NILE UNIVERSITY OF NIGERIA

Dr. Ali Nyangwarimam Obadiah

Department of Computer Engineering

ali.obadiah@nileuniversity.edu.ng
 NILE UNIVERSITY OF NIGERIA

Lecture 2
Origin & Concepts of Entrepreneurship
Lecture Outline

How to become a successful Entrepreneur

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Benefits of being an Entrepreneur

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Challenges of being an Entrepreneur

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Reasons for small business failures

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Roles of Entrepreneurs
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Entrepreneurship for
Engineers 1
VIII. Challenges of being an Entrepreneur

1. Long hours of work

2. Low level of income
3. Low life style
4. Potential loss of invested in business
IX. Reasons for small business failures:

Lack of experience
Lack of expertise
Lack of strategy and strategic leadership
Poor financial control
Growing too fast
Lack of commitment
Ethical failure
X. Roles of Entrepreneurs

-Figure Head Role: has to perform ceremonial duties

representing the organization in formal and informal
functions.
-Leader Role: lead the people in the organization by
hiring, firing, training and motivating them.
-Liaison Role: act as the link between the business
and the parties outside the business.
-Monitor Role: monitors both the internal and the
external environment of the business constantly.
X. Roles of Entrepreneurs

-Information Disseminator Role: transmit

information both within and outside the business.
-Spokesman Role: spokesman of the business; both
inside and outside.
-Entrepreneurial Role: launches new ideas for the
business and bears the risk.
-Disturbance Handler: acts as arbitrator in
situations of conflict so as to maintain organizational
harmony.
X. Roles of Entrepreneurs

-Resource Allocator: decides on how the scarce

resources of the business are allocated among its
competing ends.
Negotiator Role: The entrepreneur has to negotiate
on behalf of the business both with the other
categories of labour and other outside sources.
X. Roles of Entrepreneurs

The specific entrepreneurial roles may be categorized

as:

Social Roles of Entrepreneur

-Transformation of traditional indigenous industry
into a modern enterprise.
-Stimulation of indigenous entrepreneurship.
-Job or employment creation in the community.
-Provision of social welfare service of redistributing
wealth and income.
X. Roles of Entrepreneurs

Economic Roles of Entrepreneur

-Bearing the ultimate risk of uncertainty.
-Mobilizing savings necessary for the enterprise.
-Providing channel for the disposal of economic
activities.
-Utilizing local raw materials and human resources.

Behavioral roles of entrepreneurs

-Entrepreneurs are agents of economic, social &
technological changes.
 SUMMARY

*Benefits & Challenges of being an Entrepreneur

*Reasons for small business failures

*Roles of entrepreneurs