...ENTREPRENEUR Our economy has developed many views about an entrepreneur. It can be referred to as one of the factors of production or someone who has opened a new venture in an existing industry. Commonly, an entrepreneur is regarded as the owner of a big company or firm. However, such views portray a narrow and restricted activity of an entrepreneur. In the real world, an entrepreneur does much more than just setting up a firm. It plays a vital role in the flourishing of a country. Joseph Schumpeter believed that “everyone is an entrepreneur only when he actually carries out the new combinations and loses that character as soon as he has built up his business.” (The Theory of Development, 1934). His belief holds true to a large extent and modifies the way we commonly think of an entrepreneur. He describes entrepreneurship to be process or activity that is carried out by a person. Thus the quality of this entrepreneurial spirit is possessed for only a certain period of time and doesn’t last forever. It’s the ability of an entrepreneur to identify what the market is devoid of, reacting creatively to the opportunity with new ideas and acting upon these ideas through a process of innovation to produce new goods, creating demand for it and giving it market value. Such a process leads to correction of market failures and deficiencies (Leibenstein, 1995, Schumpeter 1942). It causes changes in the market by creating disequilibrium of market forces. These changes act as sources...
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...Advantages of franchising • A proven system is being acquired • Start-up assistance is proved • Ongoing assistance is provided • Access to training and support • Advertising and purchasing is taken care of • Easier to obtain finance • Leverage • Risks associated with product acceptance, management expertise, meeting capital requirements, knowledge of the market and operating and structural controls are minimized • Probably require less capital than setting up independently • Independence is retained • Franchisor strives to improve business with ongoing R&D programmes Limitations of franchising • Increased set up cost • Rigid operating procedure • No control over marketing and operations • Bad decisions by the franchisor • Restrictions on freedom to act • Limited control and flexibility • Reliability of franchisor • Cost • Erosion of name and reputation and brand image of franchise Five typical paths an entrepreneur may take • Habitual entrepreneurs – are owner for a life time, sometimes in one business, sometimes across several businesses. The goal is personal satisfaction first, income second. Usually there is no succession plan. • Growth entrepreneurs- also life time owners whose goal is major success • Harvest entrepreneurs- are owners with an exit plan • Spiral and helical entrepreneurs - alternate...
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...Case No 1. Home in Hospital Q. 1. Is Computerization, solution to every problem? Do you feel that this hospital has to go for computerization? Today’s world of globalization and increased competition among many firms made it essential to cope with new challenges through extensive use of technology. Although it’s true that computerization is important, but not essentially the solution for every business problem. In the hospital case, they should preferably go for computerization at least in the pharmacy stock, because the use of automated system will help smooth running of its operations. As the scissor lost case reveal the importance of Just in time method, especially when the whole pharmacy area is operated by only one person. Q. 2. Assuming Dr. Khan’s study of the situation is correct and computerization for HH is essential, what are the resistances you see in Dr. Dhan? As Mr. Dhan is operating the hospital for years and being able to manage all the accounts and other information efficiently without computerization, therefore he is not ready to accept the importance of automation in stock and accounts related operations. Mr. Dhan does not realize the importance of automation until he himself use and see the role the computerization play in the smooth running of the organization. Q.3. if you were in the place of Mr. Khan what will you do to overcome the resistance to change? It is very essential to convince him about the importance of computerization for the hospital...
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...Case 6.2 Analysis Zipcar: A Business Model Innovator That’s Changing the Way People Think About Cars. 1. Answer: Zipcar has created a model that would be difficult for other companies to imitate with its technology infrastructure and low over-head. I think the motivation of Zipcar is the innovation services and customer first basic purpose. The initial business plan of Zipcar was to provide the convenience of owning a car, without actually having to pay for all the expenses of actually owning a car. They wanted to target those that needed a car for only a few hours, as compared to renting a car for a whole day. Zipcar is the perfect answer for customers who wanted to rent a car for few hours in their home city. That just goes to say that Zipcar had a target niche market and fully utilized technology in their business modeling. The convenience of the car renting process to Zipcar’s customers makes it very likely that they get repeat patronage, giving them a sustainable advantage. About the scale, I would like to give it 4. 2. Answer: Yes, I think Zipcar has a good story to tell. About the question of accessing to market, the company’s target customers are educated and internet savvy urban dwelling people, so I think it’s easy for Zipcar’s employees to clearly explain what they do and what the benefits of its service which is non-car owners will have the service at their disposal whenever they require thru reserving it on the...
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...CHAPTER ONE INTRODUCTION 1.1 THE PROBLEM AND ITS SETTING Every industry operates within two sets of constraints. Internal constraints are those problems within the organization and over which the enterprise has reasonable amount of control. Personnel problem, capacity utilization and the techniques or process of production are some of such factors. External factors could pose formidable problems to an enterprise. The problems are made more severe by the fact that these problems are caused by factors outside the competence of a given enterprise to control. Examples of such factors are government regulation, traditional or cultural values etc. The bakery industry in Nigeria has been a victim of externally imposed constraint. Hitherto, bakers depended on local millers who produced their vital raw materials, flour from imported wheat. Government banned the importation of wheat and wheat product in 1986, thereby, sending shock waves to this very well established and expanding industry. Wheat products has started to consume an unacceptable amount of the nation’s foreign exchange as the table 1.1.1 below clearly demonstrates, as well as figure 1.1.1 in page 3. Table 1.1.1 Foreign Exchange Spent on Wheat and Food Import 1981 – 1985 Import 1981 1982 1983 1984 1985 N,000 N,000 N,000 N,000 N,000 Total food 1,820,215 1,642,245 1,296,714 843,246 946,567 Wheat 159,422 79,629 255,717 243,067 327,870 C/o of total 9% 5% 20% 29% 35%` Source: Federal Office of Statistics...
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...TABLE OF CONTENT COVER PAGE TITLE PAGE APPROVAL PAGE DEDICATION ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENT CHAPTER ONE INTRODUCTION 1. BACKGROUND OF THE STUDY 2. STATEMENT OF THE PROBLEM 3. PURPOSE OF THE STUDY 4. SCOPE OF THE STUDY 5. RESEARCH QUESTIONS 6. RESEARCH HYPOTHESIS 7. SIGNIFICANCE OF THE STUDY 8. LIMITATIONS OF THE STUDY 9. DEFINITION OF TERMS. REFERENCES CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1 MEANING AND CONCEPT OF ENTREPRENEURSHIP 2.2 HISTROY OF ENTREPRENUERIAL DEVELOPMENT IN NIGERIA. 2.3 ECONOMIC EFFECT OF ENTREPRENUERSHIP IN NIGERIA. 2.4 IMPACT OF ENTREPRENEURIAL DEVELOPMENT IN EBONYI STATE REFERENCES CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 3:1 RESEARCH DESIGN 2. AREA OF THE STUDY 3. POPULATION OF THE STUDY 4. SAMPLE AND SAMPLING 3.5 INSTRUMENT OF DATA COLLECTION 3.6 VALIDATIION OF INSTRUMENT 7. RELIABILITY OF THE INSTRUMENT 8. METHOD OF DATA COLLECTION 9. METHOD OF DATA COLLECTION REFERENCES CHAPTER FOUR 4.1 DATA PRESENTATION AND ANALYSIS 4.2 TESTING OF HYPOTHESIS 4.3 SUMMARY OF RESULTS CHAPTER FIVE DISCUSSION OF RESULTS AND FINDINGS 5.1 SUMMARY OF FINDINGS 2. CONCLUSION 5.3 IMPLICATION OF THE RESEARCH FINDINGS 5.4 RECOMMENDATION 5.5 SUGGESTION FOR THE RESEARCH BIBLIOGRAPHY APPENDIX CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The worldwide economic depression of the early 80’s caused a rapid deterioration of the Nigeria economy. The...
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...Introduction In first look, Globalization, internet & entrepreneurship have a weak relation with each other. But if you observe more precision, you can find many relation between them. For example Globalization accelerates the change of technology. Every day it seems that a new technological innovation is being created. The pace of change occurs so rapidly many people are always playing catch up, trying to purchase or update their new devices. Technology is now the forefront of the modern world creating new jobs, innovations, and networking sites to allow individuals to connect globally. All of Globalization, internet & entrepreneurship terms are very popular nowadays but many people don’t know the real meaning of them and the relationship between them. In this article we try to clear the relations. First of all, we have to define the terms. Globalization The most important term in this subject is globalization. Globalization is only a description, describing the state humanity is in right now. It is not simply an economical term, it affects our whole life. It means that we are all interconnected, and physically we are like individual cells of the same body. It is a state we arrived through our evolution, and it is a state we cannot escape. Globalization doesn’t have a clear & brief definition but according to business dictionary globalization means “The worldwide movement toward economic, financial, trade, and communications integration. Globalization implies the opening...
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...Innovation, Ethics, and Entrepreneurship Morgan P. Miles Linda S. Munilla Jeffrey G. Covin ABSTRACT. This paper is a response to Ray’s (2004) recent proposal that the intellectual property rights (IPR) attached to potentially life saving/life sustaining innovations should become public goods in cases where markets are either unable or unwilling to pay for the creation of the intellectual property. Using a free market approach to innovation based on Western moral philosophy, we suggest that treating intellectually protected life saving/life sustaining innovations as public goods will likely reduce social welfare over the long term. KEY WORDS: entrepreneurship, ethics, innovation, intellectual property rights, policy ‘‘For the Scripture says, ‘Do not muzzle the ox while it is treading out the grain,’ and ‘The worker deserves his wages’ ’’ 1 Timothy 5:18. Ray (2004), in a recent critique of Miles et al. (2002), proposes that the intellectual property rights (IPR) generated from any life saving/life sustaining entrepreneurial initiatives should be transferred to the public domain whenever potential users of these innovations are unable or unwilling to enter into mutually beneficial exchange relationships with the creators of the IPR. This reply offers a perspective on why Ray’s (2004) imperative does not maximize social welfare and, in fact, will tend to diminish social welfare over the long-term as a result of lower economic incentives for innovation. Introduction ‘‘Few...
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...Introduction. Value creation is an objective of every firm, as they seek to provide value to its stakeholders and most especially its customers. Aside adding value, success is also a major objective for firms. The drive to be successful in their industry has led firms to develop strategies to enable them have a competitive edge. Resources of organisations generate value and when combined with its capabilities creates competitive advantage for that organisation. To gain and sustain competitive advantage, firms have to implement value creating strategy that cannot be imitated by its current or potential competitors (Barney, 1991). The telecommunication industry in Nigeria was controlled by a monopolist (Nigerian Telecommunications Limited (NITEL), but this changed after the auction of telecom licences to other operators, leading to stiff competition. Operators in the telecommunication industry are relentlessly competing for market share, making managers to employ different strategies to place them ahead of their competitor. (Esonwume, 2010), yet one operator was able to beat its rivals. MTN is regarded as the most profitable and widely subscribed operator in Nigeria. This paper gives a background of the industry and firm, examines key areas where MTN has been successful and the extent to which this advantage can be sustained in an attempt to answer the research questions. The research questions are as follows: 1. What strategies has MTN Nigeria adopted to become a...
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...Entrepreneurial Characteristics, Optimism, Pessimism, and Realism – Correlation or Collision? Liang, Chyi-lyi (Kathleen), Department of Community Development and Applied Economics, The University of Vermont, 103 C Morrill Hall, Burlington, Vermont 05405 Phone (802) 6560754, e-mail: CLIANG@uvm.edu Dunn, Paul, Entrepreneurship Studies Center, The University of Louisiana at Monroe, 700 University Avenue, Monroe, Louisiana 71209 Phone (318) 3421224, e-mail: dunn@ulm.edu Publsihed in the Journal of Business and Entrepreneurship, Vol. 22, No. 1, pp 1-22. 1 Abstract The study of entrepreneurs and entrepreneurship has resulted in a great deal of information about who entrepreneurs are and how who they are impacts their behavior. This paper presents additional insight into who entrepreneurs are and how their characteristics relate, and how those relationships might impact their behavior. We have studied selected entrepreneurial characteristics and their relationship to optimism, realism, and pessimism. The study shows that some entrepreneurial characteristics are positively related to optimism and realism and negatively related to pessimism. Key Words: Entrepreneurship, Psychology, Entrepreneurial Characteristics, Optimism, Realism, Pessimism 2 Entrepreneurial Characteristics, Optimism, Pessimism, and Realism – Correlation or Collision? Introduction There is a common argument among researchers regarding if entrepreneurs are optimistic, and if optimism relates...
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...Faculty Research Working Papers Series Industrial Policy for the Twenty-First Century Dani Rodrik November 2004 RWP04-047 The views expressed in the KSG Faculty Research Working Paper Series are those of the author(s) and do not necessarily reflect those of the John F. Kennedy School of Government or Harvard University. Copyright belongs to the author(s). Papers may be downloaded for personal use only. INDUSTRIAL POLICY FOR THE TWENTY-FIRST CENTURY* Dani Rodrik Harvard University John F. Kennedy School of Government 79 Kennedy Street Cambridge, MA 02138 (617) 495-9454 Fax: (617) 496-5747 E-mail: dani_rodrik@harvard.edu http://www.ksg.harvard.edu/rodrik/ This version September 2004 * This paper has been prepared for UNIDO. I am grateful to Francisco Sercovich for his guidance. I am also grateful to Robert Lawrence, Lant Pritchett, Andres Rodriguez-Clare, Andres Velasco, and especially Ricardo Hausmann and Roberto Unger for conversations over the last few years that led to the development of these ideas. None of these individuals should be held responsible for the views expressed here. I also thank Magali Junowicz for expert research assistance. I. Introduction Once upon a time, economists believed the developing world was full of market failures, and the only way in which poor countries could escape from their poverty traps was through forceful government interventions. Then there came a time when economists started to believe government failure was by far the...
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...TUGAS 3 MANAJEMEN STRATEGI ENVIRONMENTAL SCANNING AND INDUSTRY ANALYSIS PADA INDUSTRI SEKOLAH BISNIS KELOMPOK 10 ANINDITA AMALIA PUTRI 2813100022 AWANIS LINATI HAZIRO 2813100027 DINA TANDIANA HALIM 2813100045 JURUSAN MANAJEMEN BISNIS INSTITUT TEKNOLOGI SEPULUH NOPEMBER SURABAYA DAFTAR ISI BAB I ANALISIS PESTEL PADA INDUSTRI SEKOLAH BISNIS 1 1.1 Political Forces 1 1.2 Legal Forces 4 1.3 Economic Forces 10 1.4 Sociocultural Forces 13 1.5 Technological Forces 14 1.6 Ecological Forces 15 BAB II PORTER FIVE FORCES INDUSTRI SEKOLAH BISNIS 17 BAB III KEY SUCCESS FACTOR (KSF) 21 3.1 Pengertian Key Success Factors 21 3.2 Key Success Factor (KSF) pada Perusahaan di Industri Sekolah Bisnis 21 BAB IV PELUANG DAN ANCAMAN YANG DIHADAPI SEKOLAH BISNIS 24 4.1 Peluang dimiliki oleh Sekolah Bisnis 24 4.2 Ancaman yang Dihadapi Sekolah Bisnis 24 DAFTAR GAMBAR Gambar 1 1 halaman web panduan prosedur perizinan kelembagaan pendidikan 5 Gambar 1 2 Pertumbuhan GDP Indonesia 2006-2014 10 Gambar 1 3 Pertumbuhan GNI Indonesia 2006-2014 12 Gambar 2 1 Porter Five Forces 17 DAFTAR TABEL Tabel 1 1 Dokumen Persyaratan 6 Tabel 1 2 Dokumen Persyaratan Mendirikan PTS 8 Tabel 1 3 Jumlah GDP Indonesia 2006-2014 10 Tabel 1 4 Jumlah GNI Indonesia 2006-2014 12 BAB I ANALISIS PESTEL PADA INDUSTRI SEKOLAH BISNIS 1.1 Political Forces Dalam politik di Indonesia, peraturan mengenai perguruan tinggi diatur dalam Undang-Undang Republik...
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...THE ROLE OF ENTREPRENEURIAL OREINTATION ON ENTREPRENEURIAL INNOVATIVENES: A CASE STUDY OF SMALL AND MEDIUM SCALE ENTREPRISE IN LAGOS STATE, NIGERIA BY FATOYE, MUSTAPHA OBI 08S04/046 BEING A RESEACH PROJECT SUMITTED TO THE DEPARMENT OF BUSNESS ADMINISTRATION, FACULTY OF SOCIAL AND MANAGEMENT SCIENCES, AJAYI CROWTHER UNIVERSITY, OYO IN PARTICAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BARCHELOR OF SCIENCE (B.S.C) DEGREE IN BUSINESS ADMINISTARTION (MANAGEMENT OPTION) JULY, 2012 CERTIFICATION This is to certify that this project was written by FATOYE MUSTAPHA OBI (MARICULATION NUMBER 08S04/046) in partial fulfilment of the requirement for the award of bachelor of science (B.S.c) degree in business administration (management option) of the department of business administration, faculty of social and management sciences, Ajayi Crowther university, Oyo, Oyo State. MR. P.A Akanbi ....................... (Project supervisor) Date DR. O.E Ofoegbu ........................ (HOD, Business Administration) Date PROF. S.O. Akano ....................... (Dean, SMS) Date .............................. ........................ EXTERNAL EXAMINER Date DEDICATION This work is dedicated to God Almighty who generously gave me the strength, health and other resources to successfully accomplish this research. ACKNOWLEDGEMENTS This period of my life had been a period of trials and revelation but...
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...J.B.M. Vol. 17 No. 1 Journal of Business and Management Editors Cristina M. Giannantonio, Ph.D. Amy E. Hurley-Hanson, Ph.D. Published by Chapman University’s Argyros School of Business and Economics Sponsored by the Western Decision Sciences Institute WDSI WDSI WESTERN DECISION SCIENCES INSTITUTE The Western Decision Sciences Institute is a regional division of the Decision Sciences Institute. WDSI serves its interdisciplinary academic and business members primarily through the organization of an annual conference and the publication of the Journal of Business and Management. The conference and journal allow academicians and business professionals from all over the world to share information and research with respect to all aspects of education, business, and organizational decisions. PRESIDENT Mahyar Amouzegar California State University, Long Beach PRESIDENT-ELECT Nafisseh Heiat Montana State University-Billings PROGRAM CHAIR/VICE PRESIDENT FOR PROGRAMS/PROCEEDINGS EDITOR John Davies Victoria University of Wellington VICE PRESIDENT FOR PROGRAMS-ELECT Sheldon R. Smith Utah Valley State College VICE PRESIDENT FOR MEMBER SERVICES David Yen Miami University of Ohio SECRETARY/TREASURER Richard L. Jenson Utah State University DIRECTOR OF INFORMATION SYSTEMS Abbas Heiat Montana State University - Billings IMMEDIATE PAST-PRESIDENT G. Keong Leong University of Nevada, Las Vegas REGIONAL VICE PRESIDENT Vijay Kannan Utah State University Journal of Business...
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...MODULE ONE THEORY AND CONCEPT OF ENTREPRENEURSHIP STUDIES Learning Objectives At the end of this module students should be able to; Discuss the origin of Entrepreneurship Define the concept “Entrepreneur” List the roles and characteristics of an Entrepreneur State the motivational factors of Entrepreneurship. UNIT ONE: ORIGIN AND CONCEPTS OF ENTREPRENEUR AND ENTREPRENEURSHIP Objectives: At the end of this unit students should be able to; Compare and contrast the various definitions of Entrepreneur and Entrepreneurship. 1.2. Differentiate between Entrepreneur and Entrepreneurship. List five contributions to the study of Entrepreneurship. Introduction Businesses are any undertaking created for the purpose of creating utility. Utility is simply the satisfaction derived from consuming certain goods and services. Businesses are created by a special kind of labour which is also referred to as the entrepreneur. Entrepreneur is regarded as a special kind of labour because not all labour possesses entrepreneurial abilities which enable them to start a business from the scratch. Thus, entrepreneurship is simply the establishment of a new business or business enterprise or venture. This Unit looks at the development of the concept of entrepreneurship and the various ways in which this concept can be defined. Quick Review questions I. Businesses are not any undertaking created for the purpose of creating utility...
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