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13 Cards in this Set
- Front
- Back
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Enterprise |
A enterprise is a venture that is established for a specific purpose for either making profit or provision of service |
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Entrepreneur |
An entrepreneur is an individual who establishes an organization for a specific reason, either for making profit or providing services taking confidence of any risk that may come. Or A person who puts together the other factors of production in an organised manner to give satisfaction to the people. |
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What is a business |
A business can be defined as a lawful human activity which involves the production and distribution of goods and rendering of services for the purpose of making profit. |
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Qualities of an entrepreneur |
Education Communication skills and human relations Passion Time management Dedication decision making |
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Functions of an entrepreneur |
Planning: setting out goals & objectives and strategies & how to achieve them. Organising: putting things together accordingly. Task of determining what job must be done. Commanding: giving orders. Coordinating: bringing harmony among various resources. Controlling: supervision & monitoring. |
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Planning can be divided into Controlling can be divided into |
Strategic planning: long term planning (5 to 10 years) Operational planning: middle term plans 6 months, 1 year, 2 years Tactical planning: short term planning. Preliminary control (beginning) Concurrent control (during) Feedback (after) |
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Roles of an entrepreneur |
1) Interpersonal role -figure head -liaison officer 2) Informational role -monitor -disseminator -Spokesperson 3) decision role -entrepreneurial role -trouble handler -resource allocator -negotiator |
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Entrepreneurial risks and hazards |
1) Controllable risks are risks that can be managed -bad debt, bankruptcy, theft, fire & accident Bad debt is a type of risk that is experienced by almost all entrepreneurs
2) Uncontrollable risks are risks that can not be anticipated -natural disaster, new technology, government policy & change in demand
Insurance is a policy that protects you against risk Insurable risks are risks who's burden are transferable Uninsurable risks are risks who's burden can not be passed to someone else
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UTC NIB NBI NBCI NIDB SAT ITF Nedfund |
United trading company Nigerian industrial bank Nigerian bank of industry |
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Difference between public and private limited liability company |
•Public limited liability company (joint stock comapnies) Quoted on the stock exchange. Allowed to source funds Formed by 7-infinity - because they sell their shares to the public Memorandum of association is formed •Private limited liability company not quoted at the stock exchange. Not allowed to source for funds in most cases Formed by 2-50 people |
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Memorandum of association Articles of association |
•Name of the company Address and location •Nature of business and aims •limitation of shareholders •objectives of the company •amount and type of shares Articles of association are the internal workings of the company •powers of the directors •Time and schedule of meetings |
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Advantages and disadvantages of limited liability |
Advantages Liabilities are limited unless otherwise stated Easy to raise capital Enjoy parmanence of life Disadvantages Decision making is slow Rigorous process of starting Problems between board, management and shareholders |
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Public corporation |
Established for providing services not profit Public utility cooperation Board of directors Board of management |
