MBARARA UNIVERSITY OF SCIENCE AND TECHNOLOGY

FACULTY OF COMPUTING AND INFORMATICS

BACHELOR OF SCIENCE COMPUTER SCIENCE

COURSE NAME: BUSINESS AND ENTRPRENEURSHIP

COURSE SUPERVISOR: MS. RUTH NAKATO

GROUP MEMBERS

1. AINEMBABAZI CONFIDENCE 2021/BCS/002

2. MUHOOZI GIFT 2021/BCS/046/PS

3. NAHWERA EVALYNE 2021/BCS/053/PS

ENTREPRENEURIAL TRAITS:
Creativity and Innovation: Entrepreneurs often possess a creative mindset, constantly seeking
new ideas and innovative solutions to problems. For example, Steve Jobs revolutionized the tech
industry with products like the iPhone, iPad, and iPod, all based on innovative design and
technology.
Passion and Motivation: Successful entrepreneurs are driven by a strong passion for their work,
which motivates them to overcome challenges and persevere through setbacks. Elon Musk's
passion for space exploration led to the founding of SpaceX, despite numerous obstacles and
failures.
Risk-taking: Entrepreneurs are willing to take calculated risks in pursuit of their goals. For
instance, Richard Branson took a significant risk when he launched Virgin Galactic, aiming to
provide commercial spaceflight to the public.
Resilience: Entrepreneurship is fraught with challenges and failures, requiring resilience to
bounce back from setbacks. Sara Blakely faced numerous rejections before successfully
launching Spanx, a billion-dollar shapewear company.
Adaptability: Entrepreneurs must be adaptable to changing market conditions and consumer
preferences. For example, Jeff Bezos continuously adapted Amazon's business model from an
online bookstore to a global e-commerce giant.
Visionary Leadership: Successful entrepreneurs possess a clear vision of their goals and inspire
others to follow them. Mark Zuckerberg's vision for Facebook transformed it from a small social
networking platform into a global phenomenon.
Persistence: Entrepreneurs persistently pursue their objectives despite obstacles and setbacks.
For instance, Jack Ma faced multiple rejections before founding Alibaba, now one of the world's
largest e-commerce companies.
Networking Skills: Building strong networks and relationships is crucial for entrepreneurs to
gain support, resources, and opportunities. Oprah Winfrey leveraged her networking skills to
build a media empire spanning television, publishing, and film.
Financial Management: Entrepreneurs must effectively manage finances to sustain and grow
their ventures. Warren Buffett's disciplined approach to investing and financial management
enabled him to become one of the world's wealthiest individuals.
Decision-making: Entrepreneurs make critical decisions under uncertainty and pressure. For
example, Reed Hastings' decision to pivot Netflix from a DVD rental service to a streaming
platform revolutionized the entertainment industry.
ENTREPRENEURIAL REWARDS:
Financial Independence: Successful entrepreneurs have the opportunity to achieve financial
freedom and wealth beyond traditional employment.
Creative Freedom: Entrepreneurs can pursue their passions and ideas, exercising creative
freedom in shaping their ventures.
Impact and Legacy: Entrepreneurs have the chance to make a significant impact on society and
leave a lasting legacy through their innovations and contributions.
Flexibility and Autonomy: Entrepreneurs enjoy flexibility in managing their schedules and
autonomy in making business decisions.
Personal Growth: Entrepreneurship offers opportunities for personal development, learning,
and growth through overcoming challenges and expanding skill sets.
Recognition and Prestige: Successful entrepreneurs often receive recognition and prestige
within their industries and communities for their achievements.
Job Creation: Entrepreneurs play a vital role in job creation, stimulating economic growth and
providing opportunities for employment.
Innovation and Problem-solving: Entrepreneurs contribute to innovation by introducing new
products, services, and business models that address market needs and challenges.
Freedom to Pursue Passion: Entrepreneurship allows individuals to pursue their passions and
interests, turning hobbies or interests into viable businesses.
Sense of Fulfillment: Building and growing a successful venture can bring a sense of fulfillment
and satisfaction to entrepreneurs, knowing they have created something meaningful.

CHALLENGES
Financial Uncertainty: Imagine a new bakery owner who invests all her savings into opening
her shop. In the beginning, sales are unpredictable, and some days she barely covers expenses,
leading to financial stress and uncertainty about the future of her business.
Risk Management: Consider a small tech startup that faces the risk of a larger competitor
entering the market with a similar product. The entrepreneurs must carefully analyze the
competitive landscape and adjust their strategies to mitigate the risk of losing market share.
Work-Life Balance: Think of a freelance graphic designer who works from home. Despite the
flexibility of her schedule, she often finds herself working late into the night to meet project
deadlines, sacrificing personal time and relaxation.
Loneliness and Isolation: Picture a solopreneur who runs an online business from home. While
she enjoys the independence of being her own boss, she sometimes feels isolated and lacks a
support network to share ideas or seek advice during challenging times.
Market Saturation and Competition: Suppose a new coffee shop opens in a neighborhood
already crowded with cafes. The owners struggle to stand out and attract customers amid fierce
competition, even though they offer high-quality coffee and excellent service.
Human Resource Management: Imagine a small manufacturing company that struggles to find
skilled workers willing to work for lower wages than larger competitors do. The owner faces
difficulty in hiring and retaining employees, affecting production and growth potential.
Regulatory Compliance: Consider a food truck owner who must navigate local health
department regulations regarding food handling and safety. Ensuring compliance with these
regulations requires time and resources, diverting attention from core business activities.
Customer Acquisition and Retention: Think of an online boutique selling handmade jewelry.
The owner invests in social media advertising and email marketing campaigns to attract new
customers. However, retaining these customers proves challenging due to intense competition
and changing consumer preferences.
Scaling and Growth: Picture a family-owned restaurant experiencing rapid growth in customer
demand. The owners struggle to expand their kitchen and dining space while maintaining the
quality of food and service, leading to operational inefficiencies and customer dissatisfaction.
Uncertainty and Adaptability: Suppose a software development startup faces unexpected
changes in market demand for their product. The entrepreneurs must quickly adapt their
marketing strategies and product features to meet evolving customer needs and stay ahead of
competitors.

ROLES
Job Creation: Entrepreneurs are significant contributors to job creation, as they start new
businesses and expand existing ones, thereby reducing unemployment rates and stimulating
economic growth. For example, startups like Airbnb and Uber have created millions of jobs
globally.
Innovation: Entrepreneurship drives innovation by introducing new products, services,
technologies, and business models that address market needs and drive economic progress.
Companies like Apple, Google, and Tesla are prime examples of innovative entrepreneurship.
Economic Dynamism: Entrepreneurs foster economic dynamism by fostering competition,
driving productivity improvements, and encouraging investment and entrepreneurship in related
industries.
Wealth Creation: Successful entrepreneurs generate wealth not only for themselves but also for
their employees, investors, and communities through profits, dividends, and capital appreciation.
Regional Development: Entrepreneurship can promote regional development by attracting
investment, creating employment opportunities, and spurring infrastructure development in
underserved areas.
Export Promotion: Entrepreneurship contributes to export promotion by developing innovative
products and services that are competitive in international markets, thereby enhancing a country's
trade balance and economic competitiveness.
Social Impact: Entrepreneurship can have significant social impacts by addressing societal
challenges, promoting inclusivity, and fostering community development. Social enterprises like
TOMS Shoes and Grameen Bank exemplify entrepreneurship with a social mission.
Technology Adoption: Entrepreneurs drive technology adoption by developing and
commercializing new technologies, leading to increased productivity, efficiency, and
competitiveness across industries.
Skills Development: Entrepreneurship fosters skills development by providing opportunities for
individuals to learn and acquire entrepreneurial skills, fostering a culture of innovation and
creativity in the workforce.
Tax Revenue Generation: Successful entrepreneurs contribute to tax revenue generation
through corporate taxes, payroll taxes, and personal income taxes, which fund public services
and infrastructure essential for economic development.

BARRRIERS
Access to Capital: Consider a recent college graduate with a brilliant idea for a new app but
lacks personal savings or collateral to secure a bank loan. Despite presenting a solid business
plan, venture capitalists may hesitate to invest in the venture due to the entrepreneur's lack of
track record. Without access to sufficient capital, the entrepreneur faces challenges in developing
and launching the app.
Regulatory Compliance: Imagine a small-scale food entrepreneur who dreams of opening a
neighborhood bakery. However, navigating the complex web of health and safety regulations,
obtaining permits, and adhering to food handling standards becomes overwhelming. The
entrepreneur must allocate significant time and resources to ensure compliance, delaying the
establishment of the bakery.
Market Saturation: Suppose an aspiring fashion designer wishes to launch a new clothing line
in a market dominated by established brands. Despite innovative designs and quality
craftsmanship, gaining visibility and attracting customers proves difficult amidst fierce
competition. The entrepreneur struggles to carve out a niche in an already crowded market.
Lack of Access to Networks: Picture an ambitious entrepreneur from a rural community aiming
to start an eco-friendly tourism venture. However, limited access to mentorship, industry
connections, and investor networks in the local area hampers progress. Without guidance and
support from experienced professionals, the entrepreneur faces challenges in accessing funding
and scaling the business.
Limited Access to Education and Training: Consider a motivated individual from a low-
income neighborhood aspiring to start a small catering business. However, lacking access to
affordable business courses or workshops, the entrepreneur struggles to acquire essential
entrepreneurial skills and knowledge. Without proper training, navigating business challenges
becomes daunting.
Fear of Failure: Imagine a talented artist with a passion for creating handmade jewelry but
hesitates to turn it into a business due to fear of rejection or financial loss. Despite positive
feedback from friends and family, the fear of failure holds the artist back from taking the leap
into entrepreneurship, potentially stifling creative pursuits and business opportunities.
Limited Market Knowledge: Suppose an enthusiastic entrepreneur decides to launch a
subscription box service without conducting thorough market research. As a result, the
entrepreneur struggles to understand customer preferences, leading to poor product-market fit
and low subscription rates. Without insight into market dynamics, the venture faces challenges in
attracting and retaining customers.

Legal and Intellectual Property Challenges: Consider a tech startup developing a unique
software solution but neglects to secure proper patents or trademarks. As the product gains
traction, rival companies may infringe on intellectual property rights, leading to costly legal
battles and jeopardizing the startup's success. Without adequate legal protection, the startup risks
losing its competitive edge in the market.
Cultural and Social Norms: Picture a female entrepreneur in a male-dominated industry facing
skepticism and bias from potential investors and business partners. Despite possessing valuable
skills and expertise, the entrepreneur encounters resistance and barriers to accessing funding and
networking opportunities. Cultural stereotypes and societal expectations hinder the entrepreneur's
path to success.
Infrastructure and Technology Barriers: Imagine an entrepreneur in a developing country
striving to launch an e-commerce platform but faces challenges due to unreliable internet
connectivity and inadequate logistics infrastructure. Despite the demand for online shopping,
logistical constraints and technological limitations hinder the entrepreneur's ability to reach
customers and deliver goods efficiently.