Entrepreneurship: Team Formation and Business Registration
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Questions and Answers

What is the main purpose of this course?

  • To learn how to work for a corporation
  • To explore entrepreneurship and self-employment as career options (correct)
  • To understand how to invest in the stock market
  • To learn how to manage a business

    • What will students be able to do after completing this course?

  • Demonstrate an understanding of concepts and elements of entrepreneurship (correct)
  • Start their own business immediately
  • Invest in the stock market
  • Become a manager in a corporation

    • What is one of the learning outcomes of this course?

  • To learn how to work for a team
  • To learn how to do accounting
  • To evaluate business opportunities, develop a business idea and assess its viability for successful implementation (correct)
  • To learn how to market a product

    • How will students work in this course?

    <p>In teams of 10</p> Signup and view all the answers

    What will be the class activity in the first week?

    <p>Discussion of course outline and course expectations</p> Signup and view all the answers

    What do students learn about in this course?

    <p>The meaning of entrepreneurship and personal characteristics of entrepreneurs</p> Signup and view all the answers

    What is one of the characteristics of successful entrepreneurs?

    <p>Behaviours associated with the practice of entrepreneurship</p> Signup and view all the answers

    What will students be able to do after completing this course?

    <p>Mobilise resources for the execution of a business plan</p> Signup and view all the answers

    At what age did Colonel Sanders start working as a farmhand?

    <p>10</p> Signup and view all the answers

    What was Colonel Sanders' occupation at the age of 13?

    <p>Painting horse carriages</p> Signup and view all the answers

    What event occurred in November 1939 that affected Colonel Sanders' business?

    <p>A fire destroyed his motel</p> Signup and view all the answers

    What was the amount of Colonel Sanders' cheque when he retired at 65?

    <p>$105</p> Signup and view all the answers

    At what age did Colonel Sanders get divorced?

    <p>20</p> Signup and view all the answers

    What was Colonel Sanders' occupation before he took over the Shell Service station?

    <p>Army soldier</p> Signup and view all the answers

    How many KFC outlets were estimated to be in operation at the time of Colonel Sanders' death?

    <p>6,000</p> Signup and view all the answers

    What was Colonel Sanders' 'Secret Recipe' for?

    <p>Frying chicken</p> Signup and view all the answers

    What is the reward for risking capital and receiving financial, psychic, and social risks?

    <p>Profits</p> Signup and view all the answers

    What is the characteristic of an entrepreneur in terms of buying and selling prices?

    <p>Buys at a certain price and sells at an uncertain price</p> Signup and view all the answers

    What type of entrepreneurship is focused on creating jobs and raising productivity?

    <p>High Growth Entrepreneurship</p> Signup and view all the answers

    What is the result of entrepreneurship in terms of wealth distribution?

    <p>The poor getting richer</p> Signup and view all the answers

    What is the role of entrepreneurship in economic development?

    <p>Raising productivity through new product innovation</p> Signup and view all the answers

    What type of entrepreneurship is focused on solving social problems?

    <p>Social Entrepreneurship</p> Signup and view all the answers

    What is the result of entrepreneurship in terms of resource utilization?

    <p>Harnessing resources that were previously lying idle</p> Signup and view all the answers

    What is the relationship between entrepreneurship and small business roles?

    <p>They are closely related</p> Signup and view all the answers

    Who is the richest person in Africa?

    <p>Aliko Dangote</p> Signup and view all the answers

    What company did Aliko Dangote found and chair?

    <p>Dangote Cement</p> Signup and view all the answers

    How many million metric tons of cement can Dangote Cement produce annually?

    <p>48.6 million</p> Signup and view all the answers

    When did Aliko Dangote's fertilizer plant in Nigeria begin operations?

    <p>March 2022</p> Signup and view all the answers

    How many branches does Antrak Group of Companies have worldwide?

    <p>146 branches</p> Signup and view all the answers

    What did Dr. Alhaji Asuma Banda start doing in his early twenties?

    <p>Bought cattle from Mali, Niger, and Burkina Faso</p> Signup and view all the answers

    What did Mrs. do for Ghanaian women?

    <p>Educated them on skincare</p> Signup and view all the answers

    What is the net worth of Aliko Dangote as of 1/30/23?

    <p>$13.5B</p> Signup and view all the answers

    According to the course outline, what should each team member bring to the next lecture?

    <p>A copy of the registration documents</p> Signup and view all the answers

    What activity is scheduled for Week 8 in the course outline?

    <p>Completion of business registration forms</p> Signup and view all the answers

    When is the Case Study Assignment due?

    <p>Week 9</p> Signup and view all the answers

    What is the topic of Week 9 in the course outline?

    <p>Resources for Projects</p> Signup and view all the answers

    What should each student submit with the first assessment in Week 9?

    <p>The individual self-assessment instrument</p> Signup and view all the answers

    How many minutes will each team have to present their business plan?

    <p>Some minutes</p> Signup and view all the answers

    What is the topic of Week 10 in the course outline?

    <p>Summary Business Plans</p> Signup and view all the answers

    When is the Summary Business Plan Assignment due?

    <p>Week 10</p> Signup and view all the answers

    Study Notes

    Course Overview

    • The course explores entrepreneurship and self-employment as career options
    • Students will learn about the meaning of entrepreneurship, personal characteristics of entrepreneurs, and behaviors associated with the practice of entrepreneurship

    Course Objectives

    • Demonstrate an understanding of concepts and elements of entrepreneurship
    • Analyze the role of entrepreneurship in economic development
    • Understand behavioral characteristics associated with successful entrepreneurs
    • Evaluate business opportunities, develop a business idea, and assess its viability for successful implementation
    • Develop summary business plans for a small business start-up
    • Take the necessary steps for the formation and operation of an entrepreneurial team and work collaboratively to achieve shared objectives
    • Mobilize resources for the execution of a business plan

    Team Formation

    • Each team should visit the Registrar General’s website and print a copy of the registration documents for the team’s chosen form of legal ownership as specified in the business plan
    • Each team member should bring a copy of the registration documents to the next lecture

    Business Registration

    • Students will complete business registration forms in groups and present the outcome in class
    • Each student should complete the individual self-assessment instrument and submit it with the first assessment for discussion

    Resource Requirements

    • Teams will discuss the resource requirements for their projects and decide on funding sources

    Business Plan Presentation

    • Each team will be allowed some minutes to present its business plan to the class
    • The presentation will summarize the business plan

    Entrepreneurship Case Study

    • Colonel Harland David Sanders, also known as Colonel Sanders, is a famous entrepreneur
    • He had a difficult early life, but eventually developed a "Secret Recipe" for fried chicken
    • He opened a motel with a restaurant, which was destroyed in a fire, and later rebuilt it
    • He finally retired at 65, but tried to commit suicide, and later became successful with KFC outlets worldwide

    Forms of Entrepreneurship

    • High Growth Entrepreneurship
    • Scalable Start-up Entrepreneurship
    • Corporate Entrepreneurship
    • Social Entrepreneurship
    • Subsistence Entrepreneurship
    • Large Company Entrepreneurship

    Role of Entrepreneurship in Economic Development

    • Creation of new ventures and jobs
    • Raising productivity through new product innovation
    • Commercialization of new inventions
    • Harnessing resources that were previously lying idle
    • Redistribution of wealth – the poor getting richer?

    Examples of Entrepreneurs

    • Aliko Dangote, a Nigerian industrialist, is the richest person in Africa for the 12th year in a row
    • Dr. Alhaji Asuma Banda, CEO of Antrak Group of Companies, created jobs for over 500,000 people globally
    • Mrs. [Name Not Provided], took the initiative to educate Ghanaian women on skincare and established a successful business

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    Description

    Learn about team formation and registration processes in entrepreneurship. Understand the importance of legal ownership and registration documents in business planning.

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