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An entrepreneurship presentation

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Course Title: ENTREPRENEUSHIP
By: Prof. VUKENKENG ANDREW WUJUNG
Lecturer – MINSESUP Yaounde
Email: vukenkengwujung@yahoo.com
1
To enable participants :
• Acquire knowledge and skills in entrepreneurship
• identify and exploit business opportunities
• adopt an entreneurial culture
Methodology
• Exposition
• Lectures
• Cooperative learning
• Advanced assignments
• Brainstorming
Course objectives
2
Chapter 1:General introduction
Chapter 2:Conceptualization of entrepreneurship
Chapter 3:Characteristics and typologies of entrepreneurship
Chapter 4: Legal forms of entrepreneurship
•Chapter 5: Entrepreneurship opportunities and process
•Chapter 6: Financing entrepreneurship
•Chapter 7: Ex-ante financial evaluation of a project
Course outline
3
Chapter 8: Developing an effective business plan
4
CHAPTER ONE
General Introduction
1.1 Objectives:
By the end of this chapter learners should be able to:
• Define entrepreneur, entrepreneurship
• Distinguish between:
Entrepreneur and intrapreneur, Commercial and social
entrepreneurship, public and private entrepreneurship, rural and urban
entrepreneurship, entrepreneurship and business.
• Outline the importance of the study of entrepreneurship
• State the negative aspects about entrepreneurship
• Establish the link between entrepreneurship and economic growth
5
1.2 Some important definitions of entrepreneurship
There are almost as many definitions of entrepreneurship as
there are scholars or books on the subject. Variously,
entrepreneurship means:
• innovation,
• risk-taking
• a market stabilizing force,
• Starting, owning , managing and sustaining a small
business.
6

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ENT PPP.pptx.Undergraduate htttc.pptx

  • 1. Course Title: ENTREPRENEUSHIP By: Prof. VUKENKENG ANDREW WUJUNG Lecturer – MINSESUP Yaounde Email: vukenkengwujung@yahoo.com 1
  • 2. To enable participants : • Acquire knowledge and skills in entrepreneurship • identify and exploit business opportunities • adopt an entreneurial culture Methodology • Exposition • Lectures • Cooperative learning • Advanced assignments • Brainstorming Course objectives 2
  • 3. Chapter 1:General introduction Chapter 2:Conceptualization of entrepreneurship Chapter 3:Characteristics and typologies of entrepreneurship Chapter 4: Legal forms of entrepreneurship •Chapter 5: Entrepreneurship opportunities and process •Chapter 6: Financing entrepreneurship •Chapter 7: Ex-ante financial evaluation of a project Course outline 3
  • 4. Chapter 8: Developing an effective business plan 4
  • 5. CHAPTER ONE General Introduction 1.1 Objectives: By the end of this chapter learners should be able to: • Define entrepreneur, entrepreneurship • Distinguish between: Entrepreneur and intrapreneur, Commercial and social entrepreneurship, public and private entrepreneurship, rural and urban entrepreneurship, entrepreneurship and business. • Outline the importance of the study of entrepreneurship • State the negative aspects about entrepreneurship • Establish the link between entrepreneurship and economic growth 5
  • 6. 1.2 Some important definitions of entrepreneurship There are almost as many definitions of entrepreneurship as there are scholars or books on the subject. Variously, entrepreneurship means: • innovation, • risk-taking • a market stabilizing force, • Starting, owning , managing and sustaining a small business. 6
  • 7. 1.3 SOME IMPORTANT DISTINCTIONS • Entrepreneurship Vs Intrapreneurship • Commercial entrepreneurship Vs social entrepreneurship • Rural Vs Urban Entrepreneurship • Entrepreneurship Vs Invention • Employee, Employer, Investor • Entrepreneurship and business • Risk and uncertainty • Productive and unproductive/ destructive Entrepreneurship • Opportunity and Necessity entrepreneurship • Formal versus informal entrepreneurship 7
  • 8. 1.4 The importance of the study of entrepreneurship • Theoretical Reasons • Reasons related to economics policy • Other reasons 8
  • 9. 1.5 Practical importance of the study of entrepreneurship • To individual entrepreneur  Self-employment  Employment of others  Prestige  Busy  Societal development  Self actualisation  Generation of Unlimited income • To the whole economy  Agents of change and Growth  Employment 9
  • 10.  Increase in investment  Increase rate of economic growth 10
  • 11. TASK State and explain other ways in which entrepreneurship is important to: i) To the individual entrepreneur ii) To the whole economy 11
  • 12. 1.6 Negative aspects of entrepreneurship  Low living standard  High stress  Risk of losing entire investment  Uncertainty 12
  • 13. 1.7 Link between entrepreneurship, econonmic growth and development. • Nature of enterprise created SMEs Little or no growth Large Enterprises Significant growth • Shopkeeper effect Unemployment entrepreneurship Economic growth • Schumpeter effect Unemployment entrepreneurship Economic growth 13
  • 14. CHAPTER TWO Conceptualization of entrepreneurship 2.1 Objectives: By the end of this chapter the learner should be able to: • Describe the entrepreneur/entrepreneurship from different perspectives, • Compare the entrepreneur/entrepreneurship according to different perspectives. 14
  • 15. 2.2 The French conception  Hoselitz (1951:195) • Contractor • Architect  Bernard F. de Belidor • Buying of labour and materials at uncertain prices • Selling the resultant produce at a contracted price  Cantillon (1952) • Buyer and seller • Everyone engaged in economic activity  Francois Quesnay and Nicolas Beaudeau • Risk bearing and innovation • Agricultural cultivator
  • 16. Turgot • Risk bearer Jean Baptist Say • Coordinator of factors of production goods and services profit
  • 17. 2.3The English Conception.  Daniel Defoe quoted in Redlich (1949) • Adventurer, • Undertaker and • Projector  Marshall (1891) • Entrepreneurial functions only in big businesses
  • 18. 2.4 The American .  Walker • Engineers of industrial progress • chief agent of production  Frederick B. Hamley • Risk bearing • Entrepreneurship=other factors of production  Cammons • Reward of entrepreneurship=Profit  Schumpeter (1947) • Innovation
  • 19.  Cole (1959) • Purposeful activities • Decision making 19
  • 20. 2.5 The Austrian conception.  Menger: Entrepreneurial activities To Menger (1981), the entrepreneurial activities include; • Obtaining information about the economic situation, • Making all necessary calculation or arrangement for an efficient production. • Deciding on which inputs are necessary in the production process, and • Supervising production to ensure that it is executed in the most economical way.
  • 21.  Mises: The entrepreneurial element • Optimal use of resources • Identify potential wants and needs  Schumpeter: The innovator entrepreneur • To Schumpeter, the entrepreneur is an innovator in the following ways • Introducing new quality goods in the market, • Introducing new production technology, • Identifying new markets outlets, and • Securing new sources of inputs and creating a new organization or business.
  • 22.  Kirzner: The Universal Entrepreneur a) Qualities Vision, Boldness and Creativity. b) Functions To him, the entrepreneur performs the following; • Arbitrage: i.e. acting upon price differentials across space. This does not call into question innovation. • Speculation: i.e. acting upon price differentials overtime and this does not call into question innovation. • Creation of a new output/ organisation/ method of
  • 23.  Halcombe The entrepreneur creates an enabling environment which breaths more enterprises  High An entrepreneur is someone who bears the uncertainty of action who by means of this alertness introduces a new or common practice
  • 24. TASK • Comment on the four conceptions of entrepreneurship. • Who is an entrepreneur? • What is entrepreneurship?
  • 25. CHAPTER THREE Characteristics and typologies of entrepreneurship 3.1 Objectives: By the end of this chapter the learner should be able to:  Narrate myths about entrepreneurs/ entrepreneurship.  State and explain features of entrepreneurship.  Outline elements of entrepreneurial spirit.  List elements of entrepreneurial success.
  • 26.  Outline the types of knowledge for entrepreneurial success.  List skills for successful entrepreneurship.  State and explain functions of the entrepreneur.  State and explain the motivations of men and women into entrepreneurship.  Describe different types of entrepreneurs.
  • 27. 3.2 Myths about entrepreneurship • Occultism. • Use of traditional medicine. • Other practices.
  • 28. 3.3 Characteristics of entrepreneurship  Risks Bearers.  Decision maker.  Recognize and take advantage of opportunities  Resourceful  Creative  Visionary  Independent thinker
  • 29.  Hard worker  Optimistic  Innovator  Risk taker  Leader  Tolerance for ambiguity  Calculated risk taking  Integrity and reliability  Tolerance for failure  High energy level  Creativity and innovativeness, etc
  • 30. TASK Describe entrepreneur/entrepreneurship using the letters of the alphabet e.g A -Adventurer -Administrator -Arbitrator -Agent of Production
  • 31. 3.4 Entrepreneurship spirit (Mindset) Readiness to be involved in entrepreneurship. Elements of entrepreneurial spirit include. • Creativity • Innovation • Responsibility • Risk-taking (risk tolerance) • Openness to change • Strong individual values • Initiative, passion, optimism • Business acumen (instinct), etc
  • 32. TASKS a) Comment on the level of entrepreneurship spirit in Cameroon. b) What can be done to increase the level of entrepreneurship spirit in Cameroon?
  • 33. 3.5 entrepreneurial success a) Indicators 1) Traditional measures.  Traditional measures include profitability and return on investment. 2) Intangible measures  Self-evaluation of levels of personal happiness and fulfilment.  Independence and control over one's life, Satisfaction of ownership and  Personal satisfaction (Paige, 1999)
  • 34. TASK • Outline other indicators of entrepreneurship success.
  • 35. b)Knowledge necessary for entrepreneurial success • General knowledge • Financial knowledge • Technological knowledge • Knowledge of the market • Knowledge of time management • Knowledge of record keeping • Individual relations • Knowledge of delegation
  • 36. 3.6 Skills of successful entrepreneurs  Product expertise  Strong motivation (desire to achieve)  Marketing/sales skills  Interpersonal skills  Healthy relationship with money  Planning and organizing skills  Professionalism  Communicating skills  Networking  Marketing, etc
  • 37. 3.7 FUNCTIONS OF THE ENTREPRENEUR. • The technical function • The managerial function • The visionary function Other functions of the entrepreneur are:  Planning  Management  Risks taking  Introduction of new production methods  Sale of Productions
  • 38. TASK • Outline some other functions of the entrepreneur not included in the list above.
  • 39. 3.8 MOTIVATIONS INTO ENTREPRENEURSHIP • To be own boss and avoid being controlled by others. • To get a sense of accomplishment that is the joy of creating and getting things done using ones energy and ingenuity. • To possess self-acquired wealth. • To be respected in the society.
  • 40. 3.9 TYPES OF ENTREPRENEURS. Innovation driven entrepreneurship Life style entrepreneurs High growth entrepreneurs Habitual entrepreneurs Novice entrepreneurs Nascent entrepreneurs Serial entrepreneurs 40
  • 41. •CHAPTER FOUR Legal forms of entrepreneurship 4.1 Objectives: • By the end of this chapter the learner should be able to: • Characterize different types of profit and non-profit making businesses • State arguments for and against different forms of business organizations 41
  • 42. 4.2 Profit making forms of entrepreneurship.  The sole proprietorship  The partnership  Private limited company  Public limited company 42
  • 43. 4.3 Non-profit making forms for entrepreneurship.  Public I state owned enterprises  Municipal enterprises  Cooperatives. Other forms of businesses Multinational Companies, Non-Governmental organizations, Common initiative groups (CIGs) Trade associations, Professional bodies, Clubs, Charities etc. 43
  • 44. TASK • Group/bench work • On graduation from the HTTTC which form of entrepreneurship would you like to involve yourself in and why? 44
  • 45. CHAPTER FIVE Entrepreneurship opportunities and process 5.1 Objectives: By the end of this chapter the learner should be able to:  Define a business opportunity.  Identify business opportunities in a given economy.  State and explain reasons for differences in recognizing /exploiting business opportunities.  Outline the entrepreneurship process.  State the essential considerations prior to starting / setting a business. 45
  • 46. 5.2 Definition of business opportunity. a) Discovery perspective. Kirzner (1961) provided the following definitions; (i) An idea about an unsatisfied need in the market with a high profit potential. (ii) A potential to serve customers differently and better than they are being served at present. (iii) An imprecisely defined market need or as un- or under- employed resources or capabilities. (iv) Situations where new goods , raw materials , services and organising methods can be introduced and sold at a greater price than their cost of production. 46
  • 47. TASK • For each of the definitions above, identify atleast four business opportunities in Cameroon. 47
  • 48. b) Definition of business opportunity from the creation perspective. -To Schumpeter business opportunities can be created through invention and innovation. e.g Technological sector. TASK • Identify atleast two potential business opportunities from the creative perspective in Cameroon/Africa/world 48
  • 49. 5.3 STAGES IN ANALYSING A BUSINESS OPPORTUNITY. A business opportunity can be evaluated through the following stages:  Identification or recognition of the business opportunity,  Analysis of the business opportunity to better understand it,  Making a judgment on the business opportunity to either accept it or reject it, and 49
  • 50. 5.4 Reasons for differences in recognising business opportunities.  Education/training  Location/Place  Travelling  Ones past activities  Knowledge of time and place  Differences in creativity, etc. 50
  • 51. 5.5 Entrepreneurship process. To become an entrepreneur one needs to pass through the following seven stages: i) Motivation ii) Taking the decision to start business iii) Vision iv) Mission v) Mobilization of resources vi) Starting the business vii) Running/Managing the Business 51
  • 52. 5.6 Prior considerations to Starting a business TASK • Outline atleast five things which ought to be done by the entrepreneur from the moment of identifying a business opportunity to launching the operations of the enterprise. 52
  • 53. CHAPTER SIX Financing Entrepreneurship 6.1 Objectives: By the end of this chapter the learner should be able to:  Explain the meaning of financing entrepreneurship.  Examine the relative importance of the various sources of finance for entrepreneurship. 53
  • 54. 6.2 Sources of finance a) Internal sources of finance. 1) Personal savings 2) Plough back profits b) External sources of finance. 1) Family members and friends 2) Angel investors 3) Foundations 4) Government assistance 5) Bank loans/bonds 6) Issuing of shares 7) Customer financing 54
  • 55. TASKS 1) Outline other sources of finance for entrepreneurship. 2) Examine the relative importance of various sources of finance for entrepreneurship. 3) What role can the Douala stock exchange Market play in Financing entrepreneurship in Cameroon. 55
  • 56. Chapter Seven Ex-ante financial evaluation of a project 7.1 Objectives: By the end of this chapter the learner should be able to:  Conduct a profitability analysis of a project / business.  Present basic documents of financial analysis.  Present criteria to choose an investment project. 56
  • 57. 7.2 Basic Financial/Accounting Documents Ex-ante financial analysis permits us to answer the following questions:  Is it profitable to invest in a given project". OR  Which project should be chosen from among many projects? 57
  • 58. a) Income Statement Account. 𝑷𝒓𝒐𝒇𝒊𝒕 𝝅 = 𝑻𝒐𝒕𝒂𝒍 𝑹𝒆𝒗𝒆𝒏𝒖𝒆 𝑻𝑹 − 𝑻𝒐𝒕𝒂𝒍𝑪𝒐𝒔𝒕(𝑻𝑪) 𝝅 = 𝒕𝒓 − 𝒕𝒄 • Simple Income Statement Account b) The Cash flow Account • Cash inflow: Cash inflow will include items such as; Initial capital, Increase capital, Net, Depreciation etc • Cash outflow: cash outflows include; Initial investment, Cash purchase of investment, Principal on the loan etc 58
  • 59. 7.3 Criteria for investment plan We present in this section the usual criteria for the choice of an investment project. It is important for us to note that all investment projects have; • Initial capital for investment (I0) • Annual cash flow [Ft] • Investment rate (i) • Life span of the project (n) • Residual value (VR) 59
  • 60.  The Payback Period The payback period is the time necessary to recover the initial investment Payback period = I0/Ft Where I0= Initial capital Ft=Annual cash flow E.g, consider an investment of 1600,000 FCFA in a project with a life span of 5yrs. If the cash flow is constant at 400,000 FCFA, determine the payback period? 60
  • 61. Solution Payback period = I0/Ft PBp=l600,000/400,000= 4 = 4years 61
  • 62. Decision Rule • A project is accepted when the payback period is equal to or less than the initial payback period determined or desired by an investor. • A project is preferred to other projects if its payback period is lower. NB: This approach presents a limitation in that it does not consider long term cash flows. When cash flow is not constant, we use the TCF account to determine the PBp ( see TCF above). 62
  • 63. Other Criteria for investment plan The Net Present Value It is the present value of the future income generated by a project. Decision Rule • A project is retained or accepted when its NPV is positive. • A project is preferred if its NPV is highest. 63
  • 64. Internal Rate of Return This is the rate which renders the 𝑁𝑃𝑉 to be zero. Decision Rule  A project is executed or retained if the 𝐼𝑅𝑅 is greater than a rate fixed in advance by the investor. This can be similar to that in the stock market.  A project is preferred to another if its return rate is higher. 64
  • 65. Profitability Index. This is given by; 𝑃(𝐼) = 𝐼 + 𝑁𝑃𝑉 𝐼0 Decision  A project is accepted if; P(I)>1  A project is preferred to another if its P(I) is highest. Remark; The approach developed above is based on the assumption that the future is certain. When the future is uncertain, risk profitability and decision analysis is adopted. 65
  • 66. Chapter Eight Developing an effective business plan 8.1 Objectives: By the end of this chapter the learner should be able to:  Define a business plan.  State the importance of a business plan.  Describe the different parts of a business plan.  Write a business plan 66
  • 67. 8.2 What is a business plan? • A business plan is the written document that shows in detail the proposed venture. • It must illustrate current status, expected needs, and projected results of the new business. • The business plan is the entrepreneur's road map for a successful enterprise. • The business plan describes to investors and financial sources all of the events that may affect the venture being proposed. 67
  • 68. 8.3 Benefits of a business plan.  Benefits to the entrepreneur. 1. Forces him to view the venture critically and objectively. 2. Subjects him to close scrutiny of his assumptions about the success of the venture. 3. Helps him develop and examine operating strategies and expected results for outside evaluators. 4. The business plan quantifies goals and objectives. 5. 5. The completed business plan provides him with a communication tool for outside financial sources as an operational tool for guiding the venture to success. 68
  • 69.  Benefits to the financial sources. 1. Provides details of the market potential and plans for securing a share of that market. 2. Illustrates the venture's ability to service debt or provide an adequate return on equity. 3. identifies critical risks and crucial events. 4. Gives a clear, concise document that contains the necessary information for a thorough business and financial evaluation. 5. Provides a useful guide for assessing the individual entrepreneur's planning and managerial ability. 69
  • 70. 8.4 Parts of a business plan • The Executive summary. • Business description. • Marketing segment • Research, design, and development segment. • The location segment. • The management segment • Critical risks segment • The financial segment • Milestone schedule segment. 70
  • 71. • SWOT analysis • Corporate social responsibility • Timetable for various activities. • Appendix/bibliography 71
  • 72. 8.5 Presentation of a business plan.  Suggestions for preparation. 1. Know the outline thoroughly. 2. Utilize key words in the outline that help recall examples, visual aids, or other details. 3. Rehearse the presentation to get the feel of its length. 4. Be familiar with any equipment to be used in the presentation. 5. The day before, practice the complete presentation using all visual aids and equipment. 6. The day of the presentation, arrive early in order to set up, test any equipment, and organize notes and visual aids. 72
  • 73.  What to expect. 1. Must expect and prepare for a critical, sometimes sceptical, audience of financial sources. 2. The entrepreneur must be prepared to handle the questions and learn from the criticism. 73
  • 74. TASK  In not less than 25 pages write a comprehensive business plan for an identified business opportunity.  See sample business plan 74

Editor's Notes

  1. 1. Modes de visualisation de la bibliothèque 2. Liste déroulante des styles bibliographiques 3. Accès rapides aux fonctions 4. Accès aux groupes, aux catalogues et aux bases de données 5. Formulaire de recherche 6. Liste de références 7. Prévisualisation de la référence dans le style sélectionné
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