Introduction to Entrepreneurship

• Definition of Entrepreneuship- Entrepreneurship

is the act of designing, launching and starting ne
w businesses, which often start as small busines
ses

• Definition of an Entrepreneur- An entrepreneur is

a person who organizes and manages an enterp
rise or business with strong initiative and risk taki
ng skills
Introduction to Entrepreneurship
• The earliest documented use of the word Entrepreneur i
n English was in the 17 century. Entrepreneur was loane
d from french and means the act of being able to lead, b
e initiative , innovation and engage in new venture creati
on.

• Early 17th century Scholars also defined the entrepreneu

r as follows

• Joseph Schumpeter defines it as on who engages in the

gale of creative destruction (during negative business cy
cles) to replace part or a whole of an inferior offering in in
dustries, to create a new product and new business
Introduction to Entrepreneurship
• Richard Cantillon also defined an entrepreneur a
s a risk taker, who deliberately allocates resourc
es to exploit opportunities in order to maximize r
eturns

• Alfred Marshall viewed the entrepreneur as a mu

lti-tasking capitalist. And states that the entrepre
neur utilizes opportunities of economic disequllib
rium to maximize financial returns
Historical Barriers to Entreprene
urship
• Historical barriers to Entrepreneurship refers to early rest
rictions that prevented people from entrepreneurial activit
ies.

• a.) The introduction of early guild systems- Guilds syste

m where tasked with the job of issuing permits to certain
craftsmen to participate in certain trade e.g. the 1908 intr
oduction of the Guild Certificate in Germany called the M
eister Certificate. This ensured that certain specialized p
eople participated in entrepreneurial activities. This requi
red people to go into entrepreneurship after a period of a
pprenticeship, these apprentice where trained by the mei
ster certificate holders
Historical Barriers to Entreprene
urship
• b.) Introduction of proof of business competence
certificate in 1935 in Germany also restricted the
participation in Business.

• In Nigeria today similar practices apply which all

ows apprentices to undertake trade after a perio
d of apprenticeship and corporate businesses to
be registered by the Corporate Affairs Commissi
on.
 Introduction to Entrepreneurship Management

• Definition- Entrepreneurship management is the process of managin

g risk, opportunities, material, human and financial resources in an o
rganization to meet the defined organizational goals.
• Advantages of Entrepreneurship Management
• a.) It helps define the goals and objectives of the organization
• b.) Entrepreneurship management helps identify the risk of an organ
ization with the possibility of avoiding or overcoming them
• c.) Entrepreneurship management helps organizations in identifying
their opportunities for growth
• d.) Good entrepreneurship management helps to harness all materia
l, finanancial and human resources for organizational growth
 Principles of Entrepreneurship
• The Entrepreneur is basically a manager that manages a new business vent
ure, which usually starts as a small business. The aim of the entrepreneur is
to direct all sources of finance,human resources to opportunities for growth
of the organization. The entrepreneur will be guided by principles of undert
aking

• a.) New venture creation: The entrepreneur is tasked with the responsibility
to create new venture from nothing. Therefore all resources are directed to
new business models for profit making purposes
• b.) Risk taking responsibility : This means that the entrepreneur must be will
ing to take calculated risk to improve the fortunes of his or her organization
• c.) Human resource recruitment- This means that the entrepreneur must be
willing to take the responsibility of identifying competent human resource to
meet the goals of his organization
 Principles of Entrepreneurship
• Human resource management: The entrepreneur should
have capability to efficiently manage the staff of the orga
nization towards meeting the goals of the organization
• Management of Material and Financial Resources: The
entrepreneur should be able to channel all material and fi
nancial resources towards the growth of the organization
• Opportunity identification: The enetrepreneur should be
able to identify market opportunities, social needs and ne
w products that could lead to the growth of his or her org
anization
 Entrepreneurship and Principle
s of Management
• Management in business can be defined as that activity that seeks t
o control the efforts of people who work in coordination to accomplis
h specific task in an organization.
• Entrepreneuship management are often subsumed into the basic m
anagement concerns. They Include:

• a.) Organizing Concerns- since managers have to coodinate and org

anize resources of the firm towards organizational growth

• b.) Leading Concerns: Managers have to provide sound leadership

and direction for their organizations.

• c.) Financial Concerns: Managers have to manage the financial reso

urces in their organizations.
Entrepreneurship and Principles
of Management
• d.) Staffing concerns: They have the responsibility to hire
experts to meet the organizational goals
• e.) Setting Workers Remuneration: They are also tasked
with the responsibility to set wages for their employees
• f.) Exerting Discipline: They are responsible for exerting
authority and ensuring compliance with organizational rul
es and regulation
• g.) Corporate Social Responsibility: They are tasked with
the management of organizational societal relationships
and responsibility of the firm to the public
• h.) Exerting Equitable Treatment: they ensure all staff an
d customers are fairly treated.
 Characteristics of Good Entrepreneurship Management

• These are the expected qualities of a good

entrepreneur. The entrepreneur must :
• a.) be a good Talent Hunter
• b.) have good risk taking abilities
• c.) be a good manager of human resource
s
• d.) be a good multitasking abilities
• e.) have high Charisma and good motivati
onal skills set
 Characteristics of Good Entrepreneurship Management

• f.) have good speaking abilities: Needed to

articulate and drive the goals of the organi
zation.

• g.) have a strong sense for innovative cap

abilities and identification of new opportuni
ties and ideas
Risk of Bad Entrepreneurial Management Practice
s
• a.) Poor communication skill: this could lead to risk in po
or aticulation of the organizational objectives
• b.) poor risking taking skill: this could lead to business mi
sadventure and losses
• c.) poor human relations skill: this could lead to poor publ
ic image and product management for an organization
• d.) it col lead to poor multi tasking abilities, costing the or
ganization time and money
• e.) poor talent acquisition skill: this could lead to poor hu
man capacity build up leading to a host of organizational
inefficiencies.
 end
• end
Module 2 - Introduction to Change Management

FUNAAB, COLMAS
DEPARTMENT OF ENTREPRENEURIAL ST
UDIES ETS 206 2016
 Definition of Change and Reasons for Change

• Definition of Change - Change is a transition fro

m one state to another by an entity.
• Reasons for Change-
• a.) to become more efficient
• b.) to become more focused
• c.) to strategically position one self for future cha
llenges
• d.) to attract attention and capacity to perform
• e.) to attain equilibrium or stability
Definition of Change Management and organizatio
nal change

• Definition of change management- change management

is the approach to transitioning individuals, teams, and or
ganizations to re-direct the use of resources, business pr
ocess, budget allocations etc to significantly reshape a c
ompany or organization

• Definition of organizational change management- organi

zational change management is the approach of transitio
ning the individual, teams, units, organizational process,
budget allocation etc of the full organization to suit its pre
sent needs.
 Reasons for organizational change

• some of tne reasons for organization change are also the reasons fo
r change in general, they include-
• a.) to make the organization more efficient
• b.) to make the organization more focused
• c.) to strategically position the organization for future challenges
• d.) to attract attention and capacity to the organization to enable it to
perform
• e.) to attain equilibrium or stability for the organization
• f.) to adapt to business environmet challenges
• g.) to adjust to globalization and changes in innovation and technolo
gy
 Resistance to Change in Organization

• a.) Cost of change - since change is expensive if not in c

ost it could be in kind
• b.) the leisure of maintaining status quo or what is called
inertia. Inertia is the reluctance to part with current circu
mstance
• c.) Resistance from employees of the organization
• d.) Questions from and possible loss of some customers
who might already be accustomed with old organizationa
l practices about to be done away with
• e.) Fear - e.g. fear of loss of the share and fear of loss of
vital employees
 Principles of Change management

• Principles of change management- these are the guidlines that guide the change
management process in an organizartion. They include:

• a.) Change management process should evolve from a detailed and schalarly study
of the organization where it is to be implemented
• b.) Change management process should begin with a systematic diagnosis of what th
e problem of the organization is in order to determine the need for change and the or
ganizations capacity for change
• c.) Change management process must be guided by a management plan that should
specify the objective of the change process, the content of the change process and th
e steps involved in the change process itself.
• d.) The change management process should be well marketed or communicated to st
aff, customers and stakeholders of the organization to keep all members of the organi
zation informed about the process
• e.) A definite time line for the process should be set and strictly adhered to
four Steps in effectively managing the organizational chang
e process

• four Steps in effectively managing the organizational change proces

s
• a.) A thourogh understanding of the changes in the broader busines
s environment will create a sense of the magnitude of change neede
d internally
• b.) Developing the necessary steps and adjustment to be caried out
by the organization that is to undergo the change process
• c.) Enlightening and training of employees to understand and master
the new direction of change that the organization is about to follow
• d) Winning the support of the employees of the organization throug
h persuation to follow thorugh with the change
 Factors necessary for good cha
nge management-
• Factors necessary for good change management include-
• a.) The degree of change to be effected must be measurable
• b.) The change to be effected must be monitorable e.g. for decrepan
cies of cost, role and department status and roles
• c.) Effective communication is vital, it should be ensured that all org
anization stake holders are carried along
• d.) Resistance from employees should be addressed and countered
with logical arguments
• e.) capacity to manage change must be identified and ascertained b
efore embarking on the change.
 characteristics of good change management

• These are the signs that change in an organization is well managed or featu
res associated with good change management
• a.) change is well managed if all stakeholders are well informed, support an
d realize the need for the changes
• b.) Change is well managed if the steps involved in the process are well defi
ned
• c.) change is well managed if a clear definition of the magnitude of the chan
ge is well understood and effected accordingly
• d.) Change is well managed if it is driven more by extrinsic factors rather tha
n instrinsic
• e.) Change is well managed if cost associated with the change process follo
w the minimum best path to realization thereby reducing cost for the organiz
ation
• f.) change is well managed if it improves overall efficiency of the organizatio
n and its strength to compete with its peers
 Risks of not responding to change

• There exist several risks of not responding to change some include

• a.) continous poor performance of organizations maintaining old ope
rating practices
• b.) Loss of local and global relevance due to the loss of efficiency an
d quality
• c.) Loss of revenue due to poor perfomance of product and services
in the market
• d.) Poor utilization of organizational resources leading to redundanc
y and wastages in production
• e.) poor technology and innovation utilization due to non changing at
titude in the operation processes
• f,) likelihood of organization folding up and going into extinction
Module 3- Organizational
management Strategies

Department of
Entrepreneurial Studies ETS
206 funaab
 Module 3
• Module 3- Organizational management
Strategies
• Definition of organizational Strategies
• Link between Strategies and management in
organizations.
• Theories of Strategies
• Methods of developing good organizational
strategies
• Methods of application of organizational
strategies to organizational problems.
 Definition of organizational Strategies

• organizational Strategies-
• Strategy is a comprehensive plan for achieving
competitive advantage.

• Organizational strategies is an organizations

comprehensive plan for achieving dominance over
its peers
• Organizations use different types of strategies
they include-
• a.) corporate, b.) business, c.) functional strategies
d.) Growth strategies e.) cooperative f.) global
and g.) e-business strategies etc
 Types of Organizational strategies

• Global Strategies - These are global

business initiatives adopted by businesses
or organizations that improves their
overall performance .

• Cooperative strategies- These are strategic

alliances with other organizations.

• E businres strategies- These are the use of

the internet and other electronic sources
to improve business performances
 Types of Organizational strategies

• corporate strategies- These are strategies that

emanate from the management of the
organization as a result of management decisions
and gives the organization strategic advantage
over other organizations in the markets
• busines strategies- These are strategies arising
from business practices and brand quality that
often improve the performance of the
organization as a whole.
• functional strategies- These are strategies that
are based on the functional operations of the
organization such as logistics delivery process or
customer feedback process that improves the
performance of the organization.
 Organizational Management

• organizational management is the act of

planning and utilizing organization
resources to improve organizational
performance.

• Organizational strategies often act as a

means for making organizational
management more effective by specifically
channeling management efforts towards
the goals and objectives of the
organization.
 Link between Strategies and management in
organizations

• The link between strategies and

management in organization often leads
us to the study of strategic management.

• strategic management is the process of

formulating and implementing
organization strategies in line with the
mission and objectives of the organization.
 Link between Strategies and management
in organizations

strategic management therefore takes place

in two stages
a.) strategic formulation - this is the
process of creating strategies
b.) strategic implementation - this is the
process of putting strategies into action
therefore strategic management = strategic
formulation + stategic implementation
The Strategic Management Process
 Strategic Formulation Process

• The strategic formulation process

considers the organization mission
statement, which clearly defines the
direction of the organization

• the organizational operating objectives

which outlines what is to be achieved and
how they will be achieved.
 Strategic Implementation Process

• Strategic Implementation Process -

this evaluates the management,
systems, practices and leadership
strategies for implementing the goals

• And explores the expected results

from each adopted strategy to
choose the most optimal strategies
that will yield the best results.
 Strategic Management
Theories
• SWOT Analysis
• SWOT analysis is a tool used in strategic
planning to determine the current status
of the organization.
• Internal assessment of the organizational
strengths and weaknesses
• External assessment of environmental
opportunities and threats
SWOT Analysis
Porter Five Forces Analysis
 Porter Five Forces Analysis
• Porter’s five forces provide an opportunity
to evaluate the attractiveness of an
industry for investment.
• Unattractive industry
intense rivalry, easy entry, substitute
products, powerful suppliers and
customers
• Attractive industry
low rivalry, barriers to entry, few or no
substitute products, weak supplier and
customer power
 Porter’s Competitive Strategies

• Porter’s Competitive Strategies - these are strategies

recommended by Porter for effective competitive
advantage in organizations. They include :
• Differentiation Strategy
• Offers products and services that are uniquely different
from the competition.
• Focused Differentiation Strategy
• offers a unique product to a special market segment.
• Cost Leadership Strategy
• Seeks to operate at lower costs than competitors.
• Focused Cost Leadership Strategy
• uses cost leadership and target needs of a special market.
 Methods of developing good organizational
strategies
• they include:

• a.) Evaluating the missions and objective of the

organization
• b.) formulating the strategies based on the
missions and objectives of the organization.
• c.) Evaluating the management strategies in
running the organization to ensure that the
formulated strategies align with them
• d.) weigh the possible outcome of the formulated
strategies in different scenerios
• e.) Choose the best set of strategies that will
achieve optimal results for the organization.
Entrepreneurship and Change Management

Module 4- Managing Organizational Change

Department of Entrepreneurial
Studies ETS 206 COLMAS
Federal University of Agriculture
Abeokuta

1
 Module 4

• Module 4- managing organizational Change

• Why organizations often fail?
• Why organizations need change?
• Value creation and introduction of change strategies
• Methods of Implementing change strategies in
modern day organizations
• How to manage change and retain organizational
identity

2
 Module 4
Managing Organizational change
Organization change if not well managed, could lead to problems in
Organizations. The process of the effective management of organization
change be a wholistic approach such that, it will be goal and vision driven.
In order to achieve this certain questions often asked include:
a.) Why do organizations need to effect change? b.) Why do
organizations often fail? c.) What value can be added to organizational
efforts to promote performance? d.) What methods can be used in
modern day organizations to promote change? e.) How can an
organization be restructured or reformed without the organization losing
it's original identity?

3
 Why do organizations often fail?
• in this case we ask the question why organizations fail
or perform below expectations
• Some of the reasons for organizationational failure
include:
• a.) Short term planning -
• b.) Risk Hiding-
• c.) Misallocation of resources-
• d.) Poor delegation of authority-
• e.)poor allocation talents-

4
 Why do organizations often fail?

• short planning- short term planning of organizations often

stress out employees with high target levels making many
employees to result to unethical practices which could affect
organizational performances. Ways through which this can
affect organizational performance include
• a.) fines on the organization for unethical practices b.) poor
foundation building which affects ability to adequately compete
in the future c.) poor strategies often developed in a hurry due
to short term plans
• d.) lack of synergy- short term plans often lack strength,
coordination and adequate focus to meet needed goals

5
 Why do organizations often fail?
• Risk hiding- This is actually the act of overlooking
pressing concerns and shortcomings that can lead to
failure in organizations some of these shortcomings
include-
• a.) mounting losses
• b.) poor performing products
• c.) production lapses such as inefficient machinery
• d.) poor management team
6
 Why do organizations often fail?

• Misallocation of resources- this is a situation where resources

are not efficiently allocated across the sections or departments
in an organization. This can lead to the following
• a.) Poor output production i.e. less that would have been
produced
• b.) losses in the use of raw materials
• c.) poor brands and ability of brands to compete with
alternatives offered by other organizations
• d.) Cost build up and revenue shinkage
• e.) poor market penetration due to low competing ability of
products
7
 Why do organizations often fail?
• Poor delegation of authority- This is the delegation of authority
to either inefficient line managers or picking incompetent
people to head strategic operations in organizations.Poor
delegation of authority can lead to the following-
• a.) inability to centralize operations to target specific goals b.)
poor execution of organizational directives c.) appointment
incompetent line managers who lack ability to drive
organizational goals across department d.) poor reporting of
organizational bottom operations in an adequate manner to top
level management e.) gradually failure and operational
inefficiency leading to poor organtional performance

8
 Why do organizations often fail?
• poor allocation talents- poor allocation of talent of the poor
deployment of competent human resource capabilities of an
organization across the departments in the organization. some
problems with poor organization talent allocation include:
• a.) poor contributions of human resources or employees across
departments in organization
• b.) leads to systematic hiccups in work output targets leading
to time delays
• c.) affects the quality of the organizations brand and service
delivery
• d.) It leads to cost build up since internal operations that will
have otherwise be handled might be outsourced since time is
money
9
 Why organizations need change?

• a.) to build a stronger organizational culture

• b.) to improve employee work attitude
• c.) to manage an impeding or ongoing crises
• d.) to keep abreast with technological advancement
• e.) due to new government legislation that affects business
• f.) to take on new market opportunities
• g.) to improve competing abilities
• h.) to reduce bloated cost

10
 Value creation and introduction of change
strategies
• Value creation and introduction of change strategies
• One of the factors that organization change aims to drive
is to create additional value for the organization either
through the improvement of its operations and the
quality of its products to satisfy its customers and retain
their loyalty.

• Change strategies are only strategies of organizational

change that help oragnizations improve operational
efficiency as well as product quality so as to enable
organizations meet with their visions and objectives
11
 Value creation and introduction of change
strategies
• value creation is the primary aim of any business
organization. The reason for this is that it helps
organizations sell products and services to customers
and help the organization make money to pay
shareholders , handle operational cost and pay
employees.
• Advantages of value creation a.) improves operational
efficiency (cuuting cost) b.) reduces marketing drive
since products are competitive c.) improves revenue
base of the organization d.)improves the social image
of the organization
12
 change strategies
• Change strategies are strategies utilized to effect change to
improve value crations in organizations. Change strategies
include:
• a.) Downsizing operations
• b.) cost trade offs
• c.) management shakeups
• d.) product rebranding
• e.) employee training and redeployment
• f.) vision and mission reduction
• g.) radical innovation and new product introduction
• h.) Social image reposition and identity retention
13
 Methods of Implementing change strategies in
modern day organizations
• a.) Sectoral or departmental studies of organizational weakness
b.) wholistic overview of organizational weaknesses c.) Review
of mission and vision and their reduction and refocusing d.)
employee reorientation e.)product or service delivery evaluation
f.) gradual organization reform in case of minimal organization
weakenesses g.) total skakeup and total restructuring in case
of significant non performance h.) Organizational breakup or
merger in case of near case fail or shut down i.) Sectorial sell
off or total sell off in cases of non redeemable loss level to set
up a smaller and more robust business

14
 How to manage change and retain
organizational identity
• This describes how organization can manage change
and retain their organizational identity. Retaining
organizational identity is often of paramaount
concern to organizations and one that many
organizations are not likely to achieve in times of
crisis or in a period where the concern to improve
efficiency and create value is upper- most in the goals
of the organization.

15
 How to manage change and retain
organizational identity
• Some specific methods of managing change and retaining
organization identity include:
• a.) product brand name retention b.) organization name
retention c.) effective communication with customers on new
value addition and joint venture operations with other
organizations d.) brand name adjustments should have a feel
of the previous brand name (e.g. coca cola can adjust to coca
cola plus) e.) in case of Mergers organization should include
a noticeable part of previous name e.g elephant cement when
bought by larfage retained the name and included larfarge
(e.g. larfarge elephant cement)

16
 Module 5 - People
Management 1
FUNAAB, COLMAS
DEPARTMENT OF ENTREPRENEURIAL STUDIES ETS 206
2016
Module 5 - People Management I
• Module 5 - People Management I
• Role of Human Resources in Organizational growth
• Managing change among organization resource persons
• Overcoming resistance to change
• Redefining individual role in organizations
• Redefining organization role in the society
 Role of Human Resources in Organizational growth

• Employees are asset to any business organization.

• A key to maintaining organizational growth is through the implementation
of the organizations ethics, objectives and goals
• Organizational growth is the improvement in output and maintenance of
organizational well being in general such as
• a.) Employee satisfaction and retention b.) Public image maintenance and
revenue growth c.)revenue growth d.)skill acquisition and application d.)
product development e.) market development and growth
• Human resource in organization bring skill, effort and drive towards the
relization of organizational goals and objectives if well managed.
 Role of Human Resources in Organizational growth

• Some of the role of human resources in organization growth include

• a.) Product drive
• b.) Market facilitation
• c.) organizational Information reporting to management
• d) Market information reporting
• e.) Product information reporting
• f.) Utilization of organizational facilities as required to meet organizational
objectives
 Human resource Management
• Human resources management (HRM) is a management function concerned with hiring, motivating and
maintaining people in an organization. It focuses on people in organizations. Human resource management is
designing management systems to ensure that human talent is used effectively and efficiently.

• HRM is also the personnel function which is concerned with procurement, development, compensation,
integration and maintenance of the personnel of an organization for the purpose of contributing towards the
accomplishments of the organization’s objectives.

• According to the Invancevich and Glueck, “HRM is concerned with the most effective use of people
• to achieve organizational and individual goals. It is the way of managing people at work, so that they give
• their best to the organization”.

• According to Dessler (2008) the policies and practices involved in carrying out the “people” or human
• resource aspects of a management position, including recruiting, screening, training, rewarding, and
• appraising comprises of HRM.
 Scope of Human Resource Management

• Human Resource Planning

• Design of the Organization and Job
• Selection and Staffing
• Training and Development
• Organizational Development
• Compensation and Benefits
• Employee Assistance
• Union/Labour Relations
• Personnel Research and Information System
 Scope of Human Resource Management

• a) Human Resource Planning: The objective of HR Planning is to ensure that the organization has
the right types of persons at the right time at the right place. It prepares human resources inventory
with a view to assess present and future needs, availability and possible shortages in human
resource.
Thereupon, HR Planning forecast demand and supplies and identify sources of selection. HR
Planning develops strategies both long-term and short-term, to meet the man-power requirement.

b) Design of Organization and Job: This is the task of laying down organization structure, authority,
relationship and responsibilities. This will also mean definition of work contents for each position
in the organization. This is done by “job description”. Another important step is “Job specification”.
Job specification identifies the attributes of persons who will be most suitable for each job which
 Scope of Human Resource Management

• c) Selection and Staffing: This is the process of recruitment and selection of staff. This
involves matching people and their expectations with which the job specifications and
career path available within the organization.

• d) Training and Development: This involves an organized attempt to find out training
needs of the individuals to meet the knowledge and skill which is needed not only to
perform current job but also to fulfil the future needs of the organization.

• e) Organizational Development: This is an important aspect whereby “Synergetic effect” is

generated in an organization i.e. healthy interpersonal and inter-group relationship within
the organization.
 Scope of Human Resource Management

• f) Compensation and Benefits: This is the area of wages and salaries

administration where wagesand compensations are fixed scientifically
to meet fairness and equity criteria. In addition labour welfare measures
are involved which include benefits and services.
• g) Employee Assistance: Each employee is unique in character,
personality, expectation andtemperament. By and large each one of
them faces problems everyday. Some are personal someare official. In
their case he or she remains worried. Such worries must be removed to
make himor her more productive and happy.
• h) Union-Labour Relations: Healthy Industrial and Labour relations are
very important for enhancing peace and productivity in an organization.
This is one of the areas of HRM.
Managing change among organization resource persons

• In managing
Overcoming resistance to change
Redefining individual role in organizations
Redefining organization role in the society
 Module 6 - People
Management 2
FUNAAB, COLMAS
DEPARTMENT OF ENTREPRENEURIAL STUDIES ETS 206
2016
Module 6- People Management 2

• On this module the following will be discussed

• a.)Human resource and organizational innovation
• b.) Entrepreneurial innovation management and human
resource development
• c.) Human resource platform for innovation growth and product
development
• d.) Market entry, people management and product success
Human resource and Organizational
Innovation
• As stated earlier human resource comprise of all skilled and unskilled
labour accessible to an organization overtime

• Organizational innovation is the level of technology initiative at the

disposal of an organization over a specified time, in this case innovation
could be
• a.) A set of methodology for carrying out a task
• b.) A well ordered plan that can be used in realization of a job function
• c.) Some form of technology that is utilized by an organization in the
realization of its task
Organizational Skill and Productivity
• Organizational Innovation is a subjective way of improving the
overall productivity of an organization using some form of
technology or set of methodology
• skilled labour often determine the extent to which an
organization can drive productivity using technology and
innovation.

• This is true since people often have to utilize technology to

expand productive capabilities in organizations and in many
instances these have to be skilled workers
Organizational Skill and Productivity
• Advanatages of Skilled labour on Productivity and output include
• a.) It reduces cost of training new personnel on learning to use new technology and
adaptation to new technology
• b.) Saves time in the technology change and transformation process in organizations
• c.)Helps the organization to leverage on its production efficiency and competitive
ability in its operating environment
• d.) Skilled and up to date personnel often draw the attention of the management of
organizations to new developments in technology yet to be acquired and utilized
• e.) Reduces the length of production time since use of technology by skilled workers
increases speed in production
• f.) Cuts down on wastages particularly of raw materials since machines are often
more efficient than man
Entrepreneurial Innovation management and human resource
development
Managing innovation in organizations often mean that firms have
to invest in research and development. This often cost lots of
money.
For an organization to be able to manage innovation a research
and development department (R&D Department) unit could do
the following:
i.) If the organization is a production firm, it could research into
new methodologies of carrying out specific tasks in its production
process
Entrepreneurial Innovation management and human
resource development
• ii.) It can decide on which innovations to generate internally or
acquire externally based on reports of its R&D Department.
• iii.) The branding process of a new product could mean that a
firm could invest in the brand design. This can also be carried
out by the R&D department in order to produce a generally
successful product.
• iv.) A path to improvement of existing products or innovation can
be designed in the R&D Department through collection of
feedback from the organizations feedback channels
Human resource Platforms for innovation growth and
Product development
• The R&D department are often present in large organizations
for driving innovation growth and new product development.

• However smaller organizations can outsource this to R&D

consulting firms or consultants to save cost.
•
• To sustain R&D policies, Human resource platforms have to be
created in many organizations to drive growth, innovation and
product development in general
Entrepreneurial Innovation management and human
resource development
• a.) Some of these platforms include: a.) Internal training platforms. This is
common to large organizations where inhouse training is available.
• b.) External professional training: This is often an external technical
training available to enable personnel acquire trade certificates to practice
e.g. guilds certicates or the full trade certificate for technicians
• c.) Study exemption programmes: This allows workers to go away for
some years to acquire a college degree but this occurs after serving the
organiztion for some specified period.
• d.) Product design training feedback work: This is often conducted in
house. This is different from inhouse training since it takes a different
dimension because product test has to be conducted externally in the field
or some form of external market pre product test.
Market Entry, Peoples Management and
Product Success
Human resource training, remuneration and maintaining staff
morale are key to sustaining organizational market advantage
against competitors.

Managing both personnel and customers as well as getting good

product approval rating
Market Entry, Peoples Management and
Product Success
Some Importance of skilled personnel on organizational performance and
product success include

a.) The skill of personnel reflects on product quality

b.) Personnel skill improves product appeal, since presence of highly skilled
personnel often means the product is well researched and design to meet
customers taste
c.) The presence of skill personnel reduces the number of defective products in
the production process increasing the reliability to product to a high degree
d.) If there exist an already competitive market skilled personnel enables an
organization produce products that can compete in such competitive markets
Module 7 - Organiztional
Goals and Management
FUNAAB, COLMAS
DEPARTMENT OF ENTREPRENEURIAL STUDIES ETS 206
2016
Content
• Definition of the Concepts of Goals
• Defintion of organizational Goals
• Link between organizational success and organizational goals
• How to develope robust goals
Definition of Goals, Types, Advantages
and Disadvantages
• Definition of Goal: A goal is a desired result or outcome of an event

• Organizational goals is the desired results or outcome that an organization

envisions, and plans to commit to and achieve over a period of time

• Types of Goals
• a.) Short term goals b.) Long term goals
• Short term goals are the vision that an organization envisions over a short
period of time. Examples of short term goals are weekly, monthly or yearly
goals
Definition of Goals, Types, Advantages and
Disadvantages
• Advantages of short term goals
• 1.) They are usually simpler than long term goals
• 2.) They are often more effective in driving on the short term efforts
by an organization
• 3.) They are less costly than long term goals
• 4.) They are less likely to be affected by sudden environmental
changes and conditions
• 5.) They are usually easily reviewable, since they require less
resource and are often temporal, in cases where there are major
challenges with realizing the plan
Definition of Goals, Types, Advantages and
Disadvantages
• Disadvantages of short term goals
• 1.) They plague organizations with the need to review goals once the
period for goal implementation expires
• 2.) They might not help to provide concrete framework for sound
organization building since they are for limited periods
• 3.) It might lead to wastages on the longrun making them a penny wise
pound foolish goal setting arrangement
• 4.) Short term goals could have far reaching effects on organizational
planning resources since the organization has to assemble a team to
present a new goal once a plan expires distracting attention from
implementation
Definition of Goals, Types, Advantages and
Disadvantages
• Long Term Goals: These are plans that an organization envisions over a long period of
time
• Examples of long term goals
• a.) Five year goal plan b.) 15 year goal plan c.) Twenty five year goal plan
• Advantages of long term goals
• a.) They are more concrete and robust than short term goals
• b.) They often produce higher returns for an organization if well planned
• c.) Investors in an organization are more comfortable with such organizations since there
is a fixed direction there is no sudden change in organizational goals
• d.) They are more effective in driving longterm organizational efforts
Definition of Goals, Types, Advantages and
Disadvantages
• Disadvantages of Long term goals
• a.) They are costlier to achieve
• b.) They are not easily adjustable due to sudden changes in
environmental conditions
• c.) If poorly projected it might not be easily realizable and have
negative effect on organizational resources
• d.) They are more complex due to the detailed enumerations
and requirements of such goals
Link Between Organizational Goals and
Success
• Organizational Success as defined earlier is the measure of positive
performance of an organization.

• Therefore the total performance of an organization is a set of all its

successes and failures.

• performance = (+ success)+(-failure)

• The relationship between organizational goals and success is that goals

been a plan and vision of an organization helps the organization project
itself for maximum success.
Link Between Organizational Goals and
Success
• Some of the link or relationship between goals and success are:
• a.) Goal helps redirect all organizational efforts towards optimality reducing wastages
• b.) Goals help direct organizational efforts only to specifics of an organizations visions
preventing divergent drive in efforts
• c.) Goals specify organizational norms and ethics thereby helping organizations ensure
standards
• d.) Goals assist organizations in improving the quality of services and goods produced in
relation to those of its competitors giving the organization a competitive advantage or
edge over its peers
• e.) Goals often help organizations make future projection or targets enabling
organizations to have a vision of an expected outcome of positive performance for the
firm
How to Develop Robust Organizational Goals
• Some factors an organization may wish to consider, they
include:
• a.) In developing goals an organization should consider its
immediate responsibility to its customers
• b.) It should consider what image it wishes to project
• c.) It should consider its operating environment so that goals set
should allow compete and have an edge over its rivals
• d.) Goals should be realistics and achievable
 Entrepreneurship and Change Management

Module 8- - Theories of Change Management

Department of Entrepreneurial Studies ETS 206 COLMAS

Federal University of Agriculture Abeokuta
 Contents
• Module 8
• - Theories of Change Management
• Introduction to the thoeries of change management
• Applications of Theories of change management to organization
development
• Comparisons of different change theories in strategically
engineering the change process in an organization
Introduction to the thoeries of change management

• These are theories that help define the way change should take
place in organizations.
• They include
• a.) Psychological Contract Theory
• b.) Nudge Theory
• c.) The John P. Kotter eight step change theory
• d.) The Elisabeth Kubler - Ross's Five Stages of Grief theory
• e.) The Sharon Drew Morgens Facilitation Model
 Psychological Contract Theory
• Psychological Contract Theory - This helps to explain the complex relationship
between an organization and its employee. It emerged in the 1960 and is based
on the works of theorist like Chris Argyris and Edgar Schein.

• It focus on the
• a.) nature of relationship between the emplyee and organization
• b.) the mutual expectations between the employee input and organizaiozations
output
• c.) the fairness of the employer or organization to its employees
• d.) it shows that the relationship between the organization and employee is
dynamic and a situation that changes relative to employee remuneration and
organization output.
 Nudge Theory
• The Nudge theory- is a modern and more flexible way of understanding change
in organiztion. It became popular in the US in the 2008.
• It focus on
• a.) Understanding of how people think,make decision and behave in
organizations
• b.) managing change in individuals and organizations
• c.) modifying and identifying unhelpful influences on individuals in organizations
• d.) It encourages indirect motivation of employees in organiztions
• e.) it avoids direct enforcement of organization policies or forceful enforcement of
policies
• f.) it accepts that people are different and need diferent approach to lead them
• g.) It is a soft and gentle way of enforce change in organization
 The John P. Kotter eight step change theory

• John P. Kotter is a Harvard professor who postulated the Kotter eight step change theory. His
ideas help in understanding the pressures of change on people and peoples reaction to
change. It states that change should be achieved through the following steps
• a.) Increase urgency - i.e. through inspiring people to embark on specific change
• b.) Build the guiding team- that is a team to direct the change process
• c.) get the vision right- get this team to understan the right vision
• d.) communicate for buy in- persuade people to join the change train
• e.) empower action- remove barriers for the empowerment of the change
• f.) create short term wins- set goals within the change process that can be acived in stages to
encourage the team and employees
• g.) dont let up or give up- promote persistence and a no quiting spirit
• h.) Make the change stick- the change should be reinforced through through training and
reminding the team of the goals of the change process
 The Sharon Drew Morgens Facilitation Mode l
• The Sharon Drew Morgens Facilitation Model- This is use in the process of facilitating change in
organizations. It emphasis how change can be facilited in organization through effective
communication - these include

• a.) enabling communication instead of Tender push or persuation - this invloves presenting the
change process through interaction instaed of a mild manner and encouraging employees to
change
• b.) communicating employees to buy in- this involves making employees believe in the change
through communication of change rahter than convincing
• c.) rather than Persuade allow employees to see a superior alternative
• d.) let final decision to join the change crew rest with the employee do not unduly influence.

• It is many a times not feasible it is only useful in buying and selling where the seller has no authority
over the buyer.
 The Elisabeth Kubler - Ross's Five
Stages of Grief theory
• The Elisabeth Kubler - Ross's Five Stages of Grief theory refers to
refers to the management of change and loss. These include
personal loss like bereavement and trauma.

• The five stages of losses management include

• a.) Denial management b.) anger management c.) bargaining
management d.) depression management e.) acceptance
management
• It belives that the loss process forces humans into the the cycle of
denial, anger, bargaining, depression and finally acceptance of the
status quo.
 Applications of Theories of change management to organization
development

• The psychological contract change theory has stronger positive

consequences on organizational change outcome
• this is because
• a.) It defines the relationship between the organization and employee and
states that the employee joins the organization to help the organization meet
its goal for which the employee is rewarded
• b.) And that the reward must be conmeasurate to the employees effort
• c.) That fairness to the employee is the responsibility of the organization
• d.) Helping the organization meet its goal is the responsibilities of the
employee
• e.) And that the relationship may change subject to what ever party's input and
level of adherence to its obligations.
Applications of Theories of change
management to organization development
• Other theories though applicable are only rudimental
• for instance the nugde theory only shows how change should
be implemented and an alternative non forceful way of
implementing change. It however does not emphasis the
responsibilities of the parties
• The Elizabeth Kubler - Ross theory shows how individual
change is managed and is applicable to individuals in the
organization
Quizz
• 1. Explain five factor responsible for the resistance to change
• 2. Explain five reasons for organizational failure
 ETS 206
1. _________ is the economic value of the knowledge, experience, skills and capabilities of
employees at workplace.
(a) Social capital
(b) Human capital *
(c) Alfa and omega
(d) Culture belief
2. __________ is a term used to identify that grand transformation process during raw
materials or resources are converted into the finished products.
(a) Industry *
(b) Production
(c) Manufacturing
(d) Distribution
3. Human resources are simply ________ cast in the role of contributors to the
production of goods and services.
(a) resources
(b) Management experts
(c) People *
(d) Managers

4. The management of human resource is in _________ not a different from the

management of any other resource.
(a) Context
(b) Contest
(c) Practice
(d) Principle *
5. What makes it different in ___________ is the nature of the resource in question.
(a) Practice *
(b) Principle
(c) Context
(d) Contest
6. _______________ are the activities undertaken to attract, develop, and maintain an
effective workforce within an organization.
(a) Planning
(b) HRM *
(c) ETS
(d) Management
7. Current strategic issues of particular concern to managers include s;
(a) Becoming more competitive, on a global level
(b) Improving quality, productivity and customer services.
(c) Managing mergers and acquisitions
(d) All of the above *
8. Today’s successful organizations simultaneously embrace two types of planned
change:
(i) Incremental change
(ii) Transformational change
(a) I above
(b) II above
(c) A & B *
(d) None of the above.
9. ____________ refers to organizational efforts to improve basic operational and work
processes in different parts of the firm.
(a) Incremental change *
(b) Transformational change
(c) External change
(d) Internal change
10. ______________ involves redesigning and renewing the entire organization to show
concrete evidence of growth.
(a) Internal change
(b) Incremental change
(c) External change
(d) Transformational change *
11. Creative organizations should have an internal __________ of playfulness, freedom,
challenge and grass-roots participation.
(a) Tradition
(b) Culture *
(c) Norms
(d) Change
12. ____________ is especially important when the change involves new technical
knowledge or users are unfamiliar with the idea.
(a) Idea champion
(b) Education *
(c) Communication
(d) Idea incubator
13. _____________ a unit separate from the mainstream of the organization that is
responsible for developing and initiating innovations.
(a) New- venture team *
(b) Idea incubator
(c) Open innovation
(d) Idea championship
14. The change process starts with an _________.
(a) Innovation
(b) Awareness *
(c) Creativity
(d) Retention.
15. The need for strategic change is important in the ______________.
(a) Short-term
(b) Middle-term
(c) Long-term
(d) All of the above. *
16. The training and expertise of employees determines the skills available to the
________
(a) Firm/organization *
(b) Household
(c) Macro-economic environment
(d) University
17. The commitment and loyalty of employees determines the firm’s ability to maintain
________ in the face of change.
(a) Sustainability
(b) Competitive advantage *
(c) Longevity
(d) Productivity
18. __________ should be the order of the day at managing change in work organizations.
(a) Understanding
(b) Rigidity
(c) Flexibility *
(d) Acceptability.
19. Redefining organizational role in the society include;
(a) Customers’ Perspective
(b) Innovation and learning
(c) Financial perspective
(d) All of the above. *
20. Which of these statement is/are correct?
(a) All managers are HR managers.
(b) Employees are viewed as assets
(c) HRM is a matching process of organizational strategies and goals to managing
effectively the firm’s human resources.
(d) All of the above. *
21. Inadequate human resource could be due to the following reasons;
(a) Improper planning
(b) Inability to compete in the labour market
(c) Shortage of specialized manpower in the labor market.
(d) All of the above *
22. __________ is any means of satisfying human wants and also being busy.
(a) Economics of scale
(b) Business management
(c) Business *
(d) Administration.
23. The Nigerian ______ system recognizes right and responsibility of someone who
decides to establish an enterprise on his/her own.
(a) Legal *
(b) Political
(c) Economic
(d) None of the above.
24. It is the responsibility of the owner(s) to see that such business(es) undertaking is
largely processed and established through the ______________
(a) CPC
(b) APC
(c) CAC *
(d) CCP
25. In any establishment/venture, the team determines the failure or success of the
business.
(a) Political
(b) Management *
(c) Leadership
(d) Business
26. The economic policies of successive governments also influences economic
performance of business profitability negatively>
(a) To a very large extent *
(b) To some extent
 (c) To no extent
(d) None of the above
27. Political and economic instability as it influences business performance includes;
(a) Lack of feasibility study over the business in question.
(b) Underestimating and over-estimating competitors
(c) Social extravagance on the part of the owners
(d) All of the above *
28. The new direction of economic policies in the __________ economics is gearing
towards encouraging and promoting private participation in business and economic
development.
(a) Developed
(b) Developing
(c) Saturated
(d) Unsaturated
29. A ________ report informs the decisions and opinion in the issue of establishment of
business entities/ventures.
(a) Visibility
(b) Project
(c) Feasibility *
(d) Marketing strategy
30. Every new venture will be faced with potential hazards, given the particular industry
and competitive environment. It is important that entrepreneur make an _______ of
the intending business.
(a) Organizational plan
(b) Marketing plan
(c) Financial plan
(d) Assessment of risk *
31. The liabilities of members are limited to the amount money they put into business in
_________
(a) Limited liability company *
(b) Partnership firms
(c) Sole proprietorship
(d) Joint ventures
32. Shareholders are also known as ________
(a) Stock dealers
(b) Common stockholders *
(c) Boards of directors
(d) Debentures
33. A ________ society is a business organization managed on the basis of democracy, to
optimize social and economic benefits for its members.
(a) Partnership
(b) Public
(c) Cooperative *
(d) All of the above
34. Business ownership also means_________
(a) Joint ownership
(b) Mentorship/mentoring
(c) Shareholders capacity
(d) The lawful right to the exclusive possession, use and transfer of internet in a
venture. *
35. Macro-economic alternatives in a country due to ________ are likely to be
experienced differently by SMEs than large companies.
(a) Globalization *
(b) Indigenization
(c) Liberalization
(d) Trade secrecy
36. Conventional businesses leverages on the ___________ and transform themselves
into e-business.
(a) Platforms
(b) Internet *
(c) Recapitalization
(d) Schemes
37. __________ is a group method for obtaining new business ideas and solutions.
(a) Coaching
(b) Angel investment
(c) Brainstorming
(d) Acquisition
38. _____________ is an individual(s) who backs emerging entrepreneurial ventures,
usually as a bridge to get from the self-funded stage to the level of business that
would both need and attract venture capital.
(a) Angel
(b) Contributors
(c) Financiers
(d) Angel Investors *
39. _________ provides workspace, coaching and support services to entrepreneurs and
early stage businesses.
 (a) Business incubator *
(b) Business valuator
(c) Angel investors
(d) Idea champions
40. Break-even point is the point at which revenues and costs are equal.
(a) True *
(b) False
(c) Both A and B
(d) None of the above
41. _________ is the practice of offering a number of products together.
(a) Business valuation
(b) Business incubators
(c) Bundling *
(d) Angel investors
42. Creation of new venture is the heart of ____________.
(a) Business
(b) Entrepreneurship *
(c) Project management
(d) All of the above.
43. All definitions of entrepreneurship agrees on the following behavior for an
entrepreneur.
(a) Initiative taking
(b) The acceptance of risk or failure
(c) Turning resources and situations to practical account
(d) All of the above *
44. Pros of entrepreneurship includes;
(a) Business failure
(b) Loneliness
(c) Long hours and hard work
(d) None of the above *
45. __________ is a systematic method of searching for new opportunities by listing
important elements for the product area along two axes of a chart.
(a) Big+Dream Approach
(b) Matrix charting *
(c) Parameter analysis
(d) Attribute listing
46. ________ is the mental and social process fueled by conscious or unconscious insight
of generating ideas, concepts and associations.
 (a) Innovation
(b) Entrepreneurship
(c) Creativity *
(d) All of the above
47. _________ is the process of making changes to something established by introducing
something new that adds value to customers.
(a) Innovation *
(b) Creativity
(c) Expertise
(d) Motivation
48. Drivers of innovation includes;
(a) New knowledge
(b) Unexpected occurrences
(c) Changes in an industry or market
(d) All of the above *
49. _______ (1985) argues that, while successful businesses will each employ their own
strategy, they achieve competitive advantage through acts of innovation.
(a) Gifford
(b) Porter *
(c) Schumpeter joseph
(d) Richard branson
50. Underlying the ________ entrepreneurship theory are factors, education and
experience according to becker, 1975.
(a) Social and network
(b) Financial capital
(c) Human capital *
(d) Opportunity-Based
51. The three(3) C’S of change management includes all but one;
(a) Co-ownership
(b) Competition *
(c) Cooperation
(d) Collaboration.
52. Operational efficiency means performing similar activities better than your _______
performs them.
(a) Rivals
(b) Neighbor
(c) Organizations
(d) Competitors *
53. The change process starts with an _____ of the need for change in our modern
organization.
(a) Awareness *
(b) Need
(c) Credibility
(d) Information
54. Managers need to understand types of change and why people(workforce) ________
change.
(a) Embrace
(b) Accept
(c) Resist *
(d) Rigidly accept
55. The theory of constraints model includes all but one.
(a) Change *
(b) Culture
(c) People
(d) Process
56. The small business administration reports that about _______ of new firm’s with
employees survive four years and for owner-only firms the rate is 50 percent surviving
four years.
(a) ¼
(b) 2/3 *
(c) ¾
(d) None of the above
57. A facility which offers subsidized space and business advice to companies in their
earliest stages of operation is called ______
(a) Small business
(b) Championing
(c) Novelty
(d) Incubator *
58. ________ is a repackaged business bought, rented or leased from a company.
(a) Franchisor
(b) Facility
(c) Business deal
(d) Franchise *
59. __________ refers to how a role new ideas, products, services, processes, or markets
play in an organization.
(a) Innovativeness *
 (b) Economic core sector
(c) Growth rewards
(d) Dynamic capitalism.
60. People who own their own business are presented with tremendous ________.
(a) Challenges
(b) Break-through
(c) Opportunities *
(d) Market
61. __________Entrepreneurship involves creating new charitable and civic organizations
which are financially self-sufficient.
(a) Public
(b) Social *
(c) Personality/independent
(d) Corporate
62. ______________ Entrepreneurship takes place in existing businesses around new
products, services or markets.
(a) Public
(b) Social
(c) Independent
(d) Corporate *
63. __________ is a situation that occurs when a person’s values are in conflict, making it
unclear whether a particular decision is the right thing to do.
(a) Ethical dilemma *
(b) Ethics
(c) Fidelity
(d) Personal accountability.
64. __________ is when small business owners act in ways they want their employees to
act
(a) Consistency
(b) Visibility
(c) Personal values
(d) Modelling *
65. ___________ is the belief that a firm is worthy of consideration of doing business with
supporters, investors or competitors.
(a) Social networking
(b) Legitimacy *
(c) Ethical rights
(d) Legal right
66. ________ is the skills necessary to identify and exploit elements of the business
environment that can lead to a profitable and sustainable business.
(a) Resource competencies
(b) Industry-specific knowledge
(c) Determination competencies
(d) Opportunity competencies *
67. ________ is the extent to which a firm meets or exceeds the standard business
practices for its industry.
(a) Professionalization *
(b) Standardization
(c) Internalization
(d) Minimized professionalization
68. ________ is the process of intergenerational transfer of a business.
(a) Transfer of ownership
(b) Heirloom inheritance
(c) Succession *
(d) Mentoring.
69. People who begin their businesses after having retired or resigned from work
incorporating at age 50 or later are called __________
(a) Last career entrepreneurs
(b) Late career entrepreneurs *
(c) Second thought career entrepreneurs
(d) All of the above.
70. )__________ is a process of producing an idea or opportunity that is novel and useful,
frequently derived from making connections among distinct ideas or opportunities.
(a) Innovation
(b) Legality
(c) Royalty
(d) Creativity *

71. The concept of creative destruction states that:

(a) Entrepreneurs have unique personality traits

(b) Entrepreneurs are a force for change *
(c) Entrepreneurs must risk financial capital
(d) Entrepreneurs has an uncertain financial return
72. Early definitions of entrepreneurs were developed by
(a) Economists *
(b) Marketing experts
(c) Personnel managers
(d) Management experts
73. Scanning the environment refers to the process of:
(a) Motivating one self
(b) Studying entrepreneurship
(c) Researching information about the business environment *
(d) Nurturing the entrepreneurial spirit
74. Advantages of entrepreneurship includes
(a) Freedom and independence to make decisions *
(b) need to jack all trades
(c) process of starting a business
(d) need for achievement
75. entrepreneurship contributes significantly to the economic growth of any
country in the following areas except:
(a) employment generation
(b) equitable distribution of income and growth
(c) promotion of effective domestic resource utilization
(d) flatten of gross national income *
76. for an entrepreneur to achieve his purpose for existence, he must learn to be
goal oriented and to set business objectives that contain all the following qualities
except;
(a) measurability
(b) verifiable
(c) fluidity **
(d) quantifiable
77. the acronyms “ABCs” of business means________________
(a) ability, business description and competitive advantage
(b) attitude, business definition and competitive advantage **
(c) accountability, business success and customers need identification
(d) attitude, business diffusion and competitive advantage
78.individuals that deploy enterprise, especially in business are called_____
(a) Economists
(b) intrapreneurs
(c) business administrators
(d) Entrepreneurs *
79. in achieving a steady __________, an entrepreneur must have proper
understanding of the market, and what it takes to remain in a competitive business
environment.
(a) product life cycle
(b) business growth *
(c) business life cycle
(d) enterprise management
80. the factors that stimulate entrepreneurship involves the following except:
(a) employee’s attitude *
(b) the external environment and organization setting and its strategies
(c) mission reformation
(d) management activities
81. the ________ is an inner drive that encourages an entrepreneur to have an
intense desire for success?
(a) need for money
(b) need for employment
(c) need for profit
(d) need for achievement *
82. the factors that hinder need for achievements include the following
(a) high but attainable goals
(b) dedication and efficiency *
(c) over reliance on self-ability
(d) over confidence
83. the following are the reasons why businesses fail in Nigeria except;
(a) under estimating competitors
(b) poor policy execution
(c) lack of well thought-out business plan
(d) ability to adapt to a changing market place. *
84. In doing business in Nigeria, one of the following is the challenges most
entrepreneurs are facing
(a) corruption
(b) power supply
(c) security
(d) All of the above *
85. an entrepreneur is always seen as an achiever whose need may include the
following except;
(a) to obtain or attain some height in someone’s business pursuit
(b) to escape an unpleasant situation *
(c) to experiment something new in business and accomplish a particular task.
(d0 to build mansions that beautifies the business
86. to solve business problem, an entrepreneur must do the following except;
(a) state clearly what the problem is
(b) define the key terms of the problem
(c) examine the problem different point of view
(d) ignore the needed information *
87. The major characteristics of creative people are;
(a) high self-esteem
(b)self-discipline
(c) passionate
(d) All of the above *
88. which statement is not true of entrepreneurs
(a) they are agents of adjustment
(b) they apply innovative ideas
(c) they generally stick to the process already in use. *
(d) they change the way business converts inputs to outputs.
89. opportunity thinking is considered a _____
(a) functional habit *
(b) risky habit
(c) neurotic habit
(d) bad habit
90. which of the following is not true about an entrepreneur.
(a) nurturing the entrepreneurial spirit
(b) studying entrepreneurship
(c) motivated by money *
(d) see the big picture when others see only the parts.
91. concerning the concept of entrepreneurship and the individual who is called an
entrepreneur, there
(a) is a substantial disagreement**
(b) is no disagreement
(c) has been a little discussion
(d) is unanimous agreement
92. the earliest reference to the term entrepreneurship was in
(a) 1800’s
(b) 21st century
(c) 1700’s **
(d) 1900’s
93. a good entrepreneur should be seen as _______ who knows what he wants and
how and where attain it
(a) goal-getter **
(b) tolerance of ambiguity
(c) risk maker
(d) risk taker.
94. entrepreneurs training is carried out to achieve the following objectives except:
(a) increase productivity
(b) Skyrocketing the rate of business doom **
(c) improved customer relationship
(d) better management of time and other resources
95. In entrepreneurship, resources must be organized in such a way that the
philosophy of ________ will be achieved.
(a) profitability ambition
(b) incubation and acceptance
(c) value, quality and utility. **
(d) laziness
96. The practice of entrepreneurship involves the following except;;
(a) use of resources
(b) wishful thinking **
(c) time management
(d) market survey and negotiation.
97. A typical entrepreneur must have _______ and not mere trader.
(a) family problem
(b) myopic thinking
(c) Entrepreneurial flair **
(d) Psychological dystopia.
 98. In order to improve the need for achievement, an entrepreneur should do the
following except;
(a) Dissociate from other **
(b) set a clear and attainable goal
(c) be self-motivated
(d) Develop positive mental attitude.
99. If entrepreneurship is considered a process activity, which of the following is
not part of the process?
(a) Resources
(b) An organizational context
(c) An opportunity
(d) All of the above. **
100. If someone buys a business and does not make any major changes, this is an
example of;
(a) new concept/existing business
(b) Existing concept/existing business **
(c) New concept/ new business
(d) Existing concept/New business.