Podcast
Questions and Answers
What is the main purpose of this course?
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?
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?
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?
How will students work in this course?
What will be the class activity in the first week?
What will be the class activity in the first week?
What do students learn about in this course?
What do students learn about in this course?
What is one of the characteristics of successful entrepreneurs?
What is one of the characteristics of successful entrepreneurs?
What will students be able to do after completing this course?
What will students be able to do after completing this course?
At what age did Colonel Sanders start working as a farmhand?
At what age did Colonel Sanders start working as a farmhand?
What was Colonel Sanders' occupation at the age of 13?
What was Colonel Sanders' occupation at the age of 13?
What event occurred in November 1939 that affected Colonel Sanders' business?
What event occurred in November 1939 that affected Colonel Sanders' business?
What was the amount of Colonel Sanders' cheque when he retired at 65?
What was the amount of Colonel Sanders' cheque when he retired at 65?
At what age did Colonel Sanders get divorced?
At what age did Colonel Sanders get divorced?
What was Colonel Sanders' occupation before he took over the Shell Service station?
What was Colonel Sanders' occupation before he took over the Shell Service station?
How many KFC outlets were estimated to be in operation at the time of Colonel Sanders' death?
How many KFC outlets were estimated to be in operation at the time of Colonel Sanders' death?
What was Colonel Sanders' 'Secret Recipe' for?
What was Colonel Sanders' 'Secret Recipe' for?
What is the reward for risking capital and receiving financial, psychic, and social risks?
What is the reward for risking capital and receiving financial, psychic, and social risks?
What is the characteristic of an entrepreneur in terms of buying and selling prices?
What is the characteristic of an entrepreneur in terms of buying and selling prices?
What type of entrepreneurship is focused on creating jobs and raising productivity?
What type of entrepreneurship is focused on creating jobs and raising productivity?
What is the result of entrepreneurship in terms of wealth distribution?
What is the result of entrepreneurship in terms of wealth distribution?
What is the role of entrepreneurship in economic development?
What is the role of entrepreneurship in economic development?
What type of entrepreneurship is focused on solving social problems?
What type of entrepreneurship is focused on solving social problems?
What is the result of entrepreneurship in terms of resource utilization?
What is the result of entrepreneurship in terms of resource utilization?
What is the relationship between entrepreneurship and small business roles?
What is the relationship between entrepreneurship and small business roles?
Who is the richest person in Africa?
Who is the richest person in Africa?
What company did Aliko Dangote found and chair?
What company did Aliko Dangote found and chair?
How many million metric tons of cement can Dangote Cement produce annually?
How many million metric tons of cement can Dangote Cement produce annually?
When did Aliko Dangote's fertilizer plant in Nigeria begin operations?
When did Aliko Dangote's fertilizer plant in Nigeria begin operations?
How many branches does Antrak Group of Companies have worldwide?
How many branches does Antrak Group of Companies have worldwide?
What did Dr. Alhaji Asuma Banda start doing in his early twenties?
What did Dr. Alhaji Asuma Banda start doing in his early twenties?
What did Mrs. do for Ghanaian women?
What did Mrs. do for Ghanaian women?
What is the net worth of Aliko Dangote as of 1/30/23?
What is the net worth of Aliko Dangote as of 1/30/23?
According to the course outline, what should each team member bring to the next lecture?
According to the course outline, what should each team member bring to the next lecture?
What activity is scheduled for Week 8 in the course outline?
What activity is scheduled for Week 8 in the course outline?
When is the Case Study Assignment due?
When is the Case Study Assignment due?
What is the topic of Week 9 in the course outline?
What is the topic of Week 9 in the course outline?
What should each student submit with the first assessment in Week 9?
What should each student submit with the first assessment in Week 9?
How many minutes will each team have to present their business plan?
How many minutes will each team have to present their business plan?
What is the topic of Week 10 in the course outline?
What is the topic of Week 10 in the course outline?
When is the Summary Business Plan Assignment due?
When is the Summary Business Plan Assignment due?
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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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