Farewell

I have had a great time posting on this blog but it has come to the point where I must bid all my viewers  good-bye. I have learnt a lot while doing ENT-101 and I know I have had some problems with time management, which I am deeply sorry for, you guys have been great.

GOOD BYE!!!!!!!!!

Dark Side of Entrepreneurship

1. FINANCIAL RISK versus profit (return) motive varies in entrepreneurs' desire for wealth
2. CAREER RISK - Loss of Employment Security
3. FAMILY AND SOCIAL RISK - Competing commitments of work and family
4. PSYCHIC RISK - Psychological impact of failure on the well being of entrepreneurs

Difference between Entrepreneur & Small Business Owner

An Entrepreneur is motivated by… 

1. INNOVATION (New, Different)
2. GROWTH (Set Up Branches)
3. Maximised Profit (£££$$$NNN)

A small business owner manages their business by expecting… STABLE SALES, PROFITS, and GROWTH

ENTREPRENEURS

• RECOGNISE OPPORTUNITIES where others see chaos or confusion.
• Are AGGRESSIVE catalysts for CHANGE within the marketplace.
• CHALLENGE THE UNKNOWN and CONTINUOUSLY CREATE the future.

Creativity And Innovation

Creativity

This is the generation of ideas that result in the improved efficiency or effectiveness of a system.

Innovation

This is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of Innovation

• Trends: This include consideration of societal trends, economic trends and governmental trends and technological trends.

• Unexpected Occurrences: This include usage of unexpected incidents such as natural disasters, disease out break and even bombing. e.g bomb detectors can be sold in bomb areas and such idea would be profitable.

• Incongruities: These occur when the gap or difference exists between the expectation and realty. Example is when Fred smith propose the overnight mail delivery he create FedEx.

• Process Needs: This involve solving peoples problems and needs in a marketable idea. e.g. involve the health food(sugar free drinks), pharmaceutical, medical devices e.t.c.

• Industry and Market Changes: These are regular changes caused by consumers behaviours in industries and market. Example is changing of health care industries to home health care.

• Demographic Changes: These include example such as Retirement centres for old people.

• Perceptual Changes: These include changes that occur in people,to perceive need to be healthy and physically fit. There are need for both healthy food and facilities. Example invention of exercising tools.

• Knowledge-Based Concepts: These involves the use of knowledge  to produce marketable ideas. Example cell phone technology today has advance to include not only phone services but Internet access, music, camera, and some other applications.

The Innovation Process

Invention (new product, service, or process)

eg Wright Brothers - Airplane

Thomas Edison - Light Bulb

Alexander Graham Bell - Telephone

Extension (New use or different application of an already existing product, service or process)

eg Ray Kroc - McDonald's

Mack Zuckerberg - Facebook

Barry Steinlicht - Starwood Hotels & Resorts

Duplication (Creative replication of an existing concept)

eg Wal-Mart - Department Stores

Gateway - Personal Computers

Pizza Hut - Pizza Parlour

Synthesis (Combination of existing concept and factors into a new formulation or use

eg Fred Smith - Fed Ex

Howard Schultz - Starbucks

Corporate Entrepreneurship

Corporate Entrepreneurship/Intrapreneurship is the process of profitability and creating innovation within an organisational setting. Corporate Intrapreneurship can also be seen as a very broad concept that includes generation, development and implementation of new ideas into a corporation.

Ways to Promote Corporate Intrapreneurship

1. Setting Innovation Goals
2. A System of Feedback and Positive Reinforcement
3. Emphasise Individual Responsibility
4. Providing Rewards for Innovative Ideas
5. Do not punish failures

"Ken Kutaragi"
Ken was the founder of the playstation. He first got into video games when he saw his daughter playing a nintendo and realised the potential in video games. He is currently the CEO of Cyber AI Entertainment Inc.

CHARACTERISTICS OF ENTREPRENEURS

Persistence

Entrepreneurs are willing to work until a job is done, no matter how ling it takes.

Creative

Entrepreneurs are looking for new ways to solve old problems.

Responsibility

Entrepreneurs do not "Pass the Buck". They take responsibility for their decisions and actions.

Inquisitive

Entrepreneurs want to know as much as possible about anything that might affect their ventures. They conduct research and ask questions to solve problems.

Goal-Oriented

Entrepreneurs decide where they want to go and then set out to get there.

Independent

Entrepreneurs want to set their own agendas and schedules. They want to make their own decisions

Self-Demanding

Entrepreneurs have high expectations of themselves.

Self-Confident

Entrepreneurs believe in themselves and act accordingly

Risk-Taking

Entrepreneurs like to task risks, but they are not reckless. They seek opportunities that offer a challenge and a reasonable chance of success.

Restless

Once Entrepreneurs achieve their goal, they begin looking for a new challenges.

Action-Oriented

Entrepreneurs  are doers as oppose to spectators. They make decisions and act on them.

Enthusiastic

Entrepreneurs are energetic and passionate about their pursuits.

Well Viewers I took a quiz a while back and i got a score of 83, which makes me a HIGH ACHIEVER!!!!!!! WOOOHOOOO!!!!

I would like you to comment on my score and how it could affect an entrepreneur.

Good Bye for now

Myths of Entrepreneurship

Myths of Entrepreneurship

They are many myths surrounding entrepreneurship and i am about to talk about ten of them below:

Myth 1:       Entrepreneurs Are Doers, Not Thinkers

This myth is a myth that tries to say that thinking which in my view is the backbone of most entrepreneurs is not an attribute and I falsify that. Thinking is a big role in entrepreneurship especially in business planning of a corporation, a lot of things should be taken into account in business and analysed for proper results.

Myth 2:       Entrepreneurs Are Born, Not Made

The term "Self-Made" shows how this myth is false and how entrepreneurship is a mindset and can be learnt by most if they have what it takes to back up the mind set.

Myth 3:       Entrepreneurs Are Always Inventors

I think this is also a false myth due to the fact that not all entrepreneurs invented what they are selling, taking an idea and making it better is also an example of getting a product without inventing anything.

Myth 4:       Entrepreneurs Are Academic and Social Misfits

Entrepreneurs do not have to be misfits as anyone can be an entrepreneur. Hard-Working individuals that are socially accepted can be entrepreneurs, in my view being socially accepted helps entrepreneurs with stress , as they help him/her relieve the stress

Myth 5:       Entrepreneurs Must Fit the “Profile”

There is no "PROFILE" to fit exactly, of course passion and hard work are good things to have, it is not compulsory to be of such. A person can even hire a person to handle everything he/she is supposed to be doing and that person is an entrepreneur.

Myth 6:       All Entrepreneurs Need Is Money

Money is required but not only money is required as it can only take one so far, other facts are put to play in entrepreneurship like perseverance and passion etc.

Myth 7:       All Entrepreneurs Need Is Luck

Luck is not even always needed, people have made it without luck per say and that does not make them less of entrepreneurs than those who were lucky. So all I am saying is that luck isn't really needed in entrepreneurship.

Myth 8:       Ignorance Is Bliss For Entrepreneurs

This is very false, as entrepreneurs need to know about most change that occurs as that could help reveal a business idea. Anything can be a business, attention is needed or it could pass an entrepreneur by.

Myth 9:       Entrepreneurs Seek Success But Experience
      High Failure Rates

I would have to say that this is false; I had thought it true before i was enlightened by ENT-101. Everyone will experience failure and that is what is misleading a lot of people, perseverance should be exercised.

Myth 10:     Entrepreneurs Are Extreme Risk Takers (Gamblers)

      Entrepreneurs are not gamblers as they calculate before acting and go for the best offer through their calculations; they do not just jump in deals without considering options and facts.

Social Entrepreneurship

Social Entrepreneurship

Social Entrepreneurship is a process that begins with a social opportunity and is translated into an enterprise.
Social Entrepreneur is a person or a group of people who creates an organisation or initiative engaged in social entrepreneurship. A social entrepreneur can also be called Civic Entrepreneurs or Public Entrepreneurs. An example of a social entrepreneur would be:

James Trevor “Jamie” Oliver

England

Jamie founded “Fifteen” in 2002, an organisation that would take fifteen people with disadvantaged backgrounds or crime records and train them in the arts of cooking. These fifteen people would then be hired into the enterprise

He is a social entrepreneur as he takes disadvantaged people who would find it very difficult to get employed and train and employ them.

RE-What is Entrepreneurship?

RE- What is Entrepreneurship?

This is a more accepted definition of Entrepreneurship.

Entrepreneurship is a dynamic process of vision, change and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions.

What is Entrepreneurship?

What is Entrepreneurship?

This is a puzzling question as some might say because it is not a person or an item. Entrepreneurship is a process some would even go as far as calling it a lifestyle that uses ideas of inventing or re-inventing items through observation that would be a solution to a problem, with the application of energy.

Welcome

Come One, Come All and welcome to my blog. I am from Adamawa State in Nigeria and I'm schooling in AUN (American University of Nigeria). I have had a passion for Entrepreneurship since I first played Monopoly, although I lost the game, I loved it and improved on it, even trying practical aspects in my real life.The love of that game is what I have manifested into the love for Entrepreneurship. I will TRY and post on this blog AT LEAST every week, but that can change so try and stay updated.

Thanks and Bye for now