Hello everyone, this is my final blog update. I will like to thank all my viewers and followers who visited my blog. Since i created this blog, i learnt how to manage and search for informations on the world wide web. I also learnt more on entrepreneurship that has expanded my knowledge of thinking. My greatest thank you of all goes to my Entrepreneurship teacher Ms. Jelena Zivkovic. She has made me have more ideas and informations in Entrepreneurship. I once again thank all you my viewers and followers and wishing all my fidus achates a Merry Christmas and a splendorous yuletide whilst, committing you all into the beneficient bosom of the great Geometrician of the Universe for Cornucopia of Cosmic blessings in the ensuring Year!!!

                                        

                                 

    

                               Hello Everyone......., today i will be sharing with you what FRANCHISING is all

about, the meaning of FRANCHISE, FRANCHISOR,FRANCHISEE and the ADVANTAGES AND

DISADVANTAGES OF FRANCHISING.
              
                    
                            FRANCHISE: A  franchise is any arrangement in which the owner of trademark,

trade name, and copyright has licensed it to others in selling of goods and services.

                           FRANCHISOR: A franchisor is one who has the right to grant a franchise.

                           FRANCHISEE:  A franchisee is a person who receives rights to a franchise.

                                   

                                            HOW DOES A FRANCHISE WORK?

                                    A franchise works when partners in a franchise agreement are the franchisor, who

 then grants the franchise license to the franchisee, who then invests in it.

                                          ADVANTAGES OF FRANCHISING

                                           

                              (a). A proven track record: This is a good benefit of buying a franchise in which the

 franchisor has proven that his operation will be successful or can be successful.

                             

                              (b). Training and Guidance: This is the greatest advantage of buying a franchise, in which the franchisor provides both training and guidance to the franchisee.

                                        DISADVANTAGES OF FRANCHISING

                                       

                              (a). Franchisor Control: This is a situation whereby the company controls the employees activities.

                               (b). Unfulfilled Promises: This is a situation whereby franchisees have not received all they have been promised and if they try complaining, they risk having their agreement with the

franchisor terminated or not renewed.

                                    ONE EXAMPLE OF A FRANCHISE IN U.S

                          SUBWAY              

                                                      

                                                              

                                                                                

                                  ONE EXAMPLE OF FRANCHISE IN MY COUNTRY NIGERIA

                     CHICKEN REPUBLIC 

                                             

                                                                             

                                                                                                                                               

                 Hello everyone, today i will be sharing with you what you have to know about

  CREATIVITY AND INNOVATION.

                         CREATIVITY: This is the generation of ideas that results in the improved efficiency of a system or effectiveness.

                         INNOVATION: This is the process by which entrepreneurs convert opportunities into marketable ideas.

                                          SOURCE OF INNOVATION IDEAS

(1). Trends eg Social trends, Technology trends, Government trends, Economic trends.

(2). Unexpected Occurrences eg Terrorist attack on the United State.

(3). Incongruities eg U.S. Post office.

(4).Process needs eg sugar free products, microwave ovens, caffeine-free coffee.

(5). Industry and Market changes eg health care industry: changing to home health care.

(6). Demographic changes eg rest homes or retirement centres for older people.

(7). Perceptual changes eg people exercise (aerobic) and the growing concern for fitness.

(8). Knowledge-based concepts eg mobile (cell phone) technology.

                                    THE INNOVATION PROCESS

            

                     Types of Innovation are:

(A). Invention: Totally new product, services or process

                     eg: Wright brothers who invented airplane.

                            Thomas Edison who invented light bulb.

                             Alexander Graham Bel who invented telephone.

(B). Extension: New use or different application of an already existing product, service or process.

                    eg: Ray kroc - mcDonald's.

                           Mark Zuckerberg - Facebook.

                           Barry Stemlicht - Starwood Hotels and resorts

  (C). Duplication: Creative replication of an existing concept.

                       eg:  Wal-Mart - department stores

                              Gateway - personal computers

                               Pizza hut - Pizza Parter

                              

(D). Synthesis: Combination of existing concepts and factors into a new formulation or use.

                      eg: Fred Smith - fred Ex

                           Howard Schutz - Starbucks

                     Hello everyone, today i will introduce Social Entrepreneurship and also do a profile of a Social Entrepreneur taken from the Forbes list.http://www.forbes.com/impact-30/list.html


                     SOCIAL ENTREPRENEURSHIP: A process begins with a social opportunity that is translated into an enterprise.

                     Social Entrepreneurship process are:

• Recognition of a perceived social opportunity.
• Translation of the social opportunity into an enterprise concept.
• Identification and acquisition of resources required to execute the enterprise's goals.

  

                   Who is a Social Entrepreneur?: A Social Entrepreneur is a person or a group of people who founds an organization or initiative engaged in social entrepreneurship.

                   Social Entrepreneurs are also referred to as civic, public entrepreneurs.

                             PROFILE OF A SOCIAL ENTREPRENEUR

                          

                                 

                        Name: Alvaro Rodriguez Arregui

                        Age: 44

                        Headquarters: Monterrey, Mexico

                        Managed Assets: $102 million

                       Profile

This "impact venture capital fund" invests in companies that work to assist the millions of Mexicans who lack decent housing, health care and clean water. Portfolio companies include MeXvi, which helps people build their own homes, private water supplier Agua Natural and Finestrella, a company that helps folks without credit cards get cell phones.

         

              Hi everyone, today i will be sharing with you the meaning of Entrepreneurship, what
corporate Entrepreneurship is, an example of an Intrapreneur, explaining the 5 factors that we
take into an account when developing corporate Entrepreneurship attitudes in the workplace,
and finally explaining the need for corporate Entrepreneurship.


                    

                WHAT IS ENTREPRENEURSHIP?

                      Entrepreneurship is an integrated concept that permeates an individual's business in

an innovative manner. It is the mind-set that has revolutionized the way business is conducted at

every level and in every country.

         WHAT IS CORPORATE ENTREPRENEURSHIP?

           Corporate Entrepreneurship is the process of PROFITABILITY and CREATING INNOVATION

within organizational centr.

           EXAMPLE OF AN INTRAPRENEUR

                         

Digital Light Processing Technology

Intrapreneur: Larry Hornbeck

Company: Texas Instruments

Year Launched: 1996

TI researcher Larry Hornbeck had been tinkering for a decade with technology using tiny mirrors to redirect photons when his team developed the Digital Micromirror Device in 1987. DMD initially was used to print out airline tickets, but the government’s Defense Advanced Research Projects Agency initiated research in high-definition video and awarded TI and other manufacturers a multi-million dollar contract to work on the issue. TI execs started an internal venture called the Digital Imaging Venture Project and tapped Hornbeck to lead it. At the time, video projectors weighed 40 to 50 pounds and cost $15,000 to $18,000. Hornbeck realized DMD technology could greatly shrink the size and cost of a digital projector. Digital Light Processing quickly became an industry standard, dominating the market in projectors less than five pounds. The technology also has revolutionized the movie theater business and allowed Texas Instruments to compete in the HDTV market. Hornbeck received an Emmy for Outstanding Achievement in Engineering Development in 1998.

              THE  5 FACTORS TO TAKE INTO AN ACCOUNT WHEN DEVELOPING CORPORATE 

ENTREPRENEURSHIP ATTITUDES IN THE WORK PLACE. (Kuratko, Donald. Introduction to Entrepreneurship, 8th Edition. Cengage Learning UK, 3/14/09. p. 68). 

             1. Management Support:  This is the extent to which the management structure itself encourages employees to believe that innovation is, in fact, part of the role set for all organization members.

      
             2. Autonomy/Work Discretion: Workers have discretion to the extent that they are able to make decisions about performing their own work in the way they believe is most effective. Organizations should allow employees to make decisions about their work process and should avoid criticizing them for making mistakes when innovating.

            3. Rewards/Reinforcement: Rewards and reinforcement enhance the motivation of individuals to engage in innovative behavior. Organizations must be characterized by providing rewards contingent on performance, providing challenges, increasing responsibilities, and making the ideas of innovative people known to others in the organizational hierarchy.

            4. Time Availability: The fostering of new and innovative ideas requires that individuals have time to incubate these ideas.

            5. Organizational Boundaries: These boundaries, real and imagined, prevent people from looking at problems outside their own jobs. People must be encouraged to look at the organization from a broad perspective.

                        WHAT'S THE NEED FOR CORPORATE ENTREPRENEURSHIP?

THEY ARE.......

                        1. Many competitors, sophisticated, more money invested.

                        2. A sense of distrust in the traditional methods of corporate management.

                        3. Many of the best and brightest people have corporations to become small

business entrepreneurs.

                        4. International competition (Baze University).

                        5. Downsizing of major corporations (General Motors).

                        6. An overall desire to improve efficiency and productivity.

                        7. More profits.

                        8. Improve their standard of living.

                        9. Recognition of the business name.

         If you have more questions, contact me @: Chibunze.uzo@aun.edu.ng

            

       

          

            

 

            

                

                                                                                                

     Hello guys,today i will be sharing with you an Experiential Exercise which i took,

What my results and score is and whether i scored high,medium or low.

    After the Experiential Exercise,my score was 67 and am under the moderate

achiever(medium).I wasn't surprised about my score because,I answered the

questions according to how i understood them.

      

  

        Hi everybody,today we will be discusing on "what entrepreneurship is" and explaining any "two myths
of entrepreneurship and y it is a myth"


                                             WHAT IS ENTREPRENEURSHIP?

                                  According to Robert C.Ronstadt,Entrepreneurship means creating of wealth.
This wealth is created by individuals who assume risks in terms of time,equity or a product or
service.


                                         TWO MYTHS OF ENTREPRENEURSHIP

                                   Myth 1:Entrepreneurship is Unstructured and Chaotic

                                             It is a myth because,Entrepreneurship does not lack a
visible order or a definite structure.Entrepreneurship is always organised.

                                 Myth 2:Most Entrepreneurial Initiatives Fail

                                           It is a myth because,Not all entrepreneurs fail.some
entrepreneurs are ready to embark on new ventures,they are ready to move
ahead even if they have failed before.