...INTRODUCTION Being entrepreneurial means combining personal characteristics, financial means and the resources available within your environment. Geoffrey G. Meredith et al (1991). As an initiator of the business, the entrepreneur relies on his inherent nature of task-result oriented, risk taking, innovative, creative and above all, futuristic to spot opportunities and take advantage. Thus, why Geoffrey G. Meredith et al (1991) defined the entrepreneur(s) as “people who have the ability to see and evaluate business opportunities, to gather the necessary resources to take advantage of them and to initiate appropriate action to ensure success”. The driving force for entrepreneurship is usually an active interest to satisfy a yearning need and it involves people who are knowledgeable about a specific problem and spurred by this knowledge to solve the problem. It involves turning a passion into business, hence, it could be said, that most entrepreneurs ventured into business essentially to fill up an existing gap or service area, out of their individual drive or passion. In the process, they may finally end up building business empires, which they were not set out to do originally. From the foregoing, we can add that monetary gains though important are not in most cases paramount, but the overriding interest to fill a gap and create sustainable solutions influences entrepreneurship ventures. In Nigeria, being an entrepreneur conjures different perceptions; to most, he is a hustler...
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...ASSIGNMENTS ON RESEARCH METHODOLOGY (MAN 809) By AZUBUIKE-BAKARE,O. BUSINESS MANAGEMENT DEPARTMENT EBSU/PG/M.Sc/Ph.D/2014/06699 TOPICS: 1. BEING AN ENTREPRENEUR IN NIGERIA, PROBLEMS AND PROSPECTS: A STUDY OF 10 SELECT SOLID MINERAL MINING COMPANIES IN EBONYI STATE (AN INTRODUCTION) 2 . BEING AN ENTREPRENEUR IN NIGERIA, PROBLEMS AND PROSPECTS: A STUDY OF 10 SELECT SOLID MINERAL MINING COMPANIES IN EBONYI STATE (STATEMENT OF RESEARCH PROBLEM, STATEMENT OF GENERAL OBJECTIVE, RESEARCH QUESTION, STATEMENT OF HYPOTHESIS) 3. EFFECT OF FOREIGN CURRENCY DEPOSIT ON THE CREDIT CREATION OF COMMERCIAL BANKS IN NIGERIA (AN ABSTRACT) 4 STRATEGY FOR ECONOMIC DEVELOPMENT IN SOUTH KOREA: LESSONS FOR NIGERIA (REVIEW OF RELATED LITERATURE) LECTURER: PROF I. O. C. ABARA ABSTRACT Foreign currency deposits or domiciliary account, are accounts maintained in designated foreign currencies by authorized Nigerian banks for their customers. Such customer could be government, individuals, or corporate bodies. The account falls within the statutory functions of commercial banks in Nigeria, ie mobilization of deposits and credit creation. The introduction of the domiciliary account regime according to the Central Bank of Nigeria (CBN), the monitory policy regulatory agency, is to boost the commercial banks mobilization of deposits and ability to create credit. The implication would be a more robust commercial banking environment. It would also prepare the grounds for a free, open and consequently a...
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...As for my first assignment for entrepreneur’s subject, I would like to discuss about the criteria and how the entrepreneur should think. First and foremost the entrepreneur character can be build, can be groomed from experienced and some are born with the DNA in their blood!. Who is the entrepreneur? Entrepreneur is someone can see opportunities and situation in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production. Someone with the character of entrepreneur will always see problems, challenges and uncertainties as an opportunity for them. The only job that don’t have any qualification to apply is an entrepreneur. Anybody can be an entrepreneur, once they sustain in this field over failure because failure is the only thing guaranteed. How they respond to failure determines their success. Successful entrepreneurs are paid for their high tolerance for stress and pain. Setbacks, obstacles and challenges are painfully common elements of entrepreneurship. Most people react to these hurdles with stress and pessimism, with an attitude that obstacles are negative experiences that only hinder progress. As an entrepreneur, they encounter so many challenges they simply can’t afford to react this way. Instead, successful entrepreneurs view challenges as opportunities. Each challenge or setback reveals a key opportunity to grow -either to improve upon an existing weakness or take measures to avoid experiencing a...
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...Competing views of the entrepreneur The term entrepreneur has become to have a broad definition over the years, with many authors debating over the types of characteristics that make up a person who can be classed as entrepreneurial. The word originally came from the French meaning 'one who takes between' but over the years the term has developed with varying definitions from academic literature, the media and often people classed as entrepreneurs themselves, causing great difficulty in finding a universal definition. In the late 18th Century, Cantillion and Say from the French school of thought were amongst the first to recognise the role of the entrepreneur. Cantillion first defined entrepreneurs as a 'risk taker', buying at a certain price and selling at an uncertain price. (Cited in Blaug 1986:220) Jean-Baptiste Say backed this up by stating entrepreneurs are 'the pivot of the economy, a vehicle for economic change. Deakins and Freel (2009). In the years to come, further concepts of entrepreneurs were developed and argued amongst academics. By examining the differing opinions from a broad spectrum of authors since the role was first distinguished, through the years where the meaning has become diverse and arguments have surfaced over the true meaning of entrepreneurship, I hope to make clear whether the term is so unclear to render it worthless or find some way of giving it some true common definition in today's society. To investigate the varying opinions and definitions...
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...5 Benefits of Becoming an Entrepreneur The Top 5 Reasons You Want to Become an Entrepreneuer Maybe you have read a book or maybe even recently laid off but this recession is going to foster in a whole new set of entrepreneurs. If you have thought about starting your own business or forging your own path down entrepreneurship read on as we discuss 7 benefits: Being able to enjoy the pride of fulfilling self made goals and dead lines. Being an entrepreneur is not like have a job where you do as much as possible but as little to not get fired. Deciding to make the journey in to entrepreneurship is exciting as you are now responsible for the business plan, the ultimate vision, deadlines, goals and seeing it all to fruition. Having all of this responsibility as an entrepreneur may seem daunting but the realization of profit is extremely fulfilling. Your entrepreneurial venture may not succeed at first but if you nurture it and seek the right assistance and mentoring all failures can be turned in to successes and those bring an incredible sense of pride. Excitement of learning something new everyday. As an entrepreneur you will wear many hats and sometimes all at once! Some less exciting roles you will play as an entrepreneur are the book keeper, janitor, customer service representative and the more exciting roles such as CEO, sales person, marketing coordinator. Learning as an entrepreneur is never ending. This is a good thing how ever because wants you stop learning you become...
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...Entrepreneur: Tom Bostock- ‘The Travelling Fishmonger’ 1. Introduction The definition of an entrepreneur taken straight from the oxford dictionary is ‘a person who sets up a business or businesses, whilst taking on financial risks in the hope of profit’ (Whitelock, 2011). A definition this simple is near impossible to find in any scientific journal. Schumpter (1934) was one of the first researchers to claim that an entrepreneur was an actual state of being that was different from a business owner or manager, and since that faitful article many researchers and scholars have attempted to define the term, entrepreneur. They have found this to be a very difficult task indeed as many ‘scholars have concurred that a common definition of the entrepreneur remains elusive’ (Gartner, 1988). Many studies focus in on the characteristics of an entrepreneur, suggesting that certain characteristics such as ‘need for achievement, intelligence, creativity, energy level, and desire for money’ (Aboud, 1971) are common throughout entrepreneurs. Gartner, accepting these claims, goes onto suggest that if you base the definition of an entrepreneur on characteristics then ‘an entrepreneur is a personality type’ and therefore ‘a state of being that doesn’t go away’ (Gartner, 1988). A more specific definition, by Hornaday and Aboud (1971), of a ‘successful entrepreneur’ is ‘a man or woman who started a business where there was none before, who had at least 8 employees and who had been established...
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...Myth of the Robber Baron,” shines a light on a common belief that entrepreneurs during the industrial revolution are robber barons. Burton Folsom’s main point, is that there are two types of entrepreneurs he uses in the book in order to separate the Robber Barons from the entrepreneurs, which I will discuss a little later. Robber Baron is a term that is used for entrepreneurs during the 19th century that used questionable or unethical means to build/attain wealth. They payed there workers low wages while also buying out the competitors that could not keep up with them. Once the competition was brought out and that company was the last one standing they would jack up their prices. As I discussed earlier, Burton Folsom separated the entrepreneurs into two groups, one he classifies as the political entrepreneurs, these are the entrepreneurs that tried to succeed through federal aid, pools, vote buying, or stock speculation. These are the entrepreneurs that rely heavily on government help and subsidies. The other group that he refers to is classified as market entrepreneurs, these are the entrepreneurs that tried to succeed by creating...
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...billionaire entrepreneurs were not perfect in school. Everywhere in the world are stereotypes and misconceptions and people using them and if the person has ever said no the individual is lying. Stereotypes are used to categorize a person or a group of people to widely believe a mental picture of what is being said. In some cases, stereotypes are true, but can also be an exaggerated truth. When a stereotype is used the people infer a person has whole range of characteristics and abilities and all this is being assumed towards members of a group. A misconception in the other hand is formed by the stereotypical assumptions of a person just for being part of a certain group or community. The reason why the world has these stereotypes and misconceptions is because...
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...Are Entrepreneurs Born or Bred? Academics currently debate whether entrepreneurs are born or do they develop with the help of their environment. It is a big debate today and the reason is simple. Governments and think tanks today are struggling with this question because entrepreneurial creativity and innovation leads to a phenomenon at the centre of any economic theory - job creation. Governments want to know whether entrepreneurs can be trained and if they can, what can the government do to advance those skill sets in the systems. If entrepreneurs are born, then what are the factors which influence it? Is good milk and honey the answer? To date there has been no solid, widely applicable correlations between successful entrepreneur and personality traits, which are fixed. However, much is written and known about the behaviour of hundreds of successful entrepreneurs, no theory proves to highlight a particular personality trait of these successful people which can be described as key to their success. Where we read that Virgins Branson’s mother raised them to be “self reliant and responsible…taking control of their destiny”, the same Branson had to learn to use his network. As his magazine business grew, he came to rely on his childhood friend Powell. This turned out to be one of the most fruitful and calculated commercial marriages for Branson. Branson learnt that building a reliable team is as good as being self reliant. Similarly to date there also hasn’t been a theory...
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...The Entrepreneur who inspires me Background: The entrepreneur who inspires me is Kaniz Almas Khan who is the owner of Persona. She is the pioneer who established Persona as a brand in the beauty industry. She is the successful entrepreneur not only among the women but also among the entrepreneurs of Bangladesh. With a deep passion on beautification of human being and a great wish to do something different and big, she started her journey in the beauty industry. She has started her journey with a very small capital. Though her parental home is in Dhaka but she was born in Chittagong. Her father Dewan Badiul Alam used to stay there in connection with employment. She had passed her childhood at Dhaka’s garden house in Malibag. After passing Secondary and Higher Secondary Examinations from Siddheswari Girls School and College, Kaniz Almas Khan accomplished graduation from Eden College. Then she took training on Beatification from famous beautician of Bangladesh, Zerin Ashgar Khan. Later took training from Kolkata, Mumbai, Delhi, China and Bangkok. With a deep passion on beautification of human being and a great wish to do something different and big, she started her journey in the beauty industry. In her journey to become a successful woman entrepreneur in the beauty industry of Bangladesh, she got all types of necessary supports from her mother, in laws, husband and peer groups. Then from innate eagerness to beauty and with the inspiration of the members of the family, make-up...
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...Difference Between Entrepreneurship & Small Business Management By Chris Joseph, eHow Contributor A small business enterprise requires skilled management to become successful. Depending on the nature of the enterprise, the entrepreneur and the manager may be the same person. In other cases, the entrepreneur may have little to do with the day-to-day operations of the business. The skills need to be a successful entrepreneur are not necessarily the same ones required to be a competent manager. 1. Leadership Skills * An entrepreneur is often a sole proprietor who does not employ others in her business, so she might not need to possess strong leadership skills. A small business manager is typically in charge of running a business operation, which may involve the need to manage a staff of employees. The entrepreneur who is also a manager faces the challenge of ensuring the profitability of her operation while effectively leading a group of workers. Focus * Entrepreneurship requires a business owner to look at the "big picture" pertaining to his business, which may include seeking new markets, establishing important contacts through networking and planning for future expansion. Small business management may be more focused on the day-to-day operations of the business such as dealing with customers, ordering supplies or overseeing production. In essence, entrepreneurship involves developing the plan while management involves the execution of the plan. ...
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...10 Reasons You Should be an Entrepreneur by Bamidele Being an entrepreneur can be one of the best decisions you will ever take in life but you don’t just jump into things without knowing why, this post will be listing 10 reasons why you should be an entrepreneur. 1. Be Your Own Boss. Nothing can be more frustrating than taking orders from the same person all the time. Even if taking orders is okay, what happens if your life depends on taking orders? Failure to obey your boss can kick you out of your job. Being an entrepreneur puts and end to this and you don’t have to answer or take orders from any boss anymore, you live your life as it pleases you, you do things as you want. We all have various ways of doing things and what works for me might not work for you, if you are working under a boss your boss can make you do things against your will if he believe that is what works best but as an entrepreneur you don’t have to face all this, you do as it pleases you. 2. Work at Your Own Schedule. Having a 9-5 job can be very stressful, you have to leave for work 9am every morning and you have no choice until 5pm in the evening, being an entrepreneur helps you overcome this and you can decide if you want to be working from 2pm in the noon till 6pm in the evening, it depends on you. Depending on how and where your business operates, you can even work at night and sleep at day as an entrepreneur, you can decide to live a different way of life – and this is what a 9-5 job will never provide...
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...entrepreneurship? Advantages of Entrepreneurs Excitement: compared to being regular employees, entrepreneurs enjoy much excitement beginning from the planning stage of the business up to development and realization. Thrill-seekers obviously love being entrepreneurs as they are exposed to too much risk. You should never forget, that all business risks that you agree on taking, should be calculated. Salary Potential: most people who are employed generally feel that they are not being compensated for the work they do. In addition, they must follow the salary structure set by their employers. Entrepreneurs, on the other hand, earn money that is commensurate to their efforts. Flexibility: having control of work schedules and commitments makes the life of these entrepreneurs enviable. They are able to take vacations anytime and spend much quality time with their families. Independence: for people who love the idea of not being answerable to anyone else but themselves, becoming an entrepreneur would surely be wonderful. They would be able to make decisions without the pressure of getting fired. Disadvantages of Entrepreneurs No Regular Salary: when you start a business, you should be prepared to leave behind the security of having a paycheck each month. Even successful entrepreneurs experience lean months when all financial resources are being taken up by the new business. Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also make sacrifices especially...
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...Q. What is Entrepreneurship? Answer: Entrepreneurship is the act of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. Entrepreneurship involves bringing about change to achieve some benefit. This benefit may be financial but it also involves the satisfaction of knowing you have changed something for the better. It is essentially the act of creation requiring the ability to recognize an opportunity, shape a goal, and take advantage of a situation. Entrepreneurs plan, persuade, raise resources, and give birth to new ventures. The most obvious form of entrepreneurship is that of starting new business (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations. Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. Capital is one such resource. Entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no existing market...
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...Case Study Analysis on an Entrepreneur and their company strategy.h Introduction to Enterprise and Entrepreneurship (ENTE 1521) Rebecca Jade Inglis P14145784 Thursday – 14:00 – 15:00 David Stringer ENTE 1521 ASSIGNMENT 1 Criteria 2014/15 TITLE: Case Study Analysis on an Entrepreneur and their company strategy Student Number:……………………………………………………. Tutor Marking……………………………………………………….. Please note: You will LOSE 5% if you do not include this criteria sheet CRITERIA | ANY COMMENTS | MARK | Executive Summary. 5% | | | Company Profiles 20% | | | Entrepreneurs Profiles, and how did they set up.Evidence of research25% | | | Personality Trait Analysis.Evidence of research30% | | | Management Behaviours 10% | | | 7. Correct format as outlined in module guide; eg correct referencing, free from errors etc………………10% | | | Less Penalties TOTAL MARKS | | Executive Summary This report has looked at Michelle Mone’s timeline of life showing how she has grown in successfulness and wealth from being brought up in a poor and troubled family and being raised with very little to blossoming into a victorious entrepreneur who is now worth millions of pounds. This report has shown how Michelle Mone’s personality links in with the ‘Big Five Personality Traits’ showing supporting examples of the relationship between Michelle and these entrepreneurial traits. The research which I...
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