One of the most important module or topics in Mechanotechnology N3 is entrepreneurship module. The module helps students understand the importance of entrepreneurship. The module presents different things that an entrepreneur requires in order to start their own business.
Mechanotechnology N3 Entrepreneurship calculations
In as much as the module is out of date when compared to the current trends of entrepreneurship it still is important. In this post, I cover a section on the module which involves calculations.
The first and foremost thing to know is the definition of terms in Mechanotechnology N3.
Definition of terms:
Entrepreneurship refers to a situation where a person who as an entrepreneur:
• Creates a new business
• In the face of risk and uncertainty
• To achieve profit and growth
• This is done by identifying opportunities
• And assembling the necessary resources to use and to capitalize on these opportunities
Small business enterprise definition
The entrepreneur usually focuses on a small business enterprise. The small business enterprise is also known as sole ownership or one man business. A one man business is an undertaking where:
• One person has complete control
• The owner is the manager
• The owner provides his/her own capital from personal savings or loans
• The owner bears all risks and takes all the profits
• The owner is personally liable for all claims against the business
Calculations in entrepreneurship
As previously mentioned, as an entrepreneur it is important to be able to do your checks and balances. In other words, you need to know your money. This helps you in things such as:
• Setting up your budget
• Understanding your profit margin
• Setting your targets be in line with your marketing and sales strategy
• Understanding your growth strategy
• Understanding and measuring important parameters in your business
• Payment of you and your staff
• Payment of debt owed
Remember that as an entrepreneur you need to know how to perform calculations. This posts covers different calculations that are important in your exam. Calculations such as:
• Calculations involving percentages
• Calculations involving rations
• Calculations involving VAT (value-added-tax)
The video in this lesson explains all the calculations that you might need clarity on in your Mechanotechnology N3.
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