I hate goodbye's but they always come along. This blog is actually 25% of my score in an entrepreneurship course, it's been hectic working on it but also fun at the same time. The course is over so it's time to leave a farewell message. A big thank you to everyone that has viewed this blog, you've helped me pass my course and I hope the information provided in this blog has helped you too. Once again, thank you, i love u all.cheers 

Hi every one, last week was great........, i did a presentation on entrepreneurship, it was amazing and i was very happy to be an instructor for that moment.This is my work
   FRANCHISE

BY NDIFREKE UMOYOH

                 DEFINITIONS

—  FRANCHISE: It is a right granted by a business owner to another person or group of individuals, to use his/her trademark or trade name in selling goods and services.

  FRANCHISEE: Is someone or group of an individual who purchases a franchise. The franchisee than runs that location of the purchased business.

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—  FRANCHISOR: A franchisor is a company or a person that sells the right to use its name or operating systems to independent business owners. Example Mc Donald’s.

—  FRANCHISE is the licensing of a right to use a trademark or name; the payment of a franchise fee and some variant of a community of interest, marketing plan, control or assistance.

Killion, W. L., & Yatchak, S. J. (2008). BUT IT DOESN'T WALK OR TALK LIKE A DUCK: THE PERILS OF THE HIDDEN FRANCHISE. Gpsolo, 25(2), 10-44.

                                                   ADVANTAGES OF FRANCHISE

TRAINING AND GUIDANCE

—        Training and Guidance is the most important advantages of buying a franchise because the franchisor will offer both training and guidance to the franchisee which will lead to the success of the business.

BRAND NAME APPEAL

—  An individual or group of people who buys a well known business has an opportunity to succeed because people are aware or the goods and service is well known by the people.                

A PROVEN TRACK RECORD

Another advantage is that the franchisor will proved that the business will be successful and there will be a report from the owner that the business and units operation are doing financially well and that the management operating system are successful.

FINANCIAL ASSISTANCE

—  A franchise is a good investment because the franchisor will help the new owner to get financial assistance needed to operate the business successfully. Some franchisor personal help the franchisee to get money lend to start the business.

—   FRANCHISE IN NIGERIA

—  KENTUCKY FRIED CHICKEN (KFC): It is the world’s most popular chicken restaurant chain. It was founded by Colonel Harland Sanders in 1952 and it is based in Louisville, Kentucky. It has branches in America that can boast of a 59 year rich history of success and innovation.

— 

—  FRANCHISE IN USASUBWAY: It is a submarine sandwich shop founded by Fred DeLuca. It first shop was opened in Bridgeport, Connecticut in August 1965. It is today, the world’s biggest submarine sandwich chain with over 37,000 locations worldwide.

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 (ideas) into marketable solution.
SOURCES OF INNOVATIVE IDEAS.

• Trends: societal trends like health, fitness growth

             economic trends like higher disposable income
             government trends like increased regulations
             technology trends like internet advances.

• Unexpected occurrences: unexpected success like apple computer (microcomputers)

                                        unexpected tragedy like terrorist attack.

• Incongruities like overnight package delivery.
• Process needs like sugar free products

                                        caffeine free coffee
                               microwave ovens

• Industry and market changes: health care industry changing to home health care.
• Demographic changes: retirement communities for older people.
• perceptual changes: exercise (aerobics) and the growing concern for fitness.
• knowledge based concepts: mobile (cell phone) technology, and robotics. 

SOCIAL ENTREPRENEURSHIP

SOCIAL ENTREPRENEURSHIP

Social entrepreneurship is the consideration of a social problem and the uses of entrepreneurship skills to organize, create and manage a business to achieve a desired and make changes. but a  business entrepreneur typically measures performance in profit and return, a social entrepreneur also measures positive returns to society. Thus, the main aim of social entrepreneurship is to further broaden social, cultural, and environmental goals. Social entrepreneurs are commonly associated with the voluntary and not-for-profit sectors, but this need not preclude making a profit.   

                              Social entrepreneurship practiced with a world view or international context is called international social entrepreneurship.

what are their common characteristics.

They are CONFIDENT
                           COMMITTED
GOAL ORIENTED
                      DETERMINED
they are CREATIVE
                       AGGRESSIVE
they have SENSE OF POWER
                         NEED TO ACHIEVE.

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.

To know more about these people, you could watch the videoclip 'The fabulous life of the filthy rich billionaires'http://www.youtube.com/watch?v=Lt89AYksS5k

MY EXAMINATION SCORE ON ENTREPRENEURSHIP

I took an examination on entrepreneurship last week and i scored 96% wow.

THE NEED FOR CORPORATE ENTREPRENEURING

One of the  need for corporate entrepreneur are:
    Internationale competition
    Downsizing
     Rapid growth
     Improve  efficiency and productivity

HOW CAN THEY ENCOURAGE CORPORATE ENTREPRENEUR:
     Management support: management are to encourage employees to believe that innovation is a role set for all organizational members.
      Autonomy; organization should allow employees to make decisions about their work process and how they can make their work more effective.
      Reward: employees should be given promotion because it will motive the individuals to engage in innovation behavior.
      Time availability: employees should be given time to incubate innovation ideas.
       Organizational  Boundaries:organization should avoid having standard operating procedures for all major parts of jobs.
 

WHAT IS INTRAPRENEURSHIP

WHAT IS INTRAPRENEURSHIP? :  Intrapreneurship is the practice of entrepreneurship by employees within an organization. An intrapreneur is an individual employed by an organization for remuneration, which is based on the financial success of the unit he is responsible for. Intrapreneurship is a novel ways of making organization more profitable where imaginative employees entertain entrepreneurial thoughts.

  

  An example Intrapreneurship is that of the founders of Adobe, John Warnock and Charles Geschke. They both were employees of Xerox. As employees of Xerox, they were frustrated because their new product ideals were not encouraged. They quit Xerox in the early 1980s to begin their own business. Currently, Adobe has an annual turnover of over  $3 billion. 

ARE YOU A HIGH ACHIEVER?

High achiever are those who take personal responsibility for their actions, but form my class exercise, am a moderate achiever. Am a low risk taker and i don't study a situation before committing myself to the course of action.

THE MYTHS OF ENTREPRENEURSHIP.

•  Myth: All Entrepreneurs Needs Is Money. 

                      TRUE OR FALSE?
                     It false,i know it is true that a venture needs capital to survive;it is also true that a large number of business failures occur because of a lack of adequate financing. However,money is not the only bulwark against failure. failure due to a lack of proper financing is often an indicator of other problems:managerial incompetence, lack of financial understanding,poor investments,poor planning,and the like.Many successful entrepreneurs have overcome a lack of money while establishing their ventures.to those entrepreneurs , money is a resource but never an end in itself.

• Myth: Entrepreneurs Are Born, Not Made .

                    TRUE OR FALSE?
                    It false,the idea that the characteristics of entrepreneurs cannot be taught or learned-that they are innate traits one must be born with has long been prevalent.These trait include aggressiveness, initiative,drive, a willingness to risk, analytic ability,and skill in human relations.

•  Myth:Entrepreneurs Are Doers,Not Thinkers.

                     TRUE OR FALSE?  
                      It false,although it is true that entrepreneurs tend toward action,they are also thinkers.indeed,they are often very methodical people who plan their moves carefully.entrepreneurs are both thinkers and doers.              

WHAT'S ENTREPRENEURSHIP ALL ABOUT?

 Entrepreneurship is the act of being an entrepreneur,which can be defined as" one who undertakes innovations, finance and business acumen in an effort to transform innovation into economic goods" it can also be said that,entrepreneurship is constant that is ,it can not be change(dynamic).Entrepreneurship is also the symbol business achievement which means the  entrepreneurs were the founders of today's business successes. 

Ndifreke Umoyoh my Entrepreneurship

Hello everyone,welcome to my blog.My name is Ndifreke umoyoh,am a student at the American university of Nigeria.This blog is actually all about entrepreneurship,it will teach you how to start making your own money.Enjoy my blog thanks.