GEOGRAPHY AND HISTORY

 Innovation can result from internal and external forces. INTERNAL FORCES 1. Unexpected occurrences. These can be failures or successes. It is through unexpected occurrences that new ideas are born from new information brought to light. 2. Incongruities This results from a company’s or industry’s perception and reality, for instance, the demand for steel continued to grow between 1950 and 1970, in the steel industry fell. This incongruity caused some innovators to develop a steel mill with a less expensive method of making steel. 3. Process needs These are innovations inspired to support some other products or process. For example, newspaper publishers devised advertisements to cover the expense of printing newspapers using the new printing equipment acquired. 4. Industry and market changes. Innovation is stimulated by changes in the market to meet the changing customer needs and to compete favorably with new products on market. EXTERNAL FORCES 1. Demographic forces This affects al...

 REWARDS FOR BEING AN ENTERPRENEUR 1. Self-actualization/personal fulfillment. 2. Feeling of freedom and independence. 3. Providing jobs and benefits others e.g suppliers, bankers, sub-contractors, work force and customers. 4. Creating economic value e.g products/services, incomes for workers, it’s for shareholders. COSTS OF BEING AN ENTREPRENEUR. The entrepreneur; 1. works long hours. 2. is always concerned about the business. 3. needs high energy. 4. sacrifices other important aspects of life. 5. has limited social life. 6. does not have much time with family and friends. 7. needs financial investment.

  In the business plan preparation, the entrepreneur is expected to have broken down all the contents of the plan under the following sub headings; 1. General description of the business. 2. Statement of mission, goals and objectives. 3. The Marketing plan 4. The Production plan 5. The Financial plan 6. The Organisational plan (Administrative/Management plan) 7. The Action plan General description of the business This involves giving summarized information about the business. Therefore general description of the business involves establishing the name, address and location of the business, the type of business being planned, the needs of the market it seeks to fulfill, a summary of how the intended business will be different from other businesses (uniqueness) as well as making an analysis of the strengths, weaknesses, opportunities and threats (SWOT) that the business is likely to face. Statement of mission, goals and objectives These are brief statements indicating why the busines...

 HERE ARE USERS OF A BUSINESS PLAN • Internal users 1. The entrepreneur and management It enables the entrepreneur to be aware of the variables that can affect the success or failure of his/her business. 2. Employees Business plan shows each employee’s duties and responsibilities which help them to work towards accomplishment of set goals/targets. Therefore workers use it to know where the business is going and their role in it. • External users 1. Financiers These include banks, individuals, investors, e.t.c that require the business plan to enable them understand the business itself, the type of products/services it is planning to produce, the nature of the market and qualifications of entrepreneur and management team (staff). 2. Suppliers With it, suppliers can extend trade credit which is a source of funds to the business. A well-presented business plan can be helpful in gaining the supplier’s trust and securing favourable credit terms. 3. Government Government departments...

 1. Through setting environmental standards to be observed by businesses. 2. By recycling of used products. 3. Through undertaking compulsory environment impact assessment of all new businesses. 4. Through conserving sources of raw materials, for instance by reforestation. 5. By looking for alternative packaging materials such as paper bags that can easily decompose and save the environment. 6. Through ensuring proper garbage disposal. 7. By conserving the soil through terracing, planting of trees mulching, e.t.c 8. Through treating of industrial wastes. 9. Through looking for alternative sources of energy, for instance, use of electricity, biogas to reduce deforestation. 10. By avoiding use of chemicals which are dangerous to plants, animals and human life. 11. By using silent machines and tools, for instance, silent generators. 12. By compensating those who may have been displaced from their respective home areas. 13. By providing workers working in businesses that discharge gase...

 HERE ARE SOLUTIONS TO BARRIERS HINDERING WOMEN PARTICIPATION IN ENTREPRENEURSHIP: 1. Raising general awareness of issues and modification of socialization patterns. 2. Providing equal educational facilities to both boys and girls. 3. Providing special incentives for girls to study science subjects. 4. Ensuring that job opportunities for women combine flexible work patterns and child care facilities. 5. Developing of career guidance sensitive to girls’ needs and making visible the existing successful women in science to serve as role models. 6. Upgrading science school facilities and adequate training of teachers. 7. Combining all science needs with special needs of rural women and girls. 8. Recognizing abilities/talents of girls by employers to avoid skill shortages. 9. Promoting women entrepreneurs in micro enterprises. 10. Directing and facilitating women entrepreneurs into high growth areas. 11. Reducing the administrative hurdles especially for women entrepreneurs. 12. Providi...

 1. Insured This is a person or company taking out insurance and is promised compensation by the insurance company in case of loss from the stated risks (pay premiums). 2. Insurer This is the insurance company giving protection to the insured’s property. It is the company that receives the premiums and guarantees protection to the insured. In Uganda, examples include National Insurance Company (NIC), Excel Insurance, e.t.c. 3. Premium This is the annual contribution made by the insured to the insurer. It forms a pool from which compensation is made to those who suffer losses. 4. Sum insured This is the total value of the property which the insured stands to lose in case of risk happening. It is therefore the value the insurer would compensate the insured in case of loss. 5. Risk This is the event against which the insured takes up an insurance contract. It is something that causes financial suffering once it occurs. For instance, machinery break downs, theft, fire, death, burglary,...