Origins of Entrepreneurship in Nigeria
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Questions and Answers

What was the dominant economic activity during the pre-colonial era in Nigeria?

  • Agriculture
  • Manufacturing
  • Mining
  • Trade (correct)

    • What were the entrepreneurs known as in the pre-colonial era of Nigeria?

  • Farmers
  • Middlemen (correct)
  • Exporters
  • Artisans

    • What new dimension in entrepreneurship did the arrival of colonialism in Nigeria bring?

  • Decrease in trade activities
  • Introduction of a cash economy (correct)
  • Focus on local markets
  • Restriction of entrepreneurial activities

    • What commodities were exported by entrepreneurs after the arrival of colonialism in Nigeria?

    <p>Palm oil, groundnuts, and cocoa</p> Signup and view all the answers

    What policies were introduced by the government after Nigeria gained independence in 1960?

    <p>Policies aimed at promoting entrepreneurship and economic development</p> Signup and view all the answers

    What was the purpose of establishing the Nigerian Industrial Development Bank in 1964 and the Nigerian Enterprises Promotion Decree of 1972?

    <p>To provide access to credit and financial support for entrepreneurs</p> Signup and view all the answers

    What led to the decline in entrepreneurship in Nigeria during the 1980s?

    <p>Introduction of economic recession policies</p> Signup and view all the answers

    What was the objective of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) established in 2003?

    <p>To provide support for SMEs</p> Signup and view all the answers

    What is technological entrepreneurship also known as?

    <p>Technology-based entrepreneurship</p> Signup and view all the answers

    What is the role of technological entrepreneurship in social and economic development?

    <p>Creation of new firms and job opportunities</p> Signup and view all the answers

    What is the definition of intellectual capital?

    <p>The intangible assets of an organization</p> Signup and view all the answers

    What does human capital represent?

    <p>The individual skills, knowledge, talent, and experience of employees and managers</p> Signup and view all the answers

    Why is human capital considered the most important asset of an enterprise?

    <p>Because it is a permanent source of creativity and innovation</p> Signup and view all the answers

    What does human capital encompass?

    <p>Creativity and innovation measures</p> Signup and view all the answers

    Why is human capital considered the most risky asset of an organization?

    <p>Because it does not belong to the company, but to each employee</p> Signup and view all the answers

    What does relational capital refer to in an organization?

    <p>Formal and informal relations with stakeholders</p> Signup and view all the answers

    What is included in structural capital of an organization?

    <p>Databases and process manuals</p> Signup and view all the answers

    How can intellectual capital be measured using the Market Value-to-Book Value Ratio (MV/BV)?

    <p>By showing how much a company is valued beyond its financial strength</p> Signup and view all the answers

    What is the Balanced Scorecard method used for in measuring intellectual capital?

    <p>To look at organizational performance from multiple perspectives</p> Signup and view all the answers

    What does the Skandia Navigator provide a collection of measurement methods for?

    <p>Measuring organizational performance from multiple perspectives</p> Signup and view all the answers

    Study Notes

    Pre-Colonial Era in Nigeria

    • The dominant economic activity during this era was entrepreneurship.
    • Entrepreneurs were known as "traders" or "merchants".

    Impact of Colonialism on Entrepreneurship

    • The arrival of colonialism brought a new dimension to entrepreneurship, which was the exportation of cash crops.
    • Entrepreneurs exported commodities like palm oil, rubber, and cocoa.

    Post-Independence Era

    • After Nigeria gained independence in 1960, the government introduced policies to promote entrepreneurship and industrialization.
    • The Nigerian Industrial Development Bank was established in 1964 to provide financial support to entrepreneurs.
    • The Nigerian Enterprises Promotion Decree of 1972 was introduced to restrict foreign participation in certain sectors and encourage local entrepreneurship.

    Challenges in Entrepreneurship

    • The 1980s saw a decline in entrepreneurship in Nigeria due to economic stagnation and instability.

    Support for SMEs

    • The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established in 2003 to promote and support small and medium-sized enterprises.

    Technological Entrepreneurship

    • Technological entrepreneurship is also known as "technopreneurship".
    • Its objective is to create innovative products and services that can drive social and economic development.

    Intellectual Capital

    • Intellectual capital refers to the intangible assets of an organization, such as knowledge, skills, and expertise.
    • It encompasses human capital, relational capital, and structural capital.
    • Human capital represents the skills, expertise, and knowledge of employees.
    • Human capital is considered the most important asset of an enterprise because it is the source of innovation and competitiveness.
    • Human capital is also considered the most risky asset of an organization because it can leave the organization at any time.
    • Relational capital refers to an organization's relationships with its stakeholders, such as customers, suppliers, and partners.
    • Structural capital includes an organization's systems, processes, and infrastructure.

    Measuring Intellectual Capital

    • Intellectual capital can be measured using the Market Value-to-Book Value Ratio (MV/BV).
    • The Balanced Scorecard method is used to measure intellectual capital by balancing financial, customer, internal processes, and learning and growth perspectives.
    • The Skandia Navigator provides a collection of measurement methods for intellectual capital.

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    Description

    Explore the origins of entrepreneurship in Nigeria, tracing back to the pre-colonial era where trade was the dominant economic activity. Learn about the vital role played by entrepreneurs, known as middlemen, in facilitating commerce between different communities and regions.

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