ENTREPRENEURSHIP Notes, Quizzes & Revision

What is entrepreneurship? 💡

Entrepreneurship is the process of creating, developing and running a small business to meet a need or solve a problem. An entrepreneur organises resources (time, money, people) to deliver a product or service and earns profit while creating value for customers and the community.

Why it matters in Kenya 🇰🇪

• Creates jobs for youth and reduces unemployment.
• Uses Kenya’s strengths: agriculture, mobile money (M-Pesa), tourism, ICT and informal trade.
• Encourages local solutions to local problems (e.g., affordable farm inputs, food processing).
• Can start small (kiosk, kiosk-to-online), scale up and link into SACCOs, chamas or formal markets.

Key traits of a good entrepreneur 🤝

Types of small businesses (suitable for age_replace) 🛒

• School-based businesses: selling stationery, snacks, photocopy services.
• Micro retail: kiosk/shop, fresh produce stall, mobile phone accessories.
• Service businesses: hairdressing, tailoring, digital services (social media help).
• Agribusiness: kitchen gardening, poultry, small-scale value addition (chopped fruit, drying).
• Online micro-business: social-media sales, courier partnerships, MTaaS (mobile top-up)

Simple step-by-step to start 📋

1. Idea — Pick something you can do and customers want (ask family/neighbours).
2. Research — Who are customers? What do competitors charge? Where to sell?
3. Small plan — List what you need, how much it will cost, how you will sell.
4. Finance — Use personal savings, family, chama, SACCO or microloan for startup.
5. Register & comply — Choose a business name; get KRA PIN; county single business permit if needed; food handlers’ license for food businesses.
6. Launch — Open, tell customers (posters, social media, word-of-mouth).
7. Record & improve — Keep sales and expense records and adjust prices/stock as needed.

Practical Kenyan steps and tips ✅

• Register a business name on eCitizen (simple sole proprietorship/startup step).
• Get a KRA PIN and understand basic tax obligations (PAYE for employees; turn-over tax for micro businesses may apply).
• Apply for the Single Business Permit at your county (small kiosks, food vendors generally need it).
• Use M-Pesa (Paybill or Till) to accept cashless payments — popular and trusted by customers.
• Join a chama/SACCO or table banking group to save and access loans.

Basic finance — money terms explained 💰

Records — a simple sales ledger 🧾

Simple marketing ideas 📣

• Use posters, local word-of-mouth and school noticeboards.
• Create a small WhatsApp/FB group for customers and share daily offers.
• Offer samples or small discounts to first-time buyers.
• Good service and friendly behaviour build repeat customers.

Common risks and how to reduce them ⚠️

• Low sales — do small market checks; adjust product or price.
• Theft — keep cash in till and deposit regularly to M-Pesa or bank.
• Poor quality — maintain hygiene, test products first.
• Unexpected costs — set aside a small emergency fund from profits.

A one-page business plan (quick) 📝

1. Business name & idea — what you will sell and to whom.
2. Start-up list & costs — what you need and how much (KES).
3. How you will sell — place, price and promotion.
4. How you will measure success — sales targets for first month.

Skills to practise (daily) 🔧

Mini activities and assessments (for age_replace)

• Create and sell a simple product (e.g., handmade bracelet or fried snacks) for one week; record sales and costs.
• Do a 1-page market survey: ask 10 people what they would pay and where they buy similar goods.
• Prepare a 1-page report: profit/loss, what worked and what to change next month.