Page 18 - THE CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS

UNIT 1
MODULE 2: THE ENTREPRENEURIAL PROCESS (cont’d)

4. Resources (Financial, Physical and Human)

(a) Determine the required resources: including skilled employees, general management
expertise, marketing and sales expertise, technical expertise, financing, distribution
channels, sources of supply, production facilities, licences, patents and legal
protection.

(b) Acquiring the required resources: including internal sources (equity, family and
friends) and external (debt, leveraging, outsourcing, leasing, contract labour, angel
funding, venture capitalist, temporary staff, supplier financing, joint ventures,
partnerships, barter and gifts.

(c) Business and entrepreneurial development organisations: including Caribbean Group
of Youth Business Trusts (Jamaica, Barbados, Guyana, Trinidad and Tobago, St. Lucia,
St. Vincent and the Grenadines, Dominica, Belize, and Antigua and Barbuda), Jamaica
Business Development Corporation, HEART Trust/NTA (Jamaica), Institute of Private
Enterprise Development (IPED); National Entrepreneurship Development Company
Limited (NEDCO), Micro, Small and Medium Sized Enterprises (MSME) Alliance
(Jamaica); Caribbean Association of Small and Medium Enterprises (CASME); DFLSA
Incorporated (Guyana and Suriname).

5. Implementing and managing the venture

(a) Implementation of concept.

(b) Monitoring of performance.

(c) Payback of resource providers.

(d) Reinvestment in the business.

(e) Expansion of the business.

(f) Achievement of performance goals.

6. Harvesting the venture

Harvesting strategies:

(a) absorption of new concept into mainstream operations;

(b) licensing of rights;

(c) family succession;

(d) go public (IPO);

CXC A31/U2/13 13 www.cxc.org