1. GST 211
GENERAL STUDIES
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2. COURSE TITLE : GST-INTRODUCTION TO ENTREPRENURIAL SKILLS- 2CREDIT UNITS COURSE TITLE :GST 211
COURSE CONTENT
1. INTRODUCTION TO ENTREPRENEURSHIP AND NEW VENTURE CREATION
2. THE THEORY AND PRACTICE OF ENTREPRENEURSHIP
3. FORMS OF BUSINESS
4. STAFFING, MARKETING AND THE NEW VENTURE
5. FINANCIAL PLANNING AND MANAGEMENT
6. STARTING A BUSINESS
7. FEASIBILITY STUDIES AND INNOVATION
8. LEGAL ISSUES IN BUSINESS
9. INSURANCE AND ENVIRONMENTAL CONSIDERAIONS
10. BUSINESS OPPORTUNITIES IN NIGERIA
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3. INTRODUCTION TO ENTREPRENEURSHIP AND NEW VENTURE CREATION
Entrepreneurship is the process of bringing together creative and innovative ideas and actions with management and organizational skills. - Innovation and creativity Entrepreneurship is about learning the skills needed to assume the risk of establishing a business. It is about developing the winning strategies and executing them with all vigour, persistence and passion needed to win any game. - undertakers, winning strategies, vigour, persistence and passion ‘
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4. GENERAL STUDIES(GST)
THE ROLE OF ENTREPRENEURSHIP IN ECONOMY 1.Job creation 2. Innovation 3. Productivity and economic efficiency
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5. Characteristics of a successful entrepreneur
Being Entrepreneurial
A strong desire to achieve
Task Oriented
Being a good business planner
Tolerance for ambiguity and stress
Skilled in taking realistic and calculated risk
Future- oriented
Problem solving
Slide Structure
Templates
Fonts
Formatting
Background
Graphs/Images
Spelling and Grammar
Conclusions
Questions
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6. VENTURE CREATION -Blueprint for building and expanding a business
A written development articulating business opportunities
Sources, strategic plans and actions
Executive plan.
Ex: Use the titles of each slide as main points
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7. Resources to support a new Venture
Capital
Debt Financing
Equity capital
Management Assistance
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8. Types of Entrepreneurs
Based on Role
Artisan
Classical Entrepreneur Identity
Manager Identity
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9. Basis of orientation and pattern of behavior
Craftsman Entrepreneur
Opportunistic Entrepreneur
Basis of Route
1.Invention based on technical background.
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10. Problems of Entrepreneurs in Nigeria
Management problems
Financial and start up problems
Nurturing problems
Succession Problems
Marketing problems
Production problems
Management functional problems.
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11. Other Types of Entrepreneur
Intrapreneur
GST 211: General Studies by Kifordu A.A. is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

12. Learning outcomes/Texts
Introduction to business by Justice O. Omo Okei
Principles of Entrepreneurship Development by Tony Dibashi….
Outcomes- Discussions/Advice.
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13. The Theory and Practice of Entrepreneur
Economic Theory
Resource-Based Theory
Psychological Theory
Sociological/Anthropological Theory
Opportunity-Based Theory
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14. Theories of Entrepreneurship contd
Economic Theories
Economic entrepreneurship theories date back to the first half of the 1700s with the work of Richard Cantillon, who introduced the idea of entrepreneurs as risk takers. The classic, neoclassical and Austrian Market process schools of thought all pose explanations for entrepreneurship that focus, for the most part, on economic conditions and the opportunities they create.
Economic theories of entrepreneurship tend to receive significant criticism for failing to recognize the dynamic, open nature of market systems, ignoring the unique nature of entrepreneurial activity and downplaying the diverse contexts in which entrepreneurship occurs.
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15. Theories contd Resource-Based Theories
Resource-based theories focus on the way individuals leverage different types of resources to get entrepreneurial efforts off the ground. Access to capital improves the chances of getting a new venture off the ground, but entrepreneurs often start ventures with little ready capital. Other types of resources entrepreneurs might leverage include social networks and the information they provide, as well as human resources, such as education.
In some cases, the intangible elements of leadership the entrepreneur adds to the mix operate as resource that a business cannot replace.
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16. Theories contd Psychological Theories
Psychological theories of entrepreneurship focus on the individual and the mental or emotional elements that drive entrepreneurial individuals. A theory put forward by psychologist David McCLelland, a Harvard emeritus professor, offers that entrepreneurs possess a need for achievement that drives their activity. Julian Rotter, professor emeritus at the University of Connecticut, put forward a locus of control theory. Rotter’s theory holds that people with a strong internal locus of control believe their actions can influence the external world and research suggests most entrepreneurs possess trait. A final approach, though unsupported by research, suggests personality traits ranging from creativity and resilience to optimism drive entrepreneurial behavior.
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17. Theories contd Sociological/Anthropological Theories
The sociological theory centers its explanation for entrepreneurship on the various social contexts that enable the opportunities entrepreneurs leverage. Paul D. Reynolds, a George Washington University research professor, singles out four such contexts: social networks, a desire for a meaningful life, ethnic identification and social-political environment factors. The anthropological model approaches the question of entrepreneurship by placing it within the context of culture and examining how cultural forces, such as social attitudes, shape both the perception of entrepreneurship and the behaviors of entrepreneurs.
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18. Theories contd Opportunity-Based/innovation Theory
Prolific business management author, professor and corporate consultant, Peter Drucker put forward an opportunity-based theory. Drucker contends that entrepreneurs excel at seeing and taking advantage of possibilities created by social, technological and cultural changes.
For example, where a business that caters to senior citizens might view a sudden influx of younger residents to a neighbourhood as a potential death stroke, an entrepreneur might see it as a chance to open a new club.
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19. Practical Analysis
Economic Theory •Entrepreneurship and economic growth take place when the economic conditions are favourable •Economic incentives are the main motivators for entrepreneurial activities •Economic incentives include taxation policy, industrial policy, sources of finance and raw material, infrastructure availability, investment and marketing opportunities, access to information about market conditions, technology etc
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20. Practical Analysis contd
Sociological/Anthropological Theory
•Entrepreneurship is likely to get a boost in a particular social culture
•Society’s values, religious beliefs, customs, taboos influence the behaviour of individuals in a society
•The entrepreneur is a role performer according to the role expectations by the society
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21. Practical Analysis contd
Psychological Theory
•Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary psychological characteristics
•The psychological characteristics include need for high achievement, a vision or foresight, ability to face opposition
•These characteristics are formed during the individual’s upbringing which stress on standards of excellence, self reliance and low father dominance
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22. Practical Analysis contd
Entrepreneurship Innovation theory
•Theory by Joseph Schumpeter who believes that entrepreneur helps the process of development in an economy
•He says that an entrepreneur is the one who is innovative, creative and has a foresight
•According to him, innovation occurs when the entrepreneur
–Introduces a new product
–Introduces a new production method
–Opens up a new market
–Finds out a new source of raw material supply
–Introduces new organisation in any industry
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23. Practical Analysis contd.
Theory of High Achievement/Theory of Achievement Motivation
•McClelland identified 2 characteristics of entrepreneurship–Doing things in a new and better way–Decision making under uncertainty
•He stressed that people with high achievement orientation (need to succeed) were more likely to become entrepreneurs
•Such people are not influenced by money or external incentives
•They consider profit to be a measure of success and competency
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24. Practices of Entrepreneurship
-Techniques for generating business ideas/opportunities
Evaluation of a business idea for developing enterprise
Methods of product /service selection
Operational Techniques in managing an enterprise
Agencies and support groups in Nigeria
GST 211: General Studies by Kifordu A.A. is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

25. Techniques for business opportunity generation
Attractive business idea with returns by a risk taker
Imaginative, creative, inventive and innovative mind
Manufacturing-Construction-Agro/Agri-business-Extractive sectors etc
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26. SWOT Analysis
Process of exploring opportunity-Recognize a venture, conduct self approval, environmental scan, analysis of this idea, select best idea and implement.
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27. Market survey
Sources of idea-hobbies, interests, mass media, brainstorming, exhibitions etc
Reasons for generating ideas-Sacred value, market needs, market leadership, product life cycle, trendy life style etc.
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28. Evaluation of business idea for Enterprise
Concept of business plan-financial, marketing,H/R,production etc
Short or long term/ operational or strategic...
Written documents of where am I? Where am I going? And how will I get there?
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29. Evaluation of business idea for Enterprise contd
Preliminary Proposal preparation-
-Background
-State-of –the –Art
Proposal
Consortium
Objectives
Competiveness
Cost
Impact and other issues
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30. Evaluation of business idea for Enterprise contd
Method of product/Service selection
-Define a product
-Nature and characteristics of a product
Product selection
Factors associated with product selection
Venture ideas generation
Steps involved in screening/ pre-feasibility
Effect of government policy
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31. Evaluation of business idea for Enterprise contd
Operational Techniques
-Features of CAMA, 1990
-Functions of CAC,1990
-Legal structures of business
-Factors you consider in naming a business
Registering a business
Procedure for incorporation
Identify the various agencies
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32. Evaluation of business idea for Enterprise contd
Agencies that support/ Regulate your business -Nigerian Export Promotion Council- NEPC -Nigerian Investment Promotion Commission –NIPC -NIDB, BOI etc -SEMEDAN...etc
GST 211: General Studies by Kifordu A.A. is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

33. Questions?? Questions/ Contributions/ Opinions/Clip…..Next Class
-Feasibility studies
Legal issues in business
- Possible bussiness opportunities in Nigeria
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34. FEASIBILITY STUDY AND REPORT WRITTING
Business Ideas sources?
Business investments and failures?
Why businesses fails?
Concept of feasibility and business plan?
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35. Feasibility Study
A feasibility study helps to narrow the scope of the project to identify the best business model while business plan deals with only one plan or model.
Feasibility is all about business idea viability while business plan deals with business growth and sustainability
Feasibility study comes before business plans.
GST 211: General Studies by Kifordu A.A. is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

36. GST 211: General Studies by Kifordu A. A
GST 211: General Studies by Kifordu A.A. is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.