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Entrepreneurship Studies notes pdf download
Pankaj Yadav

Entrepreneurship Studies notes pdf download

Pankaj Yadav | 16-Jun-2016 |
Entrepreneurship Studies , Origin and Concepts of Entrepreneur and Entrepreneurship , Entrepreneurial Motivations , Variables , Creativity and innovation , Concept of Business and Business Environment , Forms of Business Ownership and Legal Implications , Teamwork , Group Dynamic and Entrepreneurship ,

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Table of Contents
Study session 1: Origin and Concepts of Entrepreneur and Entrepreneurship........................ 1
Introduction ........................................................................................................................... 1
Learning Outcomes for module 1 study session 1 ................................................................. 1
1.1 Entrepreneurship – Origin ............................................................................................... 1
1.2 An Overview of the Definitions of Entrepreneurship and Entrepreneur ........................ 2
1.1.1 Entrepreneurship ...................................................................................................... 2
1.1.2 Entrepreneur ............................................................................................................. 3
1.1.3 Intrapreneurs ............................................................................................................ 4
1.1.4 Technopreneur ......................................................................................................... 4
1.2 Types of entrepreneur ..................................................................................................... 5
1.2.1 Innovative ................................................................................................................. 5
1.2.2 Imitating .................................................................................................................... 5
1.2.3 Fabian ........................................................................................................................ 5
1.2.4 Drone ........................................................................................................................ 5
1.3 Characteristics of Entrepreneurship and Entrepreneurs ................................................ 5
1.4. Roles of Entrepreneurs ................................................................................................... 8
Summary of module 1 study session 1 ................................................................................ 10
Self-Assessment Questions for module 1 study session 1 .................................................. 11
Solution to MCQs ..................................................................................................................... 12
Study session 2: Entrepreneurial Motivations, variables, creativity and innovation ............. 15
Introduction ......................................................................................................................... 15
Learning outcome for module 1 study session 2 ................................................................. 15
2.1 Entrepreneur motivations ............................................................................................. 15
2.2 Motivational Influences on Entrepreneurship or Bright Side of Entrepreneurs .......... 16
2.2.1 Need for Achievement ............................................................................................ 17
2.2.2 Risk taking Propensity ............................................................................................. 17
2.2.3 Tolerance for Ambiguity ......................................................................................... 17
2.2.4 Locus of Control ...................................................................................................... 17
2.2.5 Self-efficacy ............................................................................................................. 17
2.2.6 Desire for Independence ........................................................................................ 17
2.2.7 Drive ........................................................................................................................ 18
2.2.8 Egoistic passion ....................................................................................................... 18
2.3. Non-Motivational Influences on Entrepreneurs or the Dark Side of entrepreneur ..... 18
2.3.1 Opportunity Cost .................................................................................................... 18
2.3.2 Stocks of Financial Capital: ..................................................................................... 18
2.3.3 Social Ties to Investors ............................................................................................ 19
2.3.4 Career Experience ................................................................................................... 19
2.3.5. Life-Path Circumstances......................................................................................... 19
2.3.6 Unsatisfactory Work Environment ......................................................................... 19
2.3.7.Negative Displacement ........................................................................................... 19
2.3.8 Career Transition .................................................................................................... 19
2.3.9 Positive Pull Influences ........................................................................................... 19
2.3.10 Background Characteristics .................................................................................. 19
2.4 Entrepreneurship Variables ........................................................................................... 20
2.4.1 The individual’s intrinsic entrepreneurial ability and intuition (Allinson, Chell &
Hayes, 2000)..................................................................................................................... 20
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2.4.2 The general macro-economic environment. .......................................................... 20
2.5 Creativity ........................................................................................................................ 20
2.5.1 Stages of creativity .................................................................................................. 21
2.6 Innovation and its benefits ........................................................................................... 22
2.6.1 Forms of Innovations ......................................................................................... 23
2.6.2 Phases in Successful Innovation ............................................................................. 24
Summary of module 1 study session 2 ................................................................................ 26
Study session 3: Concept of Business and Business Environment ......................................... 34
Introduction ......................................................................................................................... 34
Learning Objectives for module 1 study session 3 .............................................................. 34
3.1 An Overview of the Concept of Business ....................................................................... 34
3.2 The Concept of Environment ........................................................................................ 35
3.3 Components of the Business Environment – An overview........................................... 36
3.3.1 Intermediate Environmental Factors ...................................................................... 37
3.4 An Overview of SWOT Analysis ...................................................................................... 38
3.4.1 Strengths/Weaknesses Analysis ............................................................................. 39
3.4.2 Opportunities and Threats Analysis ........................................................................ 39
Summary of module 1 study session 3 ................................................................................ 40
Self- Assessment Questions (SAQs) for module 1 study session 3 ...................................... 41
Study session 4: Forms of Business Ownership and Legal Implications .............................. 45
Introduction ......................................................................................................................... 45
Learning outcomes for module 1 study session 4 ............................................................... 45
4.1 Consideration for the choice of the form of Business organization .............................. 45
4.2 Forms of Business Ownership ........................................................................................ 46
4.2.1 Sole Proprietorship ................................................................................................. 47
4.2.2 Partnership .............................................................................................................. 47
4.2.3 Dissolution and Termination of a Partnership ........................................................ 49
4.3 Limited Liability Companies ........................................................................................... 50
4.3.1 Formation of Company and Capacity of Individual ................................................ 50
4.3.2 Private liability Companies ..................................................................................... 51
4.3.3 Legal Requirement for Registration of Companies ................................................. 51
4.4 Co-operative .................................................................................................................. 53
4.4.1 Types of Co-operative ............................................................................................. 53
Summary of module 1 study session 4 ................................................................................ 53
Self- Assessment Questions for module 1 study session 4 (SAQs) ...................................... 54
Study session 5: Teamwork, Group Dynamic and Entrepreneurship ..................................... 56
Learning Outcomes for module 1, study session 5 .............................................................. 56
5.1 Team: definition and typology ....................................................................................... 56
5.1.1 Typology of Teams .................................................................................................. 56
5.1.2 Team Building ......................................................................................................... 57
5.1.3 Characteristics of an Effective and Efficient Team ................................................. 58
5.2. Benefits of Teamwork and potential problems ............................................................ 59
5.2.1 Potential Benefits of Teams .................................................................................... 59
5.2.2 Potential Problems of Teams .................................................................................. 59
5.3 Definition and theories of groups .................................................................................. 60
5.3.1 Theories of Group Formation ................................................................................. 60
5.3.2 Types of Groups ...................................................................................................... 60
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5.2.3 Advantages of group to organisation ..................................................................... 61
5.2.4 Strategies in Group Development .......................................................................... 61
5.3.5 Factors affecting group performance and decision making in group .................... 62
5.3.6 Comparison between individual and group decision making ................................ 62
Summary for module 1 study session 5 ............................................................................... 63
Self-Assessement Questions (SAQs) for module 1 study session 5 ..................................... 64
Study session 1: The Roles of Vision, Mission and Objectives In Entrepreneurship
Development............................................................................................................................ 66
Introduction ......................................................................................................................... 66
Learning outcomes for module 2 study session 1 ............................................................... 66
1.1 Defining vision and its components ........................................................................... 66
1.1.2 Components of vision ............................................................................................. 67
1.1.3 Importance of Vision and key elements that make leaders with vision succeed .. 67
1.1.4 Key elements that make a Leader with vision to succeed ..................................... 68
1.1.5 Visioning Process and way of keeping vision alive ................................................ 69
1.1.6 Ways of keeping Vision alive .................................................................................. 69
1.1.7 Tips to making the vision a Reality and evaluation of vision .................................. 70
1.1.8 Evaluation of vision – The following are some of the evaluation criteria:- ............ 70
1.2 Mission Statement ........................................................................................................ 70
1.2.1 Characteristics of Mission Statement ..................................................................... 71
1.3 Organizational goals and objectives .............................................................................. 71
1.3.1 Organizational goals ................................................................................................ 71
1.3.2 Organizational Objectives ....................................................................................... 72
1.3.3 Importance of objectives ........................................................................................ 72
1.3.4 Characteristics of good objectives .......................................................................... 72
Summary of module 2, study session 1 ............................................................................... 72
MODULE 2 ................................................................................................................................ 74
Study session 2: The Roles of Government and Business Regulatory Agencies In Nigeria ..... 74
Introduction ......................................................................................................................... 74
Learning outcomes for module 2 study session 2 ............................................................... 74
2.1 Business Regulatory/Legal Roles ............................................................................... 74
2.2 Government and Business Regulatory Agencies/Bodies ............................................... 75
2.2.1 The Corporate Affairs Commission ......................................................................... 75
2.2.2. National Agency for Food and Drug Administration and Control (NAFDAC) ........ 76
2.2.3 The Standard Council .............................................................................................. 76
2.2.4 The Independent Corrupt Practices and Other Related Offences Commission
(ICPC) ................................................................................................................................ 76
2.2.5 The Economic and Financial Crimes Commission (EFCC) ........................................... 77
2.3 Other Regulatory Agencies ....................................................................................... 79
2.4 Promotional/Supportive Roles of Government ........................................................ 80
2.6. Strategic importance of SMEs .................................................................................. 82
Summary of module 2 study session 2 ................................................................................ 83
Self- Assessment Questions (SAQs) for study module 2 study session 2 ............................ 84
References ........................................................................................................................... 85
Module 2, Study session 3: Writing Business Plan and Feasibility Studies............................. 86
Introduction ......................................................................................................................... 86
Learning Outcomes for module 2 study session 3 ............................................................... 86
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3.1 Feasibility studies and its importance ........................................................................... 86
3.1.1 Components of Feasibility Studies .......................................................................... 87
3.2 Business plan and its importance .................................................................................. 89
3.2 1 Importance of Business Plan ................................................................................... 89
3.3. Principles of Planning in Feasibility Studies and Business Plan ................................... 90
3.4 Components of a written plan ....................................................................................... 90
Summary and conclusion for module 2 study session 3 ..................................................... 92
Self-Assessment Questions module 2 study session 3 ........................................................ 93
Study session 4 Sources of Business Finance .......................................................................... 95
Learning Outcomes for module 2 study session 4 ............................................................... 95
4.1 Acquisition and allocation of funds ............................................................................... 95
4.2. Sources of funds for venture operation ....................................................................... 96
4.2.1 The Personal and family .......................................................................................... 96
4.2.2 Internal Sources ...................................................................................................... 97
4.2.3 External Sources ...................................................................................................... 97
4.3. Reasons why entrepreneurs will require Loan facilities ............................................. 101
Summary of module 2 study session 4 .............................................................................. 101
Self-Assessment Questions for module 2 study session 4 ................................................ 102
Learning Outcomes for module 2 study session 5 ............................................................. 104
5.1 Philosophical basis of business ethics .......................................................................... 104
5.2 An Overview of Concepts in Business Ethics ............................................................... 105
5.2.1 Corporate Ethics Policies ...................................................................................... 106
5.3 International Business Ethics ....................................................................................... 106
5.4 Importance of Business Ethics ..................................................................................... 107
5.4.1 Necessity of ethics in Business and society .......................................................... 108
5.5 Ethics of economic system defined ............................................................................. 108
5.5.1 Conflicting interests .............................................................................................. 108
5.5.2 Ethical issues and approaches in different economic systems ............................ 109
Summary of module 2, study session 5 ............................................................................. 110
Self- Assessment Questions for module 2 study session 5 ................................................ 111
MODULE 3 .............................................................................................................................. 113
Study session 1 Some Successful Nigerian Entrepreneurs .................................................. 113
Introduction ....................................................................................................................... 113
Learning Outcomes for module 3 study session 1 ............................................................. 113
1.1 An Overview of The evolution of Contemporary Nigeria ................................................ 113
1.2 Development of Entrepreneurship in Nigeria ................................................................. 114
1.3 Entrepreneurship versus Social Entrepreneurship .......................................................... 115
1.4 Notable Nigerian Entrepreneurs and Social Entrepreneurs: An Overview .................... 116
1.4.1 Aliko Dangote ........................................................................................................ 116
1.4.2 Chidi Anyaegbu ..................................................................................................... 117
1.4.3 Chris Ejiofor ........................................................................................................... 117
1.4.4 Mike Adenuga Junior ............................................................................................ 117
1.4.5 Obateru Akinruntan .............................................................................................. 117
1.4.6 Paul Okafor ........................................................................................................... 117
1.4.7 Poly Emenike ......................................................................................................... 118
1.4.8 Razaq Okoya .......................................................................................................... 118
1.4.9 Uche Uche Ohafia ................................................................................................. 118
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1.4.10 Ada Onyejike ....................................................................................................... 118
1.4.11 Cletus Olebune .................................................................................................... 118
1.4.12 Durojaiye Isaac .................................................................................................... 118
1.4.13 Gabriel Uriel Ogunjimi ........................................................................................ 118
1.4.14 Joachim Ezeji ...................................................................................................... 119
1.4.15 Rochas Okorocha ................................................................................................ 119
1.5 The Nigerian Entrepreneur and Peculiarities of Nigerian Business Environment ...... 119
Summary of module 3, study session 1 ............................................................................. 120
Self- Assessment Questions (SAQs) for module 3 study session 1 .................................... 121
Study session 2 Economic Development through Entrepreneurship .................................... 122
Introduction ....................................................................................................................... 122
Learning outcomes for module 3 study session 2 ............................................................. 122
2.1 Importance of Entrepreneurship in economic development .................................... 122
2.2 Entrepreneurship and Nation-Building ........................................................................ 123
2.3 Roles of Entrepreneurship in economic development ............................................... 124
2.4 Entrepreneurship Activity and Stages of Economic development ............................. 125
2.4.1 Entrepreneurship in factor-driven economies ..................................................... 125
2.4.2 Entrepreneurship in efficiency driven economies ............................................... 126
2.4.3 Entrepreneurship in Innovation - driven economies ............................................ 126
2.5 Entrepreneurial and functional education .................................................................. 127
2.6 Vision 20-20-20 ............................................................................................................ 128
Summary of module 3 study session 2 .............................................................................. 130
Self-assessment Questions for module 3 study session2 .................................................. 131

 

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