ENT221 Past Questions PDF

[Type text] Page 1  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN The stage entrepreneur forms the practice of what to do and how to do it, to meet the vision decision stage Mission stage vision stage startory stage The stage at whi...

[Type text] Page 1  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN The stage entrepreneur forms the practice of what to do and how to do it, to meet the vision decision stage Mission stage vision stage startory stage The stage at which one agrees to determines to start the business is mission stage decision stage starty stage motivation stage The stage you form your mind what you want the business to become is vision stage startory stage monetary stage decision stage is the setting of objectives and designing of polices, programmes, procedures, strategies and ways toachieve these objectives Coordinating Controlling Directing Planning The management function simply summarized to be leadership is known as Organizing Controlling Coordinating Directing The relative harmonization of all the efforts of employees, other organizational resources and activities for the achievement of a business goals is called monitoring coordinating Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN planning leading For the special role which coordination plays in business management, it is usually referred to as the Centre of management Principle of management Essence of management All of the above The role of an entrepreneur in business management is to ensure that staff are well remunerated discipline where necessary A&B All the functions of management are carried out well The skills, experience and knowledge an entrepreneur gained through formal and informal Education can be supplemented through Research Seminar & Conferences Tutorial classes All of the above A business performance simply means and it is usually measured through its Achievement & Result Performance & Progress Results & Achievement B&C is usually done by the management of business for the purpose of correction Directing Coordinating Planning Controlling The following sets of stakeholders are all users of business performance information except Competitors, The press, Business owners The press, Government, Customers Laymen, Farmers, Carpenters Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN None of the above ____is the relating of two or more items of the statement of account such as Profit and Loss account together in a proportion form to arrive at a figure which can be compared with target. Comparative Analysis System Analysis Radio Analysis A&B When a business performance is done just for the purposes of personal judgment and decision making it is known as Quantitative Analysis Qualitative Analysis Non control All of the above The following can seriously affects good business performance except Poor operation Poor management Effect of environmental factor Good leadership Business performance information is used by the Government to check Money Fraudulent mangers Tax purposes Ability to repay Customers who used business performance information are checking for Quality products Improved customer care services Supplies Survival Business Management used business performance information to check for the following except Profitability, Survival, Control Profitability, Tax, Control Profitability, ability to pay loan B&C Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN A female who manages a business outfit is called Personnel manageress Personnel manager Manageress Business Manager Business performance simply means improvements of staff salaries punishing erring staffs improvement of the actions and results of business improvement of the quantity of the products ____is referred to as moral principles or values generally governing the conduct of an individual Character Ethics Honesty Integrity Deviant and Conforming behaviours in business management is known as Ethics Insults to customers Politeness Customer care services Business ethics are moral principles that are or_____behaviour in business True or false Good or Bad Right or Wrong B&C are subject of the values held by the society as a whole Customs Business culture Business norms Business Ethics In the early part of the 20th Century, the mission of business was exclusively Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN Growth Economic Social Intensive Survival is the duties which a business is morally and ethically liable to carry out to positively influence the society within which it exists and operates Ethical responsibility Economic responsibility Business responsibility Social responsibility The following are Areas of Social Responsibility of a business except Environment Consumers Fair of business practices The organization itself In terms of what the society, customers, Government etc expects from business organization, the majorcategories of Social Responsibility to be considered are Consumers movement Community relation Green marketing All of the above ___refers to specific development pricing, promotion and distribution of products that are not harmful to theenvironment Green marketing Less toxic products Consumers movement Durable products Business organization who believes that Government and not business, is the institution best suited forsolving social problem are 21st Century Organization Technologically advanced organization Living in the past A&B Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN Provision of adequate compensation and opportunity for self-fulfilment such as health and safety is a Social Responsibility relating to Environment Consumers Human resources Community Small scale companies maybe said to share the following except small size business public private partnership few employees small amout of investment Type of business of a group of maximum 20 members is called francise partnership limited liability unlimited liability How many types of partnership do we have 5 4 2 3 Which of these is not a profession clients solicitors doctors accountants Which of these is not among the correct one general partnership limited partnership unlimited partnership sole partnership Which of these is NOT features of general Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN partnership authority sole owner personal liability formation A business formed and inorporated as a legal entity by a group of people is called partnership joint stock company limited by share limited by members A company whose liability are limited to the share of the company by guarantee is called limited liability company limited by incorporation limited by people limited by attendance Liability extended beyond its member shares to the personal asset of the member is called unilimited liability company limited liability company limited liability people unlimited shares Company owned by private owners with shareholders not exceeding 50 and whose debentures not thepublic is called public company public/private company private company general company CAC Affair Commission is an example of public company general company private company government enterprise Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN Group of people who come together with a common interest to enjoy some mutual business benefits is called cooperative society limited share incorporation partnership Then main changing instrument studying in the plae of the constitution to every cooperative society is called passbook byelaw ledger authority book Which of these is not part of cooperative societies Multipurpose thrift producers personal Which of these is NOT part of government enterprises marketing boards consumer protection nationalised business investment companies An authority granted to individuals or business organisations to do business or render services a statedarea or ronte is called Merchandize franchise partnership nationalized business Business that are not operated independently the way others are being operated is called francise joint business specialised business Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN sole business cooperative society members started with member of _ 5 10 7 4 The policy government the cooporative society is at which government level state local government national regiment The following are factors you need to consider when chosing a business except self factor business factor entrepreneurs factor none of the above Feasibility study is the study that determines as assessment of Practicality of proposed plan Running of business Managing of business Profit Making Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN ENT 221 – ENTREPRENEURSHIP AND BUSINESS MANAGEMENT Business Management and Entrepreneurship offers you the skills needed to develop new ideas, giving you everything needed to start your own successful business. The word „entrepreneur‟ immediately conjures up images of business tycoons like L.N. Mittal or Bill Gates. While these rich, famous and successful individuals can be inspirational for some, most of us would find it difficult to associate our own lives, personalities or abilities with them. But the fact is that virtually everybody is entrepreneurial in some part of his or her lives. Entrepreneurial in terms of self-development (an athlete constantly practicing to improve his/ her performance and stamina), in terms of self-decision making (a man deciding not to marry and devoting the rest of his life in the service of God), in terms of creativity (a housewife using waste material for making a piece of art), risk-taking (a teenage boy tryingbungee jumping). Hence, anyone who exhibits the characteristics of self-development, creativity, self- decision making and risk-taking can be rightly called as a person with entrepreneurial traits. When these traits are exhibited by a person running a business he can rightly be called an entrepreneur. The reverse is also true – a businessman who does not take risks, or does not aim for self-development, is not creative and one who cannot make a decision on his own, cannot be rightly called as an entrepreneur. And in the present competitive world, the latter is thrown out of the business by the market forces over a period of time. Importance of Entrepreneurship Prosperity of a nation depends on the development of its economy. Every nation has a responsibility to ensure economic development to improve the living standards of the people, eliminate poverty and backwardness. The process of economic development involves improvement in Gross National Product and depends on the utilization of physical natural resources by the human resources to realize the productive potential of the nation. It requires increase in production and level of consumption. In a labor abundant but capital short economy like India, there is limitation to the government in directly involving itself in Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN increasing productivity considering the severe budgetary constraint for funds and the pressing need for higher investment in the frontiers of social development. Hence, the people have to come forward to engage themselves in productive activities by starting their own industrial unit‟s livelihood. When more and more persons come forward to start their own enterprises, however small it may be, and run the enterprise, efficiently and effectively, the productivity of the nation will automatically improve. The government implements a number of programmes to induce self-employment and to develop entrepreneurship in the country. Hence, development of entrepreneurship and entrepreneur are sine-qua- non for the economic prosperity of the nation. Following are the reasons why entrepreneurship holds vital role in an economy: 1. Creates wealth for nation and for individuals as well: All individuals who search business opportunities usually create wealth by entering into entrepreneurship. The wealth created by the same play a considerable role in the development of nation. The business as well as the entrepreneur contributes in some or other way to the economy, may be in the form of products or services or boosting the GDP rates or tax contributions. Their ideas, thoughts, and inventions are also a great help to the nation. 2. Provides employment to huge mass of people: People often hold a view that all those who do not get employed anywhere jump into entrepreneurship, a real contrast to this is that 76% of establishments of new business in the year 2003 were due to an aspiration to chase openings. This emphasizes the fact that entrepreneurship is not at all an encumbrance to an economy. What more is that approximately 34 million of fresh employment opportunities were created by entrepreneurs from the period of 1980. This data makes it clear that entrepreneurship heads nation towards better opportunities, which is a significant input to an economy. 3. Contributed towards research and development system: Almost 2-3% of all innovations are due to the entrepreneurs. Without the boom of inventions the world would have been a much dry place to live in. Inventions provide an easier way of getting things done through better and standardized technology. Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN 4. It is a challenging opportunity for the people: Although entrepreneurship is a challenging task but in most of the cases the rewards it gives are much more than what one anticipates. It does not only reward an entrepreneur at financial levels but also on individual level. It provides self-satisfaction to the entrepreneur. 5. Entrepreneurship provides self-sufficiency: The entrepreneur not only become self- sufficient but also provide great standards of living to its employees. It provides opportunity to a number of people working in the organization. The basic factors which become a cause of happiness may be liberty, monetary rewards, and the feeling of contentment that one gets after doing the job. Therefore the contribution of entrepreneurs makes the economy an improved place to live in. 6. Sky-scraping heights of apparent prospect: The individual gets maximum scope for growth and opportunity if he enters into entrepreneurship. He not only earns, the right term would be he learns while he earns. This is a real motivating factor for any entrepreneur as the knowledge and skills he develops while owning his enterprise are his assets for life time which usually, lacks when a person is under employment. The individual goes through a grooming process when he becomes an entrepreneur. In this way it not only benefits him but also the economy as a whole CONCEPTS: Entrepreneur and Entrepreneurship The concept of entrepreneurship has evolved for a long time but its popularity has not gained so much for a long while. But through resurrection, the concept has attained so much popularity that after its observation, a firm idea has been grown up about its sudden discovery. Entrepreneurship is one of the four mainstream economic factors, viz., land, labor, capital and entrepreneurship. The word itself has been derived from the French word entrepreneur in the 17th century, which means the person who undertakes the risk of new enterprise. The persons would undertake the work of a contractor and bear the risk of profit or loss. Early references to the entrepreneur can be traced out in the 14th century when the term indicated about tax contractors who paid a fixed sum of money to a government for obtaining the license to collect taxes in their region. Thereafter, entrepreneurship was a common topic in economic essays in the 18th and 19th centuries. The early French, British and Austrian economists were notable in this respect and wrote impressively about entrepreneurs as the changing agent of progressive economies. A French economist, Richard Cantillon was the first man to be credited with giving the concept of entrepreneurship a central role in economics as described in his publication in 1755. In the opinion of Cantillon, entrepreneurs consciously make decisions about resource allocation. He identified the entrepreneurs as the agents who purchase means of production in order to combine them to produce a product to sell at price that are uncertain at the moment at which he commits himself to his cost. Characteristics of an Entrepreneur Entrepreneurs possess the following vital characteristics: 1. An especially skillful person: The entrepreneur is recognized as a person having a special skill and at the same time a person providing others for motivation. He may be either a single individual or an individual in a group. Whatever he may be, he possesses that special skill Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN which is not generally found in common man. 2. An innovator: He is rightly known as an innovator who engages himself to innovate new varieties of products, explores new market horizons, and introduces new techniques of production and methods of reconstruction of industries. According to Schumpeter, the main characteristic of an entrepreneur is to innovate something. Through such innovation, the execution and effective use of a creative idea are ensured. Its success brings for commercial achievement and new horizon of economy emerges. 3. Providing completeness to the factors of production: An entrepreneur procures necessary resources from various sources for the purpose of production and by utilizing them he provides completeness to the factors of production. Moreover, he endeavours to make contact with various markets for his products. He is a risk-taker and functions as a coordinator. 4. Decision-making person: The entrepreneur is such a person who is endowed with a power to make a proper decision as regards the establishment of a business, its management, and procurement of different factors, methods of distribution and coordination of various scarce resources. Since he has a strong power of decision- making, he can take decisions on various maters rapidly. His achievement largely depends on the ability of his decisionmaking. 5. A man of creative personality: As the term implies, he is known as an employer who makes optimum utilization of economic resources and thus carries on productive activities. He has a quality of creating something new and as such he is a person of creative personality. For this, he is known as a creative innovator. He creates new ideas, nurtures them in the light of his own experience, knowledge and intellect. Through all such activities, his creative personality and mentality are exposed. 6. A basic plan-maker: An entrepreneur is the owner, employer, producer, market- creator, decision-maker, risk-taker, coordinator, and user of market information, creative individual and innovator. For this, he is regarded as a pioneer of economic development. 7. A pioneer of economic development: An entrepreneur is the owner, employer, producer, market-creator, decision-maker, risk-taker, coordinator, and user of market information, creative individual and innovator. 8. Dynamic leader: He provides proper motivation to his workers by means of leadership so that the workers can give their best efforts to the interest of the organisation. 9. Creator of wealth: The entrepreneur uses various resources for running his products or services are produced. Hence, the entrepreneur creates his personal wealth and at the same time he helps to increase social wealth, because new wealth is created due to increase in demand for product or services. As such, creation of wealth is one of the basic features of an entrepreneur. 10. Self-confident and ambitious: In the opinion of John Hornaday, one of the important features of an entrepreneur is that he should be self-confident as well as ambitious. Selfconfident is regarded as one of the remarkable characteristic features for his success. This self-confidence leads him to face any situation boldly. Self-confidence relates to harmonize between word and work. Similarly, he should always have in himself, high ambition. Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN 11. Risk-bearer: It is needless to say that an entrepreneur has to bear the various risks concerning the enterprise. Without risk bearing, his enterprise activities cannot be conducted. The capacity of an entrepreneur to bear the risks is his inherent feature. He has to bear always the risks in case of production of any new product or service. There are various types of risks to be borne by him. These are risks associated with procurement of raw materials and capital and marketing of goods, etc. this risk bearing is the prerequisite to his success. This is the part and parcel of his daily activities. 12. Adventurer: After thinking over various matters, an entrepreneur undertakes his venture and after evaluating pros and cons of all the matters, he selects the most suitable one. While making selection, he requires to be a bit adventurer. This quality is such an outlook, which leads him to accept the challenge in various adverse situations. FACTORS INFLUENCING ENTREPRENEURSHIP Following are the various factors that influence entrepreneurship: 1. Educational: There is a need to have drastic changes in educational pattern to make it more relevant to the needs of the time, economic, social and political environment. More and more young minds should be trained to create avenues for self-employment. Designing a suitable programme of entrepreneurial education and introduction of entrepreneurship, as a subject for study even at the school level to make the young minds realize the importance of entrepreneurship are the need of the hour. 2. Legal: The law must protect the weak till the time they need it. Entrepreneurs in small sectors have limited resources and cannot compete with large-scale manufactures. Reservation of certain items of products for exclusive production in small sector is one such legal measure to protect the interests for small-scale entrepreneurs. 3. Infrastructure: Land and factory sheds at concessional rates, adequate supply of power, water, coal and other sources of energy, transport facilities, availability of wagons, supply of raw materials and other physical facilities should be provided by the Government to facilitate setting up of new enterprise. 4. Institutional: Entrepreneurs need advice on the lines of manufacture, which may be suitable, sources of raw materials, finance and other facilities like technical know-how, tools and equipments, etc. The entrepreneurs also need to know about the opportunities and threats to their business, government policies, developments in international economic scene, technological changes, etc. Institutions have to be established to keep the entrepreneurs informed about all these matters of their interest and also to enable them to present their problems before the authorities in the government. 5. Financial: The needs for fixed and working capital should be adequately needed; if the new enterprises are to serve and grow. The lack of financial resources deters potential entrepreneurs to start new ventures. The problems become more acute in the capital short developing countries where the business and industry how to put up with underdeveloped capital market. The governments, in these countries should see that the capital market is developed with newer and innovative capital market instruments and strong financial institutions. 6. Procedural: The bureaucratic procedure of government offices, industries departments and financial institutions is a great hindrance to the growth of new enterprises. The entrepreneurs have to run to different jobs; and complete a number of offices in government for different jobs; and complete a number of formalities prescribe) by several laws, rules and regulations. It would be better for the potential and existing entrepreneur, if the number of procedural and Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN legal restrictions of the entrepreneurs is reduced and an administrative mechanism is developed to look after all the needs and requirement the entrepreneurs. 7. Communicational: The information gap pushes many entrepreneurial ventures towards extinction. Unless an entrepreneur known about the market potentials, competition in the market, technological and other developments, the entrepreneurs is not likely to succeed in the venture. The government departments, organizations of entrepreneurs, financial institutions and business consultants have a role to play in this regard. It is very important for an entrepreneur to succeed. 8. Information technology and communication: Modern technology such as Information Technology has entered every walk of human life. Faster mode of communication through email, networking, web technologies have revolutionized the industrial scene with the fast and up to date information at different levels of management, the management processes also have gone considerable changes in decision making and implementation. 9. Rapid Changes: IT and communication revolution, the networking within the industry and outside the industry has increased many fold. The exchange of information and availability of resources is bringing changes in the industry faster than ever before in the history. 10. Large size: There is considerable increase in automation and introduction of computerized production and process controls in industries. The demand for the goods and the geographical reach is bringing large size industries as well as services. The size gets advantage of economies of scale in manufacturing marketing. 11. R&D Technology: Companies today are investing lots of money in R&D activities to develop new products and new processes to compete in the global market. 12. Stakeholders: The stakeholders of today are more knowledgeable and get up to date information about the industry developments as well as the progress of particular industries were interested. Thus there is awareness by the stakeholder, which gives him closer involvement than ever before. 13. Globalization: Now business operates in an open environment, as there is no geographical boundaries exist. So competition has become very intense. To survive in today‟s market company has to be very competitive in terms of quality, price and delivery. TYPES OF ENTREPRENEURSHIP By simple definition – all active owner-managers are entrepreneurs. They can be classifiedinto following categories: Classification on the Basis of Ownership Entrepreneurship can be classified on the basis of ownership as follows: Founders or “Pure Entrepreneurs”: As the term suggests, they are those individuals whoare the Founders or “Pure Entrepreneurs”: founders of the business. They are the ones who conceptualize a business plan and then put in efforts to make the plan a success. For example, Dhirubhai Ambani of the Reliance Group. Second-generation operators of family-owned businesses: They are the individuals who have inherited the business from their fathers and forefathers. Like Mukesh Ambani and Anil Ambani sons of Dhirubhai Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN Ambani of the Reliance Group now split into two: Reliance – Reliance Industries Limited and Reliance – Anil Dhirubhai Ambani Group. Franchisees: Franchisee has been derived from a French word which means free. It is a method of doing business wherein the parent owner (the franchiser) licenses his trademarks and tried and proven methods of doing business to a franchisee in exchange for a recurring payment. Here, the franchisee has not conceptualized the business but has invested his money and time in the business. Classification on the Basis of Personality Traits and their Style of Running Business The Achiever: These types of entrepreneurs have personal desires to excel. The only drive that pushes them is the desire to achieve something in life, the desire to make a mark insociety, the desire to prove their excellence. No matter how many hurdles come in their way, they are totally determined. They do not need any external stimulus but are self-driven. Their Notes characteristics can be termed as achievement personified. They canrightly be called go-getters. This personality often will cause them to build their businessaround their own personal brand. These entrepreneurs have dreams and dare to fulfill their dreams. The Induced Entrepreneur: These types of entrepreneurs are induced by some external factors to start a business. The external factors could be like supporting government policies, unemployment, family support, facilitating institutional support, etc. These types of entrepreneur turn out to be more realistic in their approach. For instance, when the government announced subsidies, tax rebates and financial support to small scale industries, several entrepreneurs started their business as SSIs. The Idea Generator: These kinds of entrepreneurs are highly creative people who are always in search of innovative ideas for setting up new business ventures. They have the ability to sense the demand much ahead of others. The Real Manager: The real managers run the business in a systematic manner. They analyze business situations, assess the demands of future, both in terms of opportunities and threats and then take actions based on the above assessments. They believe in incremental changes rather than radical transformations. The Real Achievers: The real achievers are full of life. They are looking for the achievement of not even their own goals but also of people associated with themselves like employees, suppliers and distributors. Classification based on the Type of Business Industrial Entrepreneur: Industrial entrepreneur is an entrepreneur who is into manufacturing of a product. He identifies the needs and wants of customers and accordingly manufactures products to satisfy these needs and wants. It would include all the entrepreneurs essentially into manufacturing. Trading Entrepreneurs: Trading entrepreneur is one who undertakes trading activities (buying and selling of goods and services) and is not concerned with the manufacturing of products. He identifies potential markets, stimulates demands and generates interests among buyers to purchase a product. Corporate Entrepreneur: Corporate entrepreneur is a person who demonstrates his innovative skill in organizing and managing a corporate undertaking (which is registered under some statute or act that gives it a separate legal entity). Agricultural Entrepreneur: Agricultural entrepreneurs are those entrepreneurs who undertake business related to agricultural activities. Like farm equipments, fertilizers and other inputs of agriculture. They provide supportive products that can increase the agricultural production through biotechnologies, mechanization and improvement in agricultural yield Classification based on the Stages of Development First Generation Entrepreneur: A first-generation entrepreneur is one who starts an industrial unit by Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN means of an innovative skill. He is essentially an innovator combining different technologies to produce a marketable product or service. Modern Entrepreneur: A modern entrepreneur is one who undertakes business to satisfy the contemporary demands of the market. They undertake those ventures which suit the current socio-cultural trends. Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN Classical Entrepreneur: A classical entrepreneur a stereo-type entrepreneur is one whose aim is to maximize the economic returns at a level consistent with the survival of the firm, with or without element of growth. Other Classifications Innovative Entrepreneurs: Innovative entrepreneurs are the forbearers of change in the business. They are full of creative ideas and offer innovate products to the society. It is because of these innovative entrepreneurs that many important changes occur in our society. They experiment and conduct permutations and combinations of ideas to yield new products and services. Thanks to these innovative entrepreneurs, our society is more networked now; we started off networking by transfer of letters through a messenger (stories even speak of pigeons as messengers), then came formal postage system, then communication evolved to telephonic conversation, mobile, internet, email, and video conferencing. The innovations in networking have been tremendous and are still happening which is bringing the world closer every day. One need not invent but add incremental values (like ringtones, camera, mobile television, mobile radio in mobiles), or change the utility of the same thing (like using mobile for net surfing). Imitative Entrepreneurs: Imitative entrepreneurs adapt a successful innovation. They are riskaversive and so they do not try out new ideas or products, but if a new idea is accepted by the market, they imitate the new idea and hence join in the competition. Fabian Entrepreneurs: Fabian entrepreneurs are highly cautious and sceptic in their approach. They are not readily interested in introducing any change in their organization and when they do so it is because unless they the change they would be out of the market. Drone Entrepreneurs: Drone entrepreneurs are not open to creativity and change. They do not like changing the working of organizations with the changing times. They prefer facing losses to introducing changes in their present processes, equipments and policies. In the present competitive world, these entrepreneurs are simply kicked out of the business for not being able to adapt themselves to the changing dynamics of business Women Entrepreneurs: In 1988, for the first time, the definition of Women Entrepreneurs‟ Enterprise was evolved that termed an SSI unit/industry-related service or business enterprise, managed by one or more women entrepreneurs in propriety concerns, or in which she/they individually or jointly have a share capital of not less than 51 per cent as company/ members of a cooperative society, as a Women‟s Enterprise. Copreneurs: When both husband and wife together start and run a business venture then they are called copreneurs. Emergence of copreneurs in the present times is a reflection of the fact that women‟s role in business is increasing. Entrepreneurial Process At its simplest what entrepreneurs do, can be viewed as a six-stage procedure:  They see opportunities where others don‟t.  They have a „vision‟, a clear understanding of the concept and of what they‟re trying to do.  They persuade others of their vision, they can communicate the concept effectively. Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN  They gather resources to make their vision become a reality (money, people, things).  They organize these resources to create a new venture, product or market (leadership, teams).  They constantly change/adapt themselves according to the changing demands of the market. Identify an Opportunity According to Timmons (1989), entrepreneurship is about sensing an opportunity where others see chaos, contradiction and confusion. Identification of an opportunity is the first step towards building and running successful business enterprise. Entrepreneurs identify opportunity where others see obstacles and impossibility. Identification of opportunity at the right time is of utmost importance as it gives “first mover‟s advantage” and takes an enterprise ahead of others who take time to catch up. The first mover‟s advantage not only provides product identification and higher market credibility but also provides better profits and faster economies of scale. Establish a Vision Merely seeking opportunity is not enough; an entrepreneur further moves to establish a vision – a dream for future which can be achieved only if opportunities are tapped at the right time. He has complete faith in his vision and it is quite clear to him i.e. he can visualize his own optimism. Even if some market forces change, he would readjust his vision to keep his dream viable and fruitful. And believe it, entrepreneurs have big visions, something which others might consider as impossible. Persuade Others An entrepreneur does not work alone; he understands that multiple skills are required to make business successful. Kathleen Alen, an American academician calls this phase of entrepreneurial process „forming the foundation team‟ i.e. an entrepreneur forms a group of individuals who would work together to realize his dream. An entrepreneur prepares a business plan to make the vision and means of achieving the vision clearer to „the others‟ who would join the team. These individuals are not just the skilled people who would join in, but also include financiers and even family members who put in their trust in the entrepreneur. Like Narayan Murthy of Infosys was supported by wife for financial and psychological backing and was joined by couple of friends – who together lead to what Infosys is today. These trusted people are still part of Infosys and are still working together for the further growth of business. Gather Resources Identifying an opportunity, establishing a vision and persuading others to join is not enough; a business enterprise needs resources to become successful. This is the phase, which can convert an entrepreneur‟s dream into realty. Although we are presenting this process as it happens step by step, implying that issues pertaining to resources are considered here, the reality is that part of the early evaluation of the concept will inevitably involve a preliminary evaluation of whether it can be properly resourced. Resources can beconsidered under four categories: Financial Operating Human Information Create New Venture Once the entrepreneur has arranged for the resources mentioned above, the next step is the creation/establishment of the new venture and running the business venture successfully while the former task (creation of new venture) requires lot of enthusiasm, persuasion so that he is able to gather optimum resources. The latter task (running the business venture) requires lot of perseverance and passion to believe in self. Change/Adapt with Time Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN As change has become the rule of the game in today‟s business environment the entrepreneur needs to continuously keep the organization upgraded and abreast of changing times. This is not an easy task as it not only involves availability of funds for introducing change but also (which is even more difficult) the adaptability of human resources towards the changed environment This was done to help students of 200 level to ease our assimilation and help breaking down the course chapters asquestions. The past question is also underneath for reading I’m SEN ABIDAKUN TOMIDE M You can get in touch with me probably for school updates,relating to the questions set or whatsoever 07046105247 SEN TOMIDE ABIDAKUN ENJOY YOUR READING, I LOVE YOU N.B: THESE ARE NOT EXAMINATION QUESTIONS BUT EXTRACTED QUESTIONS FROM THE TEXTBOOK RELATING TO THIS COURSE WHICH WILL BE HELPUL TO EVERYONE OFFERING THE COURSE FOR LEGITIMATE INFORMATION AND UPDATE ABOUT TASUED,KINDLY GET IN TOUCH WITH ME VIA CALL AND WHATSAPP 07046105247 Leading With Legacy 07046105247  SEN. ABIDAKUN TOMIDE MICHEAL TOMMYGRIN I WISH EVERYONE SUCCESS IN THE FORTHCOMING E – TEST AND EXAMINATION, WE WILL NEVER HAVE A CAUSE TO REGRET (AMEN) Leading With Legacy 07046105247