ENMCAEIAE NOBEC
tntreprenilrshp
Define the term "enfrepreneushwp-
Ans-Entrepreeurshyp is q proceSSwhich Inuulves tha effo
busnu
of an indnvidaal in ldentitying opportunrties for a
nvircnmint and obtaintng Qnd manaqinq he rcSOureS
Neede d to explort hose ppor tunrties
Or
Hishe cart of foundhg Creative prftabte soluhons
to probams
or
Cqpacuty and willingnus
nbryprenerstip is deftined c& th
t0 dvelop, Innovatt orMmuee neudMings, tingnca fe
IS and uncertaunty , orqanM2e and menagé d: nRw busine
Ventu.
2Statt he dferenoa ilattween. a mancger and an entr
preneulr-
fnepreAeur Manager
An Entrepreneuy iS rnooldRd A manager ts onL Nho rum
t tha Statup ot a business lusiness
2 An enteprenur bears ngk A manager does not bea an
and unctaunty rSK
3An entcpreneur is drven manaer i5 drwtn ley avaulal
by Cpportunitüs reourCo
Anentreprtneur is hisA manager s ahirtd emplog
Own bosS
5)An entpienlw gets Un A manager get sixeek reuarcl r
Certaun ewards |lar
2to/ou
Ans- aSofeproprufors hip
6 par tnérship:
COrpofathon
C) Company or
runned a
runned is
turship- + ís a businesshat
70Propme
wned o managed by 0nL PSUN that 4 s easj
to start
s
Hduargage- í}The &dvantage reduchn and fa ony
They en(oy fax
alst
obtment levy
Disaklan tage i ) untimited labiiby ís runned by
bpartnergni)Thís isa busines3 that or to
TD 2o pe ople or t is an aqreement betweln thwo
peop to start up a lousiiess tKe
Advantage -i)Have imitcdsliabilty dependDq on Sup
ort byha ndidual
Disasvantagci Disagrennent
i incomp4chbility
clasheg ot intoest amns the mbo
E ompany 7Corporcutm
Itis qegal en tity-that e adners ave not kinouw
but a lduw recoanizes the Company. hey Sell shacst
peopla which affeprofit rs madeis sharid as drvídends
to tha 8hartholders.
Aodvantag-i}lhey3hartholders enjoy umited lioslir
DisAdlyantage-iHigh toxes it Grovemmert equlktons
A) vwhy is ommon Sënse vegavdes as a basic quality foree
Entrepreniur?
Ans-Common Sense ts sv Important becouuse tt is an eff
ort to put togther picture ot nlustry
a an or market
and ldenifying a niche or
Sumethingthatno one else
hasSpottedthen havngthe Couraqe nd Cbnviction fo
nwest tme and mone
ctlloos q ou to mderstownd complex Is8ues m simp
ms and qot intv he Cove of a problem
uJDu lookout
b)Tentuon the qualëhies and ablhes you
htm on tw
a clent who appnaches yol tu Counsel
his chas@n buSin
or not he is fit fo enyage tn
her
Ans
o m m o n Sens
(b)se If cnfidence
Hard ww k and determination
(inancicil dseiplirie knadhouo
leadership ability
ime manaqenent ality
reSoOu6e manaqemeryt ab(ity
9 Human
h Secial RSPUns1b1lity
( Business ethicg:
tor an ertrepreneu
a)Common Sense-his s tre abiity
Judqemert ans dilfërentiate betveen dn
to make Sound
ms and rtalit
Sucçess/failue ma
b)Self eoneffelence wnda thuory ot
a t rtintorces as q
esult of postwe venblres whle otw
liquiskte due to negatiwe ventures
HavdwwYk detemination One has to be willin
and
hard towards Oad
to focus his her enrqy, and wrA
l make his /her ventue a suce
and every stepthat
dFinancial discijpline /knouohouoMany fail because
(
tnability to mandqe monty. Conapts of ratonality b
Jectrvr
elearship gbility-One Can be a kader wtth Sem
JU 1
and EDomlay
authoritataon,
demuciaw
ualitès of
approach-
has u makoi v
ability-9ne
fTime management
of his/her tme
Grbreprtnu
Dtvis1on S of time to an 24 hours qwen fo U2 o1 l ,
iNormal umi evalutR rather be nterested n what hels
-
an entreprtneur must
hoursS.
wil achert in t k u r d mo
time- An entreprcneur
Should wvr
ii) vcluada day tor 6 dauS
mum oF 12 hourS tn ecclh
aotl1ty-eea
ot
management
Human resourCe in oustness hubs
eftciency
wrKer eqds to#ess
as at wher due
Your wrkers
paM als
pay wUrkers a8 Useful
touls and n o t a
d ee
iabilitú3
'should vnot only.
respnsibilifyienhreprcnlirs
h)Socíal and Seruiees tne
abouttht qyaluty ot godds
(onCentd
protit but afsotheir Contmbihor
prouce to qenerae
heir cperational fnvwonimer
to the quiolity
of m
and Consat
wtn moulity
Business ethics 1Edecdls
-
will and tgrity m e e
ce, character, Gredibility,
qoDd
business
know
business oudnership
1 .6list and explcuin wass of
3
to you
An a by Inheitan ce
bBy Buutn
CB Start-dpP
kle becom busintss ownuS by Inhe
a7 mheritance -
Mecrtl of a logd one
helonrd tlt heall
tarly retirennt
oantcjPS
hocS i s t n Captal and money
11h ts ex(stinq machines auld equtpment
i )Thic s xstn, qvud will
uThere a Cxisting ustomers
Drsaduantages
i41cnmpettnce
business due to lac
9SuccesScr dnable tv manage
mana qenal Knowhow
tit )Ineptitude
Involues purchasinq an alrea dy
b)By Buyjing This
PxIStung businegs from a business Owner machir
Acdyantae ithe
-
person en/oys t EXisting
and eauipment
C
DISadvantage- i) may One buy a siCk baby" tokt
abusiness with problemt.
he machines may btwvrn qut or Cduced ef
,cBy Startunq up or &tart-up This inytloes Startig
a busines om t SCratch
Aduantaqe -i)ti alows the tntending lusintss e
er to ditermine his /her ovon Scale bfoperutor
Disadvantaqe -The pereon awaits new Ccustomers
i1lt may take time tur the bustnes
grouy
areful Schoarty arninat i
Lfecsibtlity stud, a
prtfect, uith a of
nuesthqaton f a bartcular and Capabl
vtablo
tn o t uhethar it (s economcally r
befnq executes Successfully:
Kind of docament.
t a u o k before youleap
8)Cpntenf of a qoud feasibility Studly
a) Bustness climat
Product
clarket
) Technical ttquirtments
e Kauo mateial requiremuts
9 @ualuty Control
h) fthanctal requlremLnts
i wOr ktnq Capital rtqúremefs.
3usines3 cumate1his r refers, totilgeneral economc
enuironmet. eq-the popuation tncome levels, consumpfion
wels etc
A thorouqh and clear descriptron of the produ
6 product-
C s given in this scchon. fe t3fhe product a qood itfor
your rqani2aton's misson, Capcety, e&tuces and Strenqths
c)'MarKEt- who 1S your Custorer, what are you ofEiMo
wouwtd buy tt.
thom exgctly ranl why doyou think they
t(ndludes h S2Phe market foth product,uhee
s infuencd byhu denand for rtlattd pruducts ar qovds
Technical rcatuiremernts-t Cover's tha fAllooing land ànd
búulling, aotury ucation auailable (ntiastructu ej roadls,
water, eleçtrvtty etc
e) Maw makeial requirtmets8ourcS and awailabilty Of
rauw mattrtals are tw major determñants
Man powcr egUremLrts-(E tnotdes the numbrof worke
n Cnferpnse r¬sfs Squatlon-th magpment H
naNUt s tnompefent, thi busines, wnuail
narticulate p bgvamme of acin- thoat is poor po
rCSults businntss Collgpse
52under Capitulization - A primay eagon why ma
usnesses fail is a lack otrunding r wr king capital
PoUrma ket analusis- poor asaesg nenti of tha,evel
a3
dimand toy pruduet or Services ofecd as ueW
CCurate Mcrket, projeetaons
Lnck tinan
of 0pportuinitiegi for staf grouth-No inant
Career wtll leeunaours may Just "be a traun1n9 gvun
ofher Companies.
8iling behind th CroweThis efers to lack of lk
markRT place. A business that sulers fro
dontity Cisis wort be in OperatOn very tong-
NegleEk1ng husinss etcs
- A lack ot busnes ethice
@n&angerthe tutue ot your Company eopardi2es the
ic qou and Can hawe man ether negotioe e Hects on
oustness Pnvrunment
toWronq ocation with thCompetitin: from e la
businzases already ecing a tazt threat to smaller ou
S, locatuon is Key toa suKcesstul lustness-
13List the Various waus to ovortomR entrepreneurial
retn NIGemc
Carefil study of market.
iiwise plannin of Qçtívitus
iUiqilant control of mvestmnt, murchandíst, pPersumnel
&, ptrsnnel
pmnt and búuldin9 to ensue maximum de Tor
CHon
) tdaguate Czpens e conhol
vGustuner selechon and market Conentrahcn.
vi study failua stories
euutdlheir gualitheahonS andSkils
actwrtus anl a
involves the
ua lity ContolThis ofNgeria (SoN) tclung
tclusig the c.
c.
Stankrd ovqanízation ¬h4nN) efc, incheck
Aasociahin of Nigr1a
tHacturq
ae of hiqh Stanmd
Rrducts y make surt that the mueh is rajurtds t
requirements- Hou
hytingncial to get
e t f, whee reatirtments~Money/ca8h
and
t Co
1Muorkina Captak m
pamett efworkersyrehts and utiutús Suppltes
h e tirSt Th
east for
[ancous xpendttid oetc, rat
months
9 List 20 poss1ble business opportunities in yor locabt
Ans
1 Hom aPplian ce /accis&oreS
2 laundry /dri cleahing
3) makm
Shoc Hootucars
+) Bovk Shop
S Cber Oafe
6 8orbng Salovrtn.
Cattrin
furnite makinq
water tctory
Loashiondegian'(clothn
112 tarming /Adrculture
astov
13) Certmony 7¬vent planners
4 franspvr tanon
15 Block ndustry
(6 Tent mkin
Studo 1phetography
I euycry agert 1
19 tand agen
0 CoSmetic shop.
COrpor ttion feature Ot a Company best e p
feSrhuathon uhercy wners Come and qo butthe Conmpau
minS
2 Ketaúned enings refers to a Compas profit not p
Ot as ordinany divídeNds b
the mst populatin orm t
3)Sole proprietorshipds
niss ownership m Ntgera
4The process oF checking products to make surthat
of high SBandard ttrs toGualty Control
Qe aris
Shav arived Sybstomeotype of lousness tailurt
Cauld
bigerhan1hey
hen ent-eprcngurs talk and act
) Keportt u explains the Sfep by Step procadu
to qet -thu mal fProcuce n a feasleiity sttd econemic
BusindSS cmate aeferso heentrae:
Vironment m arreasiloribp Stussyeu
TUn-aboutt_artist_ eters fo n enfeprerelr who b
for protit
Companias withproblems,but pofential entrepreneur
mounipularto2desenbes an who
Nalur t
quires an asset at a oro pnce, then Rally manipulotes
worth a lo
Anancial stucturt sothot it appears to betor
lo Trade:Credit,nf: to diseaunt ery pa
ent o-qotds dnd &truTceS into two
H Orqan2ational resourcas Gan be dasstfied
groups, naaelqiHuman_¬SourceS and non
man eSOuCAS
R usiness faiurt e fers Fotha inability.
particula ousiness enterprnse to Continue to unehion
13Tun-aloout actist ers to gh enfreprtneur who
CompankS wth problems, out potential fo protit
4 A leemaleihetd ot a fanntly business isa Patriarc
auea whle the femal heac refers u a Ma
arch
ISteasibility reportreArs to a lvok before you eap"d
met
tunetn
his or e r
what arc
t
44) who is manaqer,
Set qoals and obectue
c
reles ensuring HhetHn
C
2ed
n s A A a a n A A e Í S S p A L A a e t o h t A p l e m a A t S t a t
0rcanses, Cnt
ia a person who plans
manager
achuttuOv gctivit s of cn organmSatton
qn directs the both tectuety and efctent
Order to qchieve Set qbals
e
2331P
9 Functuons otOaanaqer armd a
umustr be
aj Communication= A manaier and also to Com
must be akoli tor e o d a n a w t e
the iuorkers
efeoienty wth
niCate Hectwely
J
and
o Motvatiön Amannguri must ipe àble toenu
ofHe Compan hy
ge and counsel the wwkers
Qnd
manaqng þe dedscated to hi
CSupervisioNTUA maager must
uhich enc oft supcMsíom heshe must be ,
duties,tin
erenced inhe: tetd n othir to Supervíse ofhers
Roles ot a manaqer 1S Seen
a intepersonal n d l e s l - l e n h e manaqeir
who Stands dor the orqaniscatron. or the r a a
a person
manager is UEd ameansfo ememocthë omy
aS)
Is SCen as a rak
bDecison al roles -1he manaer
allocatvbr.
Or necotiator, resource
or
role is devided into hwo
Cinormational roleh1s h i n the C
mtormativm
DIsseminatom -ßassing
any's orkes CetegolleagaS
J
SpokespeTsun-passun tormation to al the P
estmzhin to t e nomahoM
16Jhe fachors het purtl uie utside tho. Corrol cA
SinRsS Ouoner but Contributes to his failure is Knbun asS
tranecus factors
17)|ha factor WTh a very gtrong root in Naeriahat & e
entreprneunal fauure is loe ttittzatg f S E
E ke ack of 8Pecialized knadbdg f our fiel
An assptiakion of two or mort perSons Wththe Cc
8 9
pursuit of
purpo Gf mak inq a (Prufit throuantha
obeetuwes is knoon as artnerghip_
to JorK a minir
I9A qoDentrepreur is Fequirtdamnmum 12
Sid6) in wea Cand ot
days a
ina day
produc Confo
20)The process Of ensuning-hatthe
Staundard Speciticahön Is Khoun as GualUt mtrol
