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Questions and Answers

What is enterprise formulation

It is the process of creating and establishing a new business or organization

What are the steps to enterprise formulation

  1. Idea generation and market research. 2. Business plan. 3. Legal structure and registration. 4. Funding and financing. 5. Infrastructure and resources. 6. Branding and marketing. 7. Launch and growth

What is partnership

It is a formal collaboration between businesses to achieve a common goal

What are the key elements of partnership

<ol> <li>Strategic alliances. 2. Joint ventures. 3. Cross promotion. 4. Supplier partnership. 5. Financial partnerships</li> </ol> Signup and view all the answers

What is networking

<p>It involves creating and nurturing relationships with people who can offer insights, opportunities and support</p> Signup and view all the answers

What are the ways to network effectively

<ol> <li>Attend industry events and conferences. 2. Join professional associations. 3. Use platforms like LinkedIn to build relationships. 4. Engage in community events of initiatives. 5. Build mentor relationships</li> </ol> Signup and view all the answers

Tips to network effectively

<ol> <li>Stay consistent. 2. Give before you get. 3. Follow up. 4. Build genuine connections</li> </ol> Signup and view all the answers

What is a business plan

<p>It is a written document that outlines business goal, strategies and financial plan</p> Signup and view all the answers

What is sole proprietorship

<p>(It is a form of business ownership) it is a business operated by a single individual, it is the simplest form of business and doesn’t require legal registration though business license may be required</p> Signup and view all the answers

What are the cons

<ol> <li>Owner is responsible for all business dept and legal obligations. 2. Limited ability to increase capital and and scale business</li> </ol> Signup and view all the answers

What is partnership

<p>(It is a form of business ownership) it is a type of business that is owned by 2 or more individuals that share responsibilities, liabilities profits and ownership</p> Signup and view all the answers

What are the types of partnerships

<ol> <li>General partnerships (GP): partners share liability and responsibilities equally. 2. Limited partnerships (LP): general partners share equal liabilities and limited partners take liabilities only up to their investment amount . 3 Limited liability partnerships(LLP): partners are protected from personal liabilities and business debt</li> </ol> Signup and view all the answers

What are the pros of partnerships

<ol> <li>Combined skills knowledge and resources. 2. Shared financial commitment. 3. Structured tax returns ( income will be reported on personal tax returns</li> </ol> Signup and view all the answers

What are the cons of partnerships

<p>Shared liability in general partnerships. o Potential conflicts between partners. o Profit sharing, even if one partner contributes more time or resources.</p> Signup and view all the answers

What is corporation

<p>(Form of business ownership) it is a legal entity owned by shareholders, it can enter contracts, sue or be sued, own assets and pay taxes independently of it owners</p> Signup and view all the answers

What is C corporation

<p>It is the traditional structure of corporation where profits are taxed at a cooperate level and again as dividends to shareholders</p> Signup and view all the answers

What is S corporation

<p>It is the type of coporation that allows profits to be taxed on owners personal tax returns , avioding double taxation (limited to 100 share holders and US citizens and residents)</p> Signup and view all the answers

What is non profit corporation

<p>It is formed for charitable, educational or social purposes , profits are reinvested rather than distributed among owners</p> Signup and view all the answers

What are the pros of coporation

<ol> <li>Limited liability for share holders protecting personal assets. 2. Ability to raise capital by sales of stocks. 3. Perpetual existence ( meaning the company can continue to exist even if levers change )</li> </ol> Signup and view all the answers

What are the cons of coporation

<ol> <li>It is complex and expensive to establish and maintain. 2. Extensive record keeping and regulation. 3. Potential double taxation</li> </ol> Signup and view all the answers

What is limited liability company

<p>It has a element of coporation and partnership , it provides limited liability like corporations and allows profits to go through personal tax returns like partnership</p> Signup and view all the answers

What are the pros of limited liability company

<ol> <li>Limited liability protect owners personal resources. 2. Flexible tax structures. 3. Fewer formalities</li> </ol> Signup and view all the answers

What are the cons of limited liability company

<ol> <li>Expensive to set up. 2. Investors may prefer to go corporate for investment equity. 3. Limited lifespan if one owner leaves</li> </ol> Signup and view all the answers

What is cooparative.

<p>It is a business owned by a group of people who share benefits and profits</p> Signup and view all the answers

What are the pros of cooperative

<ol> <li>Owned and controlled by members who share profits. 2. Focuses on serving members rather than maximizing profits 3. Often has tax advantage</li> </ol> Signup and view all the answers

What are the cons of cooperative

<ol> <li>Limited funding. 2. Decisions are made democratically, which may slow down decisions</li> </ol> Signup and view all the answers

What are the steps of creating a business

<ol> <li>Choose a business structure 2. Select a business name. 3. Register with the government. 4. Register it for taxes. 5. Obtain necessary license and permit. 6. Open a business account. 7. Comply with ongoing regulations</li> </ol> Signup and view all the answers

What are toe to consider before choosing a owner ship structure

<ol> <li>Type of business 2. Long terms goals. 3. Potential liability. 4. Tax implementation</li> </ol> Signup and view all the answers

Who is that entrepreneur

<p>Is a business leader who can identify a business idea, take it into venture and mange it for profit</p> Signup and view all the answers

What are characteristics of an entrepreneur

<ol> <li>Risk takers 2. Problem solvers. 3. Wealth creators. 4. Opportunity seekers. 5. Business smart. 6. Creative</li> </ol> Signup and view all the answers

What are the benefits of private entrepreneurship

<ol> <li>Endless opportunities. 2. Social status. 3. Economic power. 4. Self employment. 5. Self fulfillment. 6. Immortalization of name</li> </ol> Signup and view all the answers

What are the potential draw back of private entrepreneurship

<ol> <li>Uncertainty of income. 2. Risk of losing investment. 3. Long hours and hard work. 4. High level of stress. 5. Complete responsibility</li> </ol> Signup and view all the answers

What is innovation

<p>It is the management of all the activities that involves idea generation, technology development, manufacturing and marketing new or improved products and manufacturing new processes or equipment</p> Signup and view all the answers

What is the implication of forming aliances and joint ventures

<p>It is a powerful tools for business growth, combing resources skills expertise and market access for a mutual benefit</p> Signup and view all the answers

What is strategic alliance

<p>It is the formal agreement between 2 or more companies to achieve a common goal while remaining independent</p> Signup and view all the answers

What are the benefits of strategic alliances

<ul> <li>shared resources: can improve effeciency. - reduced risk: less financial burden and reduced risk. -market access: partners can enter new geographical locations by leveraging partners existing presence. -enhanced innovation: combing resources and expertise can lead to new or improved product, processes or equipment</li> </ul> Signup and view all the answers

What are the steps to forming strategic alliances

<ol> <li>Identity your goals. 2. Research potential partners. 3. Outline terms. 4. Draft a legal document. 5. Maintain communication</li> </ol> Signup and view all the answers

What is a joint venture

<p>An agreement between 2 or more companies where a separate entity is create to achieve specific goals</p> Signup and view all the answers

What are the benefits of Joint ventures

<ol> <li>Enhanced capabilities. 2. Legal flexibility. 3. Access to new market. 4. Reduced risk</li> </ol> Signup and view all the answers

What are the steps to crate a JV

<ol> <li>Identify your goals. 2. Find a right partner. 3. Outline the terms and ownership structure. 4. Create a separate entity. 5. Draft a JV agreement 6. Create a management structure. 7. Monitor processes</li> </ol> Signup and view all the answers

Tips for both JV and alliances

<ol> <li>Alignments in values and culture. 2. Clear communication. 3. Define responsibility and roles. 4. Exit strategy</li> </ol> Signup and view all the answers

What is E commerce

<p>It is also known as electronic commerce and it is the buying and selling of good and services on the internet, which involves transfer of money to execute transactions</p> Signup and view all the answers

What are the common features of E commerce

<ol> <li>Online store front. 2. Payment gateway. 3. Logistics and delivery. 4. Customers rating and reviews. 5. Mobile commerce.</li> </ol> Signup and view all the answers

What are the benefits of E commerce

<ol> <li>Wide spread reach. 2. Convinience. 3. Personalization. 4 low operational cost</li> </ol> Signup and view all the answers

What are the types of E commerce

<p>1.B2B e.g alibaba 2. B2C eg amazon SHEIN 3 C2B eg free lancing platforms 4. D2C Hermes (birkin) priscy luxe bag 5. C2C eg ebay jiji</p> Signup and view all the answers

What are the hey component of E commerce

<ol> <li>Website/plat form . 2. Payment getaway. 3. Logistics and shipping. 4. Physical products. 5. Customers support</li> </ol> Signup and view all the answers

What are the basic principles of E commerce

<ol> <li>Customer centric approach. 2. Transparency and trust. 3. Efficiency and autonomy. 4. Global accessibility. 5. 24/7 availability. 6. Personalization. 7. Security. 8. Scalability.</li> </ol> Signup and view all the answers

List women and Youth in enterprenuer ship

<ol> <li>NYSC- National Youth Service Corps. 2. SAED-Skills Acquisition and Employment Development. 3. WIMBIZ-Women in Mangement Business and Public Service</li> </ol> Signup and view all the answers

List entrepreneurship support institutions

<ol> <li>SMEDAN- Small and medium enterprises develop agency of Nigeria 2. BOI- bank of industry. 3 LSETF- Lagos start employment trust fund 4. You win (youth enterprise with innovation in Nigeria)</li> </ol> Signup and view all the answers

List youth enterprise network

<ol> <li>TEF - Tony elumelu foundation. 2 FATE foundation. 3. ENRICH - Enpowering Nigerian resources in innovation and change hub</li> </ol> Signup and view all the answers

List contemporary issues of entrepreneurship

<ol> <li>Access to capital. 2. Technology advancement. 3. Cyber insecurity. 4. Industry over saturation. 5. Economic instability</li> </ol> Signup and view all the answers

Flashcards

Enterprise Formulation

Creating and establishing a new business or organization.

Steps to Enterprise Formulation

  1. Idea & research 2. Business plan 3. Legal structure 4. Funding 5. Resources 6. Branding 7. Launch

Partnership (Business)

Formal collaboration between businesses to achieve shared objectives.

Key elements of a partnership

  1. Alliances 2. Joint ventures 3. Cross promotion 4. Supplier partnership 5. Financial partnerships
Signup and view all the flashcards

Networking

Creating relationships for insights, opportunities, and support.

Signup and view all the flashcards

Ways to Network Effectively

  1. Events 2. Associations 3. LinkedIn 4. Community events 5. Mentors
Signup and view all the flashcards

Tips for Effective Networking

  1. Consistency 2. Giving 3. Follow up 4. Genuine connections
Signup and view all the flashcards

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