Hey people! That's just it. Information technology has help a lot in my learning experience and in helping me share my experience with other people across the globe . Anyone can have the knowledge of entrepreneurship and it is important in our everyday experience.  Hope you all enjoyed the lessons and steps involved in becoming a great entrepreneur. Thank you for being my viewers. Wish you a happy xmas and New Year. Love you all!!

Chapter 6

Franchising

By Benjamin Ishaku

Hello people, hope you are enjoying the lessons. Today, we will be discussing another aspect of entrepreneurship which is franchise.

 What is Franchise?

Library sources

When parties are granted the right to distribute another’s services or products in a particular region using the owner’s trade name or mark, it is considered a franchise.

Franchise journal-volume 9 No. 2

By Kim A. Lambert and Charles G. Miller

http://www.jsor.org/stable/29541421

Who is a franchisee?

A franchisee is a person who purchases or buys the enterprise or uses the concept and trademark of a franchisor.

Then who is a franchisor?

Advantages of a franchise

Training and guidance

Brand name appeal

Proven record

Financial assistance

1st: Training and guidance

2nd: Brand name appeal

3rd: Proven track record

4th: Financial a$$istance

Examples of franchise

Thank you

Sources of Innovation

           Hello all.

As we all know, innovation is the process by which entrepreneurs convert oppotunities into marketable ideas. Sources of innovation include:

1. Trend

2. Unexpected occurrences

3. Incongruities

4. Process needs

5. Industry and market

6. Demographic changes

7. Perceptual changes

8. knowledge based concept

    These are ways through which you can get innovative ideas,

            Hello people, today we are going to look at entrepreneurship from another perspective.
SOCIAL ENTREPRENEURSHIP: The term social entrepreneurship refers to a process that begins with a perceived social opportunity that is translated into an enterprise concept. Here is an example of a social entrepreneur:
 Fredric Law Olmsted is a social entrepreneur who lived between (April 26, 1822 – August 28, 1903). He was said to be am American journalist, social critic, public administrator and a landscape designer. Being a journalist, social critic and landscape designer, he was in a better position to be one of the renowned social entrepreneurs in America. He is because he designed and brought into reality the basic parks in America, this was what he socially wanted and it also brought him fame and money. Examples of parks he designed include Central Park and Prospect Park in New York City.

LESSON 3

Hello fellows, hope you are following with the lessons and are enjoying it. Today, we are going to continue with another exiting lesson.

 What is corporate entrepreneurship?- Researcher sharker A. Zahra observed that "corporate entrepreneurship may be formal or informal activities aimed at creating new business in established companies through product and process innovation and market development. These activities may take place
at the corporate, division (business), functional, or project levels, with the unifying objective of improving the company's competitive position and financial performance".
William D Guth and Ari Ginsberg have stressed that corporate entrepreneurship encompasses two major phenomena: A new creation within existing organizations and transformation of organizations through strategic renewal. 

An example of a corporate entrepreneur is Ken Kutaragi. The turning point in Kutaragi's career came in 1990, when a partnership between Sony and Nintendo to create a new home-video-game system broke down. Many Sony executives wanted to give up on the home-gaming market. But Kutaragi insisted that Sony could develop its own system. He even threatened to leave Sony if it did not pursue his goal. In 1991, he won his battle: he was named project manager of a group that built a new game system, the PlayStation. The gaming console went on the market in December of 1994 and was a huge hit. It is the most popular video-game console in the world. By the end of the 1990s, it was so popular, it alone was generating 40 percent of Sony's profit.

Hi Every One

Here are some things we did in class days ago

  ENTREPRENEUR STRESS

            

           ENTREPRENEURIAL stress can be viewed as a function of discrepancies between a person’s expectations and ability to meet demands, as well as discrepancies between the individual’s expectations and personality.

(Kuratko 40)

SOURCE OF THE STRESS

             LONELINESS entrepreneurs usually are surrounded by others employees, customers, accountants, and lawyers they often are isolated from people in whom they can confide. Long hours at work prevent them from seeking the comfort and counsel of friends and family members.

(Kuratko 40)

               IMMERSION IN BUSINESS most entrepreneurs are married to their business immersion in business can mean they work long hours and have little time for civic organizations, recreation, or further education.

(Kuratko 41)

          PEOPLE PROBLEMS: Many entrepreneurs’ experience frustration, disappointment, and aggravation in their experiences with these people. Successful entrepreneurs are to some extent perfectionists and know how they want things done; often they spend a lot of time trying to get lackadaisical employees to meet their strict performance standards. Frequently, because of irreconcilable conflict, partnerships are dissolved.

(Kuratko 41)

                 NEED TO ARCHIVE: Many entrepreneurs are never satisfied with their work, no matter how well it is done. They seem to recognize the dangers (for example, to their health) of unbridled ambition, but they have a difficult time tempering their achievement need.

(Kuratko 41)

DEALING WITH STRESS

                   NETWORKING: one way to relieve the loneliness of running a business is to share experiences by networking with other business owners. The objectivity gained from hearing about the triumphs and errors of others is itself therapeutic.

GETTING AWAY FROM IT ALL; the best antidote to immersion in business, report many entrepreneurs, is a holiday. If vacation days or weeks are limited by valid business constraints, short breaks still may be possible. Such interludes allow a measure of self-renewal.

COMMUNICATING WITH EMPLOYEES; Entrepreneurs are in close contact with employees and can readily assess the concerns of their staffs. The personal touches often unavailable in large corporations such as company-wide outings, flexible hours, and small loans to tide workers over until payday are possible here. In such settings, employees often are more productive than their counterparts in large organizations and may experience less stress due to the personal touches that are applied.

ACHIEVERS               

               Hello people,
we did a little class exercise in class today. You can be able to deduce from the exercise whether you are a high, middle or low achiever. At the end of the exercise, I scores 82 out of hundred which is to say, I am a high achiever and the reflection is a very impressive one. You can also try same exercise in the text book and discover the class of achievers you fall in.      
       

            TRUTH AND MYTH

Myth 2:       Entrepreneurs Are Born, Not Made

Of cause everybody is given birth to and people believe that some are given birth to with a silver spoon. An example is Aliko Dangote, Africa’s biggest entrepreneur. Entrepreneurs fall under this myth.  Most successful entrepreneurs were not born and did not start rich. Their success came as a result of dedication and hard work.

Myth 3:       Entrepreneurs Are Always Inventors

The idea that entrepreneurs are inventors is as a result of misunderstanding. They always execute their ideas that are to say in other words that they have initiatives.  Entrepreneurship covers beyond invention; it requires a complete comprehension of innovative behavior in all times.

Myth 4:       Entrepreneurs Are Academic and Social Misfits

People look at entrepreneurs as social and academic misfits because of the reason that many successful enterprises were started by entrepreneurs who happen to drop out of school or quit a job. A very common example is Bill Gate, the owner of the Microsoft Co-operation. This is however false, because to be a good entrepreneur requires you to study academically and be socially active so as to interact well with your customers. 

LESSON ONE (1)

      Hello everyone, today we will be learning what is meant by the term' Entrepreneurship' .
WHAT IS ENTREPRENEURSHIP ? : According to Robert C. Ronstandt, Entrepreneurship is a dynamic process of vision, change and creation, which requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. 
       So here we see that to become a great entrepreneur, one must have changing vision and creation, energy and passion and a high anticipation of ideas coined from creativity.
       Meanwhile, there are many myths regarding Entrepreneurship. But first of all, What are Myths ?
Myths according to the Encarta dictionaries are a set of idealized conception or glamorized ideas and stories surrounding a particular phenomenon, concept or famous person. It also described it as a widely held but mistaken believe. We are going to be looking at these myths in detail as we go on.