THEORY OF ENTREPRENEURSHIP
The summary of entrepreneurship theories is what cannot be over emphasize as theorists on entrepreneur took time to study entrepreneurship.
David M.C. Clelland’s theory of Achievement Motivation.
He said that human beings wanting to achieve will have high need of going into business.
Theory of aspiration to power by Joseph A. Schumpeters, he opines that individual motivation to power start at early development and must be futuristic, accurate in forcasting ability and also be able to absorb shock, he gave a seperate theory of entrepreneurship as factor input.
Evereth Hagen on his theory of creative and technological innovation opines that entrepreneur is a problem solver, it is interested in solving problems through technological practice to the interest of mankind.
John Kunkel on his behavioral Elastic model opines that entrepreneurship is a function of past and present and he further said that before entrepreneur thrive government intervention must take place.
Max Weber a protestant used the ethic and spirit of capitalism as the major factor of entrepreneurship, he opines that, the protestant ethic facilitate the generalization of high profit on investment and capital. He understand that the urge of entrepreneur is motivated by the adoption of exogenously supplied religious factor which he belief that motivated his people to hard work, investment and capital acquisition.
Sociological theory of entrepreneurship by Thomas Cochran. On his theory, he said that the environment in which an individual is being brought up determines his entrepreneurial urge. He further gave three factors that influence individual performance as an entrepreneur.
They are as follows:
1. The individual’s attitudes towards his occupation
2. The role expectations held by the society (the sanctioning group/role moderator).
The operational requirement of the job, he concludes that successful and good entrepreneurs are reared from their youth through such culture, social, norms etc.
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The theory of societal incorporation relative subgroup by Frank Young.
His theory is on sociological and it based on societal change of reactive subgroup.
He opines that reaction of inter-group in societal frame network affects entrepreneurial development positively.
He said group can be reactive in two ways:
1. If a group experiences low status recognition and denial of access to important social network.
2. If the group posses a greater range of institution resources than other groups in at the same system level.
These two factors bring development to the society as group without anything will compete and also try to acquire societal recognition than the other group.
He liebenstein sees entrepreneur as a market failure remover concept, he opines that developing countries economy is full of market imperfection. Through his observation the state of developing countries is to find outlet for goods and services produced to some stable and predictable market economics.
On the approach, viewing entrepreneur on the environmental approach, here environment in which an individual is being brought up has a great influence to him and also affects entrepreneur either positive or negative.
The segregation, rejection minority can motivate an individual to become an entrepreneur as they will struggle to be at the top in order to overcome shame. This makes them to be creative and industrious.
Behavioural approach focuses much attention on not whom the entrepreneur is but what he offers. Michael Roberts, Karl Vesper, Howard Stevenson Grousheck argues that an entrepreneur is a person who is cable of managing resources, developing structure for its implementation
CHAPTER FIVE
BUSINESS PLAN
In Summary of Business plan, the entrepreneur prepare a document stating the nature, of business, production level that the business expert to reach, human resources, the financial status etc.
The characteristics of a business plan should be simple; concise and clear in the sense that business plan should be clear so as to be readable and understandable by anybody even in your absence; accurate and supported with figures and data is a major area in which any investor will focus much attention to know the spending, earning and profit of the film. In this case entrepreneur should be accurate with figures and data not demanding more when profit is very low but demand less than initial money proposed; Also the plan should be truthful and realistic, the business plan should be fully trust, any entrepreneur that build on half-trust, exaggeration can never attract attention of investors, it is good to transparent business to financiers.
In writing business plan, the entrepreneur should give description of the investment and services. The financial business plan will be listed and what it will cover and when loan is expected to be paid. The executive summary of business plan gives the investor picture of business in which the points are highlighted. Analysis of industry is something cannot be overlooked as it details the performance of industry and gives overview of industry he is going to do business with and future of the industry. He should know the competitors and customers and know the competitor’s strength and weakness.
CHAPTER ELEVEN
SPIRIT OF ENTREPRENEUR
In summary creativity is the process of looking for new idea or solving an old problem with new idea while innovation is the act of doing things or doing old things in a new way. Organization needs to create enabling environment for creativity to succeed. Organization should make it clear that any sound creativity or invention will be rewarded; it creates opportunity for creativity. Tolerating failure is a thing to accommodate, and error when genuine. Creating could be taught and develop. Creative process emerge at of planned process, these process are seven namely, preparation, investigation, transportation, incubation, illumination, verification and implementation. The seven giant steps is the through process of planning.
The obstacles of creativity are Time pressure, unsupportive management pessimistic co-workers, Rigid company policies and fear of failure. The creative process can improve in a team; with brainstorming, is a small membership team contribution to solve small problem in which suggestions are recorded. Brainstorming attempt to create an open atmosphere that allows every members to freely ideas. Mind-mapping is creative thinking which involves both sides of brain; it is spontaneous idea and recorded which solve as at stalk. It analysis idea. Rapid prototype is like the original idea, which deals with the original idea modeling; this give the entrepreneur workable idea to continuously remodeling original product which makes improvement to the product he is presenting to the market.
CHAPTER TWELVE
INTERNATIONALISING ENTREPRENEUR
In Summary, Business is term international when it is trading in more than two or more countries by the same company. Business goes international to expand, profit making acquisition of resources etc. The type of international business is export and import of merchandise which focus much on visible and intangible products. Export and import of services, its rendering services such as performance of activities abroad, use of access from abroad, transportation, tourism. Another one is investment, is a commitment of resources in another company abroad or special joint venture which involve government of that country.
The procedure of export and import is very simple, an entrepreneur interested in business relationship will request a catalogue, after selection by the entrepreneur, on request; the foreign firm will send a proforma invoice showing the items and price, the importer will request for a reliable bank in affiliate in foreign country in which all the procedures will be completed by series of step. In fulfillment of all necessary procedures, the business relationship will be concluded.
The shipment, product type and labeling including all transaction must be in conformation of Nigerian, standard organization of Nigeria (SON) and other related agencies.
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