DEAR YOUTH/STUDENT.

There is an AVENUE for you to showcase

your skill(s) to the world in this book.
Ensure you grab the opportunity. READ
MORE ON PAGE 4 and ACT IMMEDIATELY.

Compiled by Charles Leo Izuoba

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ENTREPRENEURSHIP
SUMMARY NOTE
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PRACTICE OF ENTREPRENEURSHIP.
TECHNIQUES FOR GENERATING, IDENTIFYING AND ACCESSING BUSINESS
IDEAS AND OPPORTUNITIES.

BUSINESS IDEA.

The ability to come up with creative solution to needs or problems and market them. It is the response
of person, organization, to solve and identify problems or to meet perceived need in the environment.

Your business ideas will tell you

- WHAT product or service your business will sell.

- WHO your business is going to sell to.
- HOW your business is going to sell its products or services.
- WHICH need your business will fulfil for the customers.

SOURCES OF BUSINESS IDEAS.

- Mass media.
- Complaints.
- Brain storming.
- Personal skill.
- Experience.
- Survey.

OVERVIEW ON DECISION MAKING AND CALCULATED RISK TAKING.

PROCEDURES FOR DECISION MAKING.

- Identify the problem.

- Determine major problem.
- Determine potential solutions.
- Evaluate the business.
- Select the best solution.
- Implement the solution.
- Verify that the solution is correct.

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CALCULATED RISK TAKING.

1. Entrepreneurs always avoid low risk situation because there is lack of challenge, they also avoid
high risk situation because they want to succeed.
2. Entrepreneurs do not gamble.

WHAT IS A RISK?

A risk situation occurs when a choice is required between two or more alternative whose potential
outcome are not known and must be subjectively evaluated.

QUESTIONS TO BE ASKED BEFORE TSKING A RISK.

- Is the goal worth the risk involved?

- How can the risk be minimized?
- What are the information needed before taking the risk?
- What fear do I have before taking the risk?
- What will I achieve before taking the risk?
- What are the biggest obstacles to achieving my goals?

PROCEDURES FOR ANALYZING A RISK SITUATION.

- Access the risk.

- Determine the goals and objectives.
- Clarify alternatives.
- Gather information and weigh the alternatives.
- Minimize risk.
- Plan and implement the alternatives.

METHODS OF PRODUCT OR SERVICE SELECTION.

WHAT IS A PRODUCT?

A product can be defined as anything that can be offered to the market that might satisfy a want or
need.

A product can be tangible or intangible. [Tangible products are products that are seen, while Intangible
products are services].

SELECTION CRITERIA…Knowing what to do in a business.

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- What product to sell.

- What service to render.
- How do you determine your target customer?
- How will they buy your product?
- Price range.
- How will they find out about your product?

WHAT MAKES YOUR PRODUCT OR SERVICE DIFFERENT?

- Quality.
- Price.
- Convenience (i.e, getting the product at the convenience time.)
- Ethnic approval.
- Payment offer.
- Specialization.

FEASIBILITY STUDY FOR SMALL SCALE BUSINESS.

1. Introduction: Importance of the product.

2. Description of the product: Goals, objectives and location.
3. Market description: Wholesalers or retailers.
4. Description of the product: Explain on the types of product you are producing.
5. Organizational plan: Organizational chart.
6. Marketing plan: How to conduct your market research.
7. Financial management: Identify your source of capital.
8. How profit will be used to enhance your business.

PROCESS AND PROCEDURE FOR STARTING AN ENTERPRISE.

Some people or persons are scared to start up a business because of;

- Fear of failure.
- Lack of capital.
- Limited business idea.

TYPES OF BUSINESS.

(1) Sole Proprietorship: It is simply a one man business.

(2) Partnership Business: They are owned and managed between 2 and 20 people.
(3) Joint stock Company: They are formed and in cooperated as a legal entity by a group of people,
either as a LIMITED or UNLIMITED liability company.

LIMITED LIABILITY COMPANY: The liability of the members are limited to the shares owned in the
company.

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UNLIMITED LIABILITY COMPANY: The liability of the members are extended beyond the number of
shares they have in a company.

(4) Cooperative society: They are group of people who come together with a common interest to
enjoy some mutual business benefit. (the members are known as cooperators)
(5) Government Enterprise: They are owned and managed by the government at all level. Such
enterprise includes; NNPC, NTA, Railway Cooperation, Water Cooperation etc…

CHARACTERISTICS OF A GOOD BUSINESS NAME.

- It must be short.
- It must be descriptive.
- It must be unique.
- It must be easy to remember.
- It must be easy to spell.
- It must be catchy. (to draw attention)

SHOW THE WORLD YOUR SKILL(S) BY ADVERTISING THROUGH

OUR WEBSITE.

Are you into BEAD MAKING, FASHION DESIGNING (CLOTHINGS),

SHOE MAKING, CRAFTS, CATERING SERVICES, ENTERTAINMENT,
ARE YOU INTENDING TO BE A PROFESSIONAL FOOTBALLER etc…

SEND
YOUR NAME, PHONE NUMBER, EMAIL, SHORT BIOGRAPHY, TWO (2) PERSONAL PICTURES & YOUR
SKILL IMAGE OR PRODUCT TO…

Email: helpingstudents70@gmail.com

or click below to contact us

CONTACT US

ADVERTS ARE FREE FOR THE FIRST FIVE (5) MAILS WE RECEIVE… HURRY NOW AND SHOWCASE
YOUR SKILL(S) TO THE WORLD.

Think Big, Start Small, and Start Now.

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THE ROLE OF COMMERCIAL AND DEVELOPED BANK IN THE PROMOTION

OF SMALL AND MEDIUM SCALE ENTERPRISE.

BOI (BANK OF INDUSTRY)

- It is owned and managed by the federal government of Nigeria.

- They provide loan to small medium enterprise (SMEs) to encourage the consumption of our
local products. i.e, they give loan to small scale business to provide locally made goods or
products.
- They prevent dumping and encourages ventures that can bring least cost of product.

NACRDB (NIGERIA AGRICULTURAL COOPERATIVE AND RURAL DEVELOPMENT BANK)

The bank is owned by the federal government of Nigeria and was in cooperated in the year 2000.

- They encourage rural saving scheme.

- They provide loans to the farmers.
- They assist cooperative societies to improve the life of cooperators.
- They provide credit facilities to agricultural and agro-allied industries.

MICROFINANCE BANK.

They are owned by the government and private individual.

- They encourage trainings.

- They provide loan for small scale business and the artisans.
- They advise the artisans on how to start their business.

FACTORS CONSIDERED FOR GRANTING LOAN.

- Type of loan.
- Purpose of loan.
- Capability.
- Security.
- Business plan.

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