2 Flashcards
three dimensions of entrepreneurship concept:
Process, Behaviour and Outcome
There are six (6) theories of entrepreneurship
:
* Schumpeter’s innovation theory.
* Knight risk bearing theory.
* Weber’s sociological theory.
* Cason’s economic theory.
* Drucker’s theory.
* McCelland theor
_____ are the first to use the term Entrepreneur (
Economics
Say 1816)
There is no unifying or accepted theory of entrepreneurship
following perspectives of entrepreneurship
Functional, Personality, Behavioural and
Dynamic learning
Corporate entrepreneurship is an entrepreneurship
which involve group of people or
organization.
What are the empirical phenomena of
coporate entrepreneurship.
Corporate venturing and strategic entrepreneurship
Inadequate access to beak and difficulty in securing low from beak are the most problem
of entrepreneurship development
Business environment refers to the .
influences and pressures exerted by internal/external
factors on the business
The business environmental factors are:
P: Political
E: Economics
S: Social
T: Technology
E: Ecology
L: Legal
- Political environment factors include:
- Taxation policy
- Trade regulations
- Political(in) stability
- Security of life and property
- Corruption
- Economic environment: Nigeria adopts capitalist economic system.
Economic factors:
- Inflation rate
- Recession or boom
- Growth in spending power
- Per capital income
- Monetary/fiscal policies
- Forex market
- Social environment: Socio-cultural factors are:
- Age distribution
- Educational level
- Diet and nutrition
- Religion
Legal environment: This include:
- Legal system
- Product safety
- Registration of business/business premixes
- Advertising regulations
DIFFERENCES BETWEEN AN ENTREPRENEUR AND PROPIETOR
- The entrepreneur builds value in the market place primarily by leveraging the skills and
assets of others, not through his individual technical contribution. WHILE - The small business ‘Proprietor’ tends to build his business around himself, or his experience,
the business would not function without him
What’s SWOT(Sept) analysis?
Sept analysis is the analysis of the business and the environment in which it is operating in
terms
S - Strength
W - Weakness
O - Opportunities
T - Threats
ENVIRONMENTAL BARRIERS TO ENTREPRENEURSHIP
- Fear of failure
- Fear of looking stupid
- Fear of disappointment
- Fear of not having the skills and talent
NIPC, CAC, FDI & LCAC
FDI - Foreign Direct Investment
LCAC - Lagos Chamber Arbitration Centre
NIPC - Nigerian Investment Promotion Commission
CAC - Corporate Affairs Commission
Parts of intellectual property
Copyright and industrial intellectual property
The origin Of IP in Nigeria Can Be Traced Back to the Colonial Era When the English Trademark
ordinance was introduced into the Colonies Even before The Amalgamation of the Northern
and Southern Nigeria To Form Nigeria in In 1914.
Copyright Has Some Duration and Does not Continue Indefinite
Methods Of Creativity:
(
a) Evolution (b) synthesis (c) Revolution (d) Reapplication (e) Changing Direction
The Ball Point Pen Was Invented By A
Captain of Military, George Manby
_____: in His Search for the Perfect Filament for the Lamp, He Tried Almost 1000
times
Thomas Edison
World Intellectual Property Organization (WIPO)
NCC & TRIPS means
- NCC - Nigerian Copyright Commission
- TRIPS - Trade Related Aspect of Intellectual Property Rights
Components of Technology
: (a) Machines, equipment and tools (b) Techniques,
methodology And Strategy (c) Know-how Skills and Competence
- Science Simply Tells Us Why Things Happen, Engineering Tells Us How it Happen But
Technology Make It Happen
Some of the Entrepreneurial Opportunities Are:
(a) Adaptation (b) Rapidly Expanding
Market (c) Brainstorming
TIC
- Technological Incubation Center (TIC
(NOTAP) meaning & was established in
- National Office for Technology Acquisition And Promotion (NOTAP) was established in
1979
Innovation comes from Latin word
meaning
“Innovare”
to make something new
____ identified the following elements of innovation:
Okpara (2005)
elements of innovation:
i. Challenge: what we are trying to change or accomplish- the-“pull”.
ii. Customer focus: creating value for your customers- the “push”.
iii. Creativity: generating and sharing the idea(s) - the “brain”
iv. Communication: The flow of information and ideas- the “life blood”
v. Collaboration: people coming together to work together on the idea(s) - the “heart”
vi. Completion: implementing the new idea- the “muscle”
vii. Contemplation: learning and sharing lesson lead to higher competency - the “ladder”
viii. Culture: the playing field of innovation includes
Forms of innovation
- Innovation in process, including changes and improvement to methods
- Innovation in product or services. While progressive innovation is predominant, radical
Innovation opens up new markets - Innovation in management and work organization, and the exploitation of human
resources, together with the capacity to anticipate techniques.
Types of Innovation
Breakthrough innovation
Technological innovation this occurs more frequently than breakthrough innovation & in
general is not at the same level of scientific discovering & advancement
Ordinary innovation: is the one that occurs most frequently, it extends the technological
innovation into a better product or services.
Theories of Innovation
Diffusion theory of innovation According to this theory, once innovation occurs;
innovations may be spread from the innovator to other individuals and groups.
S curve
“product life” that is, a start-up phase, a rapid increase in revenue and
eventual decline.
_____ in ___ year defines theory of diffusion as the presence of 4 elements
Key to Rogers (1995)
Parts of diffusion theory
innovation, communication,
communication channel, and time & social system.
Forces Responsible for Change
a. economic features b. change in technology c. social courses d. political& legal changes,
e. intensive competition
Factors that increase entrepreneur resistance to change include:
- Uncertainty about the Impact of Change
- Economic Implications
- The Group Resistance
- motional Reasons
Change in small business operations are outlined in 7 critical areas of planning
a. Capital
b. Raw materials
c. Technology
d. Markets
e. Government regulation
f. Management.
Strategies of managing changes resistance
a. Education & communication
b. Participation & involvement
c. Negotiation & agreement
d. Timing of change
e. Leadership
_____defined culture as that complex while which include knowledge, belief, art,
morals, law custom, & other capabilities acquired by man as a member of society.
Taylor (1871) defined culture as that complex while which include knowledge, belief, art,
morals, law custom, & other capabilities acquired by man as a member of society.
The Challenges of Family Business
Conflicting goals/values, Conflicting personalities, Expectations, Work ethic, Employment of
family members, Compensation, Reluctance to plan and the element of time
two main factors affecting the development of family business and succession
process:
(i) The size of the family, in relative terms the volume of business, and
(ii) Suitability to lead the organization, in terms of managerial ability, technical and
commitment (Arieu, 2010).
______proposed a model in order to classify family firms into 4 namely:
Arieu
political, openness,
foreign management & natural selection.
The family business succession plan comprises 2 process namely:
a. the management succession process and
b. ownership succession process.
Whats SOCIAL ENTREPRENEURSHIP
SOCIAL ENTREPRENEURSHIP is the field in which entrepreneurs tailor their activities to be
directly tied with the ultimate goal of creating social value.
A social entrepreneurs are individuals with innovative solutions to society’s most pressing
social problems.
__________ entrepreneur are ultimately concerned with the practical implementation of their
vision above all else.
Social entrepreneurs
For a social entrepreneur to create value, should be able to answer questions like:
- Is the idea worthwhile?
- Is it a good idea for the goal?
- Is there good execution and is it sustainable?
Upward Communication involves informing government and the social entrepreneur about
what the local people are thinking, doing and feeling. WHILE
Downward communication involves informing the local people about the mission of the social
entrepreneur and government.
- Advocacy for the poor: NGOs become advocates for the poor by influencing programmes on
their behalf
SOME FUNDING OPPORTUNITIES ARE:
- The global good fund fellowship for social entrepreneurship.
- The social entrepreneurship accelerator at Duke (SEAD).
- The Schwab foundation for social entrepreneurship.
So, a major difference between an idea and an opportunity is that one can sell a business
opportunity, but he cannot sell a business idea.
A business opportunity is a business idea that has been researched upon, refined and
packaged/documented into a promising venture that is ready to launch.
An opportunity is regarded as one after it has been found to meet the following criteria
It
must have high gross margins. It must have the potential to reach break-even cash flow within
12 months or 36 months. The startup capital investments must be realistic and within the
range of what you can provide. One must have the strength and ability needed to drive the
business to success. The level of enthusiasm for the business must be high.
To discover what you are good at or what business to start, you can begin by asking yourself
(a) What skills or talents do you possess?
(b) What are your hobbies? What are you passionate about?
(c) Do you possess a skill that people are willing to pay for
