ICB Entrepreneurship Programme Learning Outcomes

ICB Entrepreneurship Programme


Refer to the curriculum statements under the ICB Accounting Programme for the following subjects:

  • ICB Business Literacy
  • ICB Bookkeeping to trial balance
  • ICB Financial statements
  • ICB Financial reporting and regulatory frameworks



Refer to the ICB curriculum statements under the ICB Office Administration Programme for the following subjects:

  • ICB Marketing management and public relations
  • ICB Human resources management and labour relations


Refer  to  the  ICB curriculum  statements  under  the  ICB Business  Management  Programme  for  the following subjects:

  • ICB Office and Legal Practice
  • ICB Financial Management and Control


ICB Entrepreneurship 1

Becoming an entrepreneur


  • Explain what is meant by entrepreneurship and the world of the entrepreneur;
  • outline the main rewards of entrpreneurship;
  • conduct a market feasibility study;
  • determine the extent of your market share;
  • calculate revenue, costs, profit and break-even point;
  • discuss the process of buying an existing business;
  • illustrate the life cycle of a business;
  • understand the need for innovation and creativity in a business;
  • explain risk management for sustainability; and
  • outline the business principles that should be addressed in a code of ethics.



Financing and planning your business


  • Identify and evaluate the different sources of capital for a new business;
  • explain what financiers look for;
  • list acceptable forms of collateral;
  • prepare a business plan that will be acceptable to a financier; and
  • calculate the cost of your debt.


Formalising your business


  • Outline the main differences between the different types of business form;
  • list and explain the legal start-up requirements for a business venture;
  • describe the relationship between the business and the bank;
  • describe the importance of a strong corporate identity, and how to form such an identity; and
  • set up your office in an orderly, appropriate and efficient manner.


Getting your logistics on track


  • Explain the role of wholesalers in the economy;
  • outline the main duties of the purchasing function in a small business;
  • explain and calculate the various costs associated with inventory;
  • prepare the paperwork for your procurement department; and
  • demonstrate an understanding of how to set up a cost-effective distribution channel for your product or service.


Costing and financial techniques


  • Calculate the total production, administration, selling and distribution costs of a product;
  • distinguish between fixed, semi-fixed, semi-variable and variable costs; and
  • carry out a simple break-even analysis.


Budgeting, cash control and forecasting


  • Calculate the level of working capital in a business;
  • identify and explain the dangers of overtrading;
  • understand the effects on cash flow of external and internal events and action;
  • prepare a debtors collection schedule as well as creditors settlement schedule; and
  • describe the benefits of budgeting.


Working with SARS


  • Explain what VAT is and how the system works;
  • explain the VAT registration requirements and VAT periods;
  • compare the two bases according to which vendors may be registered for VAT;
  • perform basic VAT calculations;
  • calculate gross earnings for an employee;
  • complete a monthly EMP201 return; and
  • complete the annual EMP501 reconciliation for SARS.


Introduction to Computing


  • Discuss the history of computers briefly;
  • learn what a PC is and how it basically works;
  • identify the main components of PC Hardware;
  • understand why upgrading a PC is important;
  • identify various PC Software applications;
  • differentiate between hardware and software;
  • understand the interaction between Hardware and Software using the IPOS cycle;
  • understand what networks are used for;
  • identify the basic components of networks; and
  • explain the advantages and disadvantages of using computers.


The Windows Operating System


  • Understand where the windows concept comes from;
  • learn how to use basic tools in Windows;
  • learn how to Log On to your PC;
  • identify the desktop and the taskbar;
  • identify objects in Windows;
  • use the recycle bin;
  • identify tooltips;
  • identify common Window components;
  • learn how to control multiple opened Windows;
  • learn how to start a programme;
  • use the help, support and search tools;
  • learn how to adjust PC hardware and PC software properties;
  • learn how to change basic mouse properties;
  • view the display properties;
  • understand user accounts;
  • add and remove programmes;
  • learn what drivers are;
  • use Windows Explorer to browse and create folders;
  • open and navigate through the Windows Explorer structure;
  • learn how to work with files and folders in Windows Explorer;
  • create and save a document in Windows; and
  • know how to launch a programme.



Working with Internet and email


  • Learn what e-mail is;
  • distinguish the difference between Internet e-mail and network e-mail;
  • identify the various Outlook components;
  • compose messages in Outlook;
  • learn how to format messages;
  • learn how to open a message;
  • learn how to add an attachment to e-mail;
  • understand why and how to create e-mail folders;
  • learn how to move messages to a folder;
  • understand how contacts work in Outlook;
  • learn how to add and delete contacts in the address book;
  • use the help function in Outlook;
  • working with electronic calendars;
  • schedule appointments and meetings in an electronic diary;
  • create and manage contact in an electronic diary;
  • understand Internet Basics;
  • distinguish between the Intranet and the extranet;
  • understand what viruses are;
  • identify a web browser;
  • understand what the Uniform Resource Locator (URL) is;


  • identify the Microsoft Internet Explorer 9 Interface;
  • use web-based tools;
  • download programs and files from the web;
  • understand the workings of a search engine; and
  • search the web and getting usable information.


The entrepreneurial checklist


  • Demonstrate an understanding of the steps necessary to start your own business.





ICB Entrepreneurship 2

Entrepreneurship and SMME’s − the economic significance of small business


  • Discuss the role of entrepreneurs in the economy;
  • define small, micro and medium-sized enterprises (SMMEs) in the context of the South African economy;
  • appreciate the significance of the small firm sector in the South African economy;
  • describe the economic rationale for the promotion of SMMEs in the economy;
  • understand the rewards and costs associated with SMME entrepreneurship;
  • outline the size, profile and performance of South Africa’s SMME economy;
  • distinguish between different types of entrepreneurs and firms;
  • differentiate an entrepreneurial venture from a small business; and
  • assess yourself as a potential entrepreneur.


The new business venture and getting started


  • Understand the process of new venture creation;
  • appreciate the role of motivation in influencing small business formation;
  • explore the antecedent influences on entrepreneurship;
  • understand a business opportunity and a window of opportunity;
  • explain the sources of ideas for venture formation;
  • establish a timeline for starting up your business venture;
  • examine the due diligence in starting up a new business venture;
  • compare factors concerning business location; and
  • consider ethical factors of a start-up venture.


Entrepreneurial management functions


  • Describe the levels of management in an entrepreneurial business;
  • define entrepreneurial business management and describe the basic management functions in an entrepreneurial business environment;
  • understand the differences between the various entrepreneurial business management functions;
  • review alternative viewpoints of business management and its relationship to the entrepreneurial small business environment; and


  • distinguish between leadership and management.


Leading a small business


  • Describe the full meaning of leadership and its role in entrepreneurship;
  • recognise and facilitate the six fundamental transformations in today’s entrepreneurial organisations and leaders;
  • identify the primary reasons for leadership derailment and the new paradigm skills that can help to avoid it;
  • appreciate the crucial importance of providing direction, alignment, relationships, personal qualities and outcomes;
  • identify personal traits and characteristics that are associated with leadership;
  • recognise autocratic versus democratic leadership behaviour and the impact of each;
  • know the distinction between people-orientated and task-orientated leadership behaviour and when each should be used;
  • understand how the theory of individualised leadership has broadened the understanding of relationships between leaders and followers; and
  • recognise how to build partnerships for greater entrepreneurial and organisational effectiveness.


Marketing and advertising


  • Outline the secrets to successful advertising and marketing;
  • explore and evaluate the different forms of media and mass communications;
  • create your own advertisements; and
  • initiate a marketing campaign.


Your staff and labour legislation


  • Outline and explain the Basic Conditions of Employment Act;
  • calculate and explain normal time and over-time as well as the opportunity cost of each;
  • explain the various types of leave that an employee is entitled to during the course of his or her employment;
  • outline the implications of leave payments and leave encashment;
  • outline the most important aspects of Black Economic Empowerment (BEE); and
  • outline the most important requirements for sound employment contracts.



An introduction to economics


  • Define economics;
  • describe the economic environment in which an organisation functions;
  • classify and explain economics as a science;
  • explain the basic economic problem;
  • differentiate between microeconomics and macroeconomics;
  • explain the micro and macroeconomic and operational environments applicable to an organisation;
  • distinguish between needs, wants and demand;


  • discuss and classify the hierarchy of human needs;
  • define and calculate opportunity cost;
  • illustrate and interpret a production possibility curve;
  • demonstrate the relationship between production and cost;
  • identify and discuss the problems flowing from the basic economic problem; and
  • indicate why you should study economics.


Economic systems and how the economy works


  • Discuss how the different economic systems attempt to solve the basic economic problem and questions arising from it;
  • discuss the various economic systems meaningfully;
  • know the advantages and disadvantages of each system;
  • know the similarities and differences between the systems;
  • identify South Africa’s current economic system;
  • give an opinion on the ‘ideal’ economic system;
  • distinguish between households and businesses and show how their activities interrelate;
  • describe the role of government and show how it interacts with households and businesses;
  • describe the role of the foreign sector and show how it interacts with the domestic economy; and
  • describe where and how the financial sector fits into the entire economic cycle.


The monetary sector, public sector and foreign sector


  • Explain the origin and functions of money;
  • discuss the requirements of money;
  • discuss the instruments of monetary policy;
  • discuss the transmission mechanism;
  • fully explain equilibrium in the money market;
  • discuss various financial intermediaries;
  • discuss the reasons for and the nature of government intervention;
  • describe regulation in the economy;
  • explain the role of tax as a fiscal policy instrument;
  • discuss loans and expenditure as fiscal instruments;
  • explain why there has to be co-ordination between fiscal policy and monetary policy;
  • explain what international trade is and what it includes;
  • place the present world economy in historical perspective;
  • give reasons why international trade takes place;
  • explain the difference between comparative and absolute advantage; and
  • explain the advantages of international trade.


The economic cycle, growth, development and forecasts


  • Graphically depict the consumption function and interpret the income expenditure diagram;
  • explain the relationship between expenditure and savings;
  • show the relationship between the interest rate and the level of investment;
  • discuss finance, valuation and investment in the economy;


  • explain the working of the multiplier effect;
  • evaluate the effect of government expenditure and taxes on the economy;
  • identify the effect of the foreign sector on the economy;
  • calculate the multiplier;
  • understand the effect of the exchange rate and interest rates on the economy;
  • explain labour supply and demand;
  • calculate equilibrium in the labour market;
  • discuss the role of the unions in the labour market;
  • present the labour market on graphs;
  • define and interpret the effect of unemployment and the informal sector on the South African labour market; and
  • describe the main intricacies of labour in the economy.


The significance and progression of international business


  • Examine the changing nature of the international business environment by critically analyzing the dynamic nature of this environment as an important source of major business opportunities;
  • identify the reasons for ‘going global’;
  • discuss various similarities between domestic and international business;
  • identify and discuss various differences between international and domestic business;
  • examine ‘degree of involvement’ by analyzing two main approaches – classification structure of Howard Perlmutter (four types of attitudes that influence internationalisation) and the stages approach; and
  • briefly comment and compare the new age transnational approach.


ICB Entrepreneurship 3


The entrepreneurial revolution


  • Explain the concept of entrepreneurship;
  • describe the skills and qualities of entrepreneurs;
  • view the evidence of the transformation of the world economy, with particular reference to the role played by entrepreneurs in this transformation; and
  • justify why building an entrepreneurial society should be a high priority in the 21st century.


The entrepreneurial process


  • Outline the entrepreneurial process;
  • analyse the Timmons model of the entrepreneurial process; and
  • examine the relationship between the application of the entrepreneurial process and entrepreneurial ambitions.


Recognising and evaluating opportunities


  • Discuss the pressures and demands in the marketplace that drive opportunities for entrepreneurs, with an eye toward sustainability;
  • better understand the creative processes involved in entrepreneurship;
  • develop concepts for evaluating a personal entrepreneurial strategy and apprenticeship;
  • effectively utilise screening methodologies that can help determine whether ideas are potential opportunities;
  • assess the probable fit of the entrepreneur with their team and resources, and the balance of risk and reward;
  • determine whether your best idea at this time has sufficient potential to pursue the development of a thorough business plan; and
  • assess whether you believe you can sufficiently alter the idea and your strategy to create a good fit and an attractive risk-reward balance for you and your investors.


Managing rapid growth


  • Identify the characteristics of high-growth business ventures;
  • explain the dimensions of business growth;
  • discuss the factors influencing entrepreneurial growth;
  • analyse the problems associated with rapid growth; and
  • examine the organisation and leadership requirements associated with rapid growth.



Introduction to strategic management


  • Define and evaluate strategic management;
  • describe and explain the advantages of systematic corporate strategic planning;
  • appraise the strategic management process;
  • describe and explain the key elements /steps in the corporate strategic planning process;
  • examine the different levels of strategy and the characteristics of strategic as compared to tactical decisions and management;
  • analyse and assess the corporate planning process in different organisational contexts;
  • describe the role of the key individuals involved in the strategic management process;
  • provide a critical overview of the building blocks of the strategic management process;
  • describe the various levels of strategic management;
  • appraise the relationship between strategy and competence; and
  • analyse the importance of stakeholders on the strategies employed by companies.



Global business strategy


  • Analyse and discuss the planning framework, approaches to planning, benefits of planning, and the difficulties of planning in international markets;
  • explain and examine the Ansoff growth matrix;
  • discuss the key strategic decision areas;
  • compare and discuss all elements of international strategy and organisational dynamics;
  • elaborate on the components of international strategy and competition;


  • explain the significance of international strategy and level of economic development; and
  • examine and analyse the capital requirements associated with global business strategy.


Global human resource management: mentorship and training


  • Discuss the concept of mentorship;
  • examine the necessity of cross-cultural training in global business;
  • critically discuss the philosophy and objectives of training;
  • analyse and discuss the identification of target training groups and the importance of training expatriates and their families;
  • critically discuss the importance of identifying specific training needs;
  • compare and contrast the various types of training;
  • examine the purpose and importance of continual training in global business; and
  • critique the need for effective measurement of training.


Managing and leading change


  • Recognise social and economic pressures for change in today’s organisations;
  • implement the eight-stage model of planned major change and use everyday strategies for gradual change;
  • expand their own and others’ creativity and facilitate organisational innovation;
  • use techniques of communication, training and participation to overcome resistance to change;
  • effectively and humanely address the negative impact of change; and
  • describe and explain the range, nature and inputs to setting corporate objectives and goals.



Personal ethics and the entrepreneur


  • Understand the nature of business ethics;
  • evaluate the importance of ethical awareness and values for entrepreneurs;
  • identify ethical dilemmas that arise in the course of operating a business;
  • analyse approaches to and decisions involving ethical issues; and
  • discuss the impact of an entrepreneur’s personal ethics on the business venture.