Week 1 Lecture - Entrepreneurship 201 - September 2024 PDF

SEPTEMBER 2024 24C COURSE SCHEDULE SEPTEMEBER 2024 01. 02. 03. SEPTEMBER 2024 COURSE REVIEW OF ENT COURSE SCHEDULE SEPTEMEBER 2024 Entrepreneurship 201 is a course designed to cre...

SEPTEMBER 2024 24C COURSE SCHEDULE SEPTEMEBER 2024 01. 02. 03. SEPTEMBER 2024 COURSE REVIEW OF ENT COURSE SCHEDULE SEPTEMEBER 2024 Entrepreneurship 201 is a course designed to create a foundation to the subject. Macro and Micro View of Entrepreneurship. The successes and challenges of entrepreneurship in Nigeria. Entrepreneurial self awareness and motivation. Through Pattern, Characteristics and Traits. Creativity & Innovation. Pathways to Entrepreneur ventures. Opportunity identification, idea generation, scanning the environment for opportunities and threats.  SEPTEMEBER 2024 SUMMARY OF ENT 201 SYNOPSIS Introduction to Entrepreneurship & Emerging Fields in the Entrepreneurship Discipline Theories of Entrepreneurship Identifying Business Ideas and Opportunity Evaluation Feasibility Study Sources of Finance for Business Marketing Strategy - Social Networking The Entrepreneurial Environment. Role of Government & Business Regulatory Agencies in Nigeria Creativity, Innovation & Intellectual Property Rights Social Entrepreneurship and Community Development Family Business, Mentoring & Succession GROUP PRESENTATIONS BAZE UNIVERSITY 2024  SEPTEMBER 2024 Entrepreneurship II is an expansive version of the foundation to the subject which was previously laid in Entrepreneurship I. Interested areas of focus will largely include: Developing Venture Models and the importance of developing a viable business plan and the creation of businesses. Factors associated with Venture Success or Failure, and developing concrete Business Plans. Other key concepts addressed in this module will include: Strategies for firm growth and acquiring practical skills for launching new ventures. Digital Entrepreneurship 202 will form part of our course work and assessment for the semester.  SEPTEMBER 2024 BUILDING A NEW VENTURE TEAM STARTING AND OPERATING A NEW BUSINESS IDENTIFY START UP ACTIVITIES CREATING SUCCESSFUL VENTURE FACTORS FOR SUCCESS OR FAILURE PREPARING THE PROPER LEGAL AND ETHICAL FOUNDATION STRATEGIES FOR FIRM GROWTH PREPARING FOR AND EVALUATING THE CHALLENGES OF GROWTH DEVELOPING AN EFFECTIVE BUSINESS MODEL BUILDING A BUSINESS MODEL CANVAS  SEPTEMBER 2024 PREPARING A SIMPLE BUSINESS PLAN Writing A business Plan: Industry and Competitor Analysis Conversation with an Entrepreneurs Group Presentations Review of the Semester Course Work  BAZE UNIVERSITY SEPTEMBER 2024 Week 1: Entrepreneurial Mindset and Nigeria's Entrepreneurial Landscape Week 2: Ideation and Creative Problem Solving for Nigerian Markets Week 3: Market Research and Validation in the Nigerian Context Week 4: Nigerian Business Models and Value Propositions Week 5: Business Planning and Financial Projections for Nigerian Startups Week 6: Marketing Strategies and Branding for the Nigerian Market Week 7: Funding and Financial Management in Nigeria, Justification of the business idea of each group. Week 8: Pitching and Effective Communication in Nigeria Week 9: Legal and Ethical Considerations in the Nigerian Context Week 10: Scaling and Global Expansion: Nigerian Perspective Week 12-13: Final Projects and Impactful Entrepreneurship in Nigeria Digital Entrepreneurship: Week 2- 10  BAZE UNIVERSITY SEPTEMBER 2024 Each group will be a maximum of 10 students. A Group Leader is to be selected. At the end of the session, each group will present their Business Plan to a panel of Judges Each group is to send me the group details using excel format as shown below: BAZE UNIVERSITY 2024 THE HISTORICAL CONTEXT OF LEGACIES, POST-INDEPENDENCE EFFORTS, ECONOMIC CHALLENGES, MILESTONES AND RECENT ENTREPRENEURIAL INITIATIVES. UNDERSTANDING THIS HISTORY IS ESSENTIAL FOR ANALYSING THE CURRENT STATE OF ENTREPRENEURSHIP IN NIGERIA AND ITS FUTURE PROSPECTS.  PRE-COLONIAL ERA: Over past and recent times, Nigeria has been renowned as a country that possesses a rich history of entrepreneurship as far back as its pre-colonial era. This prompted various ethnic groups to engage in trade, agriculture, and crafts. Trade routes such as the Trans-Saharan and Trans-Atlantic trade routes played a significant role in fostering economic activities and entrepreneurship. Communities had their economic systems, and trade often involved barter arrangements that was mainly associated with the exchange of goods and services within regions COLONIAL PERIOD (LATE 19TH TO MID-20TH CENTURY): British colonial rule had a profound impact on Nigeria's economic structure. The colonial administration prioritized the extraction of raw materials for export. This prompted the Nigerian economy to become heavily dependent on cash crops such as cocoa, rubber, and palm oil, which limited entrepreneurial diversification. However, it is vital to identify that the colonial authorities did not actively promote local entrepreneurship, which in turn led to a reliance on expatriate businesses. Post-Independence (1960s Onward): Nigeria gained independence in 1960, and this period marked the beginning of efforts to stimulate local entrepreneurship and economic development. The government at the time had introduced policies seeking to promote indigenous entrepreneurship, including the establishment of financial institutions and support for small and medium-sized enterprises (SMEs). Oil discovery in the 1950s led to a shift in the economy. While oil wealth created opportunities, it also resulted in over-dependence on oil revenues, affecting entrepreneurship in other sectors. Recent Developments: In more recent times, there has been a renewed focus on entrepreneurship in Nigeria, driven by government initiatives,social media tools, youth empowerment programs, and the rise of technology startups. Lagos, Nigeria's commercial hub, has become a notable centre for entrepreneurship and innovation, often referred to as "Silicon Lagoon." Sectors such as technology, agriculture, and renewable energy have witnessed a surge in entrepreneurial activities. What are the Political and Economic constraints faced by Entrepreneurs in Nigeria? In not less than 50 words All submissions should be in word documents Avoid Copy and Paste Avoid AI generated responses Ensure your work is submitted as a word document Plagiarized work will not be graded Submissions not in word document will not be graded The class work is due by 6pm today Friday BAZE UNIVERSITY 2024 Often referred to as a growth mindset, this concept functions as a psychological perspective and attitude that individuals, particularly entrepreneurs, will need to adopt in order to view challenges and opportunities as avenues for learning, development, and improvement. It is characterized by the belief that abilities and skills can be developed and expanded through dedication, effort, and continuous learning. This concept of growth-oriented is one that is aimed at encouraging resilience, adaptability, and a willingness to embrace setbacks as part of the journey towards success. In the Nigerian entrepreneurial structure, a growth-oriented mindset holds immense importance for several reasons: Resilience in the Face of Challenges: Nigeria's business environment is known for its challenges, including regulatory complexities, infrastructural deficits, and economic uncertainties. A growth-oriented mind set helps entrepreneurs to become better equipped to persevere and find innovative solutions to navigate existing challenges. Adaptability to Market Dynamics: The Nigerian market is dynamic and often susceptible to rapid changes. Entrepreneurs with a growth mindset are more open to adapting their business strategies, products, or services to meet evolving consumer demands and market conditions. Promotion of Innovation: Embracing a growth-oriented mindset encourages Nigerian entrepreneurs to innovate and explore new ideas and approaches. They are more likely to invest in research and development and experiment with creative solutions to address market needs. Risk-Taking and Investment: Entrepreneurship inherently involves risk-taking. A growth mindset reduces the fear of failure and encourages entrepreneurs to take calculated risks. This can lead to greater investments in new ventures and expansion, which can contribute to economic growth. Learning from Failures: In Nigeria, applicable to many entrepreneurial ecosystems, not all ventures succeed. However, those with a growth mindset view failures as opportunities for learning and improvement rather than as permanent setbacks. This mind set becomes the spine that drives entrepreneurs to bounce back stronger and wiser from setbacks. Talent Development: Every Nigerian entrepreneur or business head with a growth-oriented mindset tend will prioritize investing in the development and training of their employees. This indicative of the stance that they recognize the value of nurturing talent and skillsets within their organizations, which invariably contributes to the overall human capital development within the country. Contribution to Economic Growth: Essentially speaking, a growth-oriented entrepreneurial mindset can have a major positive impact on the Nigerian economy. Entrepreneurs who are willing to invest, innovate, and adapt are more likely to create sustainable businesses that contribute to economic growth, job creation, and increased productivity. Role Model for Others: Entrepreneurs with a growth mindset can serve as role models and inspire others in the Nigerian entrepreneurial ecosystem to adopt similar attitudes and venture methods and commercial formats. This can create a positive feedback loop; nurturing a culture of growth-oriented entrepreneurship. Summarily, a growth-oriented mindset is pivotal for Nigerian entrepreneurs to thrive in a challenging and dynamic business environment. It enables them to persevere through obstacles, adapt to changing circumstances, innovate, take calculated risks, and ultimately contribute to the economic development of the country while inspiring others to do the same. BAZE UNIVERSITY 2024 BAZE UNIVERSITY 2024 Limited Access to Capital: Access to financing was a significant hurdle for early entrepreneurs. A good number of them lacked the necessary capital to start or take their businesses to the next level, which limited their growth prospects. Lack of Infrastructure: Poor infrastructure, including inadequate transportation networks and unreliable electricity supply, hindered the movement of goods and heightened operational costs. Regulatory and Bureaucratic Hurdles: Regulatory barriers and bureaucratic red tape made it difficult for entrepreneurs to navigate the business environment. Obtaining permits, licenses, and approvals was often a time-consuming and costly procedure. Market Access and Distribution: Early entrepreneurs used to struggle with reaching customers and distributing their products or services efficiently. Limited access to markets, especially in rural areas, posed a notable challenge. Education and Skills: A lack of formal education and vocational training limited the skill set of many early entrepreneurs. This affected their ability to compete and innovate in the wake of achieving market growth/expansion. Competition from Foreign Businesses: Foreign companies, especially during colonial times, had advantages in terms of resources and market access. This hindered the rise to prominence of indigenous businesses to compete on a level playing field. Political Instability: Periods of political instability and conflict disrupted business operations and investment climate. Entrepreneurs had to contend with uncertainty and risk. Limited Technological Resources: Early entrepreneurs often lacked access to modern technology and machinery, making their production processes less efficient and less competitive, with a perceived drop in the overall market productivity level. Access to Markets: Limited access to domestic and international markets restricted the growth prospects of early entrepreneurs. Trade restrictions and tariffs hindered exports. Access to Information: Information flow was restricted, making it difficult for entrepreneurs to stay updated on market trends, customer preferences, and new business opportunities. Inadequate Legal Protections: The generally palpable absence of robust legal protections for intellectual property and contracts made it challenging for entrepreneurs to shield their innovations and investments. Cultural and Gender Barriers: Societal norms and cultural expectations sometimes restricted certain individuals or a group, particularly women, from delving into entrepreneurial activities. It is essential to highlight that while these challenges were prevalent in Nigeria's history, many of them persist to varying degrees in the present day. However, the entrepreneurial landscape in Nigeria has evolved, and efforts have been made to address some of these challenges through policy reforms, access to financial initiatives, and infrastructural advancements. BAZE UNIVERSITY 2024 The Nigerian entrepreneurship landscape has witnessed significant growth and transformation in recent memory. The concepts below provides an overview regarding key aspects of the current landscape: Youthful Population: Nigeria is a country blessed with a large and youthful population with a driven purpose to start their own businesses and succeed at it. This demographic advantage presents both opportunities and challenges for entrepreneurship. Tech and Innovation Hub: Nigeria, particularly Lagos, has emerged as a tech and innovation hub in Africa, often referred to as "Silicon Lagoon." It houses numerous tech startups, incubators, and accelerators, fostering innovation in various sectors, including fintech, agritech, and health tech. Government Initiatives: The Nigerian government has in recent times, launched several initiatives to support entrepreneurship, such as the National Enterprise Development Programme (NEDEP) and the Bank of Industry (BOI) Youth Entrepreneurship Support (YES) Program. These initiatives have been integrated into the Nigerian ecosystem in order to provide funding, training, and mentorship to aspiring indigenous entrepreneurs. Access to Funding: Access to funding retains its position as one of the top most challenges face by intending entrepreneurs. However, there has been recorded growth in the availability of venture capital firms, angel investors, and crowdfunding platforms willing to invest in Nigerian startups. These funding sources help bridge the capital gap for early-stage businesses. Challenges with Infrastructure: Inadequate infrastructure, including unreliable power supply, transportation, and internet connectivity, stands in the way of achieving progressive business yields for entrepreneurs, particularly those in sectors requiring heavy infrastructure investment. Market Size: Nigeria, due to its massive population presents a large consumer market that offers significant catch for entrepreneurs. However, venturing into this market can be daunting as a result of varying consumer preferences and regional differences. Regulatory Environment: It is fair to suggest that navigating Nigeria's regulatory environment can prove to be a somewhat herculean process. Entrepreneurs often face regulatory hurdles, including obtaining permits, licenses, and adhering to tax requirements. Digital Transformation: The digital transformation of various sectors, including banking and e-commerce, has created new opportunities for entrepreneurs to develop innovative solutions to meet changing consumer demands. Agribusiness Potential: The agricultural sector in Nigeria possesses immense potential for entrepreneurial activities, with opportunities in value chain development, agribusiness startups, and food processing. Skills and Education: Emphasis on entrepreneurship education and skill development has recently become a growing learning priority within the Nigerian educational structure. Universities, training centres, and incubators offer programs to equip aspiring entrepreneurs with the necessary skills and knowledge. Sustainability and Social Impact: The focus on sustainable and socially responsible entrepreneurship in Nigeria, with startups addressing environmental and societal challenges, such as renewable energy and healthcare access has now become much highly placed. Cultural and Gender Dynamics: Cultural norms and gender biases can influence entrepreneurship in Nigeria. While there's a growing number of women entrepreneurs, gender disparities persist in access to resources and opportunities. Global Recognition: Nigerian entrepreneurs and startups have gained international recognition, showcasing the country's entrepreneurial talent on a global stage. In summary, the Nigerian entrepreneurship landscape is characterized by a dynamic and growing ecosystem, driven by a youthful population, innovation in technology, government support initiatives, and market opportunities. While challenges persist, entrepreneurs in Nigeria are leveraging these opportunities to establish innovative businesses and contribute to economic growth and development.  BAZE UNIVERSITY 2024 Learning from Mistakes: Studying historical entrepreneurial experiences helps modern entrepreneurs learn from past mistakes and avoid similar problems. Identifying Patterns and Trends: Historical data reveals patterns and trends in entrepreneurship, informing business strategies and decision-making. Market Entry Strategies: Understanding how markets have evolved over time assists in formulating effective market entry strategies. Resilience and Adaptation: Historical stories of entrepreneurial resilience and adaptability provide valuable lessons for navigating today's challenges. Ethical and Social Responsibility: Examining historical business impact on society underscores the importance of ethical and socially responsible entrepreneurship in the present. BAZE UNIVERSITY 2024 01. 02. 04. 03. BAZE UNIVERSITY 2024 BAZE UNIVERSITY 2024