NGOMA DISTRICT

SCHOOL: GS GITUZA
SUBJECT: ENTREPRENEURSHIP
CLASS: NOTES FOR S1 ALL
PREPARED BY GATEBUKE Jackson

TOPIC AREA 1: ENTREPRENEURIAL CULTURE

SUB-TOPIC 1: CONCEPT OF ENTREPRENEURSHIP

UNIT 1: Meaning, roles and characteristics.

1.1.Concept of entrepreneurship

Entrepreneurial culture: is an environment where someone is motivated

to:Innovate, Create and Take risks.

Entrepreneurship: is a process , capacity, or ability of identifying the business opportunities from the
environmental , gathering and organizing the necessary resources and using them to start up or initiate an
enterprise, organize the production of goods and services and marketing them covering risks with the main
aims of making profits.

Entrepreneurship is having a dream or vision and the motivation to put the dream into reality. It involves
innovation, creativity and risk taking in order to come up with new products.

Entrepreneurship education:
Entrepreneurship education is the education and teaching used to provide student with the basic knowledge
and skills require to create and manage their own successful using the available resources from the
environment in order to develop themselves and their country’s economy as a whole.

Importance of studying entrepreneurship in schools

i. It enables learners acquire basic knowledge and skills necessary of required to start up, operate and manage
business.
ii. It is very vital subject in helping learners develop a positive attitude and culture towards work business
innovation and creativity. iii.It builds the culture of thinking towards job creation among the learners. This shall
reduce on the mentality of seeking white-collar jobs.
iv. It helps the learners with the theoretical framework which enables them to identify the opportunities in their
environment. Example: through utilizing the local resources to establish private investment.
v. It enables learners to know that entrepreneurship is part and parcel of daily life.
vi. It enables the learners know that business in a career like other professionals such as teaching, accounting
and many others.
vii. It improves on the skills of the existing entrepreneurs in the country. this is important because it minimize on
the loss which entrepreneurs would have others wise incurred
 viii. Entrepreneurship education equip the learners with the organizational skills like mobilizing resources
through hard work to start up and operate a business
ix. It encourages learners to participate in production before and after leaving school.
x. It builds self-confidence and awareness among the learners such that they can identify their potential.
Example someone who takes pleasure in cooking for others and in the end starts a catering business. xi.It
helps to improve the standards of living for the learners and citizens for the whole country. This is possible
when learners engage in productive businesses that provide goods and services which the population
demands.
xii. It is used to boost household’s income through encouraging creativity and production for both domestic and
commercial consumption there by reducing poverty.
xiii. It reduces the dependency syndrome in the country. This is done through encouraging creativity among
individual to start up self-employment.

An entrepreneur:
The word entrepreneur is derived from the French word “entreprendre” which means to undertake and is
used to mean a person who takes a risks of starting a new organization or introducing new idea, product or
services in a society.

Characteristics of a successful entrepreneur:

A good entrepreneur should have certain desired qualities and characteristics called Personal Entrepreneurial
Characteristics (PECs) that enable him or her to succeed as an entrepreneur. A person without these characteristics is
not likely to succeed as entrepreneur.

a) Hard working: This involves an entrepreneur putting in extra efforts in what he is doing so as to meet the set
goals within a short time.

b) Self confidence:
An entrepreneur should have a strong belief in his / her abilities. He should be confident that he / she is able to
achieve he/she sets himself to achieve.

c) Innovation and creativity :

The entrepreneur should be able to think on new ways and new products for the market.

d) Financial discipline:
A good entrepreneur should have the quality discipline. Ability to control himself and control his action.

e) Opportunity seeking:
The entrepreneurship is about identifying and exploiting the opportunities. This like identifying the best
employees; advantages of cheap loans from commercial banks, taking advantage of availability of cheap raw
materials, etc

f) Goal setting and planning:

 Good entrepreneur set goals to strive for. They set goals and tiressly work towards achieving those goals.

g) Risk taking:
Entrepreneurs are risk takers, they risk to start business. Good entrepreneurs assess the risks related to their
businesses before they take them. They do not take every risk; they only take the moderate risks and the risks
they are able to manage.

h) Keen to get information:

The good entrepreneur is always on the lookout for information related to their businesses.

i) Commitment:
Good entrepreneur should be able to spend a lot of time at the business and also makes sure that the customers
are served properly.

j) Persuasive and good at networking:

Good entrepreneur should be able to convince others and change their thinking. Networking is practice of
meeting other people involved in the same kind of work to share information and support each other.

k) Determination and perseverance: determination is the quality that makes a person to continue trying to do or
achieve something that is very difficult.
Perseveranceis continued effort to do or achieve something despite difficulties, failure or opposition.

Determination leads to success

l) Persistence:
A good entrepreneur should have the determination to keep trying to achieve business success in the spite
of a lot of difficulties. Stating and growing a business requires a lot of determination and a “Never - give-
up”attitude.

An enterprise and enterprising person

An enterprise:
Is a financially independent organism which produces marketable goods and services for the achievement of
profit.
 Enterprise is carried out through the work of an entrepreneur. Enterprise capabilities include:
 Planning and goal setting
 Decision-making
 Assessing and managing skills
 Inner control
 Prioritizing
 Timing
 Time management
 Managing people
 Stress management
 Recognizing and overcoming barriers to communication Applying ideas to new situation

• Enterprising person
An Enterprising person is a person who takes on risky projects or businesses in order to fulfill a need.
An enterprising person shows the following characteristics:
• Have a strong need for achievement
• Resourcefulness
• Perceptive
• Task oriented
• Planner
• Risk taker
• Ability to network
• Innovation
• Independent
• Skills
• Goal-oriented

Intra-preneurship
The term intra-preneurship is derived from two words: “intra” or internal and “entrepreneurship”. Intrapreneurship
is the practice of creating new business undertakings within the boundaries of an existing enterprise or large
organization. Intra-preneurship is induced by the need to create new products so as to find new markets. This enable an
enterprise to serve a wide range of clients.
Intrapreneur:

The word intrapreneur was first used by Gifford Pinchot. He used the word to describe the person who is
engaged in innovation but within an existing business organization.

An intrapreneur introduce new ideas, new products and services but within an existing enterprise.
Intrapreneurs are more concerned with keeping business organizations up to date by providing new products
and services to meet changing needs and circumstances.
 Intrapreneur is therefore an enterprising person working within the boundaries of an existing enterprise.

Importance of intra-preneurship

Intra-preneurship is important in the following ways:

• It encourages innovation
• It strategically guides an organization
• It leads to better decision making
• It leads to expansion of and growth in an organisation
• It speeds up innovation
• It leads to a competitive edge over competition or competitors

Characteristics of intrapreneur

• Diplomatic
• Determined
• Self-reliance
• Adaptable
• Courageous
• Resourceful
• Team building abilities
• Persuasive
• Planning and organising
• Opportunity awareness

Similarity between entrepreneurship and intrapreneurship

The following are the similarity between entrepreneurship and intrapreneurship:
• Both are driven by an individual who works with a team to bring a business idea to fruition.
• Both require that the entrepreneur or intrapreneur be able to balance vision with managerial skills and pro-
activeness with patience.
• Both entail risk and require risk management skills
• Both involve significant uncertainty
• Both require the entrepreneur or intrapreneur to combine existing and new resources to accomplish a goal and
promote business growth.

Difference between entrepreneur and intrapreneur

Differences Entrepreneur Intrapreneur

Dependency • An entrepreneur is • An intrapreneur is dependent
independent in his operations. on the entrepreneur.

• An entrepreneur raises funds • Funds are not raised b an

Raising of funds required for the business intrapreneur.
enterprise.

• An entrepreneur takes the • An intrapreneur does not take

Profits profits made by profits from business
 enterprise.  but may be provide with a
variety of benefit for his
innovation.

Ownership An entrepreneur owns the  An intrapreneur is
business. employed and does not own
a business.

Operation  An intrapreneur operates
An entrepreneur operates
from within already existing
from outside organization.
organization.
 
Risk An intrapreneur bears few
Entrepreneur bear all risks.
 risks.
Orientation An intrapreneur sets up his
An entrepreneur often or her business after working
begins his or her business for someone else’s
with a newly set up enterprise organization.
which may provide 
a basis upon
which other business

Experience  ideas develop.

An intrapreneur establishes
As an entrepreneur his or her business after
establishes new business, he gathering experiences
or she does not possess an
 through working in an alredy
experience over the business. existing organization.

Motivation An intrapreneur is motivated

 An entrepreneur is motivated
by financial stability, a love
by money, personal (passion) for what he or she
achievement or fulfilling a does and putting others
lifelong dream. ahead of himself or herself.

Roles of an entrepreneur in entrepreneurship Scanning the environment.

• Identifying business opportunities.
 • Mobilising necessary resources.
• Proper allocation of resources.
• Setting up the business.
• Managing business operations.

The following diagram illustrates the role of an entrepreneur in entrepreneurship.

Setting up the business

Proper allocation of resources

Mobilising resources

Identifying business opportunities

Scannig the environment

.
TOPIC AREA 1: ENTREPRENEURIAL CULTURE.

SUB-TOPIC AREA 2: PERSONAL DEVELOPMENT.

Self-
awareness
Self-
knowledge

Identity
Personal
Development

Talents

Potential

UNIT 2: PERSONAL VALUES, SKILLS AND CHARACTERISTICS

Personal qualities: are personal characteristics of an individual such as patience, kindness,… They are what make up
that person’s personality.

Example of personal qualities are:

• Friendliness, Commitment,
• Respect, Loyalty,
• Intelligence, Honesty,
• Caring, Dignity,
• Self-reliance, Integrity,
• Accomplishment, Prudence.
Importance of personal qualities to personal, social, emotional and
economic well-being.
 Personal well-being: this refers to one’s welfare or wellness.

Personal wellbeing helps to embrace change, feel positive about who they are and enjoy healthy, safe, responsible
and fulfilled lives.

• Social well-being: this refers to the extent to which an individual feels a sense of belonging in the society.

Persona qualities help an individual to be actively engaged with life and with other people. They are foundation for
positive and stable relationships and interactions as well as tolerance among individuals.

• Emotional well-being: a positive sense of well-being which enable an individual to be able to function in
society and meet the demand of everyday life.

An individual should have the ability to acknowledge and share feelings of anger, fear, sadness or stress, joy, love
and happiness in a productive manner.

• Economic well-being: this means a person’s or family’s standards of living based primarily on how well they
are doing financially and in relation to the business.

Developing self-awareness, self-esteem, confidence and positive attitude

Self-awareness: is conscious knowledge of one’s own characteristics, feelings, motives, behaviors and desires. It
defines who you are, what you want, what you think and how you feel.

There are two kinds of self-awareness:

• Private self-awareness
• Public self-awareness

Self-esteem: is positive or negative way an individual views himself or herself and how important they feel. It also
entails the desire to be held in high esteem by others.

Self-confidence: is a feeling of believing in oneself, one’s abilities and qualities. An individual’s self confidence can
be shown by his or her behavior, body language, how he or she speaks, what he or she says, and so on.
Positive attitude: is a person’s tendency to respond positively toward a certain idea, person, object, situation and life
in general. Positive attitude manifests in positive thinking, constructive thinking, creative thinking, optimism,
motivation and energy to do things and accomplish goals, and an attitude of happiness.

Personal qualities in relation to

Entrepreneurship: personal qualities affect success in becoming an entrepreneur.
• Creativity: ability to come up with clever and workable solution.
• Determination: the ability to continue trying to do
something, although it is very difficult (simply not giving
up).
• Ability to make decisions: the talent to analyse the complex
situation and draw conclusions that will make the business
succeed.
• Independence: the desire to be his or her own boss.
• Confidence: having a firm belief in his or her • Involvement:
own capabilities and chances of success.
• Communication skills: the ability to express
himself or herself and to understand the other so
that the ideas can be shared.
• Persistence: never showing discouragement,
always thinking of new ways to approach a
problem and acting on his or her ideas.
We should be ready and willing to participate in
communal activities such as cleaning our
Personal qualities in relation to the personal
environment, building terraces, constructing
development: personal qualities enhance our personal
schools or constructing houses for needy
development enabling us to be better people in the
families.
society. Personal qualities for personal development
include: President Paul Kagame participating in
community work.
• Goal setting,
• Responsibility,
• Commitment,
• Patience
• Respect,
• Positive attitude
• Tolerance,
• Humility
• Justice
• Self-control.
• Equality
• Empathy
• Forgiving.

12 of 54
Personal qualities in relation to the work in school:
the following are personal qualities in relation to work
at school.

13 of 54
Personal qualities in relation to Engagement with  Attentiveness,
society: the following are personal qualities that  Communication,
guide us in our interactions with each other in the  Loyalty,
society.  Honest and trustworthiness

TOPIC AREA 1: ENTREPRENEURSHIP CULTURE

SUB-TOPIC AREA 3: WORK IN SOCIO-ECONOMIC DEVELOPMENT

UNIT 3: WORK IN THE SOCIETY

1.Definition of Key Concepts.

Work: Is any human effort, physical or mental effort used to perform an activity with the expectation of
benefiting from that activity.
Or
It refers to the use of physical or mental powers or both with the purpose of doing something that can be
beneficial to the person involved in activity.

Work can either be physical work or mental work.

a) Mental or knowledge-based work:

This is a type of work which involves use of mainly brain to perform a given task.
b) Physical work:
This is types of work involves the use of body muscles to perform an activity. It may require a lot of body
movement, lifting, turning, pushing, pulling and other muscles demanding action.

2.Types of work according to activities.

There are different categories of work done in the locality by different individuals so as to earn income. Most people in
the society are involved in various types of activities or work. These activities may be classified as:

a) Agriculture
This refers to the rearing of domestic animals (cows, goats, sheeps, etc), birds (hens, turkeys, etc), fish and
growing of the crops with the aim (intention) of earning income from their sale.

b) Trading
This is the buying and selling of goods and services by exchanging them either for money (monetary trade) or goods for
goods (barter trade). Example educational material such as pens, books, iron sheets, vehicles, drinks, etc
Manufacturing
This is types of work which involves transformation of raw materials into finished products. For example:
• Foam products like mattresses
• Wood products such as chairs , tables, paper
• Beverages such as soda, beer, wine, soft drinks, etc.

d) Service provision
Involves the use of one’s knowledge skills and attitudes to perform a task that is required and paid for by others. One
pays for a services not for it possession, but for the satisfaction derived from it.
Example
• Transport services
• Secretarial services
• Salon operations
• Teaching and medical services

Services are of two types:

• Direct services: are rendered with the actual touch of a problem or need like doctors
• Indirect services: are those which do not provide direct satisfaction to consumers such as government’s
construction of publics roads.
3.MYTHS AND BELIEFS ABOUT WORK.
Myths refer to the widely held but false beliefs or ideas about certain things. It refers to the societal fictions or
imaginary results or ideas of doing certain things.

A belief on the other hand, is an assumed truth or an acceptance that something exists or is true, especially one without
proof.

Positive myths and beliefs

Positive myths and beliefs are those that encourage people to work.
• Hard work pays
• Anyone can start a business.

Negative myths and beliefs

Negative myths and beliefs are those that discourage people from working.
• Building work is for men only.
• You cannot start and operate a business unless you have a lot of money (capital) Entrepreneurs or
businessman are rich because they rich because they cheat.
• Childcare/house work is for women only.
• Starting and operating a business is risky and ends in failure.
• Scientists cannot speak English fluently.
• Joining the army is the last resort when you fail in education.
By discarding negative myths and beliefs about work the following benefits are realized:
• Reduced level of unemployment:
A people are able to have a wide variety of jobs from which to choose. This reduces level of unemployment.
Girls can get jobs as engineers, mechanics. Boys can work as chiefs and nurses.

• Improved income especially for women:

Women are able to do different kinds of work and earn income to support themselves and their families.

• There are now equal opportunities for both men and women:
Men can now do those jobs initially considered to be for women nursing, nursery teaching and cooking.

• Encourages competition for jobs:

This has the effects of making people more productive and efficient since they know their jobs can be taken
away by either women or men who may be in need of such jobs.

• Improved productivity: Some myths reduce productivity;

For example: the belief that the community spends seven days mourning without going to the garden after
burying someone causes foods shortages to most rural communities. Discarding such beliefs increases foods
production.

4.DIGNITY AND VALUE OF WORK:

Dignity of work refers to the values and importance an individual and community attaches to work.
Value of work: refers to the importance an individual and community attach to work.

To an individual, work is valued based on:

• The status of an individual gains in the society by doing that kind of work.
• An amount of income one gets from doing that kind of work.
• The location of that kind of work.

In society, work is valued because:

Work is source of food
• Work is source of income through salaries and wages, or income from sales of goods or services.
• Work is important in the protection of the environment
• Work promotes human health through construction of health centers, treatment of people from many diseases
and development of drugs.
• Work is important for keeping body fit and healthy.
• Through work of teachers, journalists, librarians, internet websites builders, we acquire knowledge.
• Work is source of leisure and entertainment.

TOPIC AREA 2: BUSINESS ACTIVITY

SUB-TOPIC 1: CONCEPT OF BUSINESS ACTIVITIES

Business activities: are activities that are carried out for the primary purpose of making a profit.

UNIT 4: CONCEPT OF NEEDS, WANTS, GOODS AND SERVICES.

1.Concept of Needs.
A need is any essential thing that is necessary for survival for example, food, water, shelter and clothing.
A need is something that a person has to have in order to survive.

Drink Shelter

Want is simply something that a person desires or things which you wish to have.

Example of wants: Smart phone

Types of needs
Needs have two categories, namely primary needs and secondary needs:

i) Primary needs: primary needs are the first to arise and they require an immediate satisfaction.
They are also called physiological needs, fundamental needs, basic or natural need. Examples include
food, shelter, clothing and sleep.

ii) Secondary needs: secondary needs are needs that arise once primary needs are satisfied. They are also called
Luxuries or complimentary needs.
Example includes travelling, jewellery, cars and expensive clothing.

2. Goods and services.

a.Goods
Goods are physical tangible items that result from production.

Types of goods
Goods are diverse and thus they need a system of classification. Goods can be grouped into various categories
depending on their consumption. These are:
• Durable goods and perishable goods
• Economic goods and free goods
• Substitute goods and complementary goods

Durable goods and perishable goods

 • Durable goods: these are goods that have a longer life span, for example industrial buildings, machines, roads,
refrigerators, cars and chairs.

• Perishable goods: these are goods that go bad easily they are highly perishable, for example meat, bread and
tea.

Bread
Economic goods and free goods
• Economic goods: are goods which are useful to people, but are scarce in relation to their demand. To obtain
them, human effort is required. Ex: tap water, food fuel,…

• Free goods: are goods which we use without paying for them. They are freely given by nature. Ex:
air (oxygen), sunshine,….

Substitute goods and complementary goods

• Complementary goods: these are goods that can be used together to satisfy needs, for example sugar and
coffee, pen and ink, Pen and paper, shoes and shoe polish, car and fuel, photographic camera and
photographic film

• Substitute goods: these are goods that exclude each other, for example, tea and coffee, sugar and honey, beans
and peas, coat and sweater, sandals and slippers, Omo and Nomi
Types of goods according to their biodegradability.
• A biodegradable goods
• A non-biodegradable goods

b.Service.
Services are non-physical, intangible things. They are work done for others. Ex: service of dentist, teacher,

3. CONSUMPTION

Consumption is the use of goods or services either in terms of its transformation through production or as the
satisfaction of a need involving the good’s immediate or progressive destruction. It is the satisfaction of a need through
utilization of goods and services.

Factors influencing consumption

There are five major factors influencing consumption. These are:

a) The price level: When the price of goods and services increases, demand has a tendency to decreases.
Inversely, the demand tends to increase when the price decreases.

b) The amount of income: The demand increases for all the goods when the income increases. There exists a
category of goods whose demand does not increase with increase in income. These goods are called inferior
goods for example sweet potatoes.

c) The social and cultural structure of the consumers: some consumers have social and cultural attachments
which affect their consumption of certain commodities.

d) Fashion: The last model of products or those that are on fashion have a higher demand than products that are
out of fashion.

e) Expectation of price changes: if the prices are expected to rise, more of commodities will be consumed than
the price are expected to fall.

f) Government policy: if the policy of the government is in favor of a certain commodity, its consumption will be
higher.

g) People’s habits: people with certain habits and preferences for a certain commodity tend to always consume
more of that commodity. For example, cigarette and alcohol.

h) Availability and price of related commodities

i) Advertising
j) Seasonal goods
Relationship between scarcity, choice and opportunity cost.
Scarcity: is the limitedness of resources relative to human wants. The resources are not sufficient to satisfy all
human wants. Scarcity arises because human wants are unlimited yet resources are limited. The wants are too
many to be satisfied.

Choice: this refers to making decision about different possible options. Because human wants are unlimited and
the resources are limited, a choice must be made on what wants to satisfy immediately and what to satisfy later,
what to satisfy now and what to forego.

The list of person’s wants beginning with the most important is called the scale of preference. Choice is therefore made
according to the scale of preference. The scale of preference is not necessarily written.

Mutoni’s scale of preference:

1. Books
2. Shoes
3. Pens
4. Internet
5. Shirt
This means that books are the most important of all your needs, followed by shoes. This means that Mutoni will, if she
gets money, buy books first, the shoes and so on.

Opportunity cost: opportunity cost arises out of scarcity and choice. When choice is made, it means some wants
are left unsatisfied. The immediate alternative foregone when choice is made is called opportunity cost.

Opportunity cost is what you miss because you made a choice. Opportunity cost is the item that is next to the item
chosen on the scale of preference.

Opportunity cost for Mutoni’s scale of preference above

Item Opportunity cost
Books Shoes
Shoes Pens
Pens Internet
Internet Shirt

TOPIC AREA 3: FINANCIAL INFORMATION AND DECISION MARKING.

SUB-TOPIC AREA 1: MANAGING FINANCE.

UNIT 5: FINANCIAL AWARENESS.

Financial awareness: is the ability to understand how money works, that is, how someone manages to earn or make
money, how that person manages it, how he or she invest it and debt management.

1.Concept of finance:

Meaning of finance
Finance refers to resources, especially money available to an individual, government or business for running their
operations.

In more precise way, finance is concerned with the management of own funds, raised funds and borrowed funds.
Personal finance
Personal finance: is the household finance. Personal finance is concerned with understanding the net worth of the
household and the household cash flow.

Business finance
Business finance refers to all money and credit employed and managed in a business. It involves procurement and
utilization of funds so that business firms may be able to carry out their operations effectively and efficiently.

The following are characteristics of business finance:

• Business finance entails all types of funds used in business.
• All business organizations need business finance
• Business finance varies from time to time
• Business finance involves estimation of funds.

Need for finance

People and businesses need money for different things and in different settings.

Need for personal finance

Individuals need money to live, that is, for housing, clothes, food and transport, and so on. We need finance (money) to
save.

Need for and purpose of business finance

The establishment of every business organization requires business finance.

The following are a number of reasons why business finance is needed.

• For stating business operations
• For expanding business operations
• To ensure business continuity
• Business finance makes it easy for the business to acquire the needed resources
• Business finance makes it possible for a business to cater for its legal requirements
• Business finance makes it easy for business to pay for its operating expenses
 • Business finance is needed in the business for carrying out market research and surveys which enable the
business to expand its markets.

Accessing business finance

Sources of business finance

There are several ways of accessing business finance. These include:
• Personal or own savings • Loans from banks and other commercial
• Retained profits lenders
• Grants, • Trade credits,
• Family’s and friends’ contribution • Selling shares,
• Lease.

2.Saving
To save is to set aside or put a certain amount of money or property to be used later when needs arises. Savings include/
constitute a sum that is put in reserve for future consumption.

Motive for saving

Different people save money for different reasons. They include:
• Save for somethings specific. Ex: saving for your college fees, buying a motocycle,… Save for
emergency or in unknown need in the future.
• Save to prevent debt.

Importance of saving
Below is the importance of saving:

 Savings ensure that money is secured from theft, fire and mismanagement among other things.
 Savings allow the person to obtain credit from his/ her bank.
 Savings allow speculation on unexpected opportunities.
 Savings allow a person to plan for projects in the future or problems that may arise.
 Savings allow the banks to give credit to entrepreneurs or those who need money immediately, provided they
pay interest.
 Certain savings give interest to the depositors.
 For emergency: savings act as an emergency cushion.
 For education: one need savings to meet the demand for education To have a good life

How to save
This step-by-step guide can help you to develop a realistic savings plan.
1. Record your expenses and income
2. Make a budget
3. Plan on saving money
4. Set saving goals
5. Decide on your priorities
 6. Decide on savings strategies for different goals
7. Make saving money easier with automatic transfers
8. Watch your savings grow

Ways of saving money

Different people have different ways of saving money. They include:
1. Opening saving account in the banks
2. Buying fixed assets
3. Lending money to borrowers
4. Save money in form of foreign currency
5. Investing in shares
6. Investing in a productive business
7. Small safe box/container/piggy banks
8. Saving windfall income
9. Trying frugality
10. Have a “buy nothing week”.

3.Borrowing

Borrowing means taking and using money (loan) from a person or bank under an agreement to pay it back later.

Reasons for borrowing:

The following are some of the reasons why people borrow money.

• When a person faced with an emergency and has no cash

• To buy asset such as bicycle, house, …
• To finance education
• To start or expand business To consolidate debts.

Terms and conditions of a loan contract

It is advisable to carefully analyse and understand the terms and conditions before deciding to take up borrowed money
or before signing loan contract.

The terms and conditions may include the following:

• The borrower must provide adequate proof of identity

• The borrower must have an account in the lending financial institution
• The borrower must show a clear purpose for the money to be borrowed
• The borrower must show the priority sector for which money is to be borrowed
 • The borrower must provide evidence of current financial position The amount to be borrowed should fall
within the lender’s limit. Some lenders require security or collateral for funds to be borrowed.
• The interest to be paid on the funds to borrow.

4.Debt management

A debt is what you owe someone; you could owe someone money.

Not all debt is bad. If you can manage debt well, it can help you in many ways. Debt management entails spending
money wisely.

In order to be able to manage debt, one needs to do the following:

• Avoid unnecessary spending.

• Don’t borrow more money.
• Don’t buy anything expensive while still in debt.
• Save money to avoid the need to borrow
• Work with a budget so as to be able to plan your spending.
• Find positive reasons for which to incur debt.

5.Proper management of finance:

We can properly manage our finances in many ways which include:
1. Practicing the four habits of cutting costs.

These are:
a) Reduce expenses,
b) Reuse items that are still in good condition,
c) Repairing things broken or torn
d) Recycling by taking old, used materials and giving them new life as slightly altered product.

2. Proper record keeping,

3. Separate personal finances from business finances
4. Set your debt limit.

5. The use of debit and credit card

Debit cards is a small, special, coded plastic payment card that provides the card holder (owner) immediate electronic
access to their bank account at a financial institution such as bank.

A debit card is a “buy now, pay now” situation that can allow the holder to pay for goods or services. It can be used to
withdraw money at cash machines.
Benefits of debit cards
1. Debit cards are easy to get and carry around
2. They are more secure than carrying cash
3. They are accepted by business persons with less identification and scrutiny than personal cheques. This makes
transactions quicker
4. Debit card may be used to obtain cash from an ATM (Automated Teller Machine) or a PIN-based transaction at
no extra charge, other than a foreign ATM fee.
5. They debit funds from the user’s account on the spot, thereby finalizing the transaction at the time of purchase.

Risks of debit cards

1. Disputes arising from purchase of defective goods or goods not delivered can be difficult to solve.
2. Many banks are now charging extra fees.
3. If your debit card is lost or is stolen and a thief is able to use it you could be liable for all the costs.
4. Debit cards do not improve the credit score of a cardholder
5. With a debit card, an account holder cannot take advantage of reward points.

A credit card, is a small, special, coded plastic card that allows the cardholder to buy goods and services on credit. It is
a “buy now, pay later” situation.

Credit cards are not linked to the card holder’s current account. Using a credit card is a loan that must be repaid, usually
with interest.

A credit card is a financial tool. Like any tool, it can provide benefits when used well, and risks when used improperly:

Benefits

• Credit cards can be used practically everywhere, especially overseas  They can help to build a person’s
credit history.
• They can boost one’s purchasing power
• Some cards may offer cash back as an incentive to use the card.
• Credit cards allow the cardholder the right to dispute billing errors and defective goods.

Risks

• Some consumers feel compelled to spend more money than they have.
• Default in card payments attracts charges (late fees and interest). This increases the debt burden on the
cardholder.
• Acquiring too much credit card debt can ruin a card holder’s credit score.
• There is a possibility of occurrence of card fraud.
• Carrying too many credit cards is not too favorable I the eyes of money lenders.
• A user may forget how much he or she spends each month.
 • They may not be accepted everywhere and in every situation.

A credit card and debit card reader

These are machines which can be used to read debit and credit cards when making a purchase in a shopping
mall/supermarket.

ATM Cards

ATM stands for Automated Teller Machine. It is a machine that can do some of the work a bank clerk or teller does.
This means that you can use them to withdraw money from your bank account or make deposits.

ATMs save us time, they also save us money because withdrawing and depositing money at an ATM is cheaper than
doing it in person in the banking hall.

TOPIC AREA 3: FINANCIAL INFORMATION AND DECISION MARKING.

SUB-TOPIC AREA 2: BASIC ACCOUNTING

UNIT 6: INITIATION TO ACCOUNTING.

1. Meaning of accounting and book-keeping

Definition of Accounting:
Accounting is defined as the arts of recording, classifying, and summarizing in terms of money, all the transactions and
events of the financial information and interpretation of financial information.
 Definition of Book keeping: Is concerned with the proper recording of those transactions that cause the transfer of
money or money’s worth.
Book keeping is a subset of accounting and simply the record making phase of accounting.
Book keeping is also defined as the process of recording of a business transaction accurately and systematically in an
enterprise.

Difference between bookkeeping and accounting:

Difference Book keeping Accounting
Performed by Book keeper An accountant
Purpose Identify, record, classify and Analyse, interpret and
summarise business communicate interpreted
transactions information by preparing
financial statements.

Results used by Accountants Internal users (management and

employees) and external users
(owners, creditors and banks).

Stage Book keeping is the primary stage Accounting is the secondary

stage and it begins where book
keeping ends.
Basic objective Maintain systematic record of Ascertain the net results of
financial transactions operations and financial position
and to communicate information
to interested parties.

2. The importance of record keeping

• It helps to record expenses

• It helps to manage cash flow
• It helps to keep track of the profit or loss in the business
• It helps in decision making
• It helps to track and monitor the growth of the business
• It helps to keep up to date with taxes
• It helps to keep records of buying and selling on credit, so that the people cannot trick you.

Consequences of not keeping proper accounting records

• It is not possible to know how much money is coming in or going out of the business.
• It is not possible to know whether the business is making profit or loss.
 • It is not possible to know why your business is making profit or loosing money.
• It is not possible to know which customers owe you money, how much they owe you or how much you owe
someone else.
• On is not able to make decisions that will allow him or her to make more money and save his or her business
from loosing money.

Business accounting records

The following are some of the accounting records a business may keep:
i. Receipt: a receipt isa written acknowledgement of having received, or taken into one’s possession, a specified
amount of money, goods or services.

City, State, Zip Receipt

Phone: 777-235-467 Company Name

Receipt No.: 1001

Paid by:………………………………… Paid to:…………………………………
Description Amount

Subtotal
Discount(s)
Tax
Total
Date: Received by:

ii. Purchase order: is a commercial document issued by a buyer to a seller, indicating types, quantities and
agreed prices for products or services the seller will provide to the buyer.

COMPANY NAME

Purchase order
Your address

City, State, Zip

Phone: 777-235-467

To: Ship to:

Name: Name:
Company: Company:
Address: Address:
City, State, Zip: City, State, Zip:
Phone: Phone:

Date Requisitioned by F.O.B Point Terms

Quantity Description Unit price Total

Comments: Subtotal
Tax
Shipping
Total

iii. Good received note or consignment note: this document recognizes that the supplies or goods have been
receive
Sample good received note GRN Number:
 Good Received Note
Supplier: …………………….. Date: ……………………….. Advice note number:………………
Order number: ……………….. Delivery location: …………. Cost-center: ……………………….

Goods Pack Price Order Delivery Comments

size quantity quantity
1
2
3
4
5
6
7
Received by: ………………………………… checked by: ………………………………………

1. Accounts/finance dept. copy

2. Supplier copy
3. Stores/goods inwards copy

iv. Invoice: is a document sent by seller to the buyer requesting for payment.
Sales invoice

Date Invoice No:

Attention

Invoice

Code Description Qty Unit price Vat Uni t Total amount

Total amount

Terms:
Validity:

Prepared by:

Terms:

v. Stock book (inventory book): this is a document that keeps track of the items (physical items) that a business
has in the store at any point in time. It include what a business had at the beginning of the year, what has been
added to those items through purchases and production and hoe much has left the business through sales,
consumption, planned use or losses.

3.Users of accounting information.

Who uses the accounting information from a business enterprise?
The basic objective of accounting is to provide information to various users, both inside and outside the organization.
The following diagram shows the users of accounting information.

Investor

Government Public

Users of accounting
Employees information Customer

Managers Suppliers

Creditors

Internal users: are those persons or groups which are within the organization.
They include:
• Business managers
• Employees
• Business owners and shareholders

External users: are those groups or persons who are outside the organization.
They include:
• Financial institutions and other money lenders
• Creditors and debtors
• Investors
• Government authorities
• Consumers and debtors
• Competitors Auditors.

4.Business transactions.
Business transactions refers to any dealing between two or more parties that involves exchange of goods and services. It
may involve exchange of goods and services for money or exchange of goods and services.

How business transactions are carried out:

a)Cash transactions:
Cash is money in form of coins and paper notes. Cash transactions refer to any dealing between two or more people
that involves exchange of goods and services for immediate payment in terms of money / cash. Cash transactions also
include transactions made through cheques. Cash transactions include:
 Cash receipts
 Cash payments

Advantages of cash transactions

• Cash is real money
• Payments are made immediately
• Using cash eliminates the risk of debt
• Less hustle
• No fees

Disadvantages of cash transactions

• Some businesses prefer credit transactions
• The risk of loss or theft
• Risk of loosing a sale

b)Credit transaction:
Credit transaction is business dealing between two or more parties involving exchange of goods and services and
payment of them is made at a later date.
a) Purchasing on credit
 b) Selling on credit
Purchasing on credit: this is a situation where the entrepreneur obtains goods and services and pays for them at a
future date.

Management of credit purchases

• Keep all the source documents, that is to say, the incoming invoice.
• Carry out book keeping in the business
• Employ a person to keep track of the credit purchases.

Selling on credit: this is a situation where the entrepreneur sells goods and services on credit.

Conditions for credit selling

An entrepreneur can accept to sell on credit when there is a combination of the following factors:
• When a customer is well known to the seller and has been already observed as having the capacity and
character of paying.
• If the entrepreneur has got sufficient working capital to finance the credit sales.
• If the entrepreneur is faced with a problem like goods getting off fashion.in case the entrepreneur is faced with
a crisis, for example, if goods are to get expired soon.
• If there are strong and effective laws which can protect the entrepreneur in recovering the debt.
• If the buyer can present collateral security
• If the entrepreneur is faced with a deflationary economic situation.

Merits of selling on credit

• Credit given customers also helps as a marketing tool in attracting new customers.
• In cases higher sales values or high value of goods and services then selling goods on credit helps customers to
buy expensive items.
• Selling on credit helps the entrepreneurs to beat off competition
• This facility increase sales volume since it encourages customer to buy more thus increases the total sales
volume.
• Selling on credit results in repeated purchases by the customers. It builds the customers goodwill relationship
which helps the entrepreneurs to maintain customers as they are encourage coming back and buying more.
• Credit selling help people to start their own businesses. For example one can get goods on credit from
suppliers, sells the goods and pays the suppliers later.

Demerits of selling on credit:

• Collection of payment from the debtors is time consuming and expensive.
• During inflationary situations, credit sales may lead to losses as money may lose value.
• Credit sales reduce the working capital of the business.
• In case of death of a debtor the business find difficulty in recovering the amount owed by the debtors.
• Credit selling forces customers to buy what they cannot afford to pay for customers may end up in courts of
law.
 • Customers may high prices. Buyers who buys on credit do not have good bargaining power and they end up
paying high -prices for the products.
• Some debtors may take a long time to pay which results in shortage of cash in the business.

c)Installment payment.
Is a system of payment where a sum of money is paid in small parts in a fixed period of time. This system is associated
with a number of benefits and challenges to both the buyer and seller.

Benefits to the buyer

i. Convenience in payment
ii. Encourages saving
iii. Helpful to smart traders
iv. Use of goods before payment
v. Profits
vi. Purchase of expensive goods or services

Risks to the buyer

i. Higher price
ii. Artificial demand
iii. Break up of familiesiv. Repossessing of goods
v. Ownership of goods

Benefits to the seller

i. Increased volume of sales
ii. Earning of interest
iii. Lesser risk
iv. Right to repossess goods

Risks to the seller

i. Heavy risks ii.
Capital
iii. Bad publicity
iv. Bad debt

5.Modes of payment.
This is a mean by which a payment is made, such as cheque, cash or credit card.
They include:

1. Cash payment: this Is where buyer pays money in form of notes or coins to the seller.

Rwandan notes Rwandan coins

2. Cheque: A cheque is a document that authorizes a bank to pay a specific amount of money from a person’s
account to the person in whose name the cheque has been issued.

3. Electronic payment (E- payment): this is a system of making payments of goods and services over electronic
network such as internet. This system utilizes smart cards, mobile phones and the internet.

Sending money via a mobile phone

4. Prepayment: is also called cash in advance, occurs when a buyer sends payment in the agreed currency and
through agreed method to a seller before the goods are obtained by the buyer. Upon receipt of payment, the
seller the delivers the goods or the buyer picks the good.
 5. Money orders: a money orders is a printed order for a pre-specified amount of money, issued by the bank or
post office. As it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of
payment than cheque.

TOPIC AREA 4: BUSINESS GROWTH AND ETHICS

SUB-TOPIC AREA 1: BUSINESS GROWTH

Success

UNIT 7: FACTORS AND INDICATORS OF BUSINESS GROWTH.

1.Meaning of Business, Growth, and business growth

Business: is an economic activity, which is related with continuous and regular production and distribution of goods
and services for satisfying human wants.

Growth: is the process of increasing (positive changes) in size, amount or volume usually as a result of an increase in
various growth factors.

Business growth refers to the process by which business enterprises increase their productivity, profitability and size.
Business growth is defined as a positive increase in cash flows (money coming into the business) of the business
accompanied by increase in stock and assets.
The indicators of growth on a dairy farm could be:
• More cows on farm
• Additional paddocks
• Planted better variety grasses
• Acquired a pick up to transport milk to the milk collection centre A resident veterinary doctor attends to the
herds
2. Factors Contributing to A Business Growth

Businesses grow at different rates, some businesses grow while others do not, and the following are the factors that
determine business growth:

• Proper record keeping and proper business planning.

• Good management: the quality and ability of the business management team
• Capitalization: The amount available to business
• Improvement in technology for example if a business adapts to the latest technology in production of its
goods.
• Socio-economic activity: Social and economic conditions of a region where a business locates
• The ability of the business in creating new products (innovation)
• Quality of workers: quality in terms of skills, training, experience and commitment of the workers
• Good and favorable government policy like fair taxation and control of inflation, are conducive for business
to grow, leading to success.
• Economic environment like inflation, interest rates, unemployment and income levels
• Political stability: PeacefulPolitical environment enables business to operate smoothly its activities.
• Location of the business: suitable location may determine the growth and success of the business. For
example the business located near the market or consumers.
• Good entrepreneurship traits: the owner must possess certain entrepreneurship qualities such as calculated
risk-taking, creativity and hard work.
• Clear business objectives: the objectives must be SMART in order to bring about growth.
• Availability of market: a large and increasingly growing demand or market for goods present higher chances
for business growth and success.
• Good customer care: when a business practices good customer care towards all its customers, the number of
customers will increase, then the business will be able to make more profits thus leading to business growth.

3. Constraints to The Business Growth

Business failure is due to the number of factors some of which include the following:

• Unsuitable business location: business that is located in the areas that lack market, raw materials, cheap land
and labour, transport and communication, water and power facilities face high production cost lead to low
profit and consequently business collapses.

• Lack of market for business product: the business that lack customers to buy their products, consequently
this business fails.

• Production of low quality product: businesses that produce and offer low quality products that do not meet
customer’s expectations are outcompeted in market. Such businesses consequently close down.
• Death of the owner: when the owner dies especially when there is no one else to take over the business as it
was operated by the owner, the business assets are shared as inheritance.

• Poor management of the stock: failure to maintain adequate quantities and ready supply of the stock in the
business drives away the customers to other competitors and hence leading to lack of customers and market and
leading to the business failure.

• Misuse of business funds: diversion of business funds to other purposes that may have not been budgeted for
and not in line with business operations reduces business working capital which is the life blood of the
business.

• Poor business management: when there is inefficient utilization, absence of record keeping, wrong costing
and pricing methods, uncontrolled credit to customers and financial mismanagement among others eventually
make big losses and end up closing down.
• Theft of business assets: theft by either employees or thieves from outside the business organization lead to
the collapse of the business.

• Neglect of business by the owner or entrepreneur: many entrepreneurs make a mistake of neglecting their
businesses which do not match their personal characteristics or interests and reduce their commitment of
supervision, funding initiative and creativity. Such businesses collapse as a result of losing direction.

• Poor handling customers: most business operators have got poor customer care, that is, they do not treat
customers well. This has been a great obstacle to growth in most businesses. Poor handling customers can
cause a business to loose current, potential and future customers.

Customer service
Excellent

Average

Poor ˅
 • Insecurity: wars, theft and riots are examples of aspects that cause insecurity therefore hindering a business
from growing.

Indicators of business growth/success.

There are several indicators that may be used to measure business growth and in other way they show its stagnation or
decline.

a) Growth of assets
The business grow in assets if an entrepreneur compares the balance sheet of two periods and notices that there is
an increase in value of business assets.

b) Increase in number of branches

The establishment and opening of more branches of which the operations of business are covering more areas and
serving more customers.

c) Increase in tax paid

The amount of taxes paid indicates the growth in size

d) Increase in level of profits

As it is shown in income statement of the business after period of time; the increase of net profit indicates the growth of
business.

e) Increase in the number of employees

When the businesses grow, they increase the number of departments and employees to expand number of business
activities.

f) A growing customer base or Market share (size)

It is the percentage of total market in terms of sales volume that is served by particular enterprise. If the market share
increases for examples from 5% to 8% then the business is growing.

g) Improvement in technology used in the business

Most of the businesses start with simple technology but as the business expands they buy and use advanced technology.
It means business is growing.

h) Increase in Number and range of products

The indicator of business growth is when there is an increase in number of products which are produced and sold by the
business.

i) Capitalization
The amount of capital increases because of retained profit or additional funds injected by owners. Bigger capital
indicates business growth.
 j) Increase of Sales
If the total amount of money collected from sales is growing without an increase in unit price and because of the
increase in volume of sales it indicates the business growth

4. indicators of business failure

There are number of indicators one may use to tell whether a business is straggling or failing. These include the
following:

a) Low sales
b) Empty stock

c) Debt dependency
d) Low employees morale and high staff turnover
e) Late payment of bills
f) Reduced demand for products
g) Too many complaints from customers

h) No positive word of mouth.

TOPIC AREA 4: BUSINESS GROWTH AND ETHICS

SUB-TOPIC AREA 2: STANDARDISATION

UNIT 8: CONCEPT OF STANDARDISATION

1.Meaning of Concepts:
Standards: are published documents that provide for common and repeated use, rules, guidelines, specification
and procedures for activities or their results, aimed at ensuring products, services, processes and systems are
safe, reliable and consistently perform the way they were intended to. Standards are established by consensus
and approved by recognized body.
 Standards are applied to many materials (paints), products (nail clippers), methods (wiring a house), and
services (travel information).

Standardization: is the process of formulation, publication and implementation of standards and regulations for
common and repeated use. This is aimed at achieving optimum degree of order or uniformity in a given
context, discipline or field.

Standards harmonization: is the process of minimizing redundant or conflicting standards which may have
involved independently.

The goal is to find commonalities (sharing features and attributes), identify critical requirements that need to be
retained, and provide common standards.

Standards organization, standards body, or standards setting organization: is an organization authorized to

endorse (approve) official standards for a given applications. A standard body can be public or private sector,
domestic or international.

Its primary activities are proposing, developing, establishing, coordinating, monitoring, revising, amending and
interpreting voluntary standards.the national standards body in Rwanda is Rwanda Standards Board (RSB).

Rwanda is Rwanda Standards Board (RSB).

RSB is the national standard body in Rwanda that is

responsible for the development of national standards
and conformity assessment.

Objectives of Rwanda Standards Board

1. To ensure that competent and skilled human resources personnel is involved in production.
2. To develop a quality culture for the application of quality management system in public and private institutions.
3. To strengthen and harmonise the enforcement of national quality control systems.
4. To have a harmonized system for standard development.
 5. To establish and maintain a recognized national system of standards.

RSB comprises of four divisions namely:

1. National Standards Divisions

2. National Quality Testing Laboratories

3. National Metrology Services

4. National Certification Division
Use of standards

Standards are used in:

a) Inspection (imports, market surveillance, industry)

Inspection of a vehicle at Remera

b) Testing laboratories

c) Certification (products and systems)

d) Calibration and verification

Petrol dispenser Water meter

2.Importance of standardization
The following are the benefits of standardization.

• Improved health and safety

• Compatibility and operability: ability of devices to work together relies on the products and services
complying with standards.
• Transfer of technology: standardization provides a solid foundation upon which new technologies are
developed and enhances existing practices.
 • Product varieties: standards provide foundations for new features and options. Mass production based on
standards provide a greater variety of accessible products to consumers.
• Linking countries: standards link the countries of the world by ensuring that products manufactured in one
country can be sold and used in another.
• Supporting innovation: standards encourage the sharing of best practice, so designers can focus on developing
better products.
• It helps in elimination of poor quality products
• It also helps in dispute resolution
• Balancing the needs of producer and user It helps in quality improvement.

3.Subjects, levels and fields of standards.

Subjects and field of standardisation.

• Engineering.
• Industry.
• Commerce.
• Science.
• Education.
• Transport.
• Housing/building.
• Food.
• Agriculture.
• Forestry.
• Textiles.
• Chemicals.

Levels of standardization Standardization

can be:

a.National standardization: Standardization that takes place at the level of one specific country. National
standardization is done by a national standards body which is established by the national government of a given
country.

For example, Rwanda Standards Board is the national standard body of Rwanda. RSB is responsible for development of
national standards and conformity assessment as well as management of all standards bodies in the country.

Example of standards bodies in Rwanda are:

• Rwanda Environmental Management

Authority (REMA)
• Ministry of Health
 • Rwanda Development Board
• Rwanda National Police
• Ministry of Agriculture and Animal
Resources

RDB is in charge of inspection of hotels and food

establishment.

National standards bodies of Rwanda’s neighbors

BURUNDI: The Bureau Burundais de Normalisation et Controle de la Qualite (BBN)

UGANDA: Uganda National Bureau of Standards (UNBS)

TANZANIA: Tanzania Bureau of Standards (TBS)

DEMOCRATIC REPUBLIC OF CONGO: The Office Congolais de Controle (OCC)

b.Regional standardization: Standardization in which involvement is open to relevant bodies from countries from
only one geographical, political or economic area of the world.

The role of regional standards bodies include:

• Promote regional peace and stability

• Accelerate the economic growth, social progress and cultural development in the region.

Example of regional standards bodies include:

• East African Community Standards

• East African Accreditation Board (EAAB)
• Inter-Africa Metrology System (AFRIMETS)
• European Committee for Standardisation
• Pan American Standards Commission
• Pacific Area Standards Congress (PASC)
• East African Standards Organization
• African Organization for Standardization (ARSO)

c.International standardization:
International standards are developed by international
standards organisations, such as the international
standards organization
 (ISO). Standardization in which involvement is open to relevant bodies from all countries.
It establishes and maintains international standards and related activities in the
world.
ISO logo, ISO is an international standards body.

Examples of international standards organisations are:

• International Electro-Technical Commission (IEC)
• International Organisation for Standardisation (ISO)
• Website Standards Association (WSA)
• World Health Organisation (WHO)

4.Types of standards
There are various types of standards. they include:

a. Basic standards

Standard that has a wide-ranging coverage or contains general provisions for one particular field.

A basic standard may function as a standard for direct application or as a basis for other standards.

b. Terminology standard

Standard that is concerned with terms, usually accompanied by their definitions, and sometimes by explanatory notes,
illustrations, examples, etc.
c. Test and measurement standard

Standard that is concerned with test methods, sometimes supplemented with other provisions related to testing such as
sampling, use of statistical methods, sequence of tests

d. Product standard

Standard that specifies requirements to be fulfilled by a product or a group of products, to establish its fitness for
purpose.

e. Process standard

Standard that specifies requirements to be fulfilled by a process, to establish its fitness for purpose. f.Service

standard

Standard that specifies requirements to be fulfilled by a service, to establish its fitness for purpose.

g) Performance standards: these are standards on how a product is supposed to function. For example, a
performance standard on the speed of Toyota Corora E per hour, along with test method to determine if the
meets the requirements.
h) Design standards: these define characteristics or how the product is to be built.

REFFERENCE:
Richard Barekye and Alele Kevin (2016). Entrepreneurship For Rwandan Schools Senior 1, Kenya, East
African Educational Publishers Ltd.