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200 lvl first sem > Ent > Flashcards

Ent Flashcards

1
Q

What is innovation?

A

Is the process of creating or improving a product, manufacturing process or service

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2
Q

What are the process involved in innovation

A

1)Generation of new knowledge
2)Application of this knowledge in development of products and processes
3)Commercial exploitation of the products and services in terms of financial income generation

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3
Q

Importance of innovation

A

1) competitive advantage
2) economic growth
3) improve quality of’
4) increases job opportunities
5) problem-solving
6) increased turnover, and improve profitability

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4
Q

What are the dimensions of innovation

A

1) products innovation-involves the development of new or improved products
2) process innovation-involves development of manufacturing process
3) position innovation-Involves changes in the context in which products or services are introduce
4) paradigm innovation - this Implies changes In the underlying mental mood, which forms what the organization does

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5
Q

What is change

A

Change is defined as constantly updating the organizations structure and potential

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6
Q

What is knowledge according

A

Knowledge is information that has been organized and analyzed in order to understand and utilize it for decision-making or problem-solving

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7
Q

Types of knowlege

A

Tactic- indirect access’ through elicitation and behaviour observation
implicit- accessible through querying and discussion
explicit- directly through sources eg books and documents

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8
Q

roles for knowledge in innovation

A

1)Adaptability
2Collaboration and communication
3)Informed decision making
3)Foundation for creativity
4)Problem identification

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9
Q

Enterprise formulation

A

Involves the process of creating and establishing a new business or organization

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10
Q

What are the stages in enterprise formulation

A

1) idea generation and market research - when a business idea is identified a market research is conducted to understand the demands competition and consumer needs of the business.
2) business plan development- a comprehensive business plan is written to serve as a road map and can help attract investors.it contains the business model, objectives marketing strategies, financial projection and operational plan.
3) legal structure and registration- choosing the legal structure that best fits the business goals , tax implication and liability concern. Registering the business with the required government agency and obtaining any necessary license an permit
4) funding and financing- this involves securing the capital to start and sustain the business, it can come from personal saving, bank loans , investors, crowd funding etc
5) infrastructure and resources- this involves setting up a physical or virtual space the business, getting resources , hiring employees and establishing a supply chain
6) branding, and marketing- this involves developing a brand identity (e.g name , logo) as well as a marketing strategy to get and retain customers
7) launch and growth-this involves officially launching and managing the business to ensure suability and growth

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11
Q

What is partnership

A

This is the formal collaboration between two or more entities (individual , businesses or organizations) to pursue a common goal

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12
Q

who is an entrepreneur

A

an individual who Starts and manages a business based on goods and services they can offer while assuming all the risks and reaping all benefits of the business

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13
Q

what is entrepreneurship

A

this is the process of setting up and managing a business or businesses, taking on financial risks in hope of making profits

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14
Q

benefits of entrepreneurship

A
  1. self employment
  2. self fulfilment
  3. social status
  4. flexibility
  5. financial independence
  6. self development
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14
Q

types of entrepreneurs

A
  1. public entrepreneurs
  2. private entrepreneurs
  3. social preneurs
  4. foreign entrepreneurs
  5. life style entrepreneurs
  6. intra preneurs
  7. tender preneurs
  8. agric preneurs
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15
Q

problems of entrepreneurship

A
  1. lack of adequate funding
  2. competitive market
  3. government policies
  4. high uncertainty and risk
  5. lack of security
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15
Q

what are the key elements for successful partnership

A
  1. strategic alliance - this involves partnering with a company that compliments your business
  2. joint ventures-this involves partnering on a particular project or business line often pooling resources knowledge and risks for mutual benefit
  3. financial partnership- this involves partnering with financial institution, investors or venture capital firms to secure funding
  4. cross promotion - this involves partnering with a business for mutual promotion such as co-hosting and event, bundling products etc
  5. supplier partnership-this involves building a strong partnership with your supplier to ensure consistent quality and supply.
16
Q

tips for building strong partnership

A
  1. align goals
  2. formalise agreement
  3. foster open communication
  4. evaluate impact
17
Q

list the behavioural patterns of entrepreneurs

A
  1. are responsible
  2. are self reliant
    3.creative
    4.have high tolerance
  3. are problem solvers
  4. have determination
  5. are risk takers
  6. opportunity seekers
17
Q

what is networking

A

this involves creating and nurturing connections with people who can offer insights opportunity and support.

18
Q

ways to network effectively

A

1.industry events and conferences
2. professional association
3.online networking
4. mentorship and advisory board
5.community Involvement

19
Q

tips for effective networking

A
  1. build genuine connection
  2. stay consistent
  3. give before you get
  4. follow up
20
Q

what is a business plan

A

this a written document that outlines a business goal , strategies and financial projection

21
Q

forms of business ownership

A
  1. sole -proprietorship - a business owned and operated by a single individual
  2. partnership a business owned by 2 or more people sharing responsibility, profits and liability.
  3. corporation- a separate legal entity owned by share holders
    4.limited liability company-it provides limited liability protection like corporation but allows profits to pass through personal income tax like partnership
  4. cooperative -a business owned and operated by a group of people
22
Q

steps for registering a business

A

1.choose a business structure
2.choose a business name
3.register with governments
4.register for taxes
5.obtain any necessary licenses and permits
6.open a business bank account
7.comply with ongoing requirements

23
Q

what is strategic alliance

A

it is the partnership between two or more companies to achieve a common goal while remaining independent

24
Q

benefit of strategic alliance

A

1] resource sharing
2] market access
3] reduced risk
4]enhances innovation

25
Q

steps to form a strategic alliance

A

1] identify goals
2] research potential partners
3] outline terms
4] draft a formal agreement
5] maintain communication

26
Q

joint ventures

A

this is more of a formal arrangement where two or more companies create a separate legal entity to achieve specific business objectives

27
Q

benefits of joined ventures

A

enhance capabilities
shared risk and cost
legal flexibility
access to new markets

28
Q

steps to form a joint venture

A

define objectives
choose right partners
establish term and ownership structures
create a legal entity
draft a jv agreement
develop a management structure
monitor performance

29
Q

key consideration for both alliances and jv

A

alignment of value and culture
clear communication
defined roles and responsibility
exit strategy

30
Q

what’s e-commerce

A

this refers to electronic commerce , which involves the buying and selling of goods and services using the internet.

31
Q

features of e-commerce

A

online storefront
secure payment gateway
logistics and delivery services
customer reviews and rating
mobile commerce

32
Q

benefit of e commerce

A

convenience
wider reach
lower operational cost
personalization

33
Q

types of e-commerce models

A

1] b to b- this is a transaction between businesses, like a business and its supplier eg alibaba, made in china
2] c to c - when consumers sell their things to other consumers eg Gigi eBay
3] b to c- when businesses sell directly to their consumers e.g amazon and Zara
4] c to b - whemconsumers sells products or services to a business eg freelancing websites
5] d to c- direct to consumer when a brand sells direct to consumers without any intermediaries

34
Q

components of e commerce

A

website/platform
products and services
payment gateway
shipping and logistics
customer support

35
Q

basic principles of e commerce

A

Customer-Centric Approach
Global Accessibility
Transparency and Trust
Efficiency and Automation
Security
Integration
Scalability
Cost-Effectiveness
Personalization
24/7 Availability

36
Q

Entrepreneurship Support Institutions

A

1] Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
2] Bank of Industry (BOI)
3] YouWin! (Youth Enterprise with Innovation in Nigeria)
4] Lagos State Employment Trust Fund (LSETF)

37
Q

Lagos State Employment Trust Fund (LSETF)

A

1] Tony Elumelu Foundation (TEF) Entrepreneurship Network
2] ENRICH (Empowering Nigerian Resources for Innovations and Change Hub)
3] FATE Foundation

38
Q

differences between invention and innovation

A

200 lvl first sem (6 decks)

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