...Entrepreneur: Description The entrepreneur always had new ideas, because she admires variety and she looks for beauty and harmony in life. She didn't know anyone who started their own business while growing up; however, her current role model is Richard Branson. She prefers working with individuals whom she likes and trusts. Having a good relationship with her friends and partners are important for the well-being of her business. Educational Background The entrepreneur holds a Bachelor of Science with a major in International Economic Relations from Bulgaria, which she reevaluated to the educational system in Quebec. Also, she is a Certified Trade Professional in Canada, USA, and Europe. Experience The entrepreneur has experience in sales and marketing, and used to own a company before immigrating to Canada. She possesses the professional contacts, such as lawyers, accountants and business advisers, and the local financing experience through her last business in Canada. Evolution of the Business Idea The business idea originated after the entrepreneur worked for several companies in Canada, but none of those jobs were of real interest and meaningful to the entrepreneur. She saw no future on the jobs she held, so she decided to do something that was different and stimulating, something that used more of her creativity and imagination. This is how the idea of offering eco soil, flowers, and the combination of both was born because she believed that beauty and flowers...
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...What is a monopoly? A monopoly is an enterprise that is the only seller of a good service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. (Stigler, 2013) What is an Oligopoly? Oligopoly is an industry can only have a handful of large firms; it makes it very difficult for new firms to enter into the industry. The firm products can be similar or different, but the action of one firm will impact others in the oligopoly. (Wessels, 2000) What is a Cartel? A Cartel is a group of firms in an oligopoly that get together and agree to cooperate to the detriment of consumers and other firms. The benefit of cooperation is that the oligopolists can charge higher prices to consumer end up with less than they otherwise might have consumed. (Wessels, 2000) Example of a Monopoly: Examples of monopolies includes Microsoft and Windows, DeBeers and diamond, your local natural gas company. Individual restaurants and other products that enjoy brand loyalty in otherwise competitive markets will choose prices and output just like monopolists do. (Monopoly) Phone companies are an example of the breakup of a firm with monopoly power. AT&T was forced to break into a number of local phone companies back in 1982, with several regional operating companies such as bell south etc. Today, AT&T and Verizon control most of the...
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...Evaluate the impact that Entrepreneurial Networks will have on the Novice Nascent Entrepreneur setting up Business for the first time Introduction The extent to which entrepreneurial networking has an impact on the nascent entrepreneur is an interesting hypothesis. There is evidence to suggest that the nascent entrepreneur is reliant on the use of networking, yet other evidence states that the success of this type of entrepreneur stems from contrary elements. "Entrepreneurial networks provide a framework for processes aiming at organising resources according to opportunities" (Johannisson & Monsted 1997, p109). This definition clearly states what the use of entrepreneurial networking sets out to do, and is supported by the assumption that networking is the "acquisition of entrepreneurial skills" (Martinez & Aldrich, 2011, p7). This report sets out to assess the impact of which entrepreneurial networking has on the nascent entrepreneur: "Individuals who are in the process of starting up new ventures" (Renko, 2012, p1045). In the following report, an investigation as to what classification of impact that entrepreneurial networking has on the entrepreneur will be assessed. Based on academic research, a definitive conclusion will be made and a judgement of the usefulness and level of impact these networks have will be assessed throughout. The report will take into account the difference between academic opinions, and note that many academics believe that entrepreneurial...
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...'attract – exchange – separate' process so that business growth and success is formed of a continuum of independent profitable sales events. Contrast, relationship marketing is about building long-term relationships with a network of influence markets in order to understand and, if possible, anticipate their needs and wants to better satisfy and retain them. It has been argued that this ultimately leads to increased market share and profit. Moreover, the probability of a satisfied customer to repurchase is higher than the one of a dissatisfied one. Indeed, relationships, networks, and interactions enable companies to create a more appropriate business climate and to better satisfy the influence markets. ROLE OF RELATIONSHIP MARKETING IN ENTRENEURSHIP: Relationship marketing is about establishing long term relationship with the customers rather than short or one time affair. So, it involves understanding consumer’s needs throughout his changing life cycle and providing the goods and services accordingly. It’s all about meeting customer’s expectations and converting them into content and loyal customers. This not only helps in retaining...
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...reducing the population of our graduate seeking jobs to the barest minimum. This will also reduce the level of unemployment nationally. The materials in the book are contributed by scholars from different intellectual backgrounds to produce a rich and highly stimulating compilation. The book gives a vivid background of the history of entrepreneurship from the rudimentary to the modern age. It provides ideas on principles and skills involved in sustaining entrepreneurship, potentials of businesses and entrepreneurs, types of enterprises and contributions of entreprenures to local, national and global economy. 2.0 Course description The concept and scope of entrepreneurship; the nature and forms of business ownership in entreneurship; entreneurship in Nigeria: an overview; mega-entrepreneurs: a prosopographical historical study of nigerian entrepreneurship, 1850-2000; transnational corporations and...
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...CHAPTER ONE 1. BACKGROUND In recent years, particularly since the adoption of the economic reform programme in Nigeria in 1986, there has been a decisive switch of emphasis from the grandiose, capital intensive, large scale industrial project based on the philosophy of import substitution to small scale industries with immense potentials for developing domestic linkages for rapid, sustainable industrial development. Apart from their potential for ensuring a self reliant industrialization, in terms of ability to rely largely on local raw materials, small scale enterprises are also in a better position to boost employ raw materials, small and medium enterprise, are also in a better position to boost employment, guarantee a more even distribution of industrial development in the country, including the rural areas, and facilitate the growth of non-oil exports. In Nigeria, the definition of small and medium enterprises also varies from time to time and according to institutions, for instance, the Central Bank of Nigeria’s (CBN) monetary policy circular No:27 of 1988 define small scale enterprises (excluding general commerce) as enterprises in which total investment (including land and working capital) did not exceed #500,000 and or the annual turn-over did not exceed #5.0 million. Medium enterprise (excluding general commerce) as enterprises in which total investment and not exceed #1,000,0000 (1 million) and the annual turnover did not exceed #1.2 million. Small scale enterprises...
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...CHAPTER - 1 INTRODUCTION 1.1 INTRODUCTION TO SMEs Small and Medium Enterprises (SMEs) have played a significant role world over in the economic development of various countries. Over a period of time, it has been proved that SMEs are dynamic, innovative and most importantly, the employer of first resort to millions of people in the country. The sector is a breeding ground for entrepreneurship. The importance of SME sector is well-recognized world over owing to its significant contribution in achieving various socio-economic objectives, such as employment generation, contribution to national output and exports, fostering new entrepreneurship and to provide depth to the industrial base of the economy. Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialized countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organization, accounting for over 95% and up to 99% of enterprises depending on the country. They are responsible for between 60-70% net job creations in Developing countries. Small businesses are particularly important for bringing innovative products or techniques to the market. Microsoft may be a software giant today, but it started off in typical SME fashion, as a dream developed by a young student with the help of family and friends. Only when Bill Gates and his...
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