Starting your business & Idea evaluation

Kofi Kyeremateng Nyanteng
Kofi Kyeremateng NyantengCEO, Senior Consultant at Yacar-Yacara Consults um YACAR-YACARA CONSULTS

This is a step-by-step manual for facilitators in teaching entrepreneurship.

Yacar-Yacara Consults
ENTREPRENEURSHIP
&
MANAGEMENT SKILLS
Kofi Kyeremateng Nyanteng
(Yacar-Yacara Consults)
yacaraconsults@yahoo.com
+233501377013
Training Manual
FOR
ASSEMBLIES OF GOD, GHANA
ASHANTI REGIONAL YOUTH CAMP 2015
1 | Y a c a r - Y a c a r a C o n s u l t s
MODULE 1
EVOLUTION OF ENTREPRENEURSHIP
Module objectives
o To understand entrepreneurship
o To understand the biblical foundation for entrepreneurship
o To orient and expose the youth to business and self-employment
Module content
o Definition of entrepreneurship
o Evolution of entrepreneurship (the biblical concept)
o Why entrepreneurship (the biblical perspective)
o Definition of an entrepreneur
o Entrepreneurs in the bible
o Self-employment vs wage employment
o The need for youth entrepreneurship / self-employment
2 | Y a c a r - Y a c a r a C o n s u l t s
1.1 What is entrepreneurship?
i. Entrepreneurship refers to identifying/innovating ideas, product and services;
mobilizing resources; organizing production/service and finally, marketing them with
constant strive for growth and excellence.
ii. The process of identifying opportunities in the market place, arranging the resources
required to pursue these opportunities and investing the resources to exploit the
opportunities for long term gains. It involves creating wealth by bringing together
resources in new ways to start and operate an enterprise.
iii. The processes through which individuals become aware of business ownership then
develop ideas for, and initiate a business.
iv. The art of identifying viable business opportunitiesand mobilisingresources to
convert those opportunities into a successful enterprise through creativity, innovation,
risk- taking and progressive imagination”
Question 1: What are the prevailing key words in the definitions?
1.2 Who is an entrepreneur?
An entrepreneur is any person who creates and develops a business idea and takes the risk of
setting up an enterprise to produce a product or service which satisfies customer needs.
Entrepreneur refers to the person and entrepreneurship defines the process.
Both men and women can be successful entrepreneurs; it has nothing to do with gender.
An entrepreneur is an individual who:
 Has the ability to identify and pursue a business opportunity;
 Undertakes a business venture;
 Raises the capital to finance it;
3 | Y a c a r - Y a c a r a C o n s u l t s
 Gathers the necessary physical, financial and human resources needed to operate the
business venture;
 Sets goals for him/herself and others;
 Initiates appropriate action to ensure success; and
 Assumes all or a major portion of the risk
1.3 The biblical foundation of entrepreneurship
The creation of man
Ge 1:28 Then God blessed them, and God said to them, "Be fruitful and multiply; fill the
earth and subdue it; have dominion over the fish of the sea, over the birds of the air, and over
every living thing that moves on the earth. 29" And God said, "See, I have given you every
herb that yields seed which is on the face of all the earth, and every tree whose fruit yields
seed; to you it shall be for food. 30 "Also, to every beast of the earth, to every bird of the air,
and to everything that creeps on the earth, in which there is life, I have given every green
herb for food"; and it was so. 31 Then God saw everything that He had made, and indeed it
was very good. So the evening and the morning were the sixth day.
1.4 The problem:
After God had finished creating all things, he identified a problem. The problem was how the
resources were going to be useful for other purposes. The dominion mandate is the genesis of
“entrepreneurship”.
 God is the origin of entrepreneurship.
 God is the first entrepreneur.
 Adam became the first man to start doing business.
4 | Y a c a r - Y a c a r a C o n s u l t s
1.5 Why entrepreneurship (the biblical perspective)
The purpose of entrepreneurship is to solve man’s problem with God’s given resources.
Christian youth entrepreneurship is needed to solve Ghana’s unemployment problems
1.6 Entrepreneurs in the bible
 Adam
 Abraham
 Noah
 Jacob, etc.
1.7 Self-employment vs wage employment
Variables Self-employment Wage employment
i. Income No limit Restricted
ii. Responsibility More Absent
iii. Creativity Unlimited and rewarding Limited and sometimes not
recognised/rewarded
iv. Freedom Unlimited Limited
v. Scope for
implementation
vi. of own thoughts
Full freedom to do so Limited freedom to do so
vii. Satisfaction,
happiness
Available in plenty Scarcely available
viii. Contribution church,
ix. society, nation
Directly and in more
proportion
Indirectly and less proportion
5 | Y a c a r - Y a c a r a C o n s u l t s
MODULE 2
OPPORTUNITY IDENTIFICATION, ANALYSIS AND
SELECTION
- STARTING THE BUSINESS -
Module objectives
To objectives of this module are:
o To generate and identify real business ideas
o To evaluate business ideas
o To convert ideas to opportunities
o To select viable and sustainable business opportunities
o To start their own businesses
Module content
o Ideas vs. opportunities
o Ideas generation
o Opportunity identification
o Opportunity evaluation
o Opportunity selection
o Opportunity implementation
o Sources of fund
6 | Y a c a r - Y a c a r a C o n s u l t s
2.1 What is business?
Businesses are activities that provide goods and/or services in exchange for money or other
goods and services.
2.2 Types of businesses
 Designing - buildings, gardens, paths, posters, etc.
 Manufacturing or producing - goods like clothing or furniture, or parts of good to be
used by others to make complete goods, such as processing paper to make books
 Supply and distribution - moving goods from producer to client
 Selling - retailing – buying from a producer or another intermediary business and
selling to the consumer, or wholesaling – buying from a business and selling to other
retailers or repair businesses
 Installing - fitting or connecting the product to the customer’s home or business
 Repairing - restoring broken or defective goods to working order
 Service industries - tourism, information and communication services, leisure
activities, etc.
“Every business is birthed out of an idea which was transformed into an opportunity”
2.3 What is a business idea?
Every business is born from an idea. Idea is the source of every business
“A business idea is a short and precise description of the basic operations of an intended
business.”
A good business starts with a good business idea. Before an idea becomes good for business
it must become an opportunity. A good idea is nothing more than a tool in the hands of an
entrepreneur. Finding a good idea is the first of many steps in the process of converting an
entrepreneur’s creativity into an opportunity.
7 | Y a c a r - Y a c a r a C o n s u l t s
2.4 Generating a business idea
Business ideas are identified through positive, creative thinking. They can come from
different sources such as ideas built on local resources, local needs, local activities, interests
and hobbies.
Before a business begins it goes through two fundamental stages; problem identification and
solution generation.
i. Stage 1: Problem identification
Every business exists to solve a specific problem. Identifying and defining a problem is the
first step in generating a business idea.
How do we identify potential business problems?
 Research
 Brainstorming
 Brain writing
 Mind-mapping
 Through conversations
 Observations, etc.
Reflection - What problems can we identify in our:
a) Homes
b) Schools
c) Neighbourhood / Communities
d) Churches
e) Workplaces
8 | Y a c a r - Y a c a r a C o n s u l t s
ii. Stage 2: Solution generation
Every problem has a solution. The solution to every problem is a potential business idea.
To solve problems, solutions (ideas) must be generated. The process of generating solutions /
ideas is CREATIVITY.
2.5 Evaluating and selecting ideas
Before a problem can be solved, there should be an application of a solution. Prior to
selecting the best from the alternatives, all possible solutions must be evaluated. The best
option must be selected.
The best option becomes a business opportunity.
Not every idea is an opportunity. A good idea does not always translate into an opportunity.
Finding a good idea is the first step in the task of converting an entrepreneur’s CREATIVITY
into an OPPORTUNITY.
For an idea to be an opportunity it must be:
 Attractive
 Sustainable
 Timely
 Packaged into a product or service,
Finding good ideas and converting them into opportunities is a conscious, deliberate and
creative process. Business opportunities can arise when entrepreneurs use their skills,
expertise or aptitude to provide a product or service to the market.
9 | Y a c a r - Y a c a r a C o n s u l t s
Business Idea evaluation score sheet
Strongly Disagree 0 1 2 3 4 5 6 7 8 9 10 Strongly Agree
Idea 1 Idea 2 Idea 3
There is a real need for it
All the advantages or benefits of the idea have been
considered
You have the prerequisite skills to implement the idea
The exact problems or difficulties the idea is expected to
solve is known
Immediate or short range gains or results can be
anticipated
The projected returns are adequate
The risk factors acceptable
Faults or limitations have been checked
Customers can afford it
Customers will buy it
The idea can be implemented soon
2.6 Model for Starting a business
Source: Author’s Own Construct
Business problem
identification
Business Idea
generation
Business idea
evaluation
Business idea
conversion
(opportunity)
10 | Y a c a r - Y a c a r a C o n s u l t s
MODULE 3
BUSINESS PLANS AND BUSINESS PLANNING
- MANAGING THE SMALL BUSINESS PART 1 –
Module objectives
To objectives of this module are:
o To understand small business planning
o To understand the types of business plan
o To understand the purpose of business plans
Module content
o Overview of Business planning
o Business plans
o Types of business plans
o Benefits of the various business plans
o Benefits of business planning
11 | Y a c a r - Y a c a r a C o n s u l t s
The content of this module and the remaining 5 modules are intentionally left blank
12 | Y a c a r - Y a c a r a C o n s u l t s
ENTREPRENEURSHIP AND MANAGEMENT SKILLS
MODULE ONE DISCUSSIONS
1. What is entrepreneurship?
2. How did entrepreneurship start?
3. What is the purpose and benefits of entrepreneurship?
13 | Y a c a r - Y a c a r a C o n s u l t s
4. Who is an entrepreneur?
5. What are some of the major differences between self-employment and wage
employment?
14 | Y a c a r - Y a c a r a C o n s u l t s
ENTREPRENEURSHIP AND MANAGEMENT SKILLS
MODULE TWO DISCUSSIONS
1. What is business?
2. What is a business idea?
3. What are the steps in generating business ideas?
4. How can we identify problems to start businesses?
15 | Y a c a r - Y a c a r a C o n s u l t s
5. Where can we identify problems to start a business?
6. Explain a business opportunity?
16 | Y a c a r - Y a c a r a C o n s u l t s
GROUP PROJECT
Identify a business opportunity in and explain why the region should support that
business opportunity.
Use the model that has been learnt
Yacar-Yacara Consults
BUSINESS IDEA SELECTION SCORE SHEET
Variables Idea 1 Idea 2 Idea 3 Idea 4
There is a real need for it
All the advantages or benefits of the idea have been considered
You have the prerequisite skills to implement the idea
The exact problems or difficulties the idea is expected to solve is known
Immediate or short range gains or results can be anticipated
The projected returns are adequate
The risk factors are acceptable for start up
Faults or limitations have been checked
Customers can afford it
Customers will buy it
The idea can be implemented soon
TOTAL SCORE
Score on a scale of 1 – 10 for each idea based on the variables. After scoring, sum up all the values and find out the total score for each column.
The column with the highest score is the most likely business opportunity (all things being equal).
Note: You can generate other variables for detailed opportunity analysis.
Yacar-Yacara Consults
About the trainer
Kofi Kyeremateng Nyanteng is a researcher, strategist and analyst. Nyanteng is adept in
strategic planning, leadership, business analysis, research and analytics, feasibility studies as
well as investment analysis. As a skilled facilitator, he has organized and facilitated
management and leadership training workshops for organisations in the Private, Non-Profit
and Public sectors in the continent of Africa. As a management services provider to the
National Board for Small Scale Industries (NBSSI), Ghana, Nyanteng has built the capacities
of SMEs in management and leadership.
Nyanteng is the CEO of Yacar-Yacara Consults (Strategy, Research & Analytics and
Training), Ghana, and the current Consumer Engagement Director for X-Culture Alumni
Association, Africa.
Photocopies of this document without written or verbal permission of Kofi Kyeremateng
Nyanteng (Yacar-Yacara Consults) is prohibited

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Starting your business & Idea evaluation

  • 1. Yacar-Yacara Consults ENTREPRENEURSHIP & MANAGEMENT SKILLS Kofi Kyeremateng Nyanteng (Yacar-Yacara Consults) yacaraconsults@yahoo.com +233501377013 Training Manual FOR ASSEMBLIES OF GOD, GHANA ASHANTI REGIONAL YOUTH CAMP 2015
  • 2. 1 | Y a c a r - Y a c a r a C o n s u l t s MODULE 1 EVOLUTION OF ENTREPRENEURSHIP Module objectives o To understand entrepreneurship o To understand the biblical foundation for entrepreneurship o To orient and expose the youth to business and self-employment Module content o Definition of entrepreneurship o Evolution of entrepreneurship (the biblical concept) o Why entrepreneurship (the biblical perspective) o Definition of an entrepreneur o Entrepreneurs in the bible o Self-employment vs wage employment o The need for youth entrepreneurship / self-employment
  • 3. 2 | Y a c a r - Y a c a r a C o n s u l t s 1.1 What is entrepreneurship? i. Entrepreneurship refers to identifying/innovating ideas, product and services; mobilizing resources; organizing production/service and finally, marketing them with constant strive for growth and excellence. ii. The process of identifying opportunities in the market place, arranging the resources required to pursue these opportunities and investing the resources to exploit the opportunities for long term gains. It involves creating wealth by bringing together resources in new ways to start and operate an enterprise. iii. The processes through which individuals become aware of business ownership then develop ideas for, and initiate a business. iv. The art of identifying viable business opportunitiesand mobilisingresources to convert those opportunities into a successful enterprise through creativity, innovation, risk- taking and progressive imagination” Question 1: What are the prevailing key words in the definitions? 1.2 Who is an entrepreneur? An entrepreneur is any person who creates and develops a business idea and takes the risk of setting up an enterprise to produce a product or service which satisfies customer needs. Entrepreneur refers to the person and entrepreneurship defines the process. Both men and women can be successful entrepreneurs; it has nothing to do with gender. An entrepreneur is an individual who:  Has the ability to identify and pursue a business opportunity;  Undertakes a business venture;  Raises the capital to finance it;
  • 4. 3 | Y a c a r - Y a c a r a C o n s u l t s  Gathers the necessary physical, financial and human resources needed to operate the business venture;  Sets goals for him/herself and others;  Initiates appropriate action to ensure success; and  Assumes all or a major portion of the risk 1.3 The biblical foundation of entrepreneurship The creation of man Ge 1:28 Then God blessed them, and God said to them, "Be fruitful and multiply; fill the earth and subdue it; have dominion over the fish of the sea, over the birds of the air, and over every living thing that moves on the earth. 29" And God said, "See, I have given you every herb that yields seed which is on the face of all the earth, and every tree whose fruit yields seed; to you it shall be for food. 30 "Also, to every beast of the earth, to every bird of the air, and to everything that creeps on the earth, in which there is life, I have given every green herb for food"; and it was so. 31 Then God saw everything that He had made, and indeed it was very good. So the evening and the morning were the sixth day. 1.4 The problem: After God had finished creating all things, he identified a problem. The problem was how the resources were going to be useful for other purposes. The dominion mandate is the genesis of “entrepreneurship”.  God is the origin of entrepreneurship.  God is the first entrepreneur.  Adam became the first man to start doing business.
  • 5. 4 | Y a c a r - Y a c a r a C o n s u l t s 1.5 Why entrepreneurship (the biblical perspective) The purpose of entrepreneurship is to solve man’s problem with God’s given resources. Christian youth entrepreneurship is needed to solve Ghana’s unemployment problems 1.6 Entrepreneurs in the bible  Adam  Abraham  Noah  Jacob, etc. 1.7 Self-employment vs wage employment Variables Self-employment Wage employment i. Income No limit Restricted ii. Responsibility More Absent iii. Creativity Unlimited and rewarding Limited and sometimes not recognised/rewarded iv. Freedom Unlimited Limited v. Scope for implementation vi. of own thoughts Full freedom to do so Limited freedom to do so vii. Satisfaction, happiness Available in plenty Scarcely available viii. Contribution church, ix. society, nation Directly and in more proportion Indirectly and less proportion
  • 6. 5 | Y a c a r - Y a c a r a C o n s u l t s MODULE 2 OPPORTUNITY IDENTIFICATION, ANALYSIS AND SELECTION - STARTING THE BUSINESS - Module objectives To objectives of this module are: o To generate and identify real business ideas o To evaluate business ideas o To convert ideas to opportunities o To select viable and sustainable business opportunities o To start their own businesses Module content o Ideas vs. opportunities o Ideas generation o Opportunity identification o Opportunity evaluation o Opportunity selection o Opportunity implementation o Sources of fund
  • 7. 6 | Y a c a r - Y a c a r a C o n s u l t s 2.1 What is business? Businesses are activities that provide goods and/or services in exchange for money or other goods and services. 2.2 Types of businesses  Designing - buildings, gardens, paths, posters, etc.  Manufacturing or producing - goods like clothing or furniture, or parts of good to be used by others to make complete goods, such as processing paper to make books  Supply and distribution - moving goods from producer to client  Selling - retailing – buying from a producer or another intermediary business and selling to the consumer, or wholesaling – buying from a business and selling to other retailers or repair businesses  Installing - fitting or connecting the product to the customer’s home or business  Repairing - restoring broken or defective goods to working order  Service industries - tourism, information and communication services, leisure activities, etc. “Every business is birthed out of an idea which was transformed into an opportunity” 2.3 What is a business idea? Every business is born from an idea. Idea is the source of every business “A business idea is a short and precise description of the basic operations of an intended business.” A good business starts with a good business idea. Before an idea becomes good for business it must become an opportunity. A good idea is nothing more than a tool in the hands of an entrepreneur. Finding a good idea is the first of many steps in the process of converting an entrepreneur’s creativity into an opportunity.
  • 8. 7 | Y a c a r - Y a c a r a C o n s u l t s 2.4 Generating a business idea Business ideas are identified through positive, creative thinking. They can come from different sources such as ideas built on local resources, local needs, local activities, interests and hobbies. Before a business begins it goes through two fundamental stages; problem identification and solution generation. i. Stage 1: Problem identification Every business exists to solve a specific problem. Identifying and defining a problem is the first step in generating a business idea. How do we identify potential business problems?  Research  Brainstorming  Brain writing  Mind-mapping  Through conversations  Observations, etc. Reflection - What problems can we identify in our: a) Homes b) Schools c) Neighbourhood / Communities d) Churches e) Workplaces
  • 9. 8 | Y a c a r - Y a c a r a C o n s u l t s ii. Stage 2: Solution generation Every problem has a solution. The solution to every problem is a potential business idea. To solve problems, solutions (ideas) must be generated. The process of generating solutions / ideas is CREATIVITY. 2.5 Evaluating and selecting ideas Before a problem can be solved, there should be an application of a solution. Prior to selecting the best from the alternatives, all possible solutions must be evaluated. The best option must be selected. The best option becomes a business opportunity. Not every idea is an opportunity. A good idea does not always translate into an opportunity. Finding a good idea is the first step in the task of converting an entrepreneur’s CREATIVITY into an OPPORTUNITY. For an idea to be an opportunity it must be:  Attractive  Sustainable  Timely  Packaged into a product or service, Finding good ideas and converting them into opportunities is a conscious, deliberate and creative process. Business opportunities can arise when entrepreneurs use their skills, expertise or aptitude to provide a product or service to the market.
  • 10. 9 | Y a c a r - Y a c a r a C o n s u l t s Business Idea evaluation score sheet Strongly Disagree 0 1 2 3 4 5 6 7 8 9 10 Strongly Agree Idea 1 Idea 2 Idea 3 There is a real need for it All the advantages or benefits of the idea have been considered You have the prerequisite skills to implement the idea The exact problems or difficulties the idea is expected to solve is known Immediate or short range gains or results can be anticipated The projected returns are adequate The risk factors acceptable Faults or limitations have been checked Customers can afford it Customers will buy it The idea can be implemented soon 2.6 Model for Starting a business Source: Author’s Own Construct Business problem identification Business Idea generation Business idea evaluation Business idea conversion (opportunity)
  • 11. 10 | Y a c a r - Y a c a r a C o n s u l t s MODULE 3 BUSINESS PLANS AND BUSINESS PLANNING - MANAGING THE SMALL BUSINESS PART 1 – Module objectives To objectives of this module are: o To understand small business planning o To understand the types of business plan o To understand the purpose of business plans Module content o Overview of Business planning o Business plans o Types of business plans o Benefits of the various business plans o Benefits of business planning
  • 12. 11 | Y a c a r - Y a c a r a C o n s u l t s The content of this module and the remaining 5 modules are intentionally left blank
  • 13. 12 | Y a c a r - Y a c a r a C o n s u l t s ENTREPRENEURSHIP AND MANAGEMENT SKILLS MODULE ONE DISCUSSIONS 1. What is entrepreneurship? 2. How did entrepreneurship start? 3. What is the purpose and benefits of entrepreneurship?
  • 14. 13 | Y a c a r - Y a c a r a C o n s u l t s 4. Who is an entrepreneur? 5. What are some of the major differences between self-employment and wage employment?
  • 15. 14 | Y a c a r - Y a c a r a C o n s u l t s ENTREPRENEURSHIP AND MANAGEMENT SKILLS MODULE TWO DISCUSSIONS 1. What is business? 2. What is a business idea? 3. What are the steps in generating business ideas? 4. How can we identify problems to start businesses?
  • 16. 15 | Y a c a r - Y a c a r a C o n s u l t s 5. Where can we identify problems to start a business? 6. Explain a business opportunity?
  • 17. 16 | Y a c a r - Y a c a r a C o n s u l t s GROUP PROJECT Identify a business opportunity in and explain why the region should support that business opportunity. Use the model that has been learnt
  • 18. Yacar-Yacara Consults BUSINESS IDEA SELECTION SCORE SHEET Variables Idea 1 Idea 2 Idea 3 Idea 4 There is a real need for it All the advantages or benefits of the idea have been considered You have the prerequisite skills to implement the idea The exact problems or difficulties the idea is expected to solve is known Immediate or short range gains or results can be anticipated The projected returns are adequate The risk factors are acceptable for start up Faults or limitations have been checked Customers can afford it Customers will buy it The idea can be implemented soon TOTAL SCORE Score on a scale of 1 – 10 for each idea based on the variables. After scoring, sum up all the values and find out the total score for each column. The column with the highest score is the most likely business opportunity (all things being equal). Note: You can generate other variables for detailed opportunity analysis.
  • 19. Yacar-Yacara Consults About the trainer Kofi Kyeremateng Nyanteng is a researcher, strategist and analyst. Nyanteng is adept in strategic planning, leadership, business analysis, research and analytics, feasibility studies as well as investment analysis. As a skilled facilitator, he has organized and facilitated management and leadership training workshops for organisations in the Private, Non-Profit and Public sectors in the continent of Africa. As a management services provider to the National Board for Small Scale Industries (NBSSI), Ghana, Nyanteng has built the capacities of SMEs in management and leadership. Nyanteng is the CEO of Yacar-Yacara Consults (Strategy, Research & Analytics and Training), Ghana, and the current Consumer Engagement Director for X-Culture Alumni Association, Africa. Photocopies of this document without written or verbal permission of Kofi Kyeremateng Nyanteng (Yacar-Yacara Consults) is prohibited