What is ICB Entrepreneurship all about?

An ICB Business Management Course (Entrepreneurship) equips students with the skills and knowledge to start and run a business successfully from scratch.

The ICB no longer offers the Entrepreneurship Programme as a stand-alone subject since the 2022 – 2023 academic year. The ICB Entrepreneurship Programme has been incorporated into the ICB Business Management Programme. Here are some of the skills and knowledge that Entrepreneurship studies equip students with:

  • Becoming an Entrepreneur
  • Financing and planning a business
  • Formalising a business
  • Getting business logistics on track
  • Costing and financial techniques
  • Budgeting, cash control and forecasting
  • Working with SARS (South African Revenue Services)
  • Introduction to computing
  • Working with Internet and email
  • Entrepreneurship and SMME’s (Small, Medium and Macro Enterprises) 
  • The new business venture and getting started
  • Entrepreneurial management functions
  • Leading a small business
  • Marketing and advertising
  • An Introduction to economics
  • Economic systems and how the economy works
  • The entrepreneurial revolution
  • The entrepreneurial process
  • Introduction to strategic management
  • Global Human resource management: mentorship and training

What Course Is Best For Entrepreneurship?

The ICB Business Management Programme is the best course for Entrepreneurship. The Programme consists of the following courses, which build on each other: 

Small Business Financial Management: ICB National Certificate

This is the introductory course of the ICB Business Management Programme.  It equips students with the skills and knowledge to run and manage a business. Here are the requirements for studying this course: 

  • Grade 11 or complete our ICB Bridging Course (Bookkeeping: ICB National Certificate)
  • Be at least 16 years or older
  • Be comfortable studying through distance learning
  • Understand, read and write in English

Office Administration – Business Management: ICB Higher Certificate

This is the intermediate course of the ICB Business Management Programme.  It equips students with the skills and knowledge to manage and run a business office.  Here are the requirements for studying this course: 

Financial Accounting – Business Management: ICB National Diploma

This is the final course of the ICB Business Management Programme.  It equips students with the skills and knowledge to manage and run the finance of a business. Here are the requirements for studying this course: 

What Are The Subjects In Entrepreneurship?

Here are the subjects that you will study in the ICB Business Management Courses

COURSESUBJECTS
Small Business Financial Management: ICB National Certificate
  • Business Management 1
  • Bookkeeping To Trial Balance
  • Business Literacy
Office Administration – Business Management: ICB Higher Certificate
  • Business Management 2 
  • Marketing Management and Public Relations 
  • Financial Statements 
  • Human Resources Management and Labour Relations 
  • Office and Legal Practice 
Financial Accounting – Business Management: ICB National Diploma
  • Business Management 3
  • Financial Management and Control
  • Financial Reporting and Regulatory Frameworks
  • Research Theory and Practice

What Are The Key Responsibilities Of An Entrepreneur?

Here are (10) ten key responsibilities of an Entrepreneur:

  1. Creates and manages a business
  2. Recruits and hires employees
  3. Plan the company’s strategy
  4. Develops the company’s goals
  5. Identifies business opportunities
  6. Builds strategic partnerships
  7. Sales and marketing
  8. Budgeting and finance

Creates And Manages The Business

Entrepreneurship can be an interesting career path to take because it is not just about creating a product or service. It is also about being able to identify opportunities in the market before anyone else does. Here are some of the qualities that an Entrepreneur needs in order to succeed:

  • Confident
  • Strong work ethic
  • Ambition to succeed
  • Business acumen
  • Creativity
  • Resilient
  • Problem-solving skills
  • Good finance management skills
  • Focused 

Recruits And Hires Employees

As an Entrepreneur, you will need to know how to attract, hire and retain the best human resources for your business. The success of any business is largely dependent on the competency of its employees. It is therefore essential that you use the knowledge that you will have acquired to conduct effective interviews and assess employees’ skill sets.

Plan The Company’s Strategy

The direction that the business takes is your responsibility as an Entrepreneur. Your strategic plan can make or break the business. One main definition of entrepreneurship is something that takes place when people take risks to generate new products or services. 

This is different from relying on something already in existence without risking anything. Entrepreneurs are game changers and their vision drives the strategy.

Develops The Company’s Goals

Another important role of an Entrepreneur is to set long and short-term business goals. Tied to the goals are the action plans that will need to be implemented to achieve the goals. The goals that you set as an Entrepreneur must be SMART. They must have the following characteristics:

  • Specific
  • Measurable
  • Achievable
  • Relevant 
  • Time-bound 

Identifying Business Opportunities

Entrepreneurs are always actively looking for business opportunities that can grow or boost sales for their business. For example, identifying a product that can be added to the market or a market to which the business can expand. This can involve processes such as the following:

  • Competitor analysis
  • Customer survey
  • Physical survey
  • Market research

Building Strategic Partnerships

An Entrepreneur must create a business environment where partnerships can thrive. Partnerships help in making businesses succeed. Creating strategic partnerships can help entrepreneurs make better decisions for their companies and even obtain more capital.

Sales And Marketing

An Entrepreneur start a business with an idea, and a mission to provide valuable services or products to customers. It is important that the Entrepreneur is in a position to sell and market the product or service. There is no better person who can perform that duty than the person who originated the business idea.   

Budgeting And Finance

An Entrepreneur’s financial budget is where he/she deals with income and expenditure. However, at the commencement of the business, the Entrepreneur will have to decide on how much to spend on items such as: 

 

  • Capital equipment
  • Rent
  • Salaries
  • Marketing and Advertising
  • Stationery

What Are The Benefits Of Entrepreneurship?

Here are some of the benefits of becoming an Entrepreneur:

  • Be your own boss
  • No fixed income
  • Choose when and where to work
  • Do what you love
  • Personal growth and development
  • Rewarding and fulfilling
  • Provision of employment opportunities
  • Introduction of new products and services
  • Develop skills in other areas of business
  • Great networking opportunities

How Do I Know If I Am An Entrepreneur?

You can be an entrepreneur if you possess the following traits:

  • You are a constant achiever
  • You like to be in control
  • You take risks
  • You enjoy working for yourself
  • You are an action taker
  • You are good with money
  • You ask questions
  • You are curious
  • You see the bigger picture

What Are The 5 C’s Of Entrepreneurship?

Here are the (5) Five C’s of Entrepreneurship: 

  • Character – The team should prove that they are trustworthy
  • Cash Flow – It should be a profitable business
  • Collateral –  The business must offer some assets that can cover in case of insolvency
  • Capital –  A healthy financial status of the business is a must
  • Conditions – Highlight the good conditions that can help the business in to prosper

Author: Collin Wilbesi
Editor: Sive Ncanywa
Date: September 15 , 2022