Podcast
Questions and Answers
What is one of the main objectives of the Entrepreneurship 202 course?
What is one of the main objectives of the Entrepreneurship 202 course?
- To analyze investment in foreign countries.
- To understand consumer behavior in developed nations.
- To explore global market trends.
- To identify business ideas and startup activities. (correct)
Which sector is NOT highlighted as a key sector in Nigeria's economy?
Which sector is NOT highlighted as a key sector in Nigeria's economy?
- Technology
- Agriculture
- Energy
- Tourism (correct)
What is one of the key aspects covered in operational feasibility analysis in Nigeria?
What is one of the key aspects covered in operational feasibility analysis in Nigeria?
- Global trade agreements
- Customer satisfaction surveys
- Logistics and supply chain (correct)
- Market share percentage
What is a significant challenge faced by businesses in Nigeria?
What is a significant challenge faced by businesses in Nigeria?
Why is understanding consumer behaviour important for businesses in Nigeria?
Why is understanding consumer behaviour important for businesses in Nigeria?
Why is innovation critical for businesses in Nigeria?
Why is innovation critical for businesses in Nigeria?
Which of the following is a focus area when creating customer personas for the Nigerian market?
Which of the following is a focus area when creating customer personas for the Nigerian market?
Which of the following is NOT considered an initial startup activity?
Which of the following is NOT considered an initial startup activity?
What role does the Baze University Entrepreneurship Club play?
What role does the Baze University Entrepreneurship Club play?
What is a consideration when assessing the feasibility of a business in Nigeria?
What is a consideration when assessing the feasibility of a business in Nigeria?
Which aspect is included in the common mistakes of startups?
Which aspect is included in the common mistakes of startups?
What can niche markets within Nigeria offer to businesses?
What can niche markets within Nigeria offer to businesses?
What should students ensure when submitting coursework?
What should students ensure when submitting coursework?
What should businesses analyze to understand competition in the Nigerian market?
What should businesses analyze to understand competition in the Nigerian market?
What aspect should be compared when analyzing the Nigerian market against global markets?
What aspect should be compared when analyzing the Nigerian market against global markets?
What is an essential part of risk assessment in a business context in Nigeria?
What is an essential part of risk assessment in a business context in Nigeria?
What is the first step in starting a small business?
What is the first step in starting a small business?
Which factor is NOT mentioned as important when choosing a business location?
Which factor is NOT mentioned as important when choosing a business location?
What should a business do to promote itself effectively?
What should a business do to promote itself effectively?
What is an essential task in getting your team ready?
What is an essential task in getting your team ready?
What should you consider when defining your customer profile?
What should you consider when defining your customer profile?
Which of the following is NOT a recommended initial startup activity?
Which of the following is NOT a recommended initial startup activity?
What is a key consideration regarding business taxes?
What is a key consideration regarding business taxes?
Which of the following actions is important in confirming a business's sustainability?
Which of the following actions is important in confirming a business's sustainability?
What is one of the primary benefits of networking in entrepreneurship?
What is one of the primary benefits of networking in entrepreneurship?
How can brainstorming sessions contribute to entrepreneurship?
How can brainstorming sessions contribute to entrepreneurship?
Which of the following describes a key economic benefit of entrepreneurship?
Which of the following describes a key economic benefit of entrepreneurship?
What aspect of entrepreneurship provides individuals with the most control over their career?
What aspect of entrepreneurship provides individuals with the most control over their career?
What role does innovation play in entrepreneurship?
What role does innovation play in entrepreneurship?
What is a potential personal benefit of starting a business?
What is a potential personal benefit of starting a business?
What is typically the first step after conceiving a business idea?
What is typically the first step after conceiving a business idea?
What is a significant risk associated with entrepreneurship?
What is a significant risk associated with entrepreneurship?
What is Cost Plus Pricing also referred to as?
What is Cost Plus Pricing also referred to as?
Which pricing strategy involves setting prices based on competition?
Which pricing strategy involves setting prices based on competition?
What does Dynamic Pricing depend on?
What does Dynamic Pricing depend on?
Which of the following is NOT one of the 5Vs in the marketing mix?
Which of the following is NOT one of the 5Vs in the marketing mix?
What is the primary goal of Market Validation?
What is the primary goal of Market Validation?
Study Notes
Innovation & Ideation
- Innovation and Ideation are critical for starting and growing businesses in Nigeria.
- Innovative ideas can address unique challenges and create sustainable growth.
- Examples of innovative Nigerian businesses include Paystack and Flutterwave.
Starting and Operating a New Business
- Carefully consider the Nigerian business environment, including economic factors, key sectors, and challenges.
- Challenges in Nigeria include infrastructural issues, regulatory hurdles, and market volatility.
- Challenges also create opportunities for innovative solutions.
Initial Startup Activities
- Essential activities include creating a business plan, choosing a catchy business name, and registering a website.
- It also requires finding suppliers, distribution partners, and identifying your first customers.
Management Task
- Determine a legal name for your business and choose your legal structure.
- Decide on business office space and warehouse needs.
- Pay required business taxes and ensure your company is registered.
- Keep detailed and useful records of your business.
Pricing
- Cost-plus pricing is a simple method where a markup is added to the cost of production and promotion.
- Market-oriented pricing sets prices based on competitive offerings.
- Dynamic pricing involves setting prices that vary based on market demand.
Marketing Mix
- Commonly referred to as the 4Ps: Product, Price, Promotion, and Place.
- This framework is used to design and implement marketing strategies.
The 5Vs
- A broader marketing framework that includes: Validity, Viability, Visibility, Virality, and Vitality.
- These factors are vital for driving business growth.
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Description
Explore the critical aspects of innovation and ideation for starting and growing businesses in Nigeria. This quiz covers the unique challenges and opportunities within the Nigerian business environment, essential startup activities, and management tasks required for success.
