UNIPORT GES 300 Summary – This summary is an excerpt from UNIPORT GES 300 – Fundamentals of Entrepreneurship and Small Business Management Text Book. This is only written to assist students in understanding the course more. Many sees it as a bulky textbook maybe due to the semester’s workload but in this summary, the vital points in each units are being emphasized on.
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This article covers synopsis of Unit one and two
For other units – Click Here
- 1 SUMMARY OF UNIPORT GES 300 – FUNDAMENTALS OF ENTREPRENEURSHIP UNIT ONE
- 2 3 items where defining the scope of entrepreneurialism should be premised (focused on):
- 3 Scope means relating to the context and content of entrepreneurial activities.
- 4 Characteristics of an Entrepreneur
- 5 Studies of Biographies of Entrepreneurs
- 6 Notable Nigeria Entrepreneurs
- 7 Impediments to Entrepreneurial Practice
- 8 Summary of challenges or impediments of Entrepreneurship
- 9 Intrapreneurship
- 10 Unit 2
- 11 Characteristics of Intrepreneurship
- 12 Intrepreneurship Success Factors
- 13 Factors that affect Intrepreneurship
- 14 Possible Questions from Unit one and two
- 15 Summary and Possible Questions of UNIPORT GES 300 – Fundamentals of Entrepreneurship Part I
SUMMARY OF UNIPORT GES 300 – FUNDAMENTALS OF ENTREPRENEURSHIP UNIT ONE
Nigeria must see entrepreneurship development as the only viable path out of their present economic quagmire (predicament).
3 items where defining the scope of entrepreneurialism should be premised (focused on):
- The target population upon which the market for the product/service would depend
- The supposed government policies, infrastructure and political climate as relates to the product/service
- The distinctiveness or uniqueness of the product/service in terms of satisfaction gap and competition.
Scope means relating to the context and content of entrepreneurial activities.
Whether starting a new business, investing or buying over an already existing one, the entrepreneur is ever burdened with a sense of adventure, bearing in mind the associated risk and possible loss of investment.
Keywords for an Entrepreneur is caution and calculated risks as mistakes could be very unsettling.
Characteristics of an Entrepreneur
- Risk taking
- Strong desire for independence
- Determination and
Studies of Biographies of Entrepreneurs
- Andrew Carnegie- the steel mills gaint, and once the richest man in the world
- John. D. Rockefeller – founder and owner of Standard Oil. Note that Carnegie and Rockefeller were the two greatest, richest ad powerful American business – men in the nineteenth century tedlow (2003:20)
- Bill Gates – Co-founder of Microsoft (with Paul Allen in 1975) and co-founder of bill & Melinda Gates foundation, currently, Forbes says that bill Gates is worth $76 billion (2015)
- Henry Wellcome
- Howard Hughes
- Henry Ford – The founder of Ford Motor Corporation.
- Robert Wood Johnson II
- Will Keith Kellogg
- David Packard and William Hewlett – founders of Hewlett Packard (HP)
- Robert Bosch
- Alfred Bernhard Nobel – Chemist, Engineer, innovator and armaments manufacturer
- Michael Bloomberg
- Mo Ibrahim – Sudanese billionaire and founder of Celtel Communication
- Richard Branson – founder virgin group
- Aristotle Socrates Onassis – Shipping magnate
- William Durant – founder of General motor corporation
- John Pemberton – founder of Coca-cola
- Thomas J. Watson Sr – the founder of IBM
- Amancio Ortega – Founder of Inditex Group
- Li Ka-Shing – The richest man in Hong Kong and greater China
- Sam Walton – founder of wal-mart- currently the biggest multinational corporations in the world.
- Steve jobs – the co-inventor of Apple Computers
- Steve Wozniak – co-founder of Apple Computers
- Jack Welch – Former CEO of General Electric (GE)
- Oprah Winfrey – media mogul, African American woman billionaire
- Carlos Slim Heln – Mexican billionaire and second richest person in the world
- Ted turner – founder of CNN
- Rupert Murdoch – founder of Fox News Corporation
- Patrice Motsepe – Mining magnate and south African born billionaire
- Warren Buffet – Popularly known as, the “Oracle of Omaha”, Nebraska and the fourth richest person in the world
- Gordon Moore – one of American’s leading technological minds, multi-billionaire, and co-founder of Intel.
- Robert Noyce – co-founder of Intel and one of those investors that made Silicon Valley what it is today.
- George Eastman – created mass market for Kodak Brownie camera.
- Charles Revson – founder of Revson
- Jeff Bezos – The founder of Amazon.com
- Azim Premji – Indian billionaire industrialist
- George Soros – Hungarian-American- helge fund investor and founder of Open Society Foundation.
- Johann Rupert – South African billionaire, businessman
- Chris Hohn – Hedge fund manager and the co-founder of Children’s Investment Fund Foundation (with his wife, Jamie)
- John MacArthur – US business giant and co-founder of John D and Catherine T. Foundation
Notable Nigeria Entrepreneurs
- Aliko Mohammad Dangote: He is the founder of the Dangote Group
- Obafoluke Otudeko: He is the chairman of Honeywell Group
- Jim Ovia: His a businessman and former MD and cofounder of Zenith bank
- Tony Elumelu: He is the chairman/CEO of Heirs Group and former MD of UBA
- Rasheed Gbadamoshi: He is a technocrat and industrialist
- Subomi Otunba Michael Balogun: He is the founder of FCMB Group
- Stella Okoli: He is the CEO of Emzor pharmaceuticals
- Folorunsho Alakija: An oil magnate and billionaire
- Femi Otedola: He is a businessman and billionaire
- Gamaliel Onosode: He is the former of Dunlop
- Felix Ohiwerei: He is the former chairman of Nigerian Breweries
- Bola Shagaya: He is a successful businesswoman
- Paschal Dozie: He is the founder of Diamond bank and chairman of MTN
- Cosmas Maduka: He is the chairman and founder of Coscharis Motors
- Christopher Kolade: He is a technocrat and former chairman of Cadbury
- Leo Stan Eke: He is the founder of Zenox computers
- Mike Adenuga: He is the founder of Globacom
- Fola Adeola: He is the former MD of GTBank and founder of Fate Foundation
- C. Udeagbala: He is the chairman of J. Udeagbala Holdings and Beauty Base Industries
- Emeka Ofor: He is the founder of Chrome Oil
Impediments to Entrepreneurial Practice
To succeed, an Entrepreneur needs to have an optimistic mindset
- Perfectionism: Is the desire to have a perfect plan before taking action
- Fear: Giving in to fear of failure or rejection
- Worry: Is a psychosocial impediment
- Declining economy
- Lack of infrastructure
- High cost of doing business
- Difficulty in sourcing capital due to political and economic instability
- Non-implementation of laws that promote free enterprise
- Constant political unrest
- Religious intolerance, insurgency, kidnapping and other vices
The first three (3) are internal factors while others are external factors
Summary of challenges or impediments of Entrepreneurship
- Access to finance
- Environmental problems
- Management problem and
- Socio-cultural factors
Intrapreneurship can be an instrument for coping with economically difficult times through innovation by introducing something new to the market.
Intrapreneurship can also be defined as the creation of an ideal, product, process or new way of doing things that can contribute to the progress of an enterprise by an individual working in an organization.
Thus; an intrepreneur is an entrepreneur operating within an existing organization.
Characteristics of Intrepreneurship
- Risk taking: This is going into a venture whose outcome can result in failure or a loss
- Innovativeness: Entrepreneurial innovation involves the entrepreneur identifying a problem and generating novel or adopted ideas or solutions
- Proactiveness: It entails firms seeking out new business, opportunities, monitoring their environment with respect to important charges, continuously being innovative and coming up with new ideas which are regularly implemented.
Intrepreneurship Success Factors
- Proactive personality, cognitive ability
- The work environment or organizational climate
- Management Support
Factors that affect Intrepreneurship
Organizational structures – Tall structures with many levels of authority are immical to risk taking by individuals.
In centralized structure where authority and decision making are mainly located at the top. The communication gap between employees and top management does not encourage intrepreneurship.
Flatter structures and decentralized decision making at lower levels is more favourable for risk taking and innovativeness.
Possible Questions from Unit one and two
- The entrepreneur is always burdened _____ notwithstanding if he is starting new or not
- The two keywords an entrepreneur must not play with are ________ and _________
- All these are characteristics of an entrepreneur except [a] risk taking [b] focus [c] incorporation [d] determination
- Who is the CEO of Heirs Group of Company [a] Aliko Dangote [b] Tony Elumelu [c] Mike Adenuga [d] Emeka Ofor
- Firms seeking out new business, opportunities, monitoring their environment with respect to important charges is termed __________
- ________ is the structure where the communication gap does not favour intrapreneurship
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