Sierra Leone Senior Secondary School Curriculum - Economics, Business & Entrepreneurship Studies Stream

This document details the core and applied subjects within the Economics, Business & Entrepreneurship Studies stream of the Sierra Leone Senior Secondary School curriculum. It is based on the syllabi provided by the Ministry of Basic and Senior Secondary Education (MBSSE).

Core Subject: Entrepreneurship

Subject Definition: Entrepreneurship involves individuals or groups taking action to make a change in the world through business-oriented activities. This can include solving problems, connecting people, or building something new that benefits society. The core principle is action for change.

Rationale: Entrepreneurship education encourages creative thinking and unconventional skills development for students from all backgrounds. It creates opportunities, promotes social justice, builds confidence, and stimulates the economy. It also fosters initiative, creativity, self-confidence, and social responsibility.

General Learning Outcomes: Upon completion of this course, students will:

• Embrace the entrepreneurial spirit and resourcefulness.
• Understand various ways to use human resources for dignified livelihoods.
• Grasp the concept and process of entrepreneurship and its role in individual and national growth.
• Develop entrepreneurial qualities, competencies, and motivation.
• Understand the process and skills needed to create and manage entrepreneurial ventures.

Year 1 - Term 1:

• Entrepreneurship: Origin, Concepts, Functions, Need, Importance, Pros & Cons, Process, Start-up Stages.
• Why be an Entrepreneur?: Competencies, Characteristics, Ethics, Values, Attitudes.
• Types of Entrepreneurs: Innovative, Fabian, Drone, Intrapreneur, Technopreneur.

Year 1 - Term 2:

• Sources of Finance: Definition, Types, Importance, Challenges.
• Entrepreneur Motivation: Motivational Influences and Entrepreneurship, Need for Achievement, Risk-Taking Propensity, Tolerance, Self-Efficiency, Desire for Independence, Drive.
• Non-Motivational Influences on Entrepreneurs: Opportunity Cost, Social Ties to Investors, Career Experience, Life-Path Circumstances, Unsatisfactory Work Environment, Negative Displacement, Career Transition, Positive Pull Influences, Background Characteristics.

Year 1 - Term 3:

• Entrepreneur Variables: Creativity (definition, stages), Innovation (forms, phrases in successful innovation).
• Concept of Business and Business Environment: Overview of the concept of business, Components of business environment, Intermediate environmental factors, SWOT analysis.

Year 2 - Term 1:

• Forms of Business Ownership: Introduction, Considerations for choice of form.
• Sole Proprietorship: Meaning, Advantages, Disadvantages, Challenges.
• Partnership: Meaning, Advantages, Disadvantages, Dissolution and termination.

Year 2 - Term 2:

• Limited Liability Companies: Meaning, Types, Formation, Registration.
• Co-operatives: Meaning, Types, Advantages, Disadvantages, Challenges.
• Team, Group Dynamic and Entrepreneurship: Definition, Typology, Characteristics, Effectiveness and efficiency, Benefits, Potential problems.

Year 2 - Term 3:

• Group Definition: Theories & Types, Advantages & Disadvantages, Strategies, Main Factors affecting group performance, Decision making in groups, Comparison between individual and group decision making.
• Vision: Definition, Components, Importance, Key elements, Processes, Evaluation.
• Mission Statement: Definition, Components, Characteristics, Steps in designing.

Year 3 - Term 1:

• Business Goals and Objectives: Definition, Business goals, Business objectives, Importance of objectives, Characteristics of objectives.
• Business Idea and Concepts: Types of business (manufacturing, trading, services), Stakeholders (sellers, vendors, customers, competitors).

Year 3 - Term 2:

• Business Model: Definition, Concept, Content.
• Resource Mobilization: Types of resources (human, material, finance), Selection and utilization, Estimating financial resources required.
• Business Plan: Definition, Importance, Components.
• Business Ethics: Definition, Corporate ethics, Importance, International business ethics.

Year 3 - Term 3:

• Quality Management: Definition, Attributes of quality, Factors affecting quality.
• Interpersonal Relationship and Labor Management: Importance of maintaining good interpersonal relationships, Need for leadership, Various styles of leadership, Characteristics of a good leader.
• Enterprise Growth, Expansion & Diversification: Critical factors contributing to sustenance, Need for growth, Various avenues for growth, Product addition, deletion, and substitution.

Applied Subject: Business Economics

Subject Description: Business Economics, also known as Managerial Economics, applies economic concepts and methodologies to rational business decision-making. It integrates economic theory with business practice to facilitate decision-making within firms or organizations. It serves as a bridge between economics (optimal resource allocation) and management (decision-making principles).

Rationale: Business Economics is included in the curriculum to:

• Introduce students to business and rational decision-making.
• Provide opportunities to learn and gain experience in various business areas.
• Help students understand how economic and business concepts impact daily life and society.
• Prepare students for careers requiring numerical, analytical, and problem-solving skills (business planning, marketing, research, management).
• Prepare students for the broader business world.

General Learning Outcomes: Upon completion of this course, students will be able to:

• Use economic tools to explain optimal resource allocation.
• Apply critical thinking and decision-making skills supported by economic principles and business best practices.
• Analyze demand and supply conditions and assess market positions.
• Develop competitive strategies (pricing, costing, product differentiation, packaging).
• Understand the market environment.
• Comprehend managerial roles and responsibilities, including internal and external decision-making.
• Integrate price and output decisions under various market structures.

(Detailed subject content outline by broad themes and specific topics, along with the three-year structure, can be found in the linked syllabus.)