow (1).
Additionally, it becomes a means through which Keisha
can replace an existing income or establish a desired
one (1).
Growth model – With the growth model, the long-term

survival (1) of Keisha’s business is taken into
consideration. Hence, at the beginning of the venture,
significant investment takes place and continued
reinvestment that will grow the business on a very large
scale (1). When the profit is made by the business, it
is ploughed back to promote growth and for the investors
to see the return on their investments (1). The
investment could be in the form of capital, equipment,
financial investments, acquisitions, and mergers (1).
Speculative model - This type of investment is more

short-term (1) and therefore, Keisha aims to make quick
sales and fast gains/profits (1). Also, this model is
used to exploit an attractive opportunity (1).
One mark for each correct contributing point to the

discussion (3 × 4 marks) [12 marks]
Total 25 marks
– 9 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME
MODULE 3:
Question 3.

2.3.2 (a) Distinguish among the promising start-ups model and the
corporate-supported start-ups model.
• Promising start-ups are owned by entrepreneur(s), while

corporate-supported start-ups are partly or fully owned
by existing corporations (1).
• Promising start-ups allow quick decision-making, while

corporate-supported start-ups have to deal with some of
the bureaucracy inherent in larger enterprises (1).
• Promising start-ups have flat management structures,

while the corporate supported start-ups have a more
hierarchical structure (1).
• Promising start-ups are financed by entrepreneur(s),

while corporate-supported start-ups are partly or fully
financed by existing corporations (1).
One mark for of two distinguishing points for each concept.

(×4) [4 marks]
2.3.4 (b) Describe the THREE methods suggested in the case that could
be utilised in valuing the business venture
The book value approach values ventures by determining their

net worth (1) based on internal documents especially the
statement of financial position (1). It uses the accounting
equation:
Assets – liabilities = equity (net worth) (1). An asset's
book value is equivalent to its carrying value on the
statement of financial position which has no relationship
to the market value (1), hence the business value is often
lower than a company's market value (1).
Discounted future earnings is a valuation method that is

based on discounting projected earnings (1). Future earnings
of a firm including the estimated terminal value (1). These
are then discounted using an appropriate discount rate (1)
that is based on the perceived risks of the business as
reflected in its cost of capital (1). The sum of the
discounted future earnings and discounted terminal value
equals the estimated value of the firm (1).
– 10 –
ENTREPRENEURSHIP
UNIT 2 - Paper 02
KEY AND MARK SCHEME

Price/earnings multiple method is based on using the Price-
to-Earnings ratio to value companies (1). It uses the formula
Price Per Share / Earnings (net profits) Per Share (1). The
Price-to-Earnings ratio of one or an average of listed
companies is used as a benchmark to value the shares of
unlisted companies (1). The earnings of the unlisted company
are used to determine the price of the shares based on the
ratio from the listed companies (1).
One mark for each contributing point to the description of

the three-valuation method. (1x3×3) [9 marks]
(c) Discuss the THREE approaches to e-commerce that support

business venture growth that are mentioned in the case
Online shopping malls - are websites that enable a multiple

vendor checkout system so that retailers sell in one portal
and customers check out with one single credit card
transaction (1). Like traditional malls, these offer a wide
variety of products so that customers can enjoy one-stop
shopping (1). They offer discounts and other promotions to
encourage shopping (1). Customers can get the convenience
of a physical mall in the comforts of their homes, etc. (1).
Virtual communities – consist of groups of people that are

bonded based on a common interest or motivation, who interact
in a dedicated digital space (1). They enable businesses to
reach more potential customers globally (1). These
facilitate the generation of recurring revenue for their
hosts (1). These can lead to business growth as members
encourage friends, family members and other colleagues to
join (1).
Partnering with existing online payment facilities –

consists of collaboration between online retailers, gateway
providers and alternative payment methods, or between owners
of payment facilities (1). These facilitate fast (1),
frictionless (1) and secure online payments for customers
and merchants (1). Customer choice and convenience is thus
promoted (1).
One mark for each contributing point to the discussion

(1x4×3) [12 marks]
Total 25 marks
TEST CODE 02260032
SPECIMEN 2024
ENTREPRENEURSHIP
ENTREPRENEURSHIP PRACTICE
SPECIMEN PAPER
UNIT 2 – Paper 032
2 hours
1. This paper consists of a case study and TEN questions.
2. Answer ALL questions.
3. The paper is worth 60 marks.

-2-
INSTRUCTION: Read the case study and answer the questions that follow.
CASE STUDY
Quick Pak Courier Services Company Ltd
Deon is the owner of Quick Pak Courier Services Company Ltd, a courier service that delivers postal
packages to people in the town of Balwaki and the surrounding communities. Deon was the sole courier
service provider and had a thriving business. Within the last year, there has been an increase in the number
of businesses providing similar services, with these businesses generating an average revenue of $120 000
per month. This has resulted in a decrease in Deon’s customer base and profit margin.
Deon’s cousin, Susan, who works in a legal firm shared that there is an increased demand for the delivery
of confidential documents. She suggested that Deon specialize in the delivery of confidential documents
as well as the sale of gift items, as well as the packaging of gift items. Deon considers Susan’s suggestions
for expansion within the next three years of operations. This would allow Deon to capitalize on a niche
market and could increase the revenue stream of the business significantly. Quick Pak’s line of packaging
products will be sold based on size and quantity. The projection for the packaging products could generate
income of $60 000 for the month and the gift items $200 000.
Deon conducted research using 60 businesses (legal, retail, manufacturing, telecommunications and health
care) in order to determine the feasibility of expanding the venture. Based on his findings, Deon now
offers the delivery of confidential documents to some businesses.
The following accounting projections for Quick Pak Courier Services Company Ltd are available for
May 2023.
Item $
5% bank loan 60 000
Wages 5 000
Stationery 3 000
Transportation cost 1 000
Internet services 4 000
Vehicle repairs 1 000
Insurance 2 000
Capital at start 70 000
Motor vehicle cost 240 000
Sale of packaging products 60 000
Sale of gift items 200 000
Additional information
• Depreciation rate: 10% per annum
• Number of packages to be delivered: 10 000
• Cost per package: $30

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Description of Research Conducted and Summary of Findings
1. (a) Identify TWO problems that Deon investigated.
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[2 marks]
(b) State TWO objectives of the research.
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(c) Describe the population and sample.
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02260032/CAPE/SPEC 2024
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(d) Describe a suitable research design that Deon could have used to conduct his research.
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[2 marks]
(e) Identify ONE possible data collection instrument that Deon could have used to collect
data for his research. Justify your response.
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Description of the Venture
2. (a) State the purpose of the venture.
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[1 mark]
(b) State the name and location of the business.
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[1 mark]
(c) State the nature and type of business.
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[2 marks]
Misson and Vision Statement
3. (a) Create a suitable mission statement for the business.
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[2 marks]
(b) Create a suitable vision statement for the business.
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02260032/CAPE/SPEC 2024
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Value Proposition
4. Describe any TWO value propositions of Quick Pak Courier Services Company Ltd.
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[4 marks]

02260032/CAPE/SPEC 2024
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Beneficiaries
5. Determine TWO beneficiaries of the business and justify your response.
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[4 marks]

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Operations
6. Assess TWO operations of Quick Pak Courier Services Company Ltd.
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[4 marks]

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Product Differentiation
7. Discuss TWO ways in which Deon may differentiate his products and services from those of his
competitors.
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02260032/CAPE/SPEC 2024
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Income Generation
8. (a) Identify TWO sources of revenue for Quick Pak Courier Services Company Ltd.
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[2 marks]
(b) Identify a suitable pricing strategy that Deon could use for his services. Justify your
response.
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[2 marks]

02260032/CAPE/SPEC 2024
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INVESTMENT MODEL
9. Describe a suitable investment model that Deon could use in the first year of operation, including
the time, scope and size ambitions of the venture.
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[6 marks]

02260032/CAPE/SPEC 2024
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Summary of Financial Analysis
10. Using the information in the tables on page 2, prepare the Statement of Comprehensive Income
as at 31 May 2023 for Quick Pak Courier Services Company Ltd.
Quick Pak Courier Services Company Ltd

Projected Statement of Comprehensive Income
For the month ending 31 May 2023

02260032/CAPE/SPEC 2024
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[10 marks]
Total 60 marks
END OF TEST
02260032/CAPE/SPEC 2024
Sequential Bar Code
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
SPECIMEN 2024
-2-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
SECTION ONE
Question 1.
SUGGESTED RESPONSES
DESCRIPTION OF RESEARCH CONDUCTED AND SUMMARY OF FINDINGS
Identify two the problems that Deon investigated.

(a)
The problems invested by Deon are: the decrease in customer base (1)
and the decrease in profit margin (1) of Quick Pak Courier Services
Ltd.
One mark for each problem identified 2 x 1 mark [2 marks]
(b) State TWO objectives of the research.
Two objectives of the research are:
- To find out if there is a target market for the products and services
that Deon wants to offer (1).
- To determine the feasibility of the expansion of the venture (1).one

mark for each objective stated 2 x 1 mark [2 marks]
(c) Describe the population and sample.
The population for Quick Pak Courier Services Ltd. is people in the
town of Balwaki, and the surrounding community (1) and the legal firms
(1).
The sample includes 60 (1) businesses from the Legal, Retail,
Manufacturing, Telecommunication and Health Care sector (1).
One mark for each ccontributing point to the description of the

population (×2)
One mark for each point to the description of the sample (×2)
[4 marks]
-3-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 1. cont’d
SUGGESTED RESPONSES
(d) Describe a suitable research design that Deon may have use to conduct
his research.
A suitable research design that Deon could use to conduct his research
could be quantitative (1) or qualitative (1) research design. A
quantitative research design has to do with the collection of facts and
the study of the relationship between one set of facts and another.
Measurement is done using scientific techniques that often produce
quantified, generalized conclusions (1).
A qualitative research design (1) is concerned with understanding

individuals’ perceptions of the world. The design seeks insights and
in-depth understanding of a given phenomenon rather than generalized
conclusions (1).
One mark for identifying the design and 1 mark for describing the design
[2 marks]
(e) Identify ONE possible data collection instrument that Deon could have
used to collect data for his research. Justify your response.
Deon could have used a questionnaire/survey (1) as a data collection

instrument because it uses carefully constructed questions to obtain a
variety of facts about people’s thoughts, attitudes, preferences, and
behaviours (1). Hence, he would have been able to determine the target
market and the feasibility of his venture expansion by asking relevant
questions (1). Additionally, Deon could also have used an interview
schedule (1) as an instrument since this is a type of survey where a
set of questions are delivered face-to-face, over the telephone or
online to the 60 businesses/owners (1).
One mark for identifying the data collection instrument and one mark
for justifying the instrument used
[2 marks]
-4-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 2.
SUGGESTED RESPONSES
DESCRIPTION OF THE VENTURE
(a) State the purpose of the venture.
The purpose of the venture is to provide courier services as well as

packaging and gift items to the target market (1).
One mark for stating the purpose [1 mark]
(b) State the name and location of the business.
The name of the business is Quick Pak Courier Services Ltd. which is
located in the town of Balwaki (1).
One mark for stating name and location of business [1 mark]
(c) State the nature and type of business.
The nature of the business is the provision of courier services,

packaging and gift items (1).
The business is a Private Limited Company (1).

One mark for stating nature of business
One mark for stating type of business
[2 marks]
-5-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 3.
SUGGESTED RESPONSES
MISSION AND VISION STATEMENTS
(a) Create a suitable mission statement for the business.
The mission of the Quick Pak Courier Services Company Ltd. is to provide
quality goods and services, at a reasonable price (1), in a timely
manner to customers (1).
One mark for each contributing point [2 marks]
(b) Create a suitable vision statement for the business.
The vision of the Quick Pak Courier Services Company Ltd. is to be the
leading provider of courier services (1) and packaging supplies (1).
One mark for each contributing point [2 marks]

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ENTREPRENEURSHIP
Question 4.
SUGGESTED RESPONSES
VALUE PROPOSITION
(a) Describe any TWO value propositions of Quick Pak Courier Services
Company Ltd.
▪ Product and/or service offering (1)
The value proposition of Quick Pak Courier Service Co. Ltd is the
delivery of postal packages to the target market. This adds value
to the customers because of the confidentiality of the packages and
services provided (1).
▪ Standardised or customised (1)
Since this is a delivery service, it is considered to be customized.

This service is based on the customer’s choice of package, size and
quantity of order (1).
▪ Direct or indirect distribution (1)
Deon’s business is a direct distribution channel from Quick Pack

Courier Service Ltd directly to its customers (1).
▪ Internal manufacturing or outsourcing (1)
The gift shop and the courier services of Deon’s business are
considered to be “outsourcing” since he is not the manufacturer or
producer of either products or services (1). In this case Deon could
also be considered as a middleman (1).
One mark for identifying each subsection of the value proposition and
1 mark for further description (2×2)
[4 marks]
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02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 5.
SUGGESTED RESPONSES
BENEFICIARIES
Determine TWO beneficiaries of the business and justify your

response.
▪ Business to customer (B2C) (1) - Based on the case, the initial

target market for Deon’s business was business to customer (1).
▪ Business to business (B2B) (1) - Deon’s offerings of confidential

packaging delivery services are considered an important part of his
product offerings (1).
▪ Local market (1) - Deon’s courier services deliver postal packages

to people in the town of Balwaki and the surrounding communities
(1) and therefore show that his geographical approach was to a local
or national market. (1)
▪ Niche market (1) - Also, when he expands, by providing gift items

and packaging, it was stated that this will be a specialized area
which is a niche market for his business (1)
One mark for identifying the type of beneficiary and one mark for
justifying 1 × 2
One mark for stating the geographical approach and one mark for
indicating whether it is a general or niche market [4 marks]
-8-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 6.
SUGGESTED RESPONSES
OPERATIONS
Assess TWO operations of Quick Pak Courier services Co. Ltd
▪ Internal capabilities (1)
The internal capabilities of Quick Pak Courier Services Ltd. are

that they customize their products and services and offer quality
services to customers hence creating value and good relationships
with customers (1).
▪ Unique skills (1)
The unique skills of Quick Pak Courier Services Ltd comes from the
innate capabilities of Deon who is an experienced successful
entrepreneur (1) who has operated a thriving business.
▪ Technology (1)
Deon operating a successful Courier service would imply that there

is the use of technology that enables his business processes to run
efficiently for eg. the use of telephone services and basic e-
commerce activities via the internet (1).
▪ Resources (1)
Deon’s resources include: employees, (1), central location of

operation (1), equipment that helps to streamline the business
processes (1) and finances that will aid in his expansion and mode
of operation (1).
One mark for each contributing point to each assessment (2×2)

[4 marks]
-9-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 7.
SUGGESTED RESPONSES
PRODUCT DIFFERENTIATION
Discuss TWO ways in which Deon may differentiate his products and
services from those of his competitors.
Deon may differentiate his products and services for Quick Pak Courier
Services Company Ltd. from those of his competition by focusing on these
four key areas: Operational Excellence, Innovative Leadership, Product
Quality/ Cost, and Networking.
Operational Excellence (1)

Deon should have ongoing interactions with the customers to get feedback
on the products and services he provides (1). Also, he can hire and
train all employees who interact with the customers to ensure that their
customer service is of the best quality (1). Deon can employ the use of
a computerized inventory management system to better track orders from
receipt to delivery (1)
Innovative Leadership (1)

Deon can provide ongoing training to his employees to build and enhance
efficiency (1). This can lead to the production of better-quality
products and services which could give him a competitive advantage (1).
Additionally, Deon can inspire and motivate his workers through the use
of monthly recognition of employees of the month. This could enhance
staff relations and engagement which could lead to increased
productivity (1).
Product Quality/Cost (1)

Deon should ensure that the service of delivering packages by his
company, is done efficiently and courteously (1). Additionally, he
should ensure that the gift items supplied by his company are always of
the best quality (1).
Deon should also examine his competitions’ cost in the courier service
business and utilize competitive pricing strategies to maintain his
competitive edge (1).
Networking (1)
Deon should pay careful attention to networking to ensure the growth of
his business (1). This may include the sharing of information about the
business to both prospective and current customers (1). Deon in his
networking collaboration, may include supply chain and distribution
networks as part of his long-term growth strategy (1).
One mark for each contributing point to discussion(1 × 2 × 4)[8 marks]

-10-
02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 8.
SUGGESTED RESPONSES
INCOME GENERATION
(a) Sources of revenue for Quick Pak Courier Services Co. Ltd
- Delivery of postal packages (1)

- Gift items (1)
- Packaging supplies (1)
One mark for any two correct sources identified (×2)

[2 marks]
(b) Identify a suitable pricing strategy that Deon could use for his courier
service. Justify your response.
Mark-up/Cost-plus Pricing (1) – Deon can use Mark-up/Cost-plus pricing

for his service to determine the selling price for the delivery of
packages and his new line of packaged products. If Deon decides to use
this pricing strategy, he must ensure that the selling price covers all
expenses so that it can provide the business with a good return on
investment. (1) Furthermore, using the Mark-up/cost plus pricing
strategy to determine the selling price, ensures success and a
competitive edge in the service provider market. (1)
The formula to calculate the selling price using the mark-up pricing or
cost-plus pricing strategy is total cost plus a percentage of the cost.
One mark for identifying mark-up/cost-plus pricing (×1)

One mark for an appropriate justification linked to the pricing
strategy (×1)
[2 marks]
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02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 9.
SUGGESTED RESPONSES
INVESTMENT MODEL
Description of Investment Model
Type of investment model - Deon’s consideration is to look at the medium

or long-term prospects for the business to determine the expected
growth. The type of investment model used by Deon is the growth model
(1). It is evident in the case based on the suggestion made to Deon to
expand into supplying packaging and gift items for his customers, in
addition to the delivery service. The growth model focus is on
reinvestment, therefore, any profit made by him could be capitalized to
encourage the growing prospect of Quick Pak Courier Services Co. Ltd
(1).
Time ambitions of the venture - Additionally, the two proposals

(supplying packages and gift items) could be a means through which the
expansion is done within the next two to three years (1). The packaging
and the gift items could be introduced in one or two years (1).
Scope ambitions of the venture - Deon could further expand locally and
seek opportunities for the development of his business regionally and
internationally (1). Additionally, Deon could utilize e-marketing as an
additional strategy for his expansion (1 mark).
Size ambitions of the venture - With the expansion, the size of the
market could be increased, which may result in a larger customer base,
for the Quick Pak Courier Services Co. Ltd (1) This could provide a
steady and consistent flow of income that will help to increase his
revenue stream and as a result his profit margin (1).
Description including two points for each element (2×3) [6 marks]

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02260032/CAPE/K/MS/SPEC 2024
ENTREPRENEURSHIP
Question 10.
SUMMARY OF FINANCIAL ANALYSIS
Quick Pak Courier Co. Ltd

Projected Statement of Comprehensive Income
For the month ending 31 May 2023
$ $
Revenue: Gift items 200 000 (1) 560 000
Packages 60 000 (1)
Delivery of packages 300 000(1)
Less Expenses:
250
Interest on loan (5%) (1)
Wages
5 000
Stationery
3 000
Transportation (3)*
1 000
Internet services
4 000
Vehicle repairs
1 500
Insurance
2 000
Depreciation of motor vehicles 2 000 (1)
Total expenses (1) 18 750
Net Income (1) $541 250
*One mark for 2 expenses

Total 60 marks
CARIBBEAN EXAMINATIONS COUNCIL
CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS®
CAPE ENTREPRENEURSHIP
Specimen 2024
TABLE OF SPECIFICATIONS
UNIT 1 – PAPER 02
Module Skills Assessed

Specific Total
Question Content Knowledge/ Application of
Objective Marks
Comprehension Knowledge
1 1 (a) 12 Distinguish between entrepreneurship and intrapreneurship 4 - 4
(b) 4 Discuss challenges associated with social entrepreneurs 9 - 9
(c) 11 Assess the factors that contribute to the success of entrepreneurs - 12 12
2 2 (a) 1 Describe the steps in the entrepreneurial process 4 - 4
Discuss sources of business concepts
(b) 7 9 - 9
Evaluate the role of local and regional business and entrepreneurial
(c) 11 - 12 12
development organizations in providing required resources for a venture
3 3 (a) 4 differentiate between creativity and innovation 4 - 4
(b) 2 Discuss the process of creativity 9 - 9
(c) 11 discuss the various methods of protecting creativity and - 12 12
innovation.
TOTAL 39 36 75
CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS®
CAPE ENTREPRENEURSHIP
MAY/JUNE 2023
TABLE OF SPECIFICATIONS
UNIT 2 – PAPER 02
Module Skills Assessed

Specific Total
Question Content Knowledge/ Application of
Objective Marks
Comprehension Knowledge
1 1 (a) 1 Discuss the features of various types of ventures 4 - 4
(b) 2 Evaluate the advantages and disadvantages associated with each 9 - 9
type of venture
(c) 5 - 12 12
Discuss the importance of the Triple Bottom Line in creating and
managing a sustainable business venture
2 2 (a) 1 Conduct a market research for a venture 4 - 4
(b) 2 Conduct a feasibility analysis for a venture 9 - 9
(c) 11 Discuss the components of a business model - 12 12
3 3 (a) 1 Distinguish among the types of venture models 4 - 4
(b) 4 Discuss the methods used in business venture valuation 9 - 9
Discuss approaches to e-commerce that support business venture
(c) 8 growth - 12 12
TOTAL 39 36 75
Caribbean Examinations Council
Prince Road, Pine Plantation Road,
St Michael BB11091
Tel: (246) 227 1700
Email: cxcezo@cxc.org

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Caribbean Advanced

Effective for examinations from May–June 2024

Telephone Number: + 1 (876) 630-5200

Copyright ©2022 by Caribbean Examinations Council

CXC A29/U2/22 www.cxc.org

SKILLS AND ABILITIES TO BE ASSESSED............................................................................................... 2

PREREQUISITES OF THE SYLLABUS ..................................................................................................... 3

STRUCTURE OF THE SYLLABUS ........................................................................................................... 3

APPROACHES TO TEACHING THE SYLLABUS ....................................................................................... 4

UNIT 1: ENTREPRENEURSHIP THEORY................................................................................................ 5

UNIT 2: ENTREPRENEURSHIP PRACTICE ........................................................................................... 28

OUTLINE OF ASSESSMENT ............................................................................................................... 49

REGULATIONS FOR PRIVATE CANDIDATES ....................................................................................... 62

REGULATIONS FOR RESIT CANDIDATES ............................................................................................ 63

ASSESSMENT GRID .......................................................................................................................... 63

GLOSSARY OF BEHAVIOURAL VERBS USED IN THE ENTREPRENEURSHIP EXAMINATION ................... 64

CXC A29/U2/22 www.cxc.org

First issued in 2013

Please check the website www.cxc.org for updates on CXC®’s syllabuses.

CXC A29/U2/22 www.cxc.org

T he Caribbean Advanced Proficiency Examination® (CAPE®) is designed to provide certification of

CXC A29/U2/22 i www.cxc.org

Several governments, as well as many non-governmental organisations in the region have

CXC A29/U2/22 1 www.cxc.org

1. explore the evolution of entrepreneurship;

5. develop collaboration, communication, critical thinking, research and problem-solving skills

 SKILLS AND ABILITIES TO BE ASSESSED

(a) Knowledge and Comprehension;

(b) Application; and,

(c) Communication and Networking.

CXC A29/U2/22 2 www.cxc.org

The examinations will test candidates’ skills and ability to:

(b) understand the diverse Entrepreneurship concepts; and,

(c) discuss the impact of entrepreneurial behaviour on venture creation.

The examinations will test candidates’ skills and ability to:

(b) draw conclusions based on a body of information; and,

(c) critically analyse complex situations and determine innovative solutions.

Communication and Networking

The examinations will test candidates’ skills and ability to:

(b) communicate information effectively to peers and stakeholders; and,

(c) develop professional networks to harness resources.

 PREREQUISITES OF THE SYLLABUS

 STRUCTURE OF THE SYLLABUS

CXC A29/U2/22 3 www.cxc.org

Module 1 - The Entrepreneurial Mindset

Unit 2: Entrepreneurship Practice

Module 1 - Essentials of Business Ownership

 APPROACHES TO TEACHING THE SYLLABUS

(a) Experiential learning – ‘learning by doing’.

(b) Classroom discussion, peer tutoring and scaffolding of knowledge.

(c) Guest lecturers/presentations by stakeholders from the business community, Non-

(d) First-hand interaction with local and regional entrepreneurs.

(f) Cases, scenarios, simulations, role-play.

(h) Group work on projects.

(i) Group work and group presentation of School-Based Assessment.

CXC A29/U2/22 4 www.cxc.org

1. appreciate the evolution of entrepreneurship;

2. develop an understanding of intrapreneurship, entrepreneurship and the entrepreneurial

3. develop an awareness of the diverse characteristics of an entrepreneur;

5. develop an understanding of the impact of cultural diversity on the development of

6. demonstrate an understanding of best practices in entrepreneurship development and small

SPECIFIC OBJECTIVES CONTENT

Students should be able to:

The evolution of entrepreneurship