Final Blog attack for Entrepreneurship 101

       My blog experience is really a very exciting experience because i was able to inform my viewers about things i was taught in my entrepreneurship class.  Entrepreneurship is really an exciting course nobody would want to miss especially those heading towards the business world. The course makes one more creative which can also help one establish business of his own and be very successful.
       The internet has really been my source of help in this course. Technology has really done more good to the society because of the information that can be shared through the net and also it enabled me to share this information to everybody using my blog account. I thank you all for finding the time to view my posts. I will get back to you very soon.

Franchise

                        Franchise

 Franchise- franchise is a business arrangement in which the developer/owner (the franchiser) of a business concept grants others (the franchisees) the licensed right to own and operate a business based on the franchiser's business concept. Franchise can also be a privilege bestowed to an individual or group to market a company’s goods and services.

• Franchisee- A franchisee is an individual who purchases the rights to use a company’s trademarked name and business model to do business (Purchaser of a franchise).

• Franchisor- The franchisor is the overall owner of the rights and trademarks of the company and allows its franchisees to use these rights and trademarks to do business (Seller of a franchise).

                                   Advantages of franchising

1     Training and guidance: the franchiser always provides training and guidance to the franchisee to ensure high rate of success. Franchising is usually better than starting a new business since the franchisees are trained properly on the working of a business.

2     Financial Assistance: finance needed for the operation of a business can be given to the franchisee by the franchisor. Buying a franchise is usually of great help to the franchisees who don’t have money to start up their own business. The money can be loaned to them which can be paid back when the business is progressing.

3     Brand-name appeal:

4     A proven track record:

                                  Disadvantages of Franchising

1. franchisor control
2. unfulfilled promises
3. franchise fees                               

                                 Examples of Franchise

1     

2

coca cola

    

Tantalizers

McDonald's

pizza Hub

Creativity and Innovation

Creativity and Innovation

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

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

Sources of Innovation Ideas

1. Trends: It signals shift in the prevailing style of the major population. Close observation of these trends will help an entrepreneur recognize an opportunity. Examples include; Societal trends, Economic trends, Government trends and technology trends.
2. Unexpected Occurrences: These are successes or failures that, because they were unforeseen, they become major innovative surprise to everyone example Apple Computer (microcomputers) and 9/11 terrorists attack in the united States which produced an influx of innovative solutions to the newly created challenge of homeland security.
3. Incongruities: These occur when a gap exists between expectations and reality. for example; Overnight Package Delivery.
4. Process Needs: These occur when an answer to a particular need is required and an entrepreneur has to recognize an innovative solution. Example; Sugar-free products, Caffeine-free coffee and Microwave ovens.
5. Industry and Market changes: Industries and Markets undergo changes in structure or design which is mainly caused by developments such as consumer attitudes, advancements in technology and industrial growth. For example; Health care industry changing to home health care.
6. Demographic changes: This arise from trend changes in population, age, education, occupations, geographic  locations and similar factors. Demographic changes are important and often provide new entrepreneurial opportunities. For example; Rest homes or retirement centers for older people.
7. Perceptual changes: These are changes that occur because people are more educated and sophisticated. For example; perceived need to be healthy and physically fit has created a demand for both health foods and health facilities throughout the country and there is growing need for fitness making people to exercise.
8. Knowledge-based concepts: These are inventions, new thinking, new methods. For example Mobile (cell phone) technology, pharmaceutical industry and Robotics.    

Social Entrepreneurship

                      SOCIAL ENTREPRENEURSHIP

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 social opportunity that is translated into an enterprise.

Examples of social entrepreneurs and their profiles

Rebecca Onie. Her organization is health leads, she is 34 years old and the headquarters is at Boston.

Profile:                                                                                                                                                                                                                                                                                                                                     Getting healthy isn't just about pills and doctors—lots of sick poor people can't really get well unless they also address basic ­issues, like having enough food, getting someone to watch the kids or turning the heat back on. That's where Health Leads comes in. The program's 1,000 or so volunteers (all college ­undergrads) work with hospitals and clinics to help patients navigate language barriers and the bureaucratic jungle to get the services they need.

J. B. Schramm. His organization is College summit, he is 48 years old and the headquarters is at Washington DC.

Profile:                                                                                                                                                                                    Lots of smart high school kids from low-income neighborhoods never even consider attending college, particularly ones who don't have top grades but are otherwise well equipped to succeed at the post-secondary level. College Summit partners with 175 high schools around the country to identify these bright, mid tier students. During the summer before their senior year the kids spend four days in a workshop, living on a nearby campus, jump-starting the admissions process and getting exposed to college life. The program follows up with a for-credit "College Summit" class that focuses on the application process.

Entrepreneurship and Corporate Entrepreneurship/Intrapreneurship

Entrepreneurship is a dynamic process of vision, change and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Also Entrepreneurship can be defined as the capacity and willingness to undertake conception, organisation, and management of a productive venture with all attendant risk, while seeking profit as a reward. .

Corporate Entrepreneurship is the process of profitability and creating innovation within an organizational setting. for example,in an establishment someone comes up with an improvement idea which will help him make more money for himself and the company. According to Burgelman (1983)Corporate entrepreneurship refers to the process whereby the firms engage in diversification through internal development. Such
diversification requires new resource combinations to extend the firm's
activities in areas unrelated, or marginally related, to its current domain
of competence and corresponding opportunity set. Also Chung & Gibbons (1997) defined
Corporate entrepreneurship as an organizational process for transforming
individual ideas into collective actions through the management of
uncertainties. Finally Corporate entrepreneurship
is the process whereby an individual or a group of individuals,
in association with an existing organization, create a new
organization or instigate renewal or innovation within that
organization.

Below is an example of an Intrapreneur and how he came about.

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.

High achiever exercise

One essential features of a successful entrepreneur is the craving to be a high achiever. The high achiever experiential exercise is an exercise that helps you to know the basic characteristics of becoming a high achiever as an entrepreneur. I was able to score 94 in the exercise which shows I’m in the group of high achievers.

I scored high because I taught of the questions properly and I was able to know where I belong as an entrepreneur. The first question tried to find out what one’s reply will be if he is asked to do his work properly and earn his score or roll a die and earn a score. As an entrepreneur, you have to do your work well and expect good result and not wait for a mere chance or luck. A high achiever should be a moderate risk taker in other to protect his work also it should be someone that has to survey a situation before committing itself to any action. Don’t be too prompt to take action, find out the conditions involved first before venturing on that. Being a high achiever is all about being creative and driven by the need to achieve; working out your success with your skills is part of what it takes and like I said earlier don’t depend on luck. In other to be a successful entrepreneur, you have to work out things on your own and not do what others are doing. Always go for individuals that can challenge and motivate you rather than those you are in the same level with. High achievers always like to be in a position where they will be more skilled and active, do constructive things that helps them to improve and accomplish goals. These are the content of the exercise and I hope I am able to pass across what it takes to be a high achiever as an entrepreneur.

I wasn’t really surprised at my result because I know within me that I have this urge to accomplish a goal, create new things and be very successful in my endeavor or area of interest.