ur shi p I I

r e pr ene
Ent Dr. O . S. A de b a y o
C PT 5 1 8)
1,
(CSS 51
Learning Objective
To be able to understand the meaning and associated activities of
entrepreneurship
To be creative in organizing an entrepreneurship
To be able to understand Innovation
Develop and demonstrate an understanding of the unique challenges involved
in operating/starting a small business venture in Nigeria.

Assess your potential for a career in entrepreneurship

 Course Modality
Theory
Meaning and Prospects of Entrepreneurship and
Entrepreneurs

Concept of Wealth

Entrepreneur Opportunity
Practical
Real life practical examples of Entrepreneur Activities (Business & Creativity)
Student grouping (class population / 5) = 5 in a group - week 3
Identification of entrepreneur areas / skills / problems / applications in Computer
Science & Cyber Security Science (High Tech) – week 4 - 5
Group proposal writing - week 6
Proposal defense - week 8 - 9
Project Implementation week 10 - 11
Project Exhibition & Submission week 12
 Introduction
Web System: Business Networking

Queing Theory & Technique: Staff & Business handling (organization)

Operation Research: Theory of Cost minimization and Profit Maximization, Scheduling problems

Data Mining: Organization’s data (Raw materials, Product, Financial, Employees, etc) Analysis
and Processing

Abstract Maths: To figure out some real business activities in an abstract form, to be able to
present and represent real events in mathematical form
Example: Application of Elementary
Mathematics in Entrepreneur
1. A table and 4 chairs cost 82 naira. If the table costs 25 naira, what is
the cost of 2 tables and 6 chairs.

Mariam spent 3/7 of her money on books, ¼ of it on pen and 1/8 of it on

a magazine. She had 11 naira left. How much did she have before she
bought these things?
ASSIGMENT

Think of two unrelated things and bring out

innovation from their combination
Theoretical (Course Contents)

Entrepreneurship, Entrepreneur, Business Opportunity

Entrepreneurship is not….

a single event
vocational training
Small Business

But a process…
…a dynamic and contingent process flexibly connecting people search and
exploitation of opportunities
 ENTREPRENEURSHIP
2 Working Definitions
Entrepreneurship connotes a special innate ability to sense and act on
opportunity, combining out-of-the-box-thinking with a unique brand of
determination to create and bring about something new to the world.

It is a process involving the discovery, evaluation, and exploitation of

opportunities to introduce new goods, services, processes, markets and
discovering new raw materials thru organizing efforts that is simply
novel.’
Relationship between
Entrepreneurship, Enterprise and Small Business

Enterprise

Entrepreneurship

Small Business
 Entrepreneurship is a process
A combination of Individual, Group and Social-Level variables

Individual – Skills, Motives, Characteristics….....

Group – Ideas, input from others, effectiveness of interactions

with partners, funders, customers, suppliers, employees
team mates etc.

Social – Economic conditions, Government policies,

Technology etc.
 The Entrepreneurship Process

Idea Assembling
Idea Generation
Generation Assembling
Building Harvesting
& Initial
InitialDecision
Decision Actual Building aa Harvesting
& Registered
RegisteredResources
Resources Actual Law
Law of
of Successful The
Opportunity New
New Venture
Venture
Successful The
Opportunity Decision
DecisionProceed
Proceed Information,
Information,financial Organization
Organization Reward
Recognition
financial Reward
Recognition people
peopleetc.
etc.
The Entrepreneur

- An Individual: with innate abilities…

- A Group: that share ideas, vision…..

characteristics
- Opportunity identification
- Ability to evaluate, analyse, exploit
- Ability to mobilise resources
- Create value
- Impact society
Categories of Entrepreneurs
 Classic Entrepreneur
 Small Business Entrepreneur
 Lifestyle Entrepreneur
 Social Entrepreneur
 Not-for Profit Entrepreneur
 Global Entrepreneurs
 Science/Technology Entrepreneurs
 Copycat Entrepreneurs
 Creative Entrepreneurs
 Intrapraneurs
 Income Stream Entrepreneur
Classic Entrepreneur

 Wants to innovate

 grow big and make a lot of money

 The classic entrepreneur is not interested in starting a business to give
herself a job.
 If you want to start a company, make it profitable and sell it, then you
are a classic serial entrepreneur
 Small Business Entrepreneur

An income replacement entrepreneur

This would include most family owned businesses and
franchises
If you buy a franchise you are executing someone else’s plan
start a small business to give themselves a job
Lifestyle Entrepreneur
 Entrepreneurs that love what they do and want
to live a certain lifestyle
They are usually not as motivated by money as
other entrepreneurs
They are willing to make sacrifices in order to
stay with something they love and to lead a
certain lifestyle
 Social Entrepreneur
 Social Entrepreneurs want to make money but also want to
save the world
 They are motivated by money but also want to do
something good or helpful
 Social Entrepreneurs are motivated by the triple bottom
line: Profits, People and Planet
Not-for Profit Entrepreneur
These are entrepreneurs that are totally interested in doing
something helpful and making the world a better place.
After all, someone had to start the Red Cross or Big
Brothers/Big Sisters.
Non-Profits can be big businesses and pay a lot in salaries;
they just cannot make a profit.
Global Entrepreneurs

 Some people start businesses because they love to travel

and want to interact with people in other countries.

 Global Entrepreneurs combine a love of entrepreneurship

and international business.
Science/Technology Entrepreneurs

 Much innovation comes out of new scientific

discoveries and technological discoveries

 When you say the word entrepreneurship to

people, many think of starting a company that uses
some type of technology.
Copycat Entrepreneurs

 Forget all the talk about innovation and creativity, you

make money by finding a good business

 Figuring out how to make small but significant

changes or improvements in that business with your
new business.
Creative Entrepreneurs

Some entrepreneurs are “right brained”

entrepreneurs
art, music and design entrepreneurs

 Often they create and learn from a non-linear

visual point of view
Intrapraneurs

 If you work for a company, but have a high

degree of autonomy, you are an intrapraneur

 You are acting like an entrepreneur even

though you do not own the business.
 Income Stream Entrepreneur
 An Income Stream Entrepreneur is not looking to work in the
business created.
 An Income Stream Entrepreneur may have a job and is just
looking for extra money.

 Rental properties that have a positive cash flow also create

an income stream
Concept of Wealth
Wealth: Accumulation of resources (net asset value), whether
abundant or not
Richness is the abundance of such resources (income or flow)
Wealth Creation: combination of materials, labour, land, and
technology in such a way to derive maximum profit (Adam Smith)
Components of Wealth

Producer goods & Consumer goods

Services are not but they have economic values

Personal Wealth vs National Wealth

Person’s holdings of currency, bank balances, other financial

instruments

Sum total of economic goods, in the possession of the

national, state, and local governments; business and non-
profit institutions, individual inhabitants of a nation.
Innovation

Any good, service, or idea that someone perceives as

new, no matter how long its history
 Sources of Entrepreneurial
Opportunities
Drucker (1998) mentions seven sources of opportunities, four of them exist within a
company or industry

Unexpected Successes or Failures,

Incongruities in demand and supply between reality as it actually is and reality
as it is assumed,
Process needs,
Industry and Changes in Industry and Market Structure that catches everyone
unawares
Additional sources of opportunities

Demographic changes,
Changes in Perception, Mood or Meaning,
New Knowledge, Scientific and Unscientific.
Opportunities are about two things:

Something happening in the environment (resources) and

Something to do with the individual (creation, beliefs,

recombination).
Assessing Your Ideas: Some Questions
To Ask Yourself
Is it really an opportunity?
Has it been seen by others?
If seen, have others selected to act upon it?
How long will it last?
Are you satisfied that you have accurate and sufficient information?
Assessing Your Ideas
Have you specifically defined the opportunity?
Do or will many people care?
Do you have experience in this area?
Is it the best opportunity you can see?
Can you think of a better version of the idea?
Methods of Generating Business Ideas

Listen to what others have to say.

Try to link two things that are totally unrelated in an
innovative way.
Approach problems from a new perspective.
Methods of Generating Business Ideas

Ask questions and listen to the answers.

Break old habits by doing things differently so as to
gain a new perspective.
Practice coming up with ideas for every problem or
challenge you see, hear about or come up against.
Methods of Generating Business Ideas

Decide what products would improve the quality of your

life.
Investigate if there is a need for a business doing
something that you like or are good at.
Keep abreast of trends and practices.
Methods of Generating Business Ideas

Network to get ideas from other people.

Read publications.
Write down all your ideas
References
Dr. H. A. Adele FCEnt, INCENT NORTH ZONAL ENTREPRENEURS’
CONFERENCE/INDUCTION CEREMONY, Plenary Paper/Pre-induction Seminar for New Members.

CourseWorkHub: Types of Entrepreneurs. Accessed from istudyhub.net on 21st December, 2017.

NURU OYEKOLAA, ENTREPRENEURIAL OPPORTUNITY ASSESSMENT AND

EXPLOITATION. Published by CESBUM, Nigeria, Copyright © 2013,2016. ISBN: 978-978-935-558-7