hello again,
          wow! cant believe the end of the semester is here already, and i really enjoyed sharing all what i have been learning in my entrepreneurship class with you  and  and for your support  and encouragement by viewing my blog.  i have learnt a lot on my experience with blog, getting to move information learnt from the classroom to the whole world which is more than an experience for me.
  entrepreneurship is indeed an interesting and educative course that helps in making students creative and innovative. would encourage you all to study more on entrepreneurship. thanks once more and good bye!

Donald trump's video on how to be successful

hello, would like to share Donald trump's video on how to be successful for entrepreneurs. enjoy!
 

http://www.youtube.com/watch?feature=player_detailpage&v=cfKimrZStA8#t=2s

hey hey,
           would love to share all about franchising with u guys on ma blog. learning about franchising is very interesting! and educating . hope you enjoy it .

   Franchise is a license given to an individual or group of individuals to set up their own business with a company’s trade name or trademark within a certain location or area.

a franchisor is a    company that gives individuals or group of individuals the right or license to use its trademark to be able to set up their own business.    Franchisee is an individual or group of individuals that makes use of a company’s trade name or trademark to set up his/her/their business.

   

    Advantages of franchising include;

i)                   Brand-name appeal

ii)                 Financial assistance

iii)               Training and guidelines

iv)               A proven track record

i)                   Brand name appeal- in franchising, an individual or group of individuals that purchases a popular or well-known company’s trade name is of great advantage because the company’s name attracts people to his/her business.

ii)                 Financial assistance- franchising is a good investment as the franchisor might help in assisting the franchisee financially in starting up a business until the franchisee’s business is doing well and successfully.

iii)               Training and guidelines-franchising helps in training and guiding a franchisee in setting up a successful business, the franchisee acquire skills and advice from the experienced franchisor and this of great advantage.

iv)               A proven-track record- one advantage of franchising is that, the franchisor has shown records of success in his/her business which has been running smoothly for years and with that record, the franchisee is sure of the success of his/her business also.

6)    Examples of franchises include; pizza hut – which is located in America and in 94 other countries around the world.

ii) An example of franchise in Nigeria is KFC (ken tuckey fried chicken).

                      

hello every1, would like to share what i learnt in my entrepreneurship class.

creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system. while

innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

                      here are some sources of innovative ideas;

                              

             TRENDS
Trends signal shifts in the current paradigm (or thinking) of the major population. Observing trends closely will grant an entrepreneur the ability to recognize a potential opportunity. Trends need to be observed in society, technology, economy, and government.
    UNEXPECTED OCCURRENCES
These are successes or failures that, because they were unanticipated or unplanned, often prove to be a major innovative surprise to everyone"

INCONGRUITIES

Incongruities occur when a gap or difference exists between expectations and reality. For example, when Fred Smith proposed overnight mail delivery, he was told, “If it were that profitable, the U.S. Post Office would be doing it.” It turned out Smith was right. An incongruity  existed between what Smith felt was needed and the way business was currently conducted; thus, he created FedEx
PROCESS NEEDS
These occur when an answer to a particular need is required. Venture capitalists often refer to these needs as “pain” that exists in the marketplace—the entrepreneur must recognize an innovative solution, or “painkiller.” Examples include the creation of new medical devices, health foods, pharmaceuticals, and time-saving innovations"
  INDUSTRY AND MARKET CHANGES
Continual shifts in the marketplace are caused by developments such as consumer attitudes, advancements in technology, and industry growth."

DEMOGRAPHIC CHANGES

These arise from trend changes in population, age, education, occupations, geographic locations, and similar factors. Demographic shifts are important and often provide new entrepreneurial opportunities. For example, as the average population age in Florida and Arizona has increased (due largely to the influx of retirees), land development, recreational, and health care industries all have profile.

PERCEPTUAL CHANGES

These are changes that occur in people’s interpretation of facts and concepts. Perceptual changes are intangible but meaningful. Perception can cause major shifts in ideas to take place. The current fitness craze, caused by the perceived need to be healthy and physically fit, has created a demand for both health foods and health facilities throughout the country. Another example is people’s desire to better use their personal time.

KNOWLEDGE-BASED CONCEPTS

These are the basis for the creation or development of something brand new. Inventions are knowledge based; they are the product of new thinking, new methods, and new knowledge. Such innovations often require the longest time period between initiation and market implentation because of the need for testing and modification.

 

     

 

 

     

"Social entrepreneurship is a new form of entrepreneurship that exhibits characteristics of nonprofits, governments, and businesses. It applies traditional (private-sector) entrepreneur- ship’s focus on innovation, risk taking, and large-scale transformation to social problem solving. The social entrepreneurship process begins with a perceived social opportunity that is translated into an enterprise concept; resources are then ascertained and acquired to execute the enterprise’s goals"

The world billionaires

We all know about Bill Gates, Oprah Winfrey and other people who are famous for their money, but there are some people who are also extremely rich but behind the scene...like Larry Ellison- $16 billion, Google guys-$26 billion, Richard Branson-$ 3 billion, Saudi prince- $ 20 billion, Mark Cuban - $ 2 billion, Paul Allen - $ 22 billion, sultan of Brunei - $ 20 billion, Jeff Becos - $ 4 billion.

Larry Ellison

      Larry Ellison who is an internet guru and the CEO of Oracle are now ranked the 3rd richest man in the States. At the age of 68, he has a net worth of about $16 billion as at September 2012. He has been ranked as the 6th richest billionaire in the world and has had a lot of achievements. Recently, he bought 98% of the Hawaii Island which costs about $500 million. He bought the 141-square mile island along with two resort hotels and a housing development from a fellow billionaire, David Murdock. He owns about $245 million all around the world.
      Larry spends his money on a lot of luxurious things. He owns mansions in various parts of the United States of America, and guesses the fun part! He buys all the houses surrounding these mansions so that he doesn't get disturbed by nosy neighbours! Guess being filthy rich does pay off... He has a passion for yachts with his latest being the 'rising sun' with an estimated cost of about $200 million, designed by Jon Bannenberg with a tremendous length of 453 ft making it the 10th largest yacht!

Sultan of Brunei

The present Sultan of Brunei, Hassanal Bolkaih, has the biggest palace on earth. His networth is not estimated but we know for sure that he is a billionaire! The palace has an estimated landmass of 2.1 million square feet! Wow right! Its ceiling is made up of gold, in other words, its gold domed  and it has about 1788 rooms, making it bigger than the Vatican! The dinning room can seat about 5000 people, what a way to spend money.

intrapreneurship

                   intrapreneurship is the process of profitability and creating innovation within an organizational setting.  it is the creation of brilliant ideas that a firm/organization can benefit from . one of a great intrapreneur is ken kutaragi who invented play station and was working in sony's sound lab , he came about the invention when he bought his daughter a nintendo game console. watching her play he was dismayed by the sound effects , he realized that a digital chip dedicated solely to sound would improve the quality of the games he then developed SPC7000 for the next generation of nintendo machines which caused a risk on his job as he was nearly fired! he helped sony develop its own gaming system , which became the playstation .