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TEACHER’S GUIDE

SUBJECT                :            ENTREPRENEURSHIP EDUCATION

TOPIC                        :        SUCCESS IN BUSINESS

SUBTOPIC                :        MEANING OF SUCCESS IN BUSINESS

CLASS                        :       SENIOR ONE

TIME REQUIRED        :         MINIMUM 560 min (14 LESSONS), MAXIMUM 640 MINUTES (16 LESSONS)[pic 1]

Introduction

People often start a business expecting it to be successful. There are many reasons for opening up a new business. Some people desire to earn incomewhile others seek to be self-employed. However, the performance of business varies from one business to another. While one businessperson may be successful, another may be a poor performer or at worst a failure. The factors that affect the success or failure of a business are numerous. In this unit, we shall discuss the meaning of success in business, factors leading to success in business, benefits of a successful business to an entrepreneur and factors that lead to business failure. The unit will conclude with a discussion of the common management- related mistakes which cause business failure and indicators of a business that is not doing well.

Content and Concepts  

• Meaning of success in business.
• Factors leading to success in business.
• Benefits of a successful business to an entrepreneur.
• Factors t leads to business failure.
• Common management-related mistakes that cause business failure.
• Indicators of a business that is not doing well.

By the end of this topic, students should be able to:

1. Define the meaning of success in business.
2. Discuss the factors leading to success in business.
3. Outline the benefits of a successful business to an entrepreneur.
4. Discuss the factors that lead to business failure.
5. Outline the common management mistakes that cause business failure.
6. Identify the indicators of a business that is not doing well.

Teaching/Learning Materials, Activities and Guidance

• Markers
• Flip charts

Job Related Life Skills

Demonstrate through activities the necessary job related life skills, namely:

1. Personal attributes – self confidence, self awareness, hard work, enthusiasm, being imaginative,
2. Communication – ability to read, write, listen and speak in appropriate ways to different audiences. Learn and apply general and specialised vocabulary.
3. Team working – task oriented, Problem solving – Budgeting and decision making
4. Application of Number – Numerical skills.
5. Information skills – Record keeping

1.1 Meaning of success in business

Success is the realisation of a worthy intention. This means that one becomes successful each time he/she takes a step towards achieving a predetermined goal, objective or target. For example a business can be said to be successful if it is expanding its market share and increasing its profits.