- \n
- WHAT <\/strong>product or service your business will sell.<\/li>\n
- WHO <\/strong>your business is going to sell to.<\/li>\n
- HOW <\/strong>your business is going to sell its products or services.<\/li>\n
- WHICH <\/strong>needs your business will fulfill for the customers.<\/li>\n<\/ul>\n
Sources of Business Ideas<\/h3>\n
- \n
- Mass media.<\/li>\n
- Complaints.<\/li>\n
- Brainstorming.<\/li>\n
- Personal skill.<\/li>\n
- Exercise.<\/li>\n
- Survey.<\/li>\n
- Read more…<\/a><\/li>\n<\/ul>\n
Overview of Decision Making and Calculated Risk Taking.<\/span><\/h3>\n
Procedures for decision making.<\/p>\n
- \n
- Identify the problem.<\/li>\n
- Determine the major problems.<\/li>\n
- Determine potential solutions.<\/li>\n
- Evaluate the business.<\/li>\n
- Select the best solution.<\/li>\n
- Implement the solution.<\/li>\n
- Verify that the solution is correct.<\/li>\n<\/ul>\n
\u00a0<\/strong>Calculated Risk-Taking<\/h3>\n
- \n
- Entrepreneurs always avoid low-risk situations because there is a lack of challenge, they also avoid high-risk situations because they want to succeed.<\/li>\n
- Entrepreneurs do not gamble.<\/li>\n<\/ol>\n
![\"entrepreneur\"](\"https:\/\/i0.wp.com\/hstutorial.com\/wp-content\/uploads\/2018\/06\/DB1185A8-71C3-4948-8938-77E88DF08462.jpeg?resize=242%2C160&ssl=1\")
<\/a>Click on this image to download PDF<\/figcaption><\/figure>\n What are Risk Situations?<\/h2>\n
A risk situation occurs when a choice is required between two or more alternatives whose potential outcome is not known and must be subjectively evaluated.<\/p>\n
Questions to be asked before taking a Risk.<\/h3>\n
- \n
- Is the goal worth the risk involved?<\/li>\n
- How can the risk be minimized?<\/li>\n
- What is the information needed before taking the risk?<\/li>\n
- What fear do I have before taking the risk?<\/li>\n
- What will I achieve before taking the risk?<\/li>\n
- What are the biggest obstacles to achieving my goals?<\/li>\n<\/ul>\n
Procedures for Analysing Risk Situations.<\/h3>\n
- \n
- Access the risk.<\/span><\/li>\n
- Determine the goals and objectives.<\/li>\n
- Clarify alternatives.<\/li>\n
- Gather information and weigh the alternatives.<\/li>\n
- Minimize risk.<\/li>\n
- Plan and implement the alternatives.<\/li>\n<\/ul>\n
Methods of Product or Service Selection<\/span><\/h2>\n
What is a Product?<\/h3>\n
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].<\/em><\/strong><\/p>\n
Selection Criteria<\/h3>\n
An entrepreneur must know\u00a0what to do in a business, like;<\/p>\n
- \n
- What product to sell.<\/li>\n
- What service to render.<\/li>\n
- How do you determine your target customer?<\/li>\n
- How will they buy your product?<\/li>\n
- Price range.<\/li>\n
- How will they find out about your product?<\/li>\n<\/ul>\n<\/a>
Click on this image to download PDF<\/figcaption><\/figure>\n What makes your Product or Service Different?<\/h3>\n
- \n
- Quality.<\/li>\n
- Price.<\/li>\n
- Convenience (i.e, getting the product at the convenience time.)<\/li>\n
- Ethnic approval.<\/li>\n
- Payment offer.<\/li>\n
- Specialization.<\/li>\n<\/ul>\n
Feasibility Study for Small Scale Business.<\/h3>\n
- \n
- Introduction: Importance of the product.<\/li>\n
- Description of the product: Goals, objectives, and location.<\/li>\n
- Market description: Wholesalers or retailers.<\/li>\n
- Description of the product: Explain the types of product you are producing.<\/li>\n
- Organizational plan: Organizational chart.<\/li>\n
- Marketing plan: How to conduct your market research.<\/li>\n
- Financial management: Identify your source of capital.<\/li>\n
- How the profit will be used to enhance your business.<\/li>\n<\/ol>\n
Process and Procedure for Starting an Enterprise<\/span><\/h3>\n
Some people or persons are scared to start up a business because of;<\/p>\n
- \n
- Fear of failure.<\/li>\n
- Lack of capital.<\/li>\n
- Limited business idea.<\/li>\n<\/ul>\n
Types of Business.<\/h2>\n
- \n
- Sole Proprietorship:<\/strong> It is simply a one-man business.<\/li>\n
- Partnership Business:<\/strong> They are owned and managed by 2 and 20 people.<\/li>\n
- Joint Stock Company:<\/strong> They are formed and incorporated as a legal entity by a group of people, either as a LIMITED or UNLIMITED liability company.<\/li>\n<\/ul>\n
LIMITED LIABILITY COMPANY<\/u>: The liability of the members is limited to the shares owned in the company.<\/p>\n
UNLIMITED LIABILITY COMPANY<\/u>: The liability of the members is extended beyond the number of shares they have in a company.<\/p>\n
- \n
- Cooperative Society:<\/strong> They are a group of people who come together with a common interest to enjoy some mutual business benefit. (the members are known as cooperators)<\/li>\n
- Government Enterprise:<\/strong> They are owned and managed by the government at all level. Such enterprise includes; NNPC, NTA, Railway Cooperation, Water Cooperation etc\u2026<\/li>\n<\/ul>\n
Characteristics of a Good Business Name which Every Entrepreneur Must Know.<\/h3>\n
- \n
- It must be short.<\/li>\n
- It must be descriptive.<\/li>\n
- It must be unique.<\/li>\n
- It must be easy to remember.<\/li>\n
- It must be easy to spell.<\/li>\n
- It must be catchy. (draw attention)<\/li>\n<\/ul>\n
The Role of Commercial and Developed Bank in the Promotion of Small and Medium Scale Enterprise.<\/span><\/h3>\n
BOI (BANK OF INDUSTRY)<\/h3>\n
- \n
- It is owned and managed by the federal government of Nigeria.<\/li>\n
- They provide a loan to the small-medium enterprise (SMEs) to encourage the consumption of our local products. i.e, they give loans to small-scale businesses to provide locally made goods or products.<\/li>\n
- They prevent dumping and encourages ventures that can bring the least cost of a product.<\/li>\n<\/ul>\n
NACRDB (NIGERIA AGRICULTURAL COOPERATIVE AND RURAL DEVELOPMENT BANK)<\/h3>\n
The bank is owned by the federal government of Nigeria and was in cooperated in the year 2000.<\/p>\n
- \n
- They encourage rural saving scheme.<\/li>\n
- They provide loans to the farmers.<\/li>\n
- They assist cooperative societies to improve the life of cooperators.<\/li>\n
- They provide credit facilities to agricultural and agro-allied industries.<\/li>\n<\/ul>\n
Micro-Finance Bank<\/h3>\n
They are owned by the government and private individuals.<\/p>\n
- \n
- They encourage training.<\/li>\n
- They provide loans for small-scale businesses and the artisans.<\/li>\n
- They advise the artisans on how to start their business.<\/li>\n<\/ul>\n
FACTORS CONSIDERED FOR GRANTING LOAN.<\/u><\/p>\n
- \n
- Type of loan.<\/li>\n
- Purpose of the loan.<\/li>\n
- Applicants Capability.<\/li>\n
- Security.<\/li>\n
- Business plan.<\/li>\n<\/ul>\n<\/a>
Click on this image to download PDF<\/figcaption><\/figure>","protected":false},"excerpt":{"rendered":" Who is an Entrepreneur? An entrepreneur is a person who makes money by starting or running a business(es), especially when this involves taking a financial risk(s). An entrepreneur should have …<\/p>\n
- Government Enterprise:<\/strong> They are owned and managed by the government at all level. Such enterprise includes; NNPC, NTA, Railway Cooperation, Water Cooperation etc\u2026<\/li>\n<\/ul>\n
- Partnership Business:<\/strong> They are owned and managed by 2 and 20 people.<\/li>\n
- Sole Proprietorship:<\/strong> It is simply a one-man business.<\/li>\n
- Access the risk.<\/span><\/li>\n
- WHO <\/strong>your business is going to sell to.<\/li>\n