CHAPTER ONE

ENTREPRENEURSHIP ARPRECIATION
What is Entrepreneurship?
The concept of entrepreneurship was first established in the 1700s,and meaning has evolvad ever
since. Many simply equate it will starting one’s own business.
Several scholars have looked at Entrepreneurships with different perspectives. Economists have
the viewpoint that entrepreneurs bring resource in unurual combination to generate profits. That
is, the Entrepreneur is one who is willing to bear the risk of a new venture if there is a
significant chance for profit Others emphasiz the entrepreneur role as an innovator who markets
his innovation. Still,other economists say that Entrepreneurs develop new goods or processes
that the market demands and are not currently being supplied.
In the 20th century ,economit,Jossph Scurpeter(1883-1950)focused on how the entrepreneur's
drive for innovation and improvement create upheavel and change Schumpeter viewed
entrepreneurship as a process to reform and revolution the pattern of production by exploiting as
invention or more generally, an untied technological possibility for producing a new or
producing an old one in a new way, by opening up a new source of supply of materials of new
outlet for products. Entrepreneurship as defined essential consists in doing things that are not
generally done in the ordinary course of business routine.
Schumpeter did not equate entrepreneurship with inventor,suggesting that inventor might only
create a product, whereas an entrepreneur an will gather resources, organize talent, and provide
leedership to make it a commercial success.
From the business point of view,the business expert, Peter Drucker(1909-2005)describing the
entrepreneur as soure wio actualry searcbes furchaage,responds to it ad explois change as aa
opportunity. He described theentrepreneurial role as ors of gsthering and using resourses,but he
added that"resources,to produce resulis,must be alloceted to oportties rather then toproblegne".In
Drucker's view,entreprereucccurs whea resources areredirected to progressive opportunities noi
ue to ensure [Link] redirection of resources distinguishes the
entrepreneurial rolefrom that of the traditional managemeni role, adistinction that Henry
Fordmade in his decisions.
For psychologists, they tend to view entrepreneurs in behavioral terms as achievement oriented
individuals driven to seek challenges and accomplishments. The psychologists opine that the
survival of a busimess is fundamentally based on the individual personality [Link] it, the
need for achievement, creativity,propensity to take risk, independence, employer of
labour,facilitator of growih and leadership.
The philosophers viewed entrepreneurs as exploitative adventure, representative of all that is
nepative in capitalism.
The sociologists viewed that Entepreneurship is governed by the societal value and status
hierarchy. They generally believe that entreprensurship will flourish in a society where people
depend on their handworks,initiative and good perfomance.
The Anthropologists believe that an Entrepreneur is the persom with the chararteristic of
excellent humanitarian traits to go into word of uncertainty.
Corporate Managers too often view entepreneurs as small business persons lacking the potential
needed for corporate management, but poses and can display the skills needed to combine the
factors of production, plan, to achiewe organize, motivate, direct, contol and coordinate them to
orgamizational or business objective, in order to satisfy the societal needs.
On a positive note, Vesper suggests that those of us who strongly favour a market economy view
entrepreneurs as a piller of industrial strength the movers and shakers who constructively disrupt
the status quo.
DEFINITIONS OF ENTREPRENEURS
There are so many definitions of Entrepreneurship because the evolution of the concept has
generated many definitions.
But few are going to be mentioned in this [Link] out investment opportunities,establish
and run an enterprise successfully (Kilby,1971)。

Entrepreneurship can be defined as a process of putting individuall or group efforts together both
mentally and physically to search for an unidentified area(s) that can bring business
opportunities for development and growth,through combination of other factors of production by
assuming the risks involved in order to achieve a stated objective (Arowomole,2014).
WHAT MAKES SOMEONE AN ENTREPRENEUR?
Who can become an Entrepreneur? There is no one definitive [Link] entrepreneurs
come in various ages,income levels,gender,and [Link] differ in education and experience.

The characteristics or features or nature or qualities of entrepreneurs as individual are essential to

contribute to the contribute to the success of enterprise. McClelland stated the qualities or
characteristics of a successful entrepreneur as an individual with technical competences, risk-
taking,high initiative.
Higgins defines entrepreneurship as function of seeking investment,production
opportunity,organizing an enterprise to undertake new production process,raising capital,hiring
labour, arranging resources and introducing new organization.
Robert Ronstalt defnes entrepreneurship as the dynamic process of creating incremental
[Link] wealth is created by individuals who assume the major risks in terms of
equity,time,and/or career commitnent of providing value for some products or services. The
product or service itself may or maynot be new or unique but value must somehow be infused by
the entrepreneur by securing and allocating the necessary skills and resources.
According to Robbert D. Hisrich and Candidala Brush (1985) define entrepreneurship as the
process of creating something new with value by devoting the necessary time and effort,
assuming the accompanying financial,psychic,and social risks'and receiving the resulting
rewards of monetary and personal satisfaction and independence.
Hisrich and Peters (2002), define entrepreneurship as the process of creating something new and
assumning the risks and rewards.
Entrepreneurship has been defined as the willingness and ability of an individual to good
judgment, intelligence to analyze and solve problem areas,leadership qualities,confidence,
positive attitude, high level of [Link],honesty,integrity,emotional stability and
fairness.
The complementary characteristics that are necessary for the success ofan enterprise are:
1. Passion: This is what gets entrepreneurs started and keeps them [Link] gives entrepreneurs
the ability to convince others to believe in their [Link] cannot be substituted for planning,but it
will help them stay focused andto get others to look at their plans.
2. Determination and long-term involvement: Determination is theextremely strong desire to
achieve [Link] includes persistence and theability to bounce back after tough times. It
persuades the entrepreneur tomake the 10th phone call,after nine have yielded [Link]
commitmentfrom the entrepreneur for longer period may be five (5) to ten (10)years isnecessary
for conceptualization,building and running an enterprise. For the accommodation and accept
people.

WHY BECOME AN ENTREPRENEUR?

What leads a person to strike out on his own and starts & business?Perhaps a person has been
laid off once or more. Sometimes a person frustrated with his or her current job and does not see
any better prospeets on the [Link] a person realizes that his or her job is in
jeopardy.A firm may be contemplating cutbacks that could end a job or limit career or salary
[Link] a person already has been passed over for promotion, perhaps a person sess no
ofportunitics in exixting businsesomcone with his or her interest and skills.
Some people are actually repulsed by the idea of working for [Link] object to a
system where reward is often based on seniority rathe than accompolishment,or where they have
to conform to a corporate culture.
Other people decide to become entrepreneurs because they adisillusioned by the bureaucracy or
politics invoived in gerting a head in ■estblished business or profession. Some are tired of trying
to promoteproduct, service, or way of doing business that is outside the mainstreaoperations of a
large company.
In comtrast some people are attracted to entrepreneurship by advaniages and benefit of stating a
business.
These include:
1. Enprepreneurs are their own bosses. They have the freedom from control of others. They are
able to use their knowledgewedge, skills, make desills,make [Link] choose whom to do
business with and what work they will [Link] what hours tos to work, as wes well as what
to pay and whether to talvacations. When you are self-employed,you are driven by spirit of
selreliance is individual survival
2) Entrepreneurship offers a greater possibility of achieving significant financial rewards than
working for someone else.
3) Entrepreneurship offers personal satisfaction. Personal satisfaction means do what you want
with your life. When you see your own product or service,you will receive personal satisfaction.
The reward for being selfemployed is personal satisfaction. It offers the prestige of being in
person in charge.
4. It provides the ability to be involved in the total operations of the business,from concept to
design and creation, from sales to businessoperations and customer response.
5) It gives an individual the opportunity to build equity which can be keplsold,or passed on to the
next generation.
6)Entrepreneurship creates an opportunity for a person to & contributionMost new and existing
entrepreneurs help the local and natural economy

CHALLENGES AND DECISION MAKING

Entrepreneurship is an attractive career choice. But many challengeshave to be faced or
encountered and many decisions have to be made beforeLeunching and managing a new
business,no matter its [Link] the questions that need to be answered are:
[Link] the individual truly want to be responsible for a business?
b. What product or serviceshould be the basis of the business?
c. Is the market available?
d What is the size of the market,and where should it be located?
e. Is the potential of the business enough to provide a living wage for itsemployees and the
owner?
[Link] can a person raise the capital to get started?
g Should an individual work full or part-time to start a new business?
Should the person start alone or with partners?
Answers to these questions are not empirically right or [Link],the answers will be based
on each entreprencur's judgment.
An entrepreneur gathers as much information and advice as possible before making these and
other crucial decisions.
The entrepreneur's challenge is to balance decisiveness with caution,to be a person of action who
does not procrastinate before seizing an opportunity,andathe same time,to be ready for an
opportunity by having done all the preparzlorywork possible to reduce the risks of the new
endcavour.
Preparatory work includes evaluating the market opportunity,developing the product or service,
preparing a good business plan,figuring out how much capital is needed,and making
arrangements to obtain that capital.
Through careful analysis of entrepreneur's successes and failures,the following key factors have
been indentified for up-and-coming business ownersto consider [Link] them into account
can reduce [Link] contrast,payingthem no attention can precipitate the downfall of a new
enterprise.
1 Passion and [Link] is what gets entrepreneurs startedand keeps them
[Link] gives entrepreneur the ability to convince others tobelicve in their [Link]
is the extremely strong desire toachieve [Link] includes persistence and the ability to bounce
back aftertough [Link] is asaying"Tough times do not last,it is only the Tough-man'that
last".
2. [Link] is the incentive for starting a business? Is it money alone?True,many
entrepreneurs achieve great wealth, However,money is almostalways tight in the startup and
early phases of a new [Link] do not even take a salary until they can do so
and still leave thefirm with a positive cash flow.
3. [Link] is the strategy for distinguishing the product or service? Is theplan to compete
solely on the basis of selling price?Price is important,butmost economists agrees that it is
extremely risky to compete on price [Link] firms that produce huge quantities have the
advantage in loweringcost.
[Link] vision:Is thererea■tic vision of the enterprises potential?Insufficient operatingare the
cause of many failed [Link] often undciestimate start-up costs and
overestimate salesrevenues in their business [Link] analysts'advice adding 50 percent tocost
estimates and reducing sales projections. Only then can the entrepreneur examine cash flow
projections and decide if he or she is readyto launch a new business.
DECISION TO DO IT ALONE OR TEAM UP
One important choice that new entrepreneurs have to make is whether to start abusiness alone or
with other entrepreneurs. They need to consider manyfactors which include:
[Link]'s personal qualities and skills
[Link] capital out lay
[Link] of the planned Business/Venture
[Link] of the planned Business
[Link] resources required
There are many advantages to startinga firm with other [Link] share
decision-making and management [Link] canaiso give each other emotional
support,which can help reduce individual [Link] formed by teams have some what
lower [Link] one of the foundersis unavailable to handle his or her duties,another can step
[Link] interactionoften generates creativity.
Members of a team can bounce ideas off each other and "brain storm" solutions to
[Link] show that investors and banks seem to prefer financing new businesses started
by more than one [Link] alone may justify forming a team.
Other important benefits of teaming come from combining monetary resources and expertise.
In the best situations, team members have complementary [Link] may be experienced in
engineering, another mayhave accounting knowledge and the other may be an expert in finance
andmarketing respectively.
In general,strong teams have a better chance at [Link]"Entrepreneurs inHigh
Technology".Professor Edward Roberts of the Massachusetts Institute ofTechnology (MIT)
reported that technology companies formed byentrepreneutial teams have a lower rate of failure
than those started [Link] is particularly true when the team includes a marketing
[Link] of different ages can create complementary teams [Link] and a
"can-do-spirit characteristic of youth, while age bringsexperience and realism. In 1994,for
example,Marc Andreessen was a talented,young entrepreneur scientist with an innovative
[Link] Clark,the founder
 CHAPTER TWO
HISTORY AND GOVERNMENT POLICY MEASURES
INTRODUCTION
Ever before the dawn of colonialism,self-employment has been thetradition in the Nigerian
economy. Majority of the Nigerian workingpopulace was engaged in farming, manufacturing,
crafts and cottageindustries. In this chapter,the reader is introduced to the generic,origin andthe
historical antecedents of entrepreneurship in [Link] is equallymade to highlight the
implication of government policies and the practice ofentrepreneurship in some selected
countries with valuable lessons that can belearnt from them.
2.1 LEARNING OBJECTIVES
At the end of this chapter,students should be able to:
 Trace the historical development of entrepreneurship in Nigeria.
 Understand the role of entrepreneurship in economic development.
 Appreciate government policy measures and business
2.2 HISTORICAL DEVELOPMENT OF ENTREPRENEURSHIP IN NIGERIA
The history of entrepreneurship in Nigeria can be classified under thefollowing stages:
[Link] stage;and
[Link] stage
THE EARLY STAGE
Entrepreneurship started when people produced more producia thau theyneeded,as such, they
had to exchange these [Link] instance,if ablacksmith produced more hoes than he
needed,he exchanged the surplus hehad with what he had not but needed;maybe he needed some
yams or goats etc,he would look for someone who needed his products to exchange [Link]
way,producers came to realize that they can concentrate in their areas of production to produce
more and then exchange with what they [Link] this exchange of
products,entrepreneurship started.A typicalNigerian entrepreneur is a self made man who might
be said to have stngwill to succeed, he might engage the services of others like; friends,mates,im-
laws etc to help him in his work or production. Through this way,Nigerians in the olden days
were engaged in [Link] is characterized with prodnction or
manufacturing inwhich case the producer most often started with a small capital,most of itfrom
his own savings. Early entrepreneurship started with trade by bartereven before the advent of any
form of money.
THE MODERN STAGE
Modem entrepreneurship in Nigeria started with the coming of thecolomial masters,who brought
in their. wears and made Nigerians theirmiddle [Link] this way,modem entrepreneurship was
[Link] ofthe modern entrepreneurs were engaged in retail trade or sole
[Link] of the major factors that have in many ways discouraged this flow
ofentrepreneurship development in Nigeria is the value system brought aboutby formal
education. For many decades, formai education has been thepreserve of the privileged. With
formal education, people had theopportunity of being employed in the civil service,because in
those days,theeconomy wyas large enough to absorb into the prestigious occupation allNigerians.
As such, the system made Nigerians to be dependent on thecolonial masters.
Again,the contrast between Nigerian and foreign entrepreneursduring the colonial era was the
very detrimental and competitivebusiness strategy of the foreign entrepreneurs,which was
ruinous andagainst moral standards established by [Link] did not adhere tothe theory of
"live and let's live". For instance, the United AfricanCompany(UAC)that was responsible for a
substantial percentage of theimport and export trade of Nigeria,had the policy of dealing directly
withproducers and refused to make use of the services of [Link] refusal of
the expatriates to utilize the services ofalbusinessmen inhibited their expansion and acquisition
of necessary skills and [Link] of this, many eventually folded up.
Those that folded up built up resentment against business which becamevery demoralizing to
other prospective enrepreneurs. As a resalt,the flow ofentrepreneurship in the country was
slowed [Link],with more people beingeducated and the fact that govemment could no longer
employ most schoolleavers,ecohomic programs to encourage individuals to go into
privatbusiness and be self reliant were initiated.
Such economic policy programs that are geared towards self reliance forindividuals are programs
as Open Apprenticeship Scheme, GraduateEmployment Programs etc and other policies that
encourage or make it easy forentrepreneurs to acquire the needed funds e.g.;Peoples Bank of
Nigeria, Fundsfor Small-Scale Industries(FUSSI),Co-operative Societies etc were establishedto
assist entrepreneurs in Nigeris.
ENTREPRENEURIAL DEVELOPMENT IN NIGERIA
While these statistics bid well for the country's economic prospects, they also serve to reaffing
the vital importance of entrepreneurial development in achieving that potential
PAST ENTREPRENEURSHIP DEVELOPMENTS
According to Osalor (2008), people of the Ibo community in Nigeria areconsidered oneof the
oldest entreprenears in history, their expertise stretchingback to times before moder, currency and
trade models had developedelsewhere on he planet. In the more recent past,Nigerians adapted
their naturaltalenis to evolve traditional businesses and crafis that have sustained most ofthe
country's rural and urban poor for the better part of the last half [Link] the oil boom of
the 70s brought in billions of petrodollars, most of thecountry's population remained untouched
by the new-found prosperity,thenksto widespread political corruption and catastrophic economic
[Link] of these and other factors,the World Bank estimates that 80 of
oilrevenues benefited just 1% of the population.
Most of Nigenia's current woes trace back to a historic overdependenceon oil to the negligence
of all other sectors,including customary trades and [Link] of mon-inclusive policies
alienated the vast majority ofNigenians,plunging the Chuntry into a miasma of extreme poverty
and ravagingcivil and political strife. The climate of economic stagnatiom spawmed amammoth
iniomal economy that continues to sustain the bakk of Nigena's 148million people. It is a
measure of Nigenia's inherent entreprensurial capacitythet this informal,un-organized sector
presenily accounts for 65 of CroasNational Product and aecoumts for 90% of all new jobs. All
these factons haveremendous relevance for Nigenia's fuare prospocts, even more so
considennsthe extent of ohicial negleci and lack of assistanceof assistance and infastructure that
rhecountry's indigenous entrepreneurs have had to oe had to [Link] theinfosmal
economy and leveraging its full ptential is a prerequisite for Nigenato emerge from the shackles
of its Third World legacy.
2.3 THE FUTURE OF ENTREPRENEURIAL DEVELOPMENT IN NIGERIA
. It is if Nigena's hopes of economic supenority rest on indinidua!optimism and enterprise alone.
Right after te reinststement of democracy in1999, the govemment of former president Obasanjo
unveiled anbitious plansto take the sub-Saharan nation to the top 20 world economies by
[Link] is aleo a signatory to the UN Millennial Declaration of 2000 for ibeachieverent of
universal basic human rights - relating to health, cducation,shalter and sesurity- in a tine bound
manner by 2015. Both objectives Prescnsmammad challenges for Nigenis in terns of reversing
past trends and evolvinginnovative strategy for sustainable and inclusive growth. The primary
focus ofOtassnjo's policies centered on accelerated developinemt throughesgepscneurial
education (which he made mandatory for college-studenis ofali disciplines) and the creation of
conditions favorabie to a new businessregime built on innovation and adaptability. The federal
government has sinceinitiated successive programmes aimed ar promoting enterprises
shroughwidespread use of technology and socially relevant business [Link] of
success of these and other measures,however,is still a matter [Link] to the 2007
Gallup poll,69% of respondents planning new

businesses had no intention of registering their operations,indicating theywould still-prefer to be

part of the informal [Link] light of Nigeria'slong-term goals, this is certainly bad news.
2.4 OBSTACLESTO ENTERPRISE DEVELOPMENT
Osalor (2008) states that disinlerest in the formal economy reflectsthe status of Nigeria's policies
and tax regime, which have long been deemneddetrimental to the growth of viable
[Link] more disturbing is thefact that this continues to be the case despite the energetic
reforms processinitiated afterthe return of [Link] is more than evident that
piecemealmeasures are unequal to meeting the challenges that Nigeria has set itself upto.
The following are the most important obstacles facing rapid entrepreneurinl development:
 Absence of a pro-active regulatory environment that encouragesinnovative enterprise
developmentat the grassroots level.
 Significant in frastructural deficits (especially with regards to roads andelectrigity)and
systemic inregularities inimical to small businesses.
 The presence of administrative and trade barriers that curtail capacitybuilding and inhibit
accoss to technical support.
 Absence of regulatory mechanisms for effective oversight of enterprisedevelopment
initiatives, especially those in the MSME space.
 Poor access to vocational and skills-development training for rural and·urban youths
involved in the informal [Link] political andbureaucratic corruption,together
with the absence of social consensuson important macroeconomic policy issues.
More than 73% of Nigerians featuring in the Gallup survey concededaccess to finance was the
single-most important hurdle in the way tosetting up successful [Link] telling is the
fact that about 60%of respondents claimed that current policies,despite the government's focus
on enterprise development,do not make it easy to start a business inNigeria.
SOME ADDITIONAL FACTORS TO CONSIDER
Forbes Maguzine recently sat down with Lagos Business School's PeterBankole to discuss the
current obstacles facing aspiring [Link] interview outlines three major
problems:
 Constrained access to local and intemational markets that stuntentrepreneurial expansion
and proliferation.
 Severe infrastructure deficits (mainly of power and electricity) thathamstring both new
and existing businesses.
 Inadequate access to finance and the absence of a credit pelicy thataddresses the specific
needs of enterprises.
The road to Nigeria's emergence as an econoinic supetnower ismuddy and [Link] than
just optimism, it calls for clever econornicmaneuvering that will help turn the country's fortunes
around for [Link] of entrepreneurship
i. Arrangement of work to be carried out on employment assignment etc.
ii. Provision of money for investment in the business
[Link] of the capital base materials,building,machines etc.
iv. Organization of the work of other factors the entrepreneurs employ.
v. Making of important-decisions what,how,when to produce
[Link] of the products composition and size of the markets,perceivedquality improvement
and new avenue to market the products.
2.5 ROLE OF ENTREPRENEURSHIP IN NATIONAL DEVELOPMENT
i. Employment generation: All entrepreneurs are employers of labour.
ii. Mobilization of local raw materials:Entrepreneurs add value to theprocess of
[Link] process of inputs (raw-materials) to output(final products).Each
successive stage add value to the [Link]-product of a given production process
can serve as the raw-materials/intermediate material for another business enterprise.
2.6 NIGERIA'S VALUE AND ENTRENEURSHIP
Nigeria value system has wane down as a result of men and women thatare acquired wealth
through sources that are illegal and through anuneconomic venture.
However, the Federal Goverment in its bid to effect a change in the valueand psyche of the
Nigerian youth has mandated all tertiary institutions tochange and mindset of Nigerians through
entrepreneurial education.
Nigeria is the most populous country in [Link] an estimated 164million people, the country
is blessed with Agricultural resources,solidminerals, oil and gas deposits, fresh waters, valuable
land etc. the countryis also blessed with hundred market annually as prospective
employees,struggling for limited [Link] reserve this trend,new Governmentcame on board
and significant resources committed towards theentrenchment of entrepreneurial culture within
entrepreneurs [Link] initiative has so far facilitated in the creation of moreTechnology
Incubation Centres (TICs), new business with value-addedproducts,utilization of viable R and
Ds, and entrepreneurial culturewithin the academic environment, resolution of hurdles associated
withbusiness startups,industrial synergy and economic [Link] has been
 CHAPTER THREE
THE ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT

INTRODUCTION
The contribution of entrepreneurship as a leverage for ecomomicdevelopment in all countries is
unarguabie. Hence,the need to highlight [Link] are change agents,and prime movers of
the [Link] helps the reader to develop an understanding of the significance
ofentrepreneurship in the country
3.1LEARNING OBJECTIVES
At the end of this chapter,students should be able to:
 ·Identify the recourses and constraints of Entrepreneurship.
 ·Classify the resources into economic,human,knowledge and time.
 ·Understand how entrepreneurship leads to import substitution andutilization of local
resources.
 Explain how entrepreneurship leads to socio-economic development.
 Distinguish between economic development and economic growth.
 Demonstrate their understanding of the role of an entrepreneur ingrassroots/local
economics development.
3.2 RESOURCES AND CONSTRAINTS OF ENTREPRENEURSHIPECONOMIC
RESOURCES
Money: money is necessary to obtain goods and services thatentrepreneurs want. A major way in
which money is obtained is [Link] real value of money can be measured in
what necessities,wants and security will provide for the future.
Equipment:useful equint inay be as simple as a small knife or apaper clip. It may be a teleplione
installed by the telephone company,amicrowave oven with digital electronic controls,or a pocket
computer. The Value of any equipment depends on the efficiency with which it is used. Eventhe
best equipment cannot think or act on its own.
HUMAN RESOURCES
Energy: Good health is essential to maintaining a high energy level. Adequatenutrition,rest and
exercise are basic [Link] dttitudes also have astrong influence on an individual
energy [Link] who accomplish a greatderl usually have a positive attitude and goals to
motivate them.
Skill:Stills are developed when a petson lears how to do a task [Link] can develop
skills by being willing to put in the necessary [Link] several types of skills: practical
everyday skills,that enable a person to do aparticular job; and recreational skills like dancing,
painting, or sports. You canembrace your life by adequately developing your skills.
Knowledge:A real zeal for life and an active curiosity stimulate [Link],observing and
listening are ways of staying in the mainstream of [Link] individual must take responsibility
for acquiring a certain amount ofknowledge by developing communication skills such as
reading,writing,apeaking and listening.
Time is a unique resource. Everyone has the same amount (24 hours aday and 168 hours each
week). A large portion of time is taken up by dailyactivities like eating,sleeping,school,work and
[Link] remaining timeshould be spent on recreational activities and special interests that
providesatisfaction.
Finally,the extent to which the person(s) imvolved can acquired ororganize resources inadequate
measures will not only influence performancebut also,in some cases,influence whether they [Link]
at all. Examples hereinclude capital, cash, premises, materials, equipment and labour.
Theavailability of infrastructure ([Link] like electricity,telephone,roads) andsupport services
might also be important.

3.4 ENTREPRENEURSHIP AS A MEANS OFIMPORT SUBSTITUTION AND

UTILIZATION OF LOCAL RESOURCES
Entrepreneurship trains the individual to identify,analyze opportuniticsthrough value addition to
create something needed around him The recoyntion of a business opportunity coupled wih the
ability to respond effectivelyibasic for starting and maintaining successful [Link] involyes
notgenerating ideals or identifying opportunities,but also screening and evanathem to determine
the most viable,attractive propositions to be pursued,
A business opporunity may be defined simply as an attreinvestment idea or proposition that
provides the possibility of a return foperson taking the risk. Such opporiuniies are represented by
cusrequirements and lead o the provision of a production or service that cand adds value for it
buyer or end-user
A business opportunity must fulfill, or be capable of meeting the following critena:
 Real demand
 Retum on investment
 Be competitive
 Meet objectives
AVAILABILITY OF RESOURCES AND COMPETENCIES
Goods that are imported into a society must of necessity have [Link] strength of this
demand is a measure of how successfallproduct has been in the market. Emtrepreneur can take
any lovally availablenmaterials and work out the process for creating similar or identical
produ(substitutes)thus reducing the need for imports;thus,engaging in local souriIn most cases
the local substitute is much better than the imponed [Link] cof locally produce frozen chicken
has shown thet fesh local chicken have betaste and are more desirable.
3.5ENTREPRENEURSHIP AND SOCIO-ECONOMIC DEVELOPMENT THE
ENTREPRENEUR SOCIETY
An entrepreneur may be defed as a person who is able to scanimmediate environmient,generate
ideas,gather resourres and take action soadvantage of an [Link] need to be aware
of the possibilitiebeing entrepreneurial in their personal lives as well as in conductingbusiness
activities.
Leamers should understand that a variety of resources are needed to besuccessful in an
enteiprise, entrepreneur are experts in the use of resources suches the following both in their
personal life and in business situations: money,equipmen,cnergy,skilis,knowledge and time.
For a narket-based economy to work well,efficiently and prosperously,it requires
entrepreneurs,crearive men and women,who can identify what themarket needs and wans and
can find an efficient way to meet the [Link] make the economic systei work and
make life boditer forgveryome concemed by creating new products,developing new and
efficiemmethods, and offerig lower prices through effective competition.
The suecessful entrepreneur recognizes what consumers want or mightwant,and provuces it in a
competitive mamner for sale. Profit is the retum to :busimese if demand is met effectively, and
loss is what a business gets if it doesnot meet this demand.
The enaeprnent also makes effectively decision on how to produceeociently in order to obtain
competitive products whose prices and qualiay areseceptnbile to the customer A socially
responsible entrepreneur also makesprolecte which meet safety, environmental and other legal
requirements
Entrepreneurs also make decisions on how to distribute thne goods andservices that areproduced
to those customers willing and able to pay for [Link] competition,entrepreneurs are able to
offer prices that influenceconsumers' decisions to buy.
ENTREPRENEURSHIF AND LEADERSHIP STYLES
Entrepreneurship are responsible for setting goals and making plans for their business. To a great
extent, the employees play a large part inimplementing these plans and achieving goals.
Developing and maintainingmnorale is,therefore an important task of the entrepreneur.
Leadership qualities must be self-developed because these qualities varyfrom person to
[Link] that you are personally responsible for yourleadership ability will help you to
strive to make improvements. There is nsingle best way to be a leader. Entrepreneurs are
individuals who developed their own personal styles of [Link] following three
ay/laleadership are commonly used:
The "iron fisted" or autocratic leadermakesdecisions and gives owithout asking the opinion of
employees.
the
The 'lets vote' or democratic leader gives group membersa voia their decisions;
The "hands-off" or laissez-faire gives group members a voice in decisiona.
Most leaders use a combination of styles dependingthegonies depending on ththeir
[Link] in the business world have two main responsibilitie.
[Link] responsibilities or "getting the job done" and
[Link] responsibilities,or mantaining employce morale.
To a great extent, leadership is an atitude which is-demonstrated intapproach entrepreneurs have
toward “getting the job done".A leader is usulwilling to assume chellenges which may involve
great risks and poteailgreat opportunities.
A leader understands the total task to be accomplished and is abledetermine new and innovative
ways to accomplish the task. To maimmorale,a guideline for good leaders to follow is "beat
others as you would lito be treated". Trying to view a situation through the eyes of the other
peyinvolved will help in developing a positive"you" atitude towards cunployee.
A good leader achieves a balance between the following two typellresponsibilities.,Sometimes
certzin sitations, such as forming a new group,apaying attention to people more tun usks. Other
situations,such is!introduction of a new procedure,will probably require more attention to
ulrather than people.[Understanding leadership can help entrepreneurs becalmore effective
leaders.
3.6 DISTINCTION BETWEEN ECONOMIC DEVELOPMENT ANECONOMIC
GROWTH
ECONOMIC DEVELOPMENT
According to World Bank, economic development is defined:-Asustainable increase in living
standard that encompass material consumpldeducation,health and environmental protection.
46goal of development is,therefore,to increase the economic,political and civil rights of all
people across gender, ethnic groups,religious,
in the [Link] of a balanced social-economic structure through enhancingthe
distribution of wealth to minimize income in qualities and social disparities
Economic development is an essential component of development that isconceived of as a multi-
dimensional process involving changes in stucert,attitude and instirution as well as the
scceleration of economic growth, thereduction of inequality and eradication of absolute poverty.
The basic needs anddesire of individuals and social groups within that systen,moves away from
athat system,movthat is regarded materially and spiritually [Link] of life wridely
perceived of as unsatisfactory towards a situation of life
ECONOMIC GROWTH
Economic growth means an expression in real terms of national incommeper bead Closely
associated with this must be an improvement in the overallstandard of living of the citizen. This
may not be sustained unlike in economicin the [Link]. Nigeria with a gross
domestic product (GDP) of 510 billion usdollars, has leapfrogged south Africa as the largest
economy in Africa and 26
An increase in the growth of the GDP does not automatically transiateinto economics
development with the necessary policy [Link] is sill way zhead of
Nigeria, in terms of economic developmeat andhuman development indices, based on current
worid bank rankings.
The zole criterion for being the largest economy is purely the sizc of [Link]
economy is predicated on the soundness of ecocceicpolicies,how does it impact positively on the
people? Business environere,refers to zs inclusive economic [Link] governance and
human development indices? This is what econoraic
3.7ROLE OF AN ENTREPRENEUR IN GRASSROOTS/LOCAECONOMIC
DEVELOPMENT
In most parts of Asia and Africa,social entrepreneuts are involvedibuildag human and social
capital at the grassroots with the sole aimimproving the quality of lives at the [Link]
entrepreneurs heycomamunity groups to:
Charify the role of the prassroots in the economic development of tsociety in the fatune
 Learn how to prepare and carryout a shared community project.
 Learn how to map local commumitien for development.
 ·Learn how to establish peraonal or group micro-business by teachdeentroprencurial
akills.
 Learn how to select projecis/events what will foster bonds and rapport in community.
COST BENEFITS TO THE NATION
The ability of the ordinary citizens to gain the skills of incbeegeneration and project solection
and to improve the starus of grassrootwomen/youths through self actualization shall mean the
estabiisnent of aenduring political culture. The entrepiencurial component of this project help
tocreate income for the grassroots women/youths; and foster linkages betwecnthem and their
local authorities in a more fruitful and rewarding manner.
As a process of ciyic engagement, the coronumity consuttionprocess seeks to bring together all
stakeholders in the community as woil as thetraditional authorities,the local,state andfederal
government to erliconsensus,through sharing of knowieage and experiences on key policy
soperational priorities that should intuence the design and implemtionofpoverty reduction
progranus and projects.
Local Enterprise Development (LED), and GrassrootsEmpowerment using financial and non-
financial mtermediations hclo inachieving a short medium and long-term quantifiable
cmployment generationand skill enhancement; mobilizing resources within thecommunities for

CHAPTER FOUR
ENTREPRENEURIAL CHARACTERISTICS AND ATTITUDE
4.0INTRODUCTION
Entrepreneurship is a serious venture,because in building a successfulxample,heenierprise a lot
of virtues are required from the [Link] example,hhas to have philosophy,values, and be
highly committed, so as to recordoutstanding [Link] to be successful
entrepreneur,there is need forhim to posses some qualities and traits that will distinguish him
among hispeers. It is in the light of this that we shall consider entrepreneurial traits
[Link] this chapter. We shall equally highlight the innovative andcreative ability of
entrepreneurs.
4.1LEARNING OBJECTIVE
At the end of this chapter,students should be able to:
 Understand entrepreneurial philosophy, values,scope and need.
 The characteristics of entrepreneurship
 Give the profiles of some successful Nigerian entrepreneurs whom he/shecould look unto
as role models
 Demonstrate a high sense of innovation,creativity and independence
4.2ENTREPRENEURIAL PHILOSOPHY, VALUES,SCOPE AND NEED
There are certain characteristics,beliefs, values and moral standardsthat encrepreneurs should
possess while pursing its [Link] includerthe business discretionary,social
responsibility,welfare package for ies tomotivate employees and how the enterprise is going to
treat its [Link] extent, the success of an entrepreneur depends on his willingness
toaccept responsibility for his/her own work. You must leam a great deal aboutyourself,if you
intend to pursue goals which are compatible with what youwant most in life. Your power comes
from your own action rather than actionsof others. Even though the risks of failure is always
present;youremtreprencurial philosophy as an entrepreneur is to take risks and
assumeresponsibility for your action. Failure must be accepted as a learningexperiences,knowing
fully well that some entrepreneurs succeed only afterexperiencing many [Link] fiom
previous experiences will help tochannel your action to obtain more positive result,and
[Link] resultfrom persistent effort.
Always pursue goals that are related to your skills and abilities. Acceptyourself as you are and by
to emphasize your strength and play down yourweakness. If you pursue these goals honestly and
aggressively, you are likelyto achieve [Link] to achieve periect result for one's
goal atlong time will only prevent your personal growth and development.
PERSONAL VALUES AND AGE
Values reflect the personal principle of the [Link] suecess ofany entrepreneurial
venture depends on how best his values ae, as [Link] personal values that are
critical, for entrepreneurship are-personal integrity, achievement orientation,high moral
values,social concem,setting himself as example,high level of self confidence,keen desire to
changethe sociery by adopting new delegates authority,ability to adjust and adapt tonew
conditions,ability to inspire,loyalty,accept changes as away of life,quality and justice in decision
making, ready to break age long tradition andaccept growth.
4.3 ENTREPRENEURIAL CHARACTERISTICSANDTRAITS(WORKING PROFILE
OF ENTREPRENEUR)
Characteristics
1. Self-conridence
Confidence,
individuality,
independence,
optimism
2. Task-result oriented
Need for achievement,
profit
oriented,
persistence,perscverance determination, hard
work,drive energy,initiative
3. Risk-taker
Risk-taking ability likes challenges
[Link]
Leadership behavior gets along well with others,
responsive to suggestions and critisms
5. Originality
Innovative,crearive flexible resourceful,
versatile,knowledgeable
6. Future-oriented
Foresight,perceptive
IMPORTANT ENTREPRENEURIAL TRAITS
Hard working: running a business requires a lot of energy and drive. Thisinvoives the ability to
work for long hours when necessary,to work intenselyin spurts and to cope with less than a
normal amount of sleep.
Self-confident: to succeed, entrepreneurs have to believe in themselves and intheir ability to
achieve the goals they have set for themselves. This is oftenshown by a belief that “if you want
something badly enough and are preparedto work at it,you'll usually getit'.
Builds for the Future:the goal for most successful business people is to builda secure job income
for themselves which is based on their own [Link] entrepreneurs sustainability for
being a business owner. This meansrecognizing understand that it may take several years to build
up businessincome to a reasonable standard.
Profit-orlented: interest in generating money is a clear indicator of anentrepreneurs that the
business comes first. Once profits are generated,theentrepreneur can make decisions about how
the profits can be used to expandthe enterprise or for personal use.
4.3 ENTREPRENEURIAL CHARACTERISTICSANDTRAITS(WORKING PROFILE
OF ENTREPRENEUR)
Characteristics
Traits
1. Self-conridence
Confidence,
individuality,
independence,
optimism
2. Task-result oriented
Need for achievement,
profit
oriented,
persistence,perscverance determination, hard
work,drive energy,initiative
3. Risk-iaker
Risk-taking ability likes challenges
[Link]
Leadership behavior gets along well with others,
responsive to suggestions and critisms
5. Originality
Innovative,crearive flexible resourceful,
versatile,knowledgeable
6. Future-oriented
Foresight,perceptive
IMPORTANT ENTREPRENEURIAL TRAITS
Hard working: running a business requires a lot of energy and drive. Thisinvoives the ability to
work for long hours when necessary,to work intenselyin spurts and to cope with less than a
normal amount of sleep.
Self-confident: to succeed, entrepreneurs have to believe in themselves and intheir ability to
achieve the goals they have set for themselves. This is oftenshown by a belief that “if you want
something badly enough and are preparedto work at it,you'll usually getit'.
Builds for the Future:the goal for most successful business people is to builda secure job income
for themselves which is based on their own [Link] entrepreneurs sustainability for
being a business owner. This meansrecognizing understand that it may take several years to build
up businessincome to a reasonable standard.
Profit-orlented: interest in generating money is a clear indicator of anentrepreneurs that the
business comes first. Once profits are generated,theentrepreneur can make decisions about how
the profits can be used to expandthe enterprise or for personal use.
Goal-oriented:success in business depends upon being able to set goalstarget and to work with
determination to achieve [Link] ability to set goal(for things the person thinks are worthwhie)
and to work to achieve them ifundamental to being and entrepreneur.
Persistent: all businesses have their probems and [Link] in solvinga
problem is one of the keys to being successentrepreneur.
Coping with Failure:all business ventures inevitably contain disappointmentsand failures as well
as [Link] with failures involves recognizingthese failures,learning from them and
seeking new opportunities. Without thischaracteristic early,failures may end a person's attempt at
self-employment.
Responds to feedback: entrepreneurs are concemed to know how well theyare doing and to keep
track of their performance. Obtaining usefui feedbackand advice from others is another
important characteristic of entrepreneurs.
Demonstrates initiative: research shows that successful entrepreneurs takethe initiative and put
themselves in positions where they are personallyresponsible for success or failure.
Willing to Listen: the successful entrepreneur is not an inward lookingperson that never uses
outside [Link] reliance does not exclude theability to ask for help when needed from such
people as bank officials,accountants and business [Link] able to listen to the advice of
othersis a key characteristic of an entrepreneur.
Sets Own standards:setting standards of performance and then working toachieve them is another
indicator of a successful [Link] standardscan be income,quality sales or product
[Link] entrepreneurs want todo better each year,to set and achieve higher standards from
year to year.
Copes with Uncertainty:being an entrepreneur is much more uncertain thanbeing [Link]
uncertainty is about sales and turnover, but it often alsoexists in other areas such as material
delivery and prices,and bank support. Anability [Link] with this uncertainty without becoming
too stressed is anecessary trait of being an entrepreneur.
Committed:starting and running an enterprise demands total commitment bythe entrepreneur in
terms of time,money and lifestyle. It has to be a majorpriority in the entrepreneurs life.
Builds on Strength: successful business people base their work upon thestrength(s) they
have,such as manual skills, interpersonal skills, selling skills,organizational skills,writing skills,
knowledge of a particular product orservice,knowledge of people in a trade and ability to make
and use a networkof contacts.
Reliable and has Integrity:the qualities of honesty,fair dealing andreliability,terms of doing what
one has promised to do are essential traits of anentrepreneur.
Risk-Taker:being an entrepreneur invoIves some risks. Entrepreneurs haveone ability to take
measured or calculated risks. Such risks involve workingbut the likely costs and gains,the chance
of success and the belief in oneself tomake the risk pay off. Entrepreneurs may be considered
risk avoiders whenthey reduce their risks by having others assume part of the risks. Those
whoassume the entrepreneur's risk may be bankers, suppliers and customers.
Not all entrepreneurs have all the traits above. However,each entrepreneur isstrongly driven by
his personal motive and enjoys doing what they doirrespective of the amount of the hard work
required.
.4.5HIGH SENSE OF INNOVATION, CREATIVITYANDINDEPENDENCE
INNOVATION
The ability to apply new ideas that will enable you undertakeactivitiesdifferently is another
hallmark of enterprising men and [Link] initiative, imagination,intuitioh and
insight you will be able tochange things around or devise ways of doing things·to
accommodatewhatever new sitution you may find yourself in. Information on differentissues and
fields is an important inpu for being innovative. Enterprising menand women therefore place
great value on information and are always alert andconstantly engaging in research.
An enterprise operates in a dynamic economic and political system,and assuch,the entrepreneur
should cultivate the attitudes conducive to change.
Therefore,understanding these attitudes can help entrepreneurs cope withchange more
effectively.
[Link] FLEXIBLE AND RECEPTIVE
Traits are direct opposites to obstinacy and a closed mind .The personwho is receptive to new
ideas, who responds to the forces of changes as theyoccur,is able to adjust to changing condition.
Read current trade magazinesand literature as well as observing similar businesses for ideas.
2. Being self confident: Self confident entrepreneurs can accept change withthe determination to
overcome obstacles,for deficiencies, and strengthenabilities. Being afraid of one's inadequacics
and afraid to try something newfor fear of failing,very often prevents growth and eventually
leads to failure.
3. Being optimistic and enthusiastic: by focusing on the positiv aspect ofchange instead of the
negative ones,the event can be viewed as challenginginstead of threaten [Link] rewards can
be played up and the costs [Link] we become·enthusiastic about doing something, it
is easier toinvest our time and effort and money to bring about the desired effects.
4. Being decisive and self controlled: Coping with change requires clearthinking and,in many
cases, deliberate action. Circumstances suroundingchange are unexpected, unfair,
frustrating,disappointing,frightening,upsetting, or unpleasant. Emotions have to be controlled
while decisive actionis taken to cope with the change.
[Link] competitive and'creative: Being competitive,means searching for abetter way to improve
upon the present situation. Improvement is one factorthat has to be considered when planning
change.
6. Being curious and experimental:Not every new idea is a good [Link] the one's that are
good ideas,you will probably have to consider [Link] who enjoy trying new
things can take disappointmentbecause they balance it against the occasional thrill they get
fromimplementing a really good idea.
CREATIVITY
Creativity is "the ability to combine ideas in a unique way or to makeusual associations between
ideas" (Robins, 1998).Research has shown thateverybody is naturally endowed with creative
potential. The problem mostpeople have is how to unleash this creative [Link] entrepreneur
should therefore be out to discover the areas where he is naturallyendowed andimakehim iorive
among his equals,To do this effectively, he must be reaindivergents, as rational decision.
FACTORS THAT CAN HINDER CREATIVITY
[Link] snd anxiety
[Link] and bad company
[Link] of confidence
[Link] over the unknown(insecurity)
[Link]
IMPORTANCE OF CREATIVITY
Appraise send understanding problems fully.
Identify the best way to combat competition fully.
Have a change of approach in facing challengas.
Analyze viable altematives critically for meaningful decision.
Be unique and different in product positioning.
Diversify his business operations.
 CHAPTER FIVE
KEY COMPETENCIES AND DETERMINING FACTORS FOR
SUCCESS IN ENTREPRENEURSHIP
INTRODUCTION
For entreprencurship io succeed,there are certain prerequisites which form thecore competencies
that are basic for attaining success. These competencies arediscussed and highlightd in this
section.
5.1LEARNING OBJECTIVES
At the end of this chapter,stadents should be able to:
 Identify the key compy competencies required in serting up a successfulman business
 Appreciate determining success factors in settingfactors in setting up a small business.
 tindividual life goal' and link it toUnderstand how to Set individual life goal
anentreprencurship
 Identify the strength and weakness u goals
 Explain business goals.
Be familiar with behaviourachavioural pattiensI patems of entrepreneurnicepreneurship
Moderate risktaking,Goal seting, Leaming from feed back, taking
personalresponsibility,Confidence and self-reliance.
following lists provide examples of the comperencies required forThe followinglists Fsetting up
and managing a successful small business.
(A). Knowledge
Possessing infornation on, or familiarity with:
A business opportunity
The market
Customers
Production processes
Technical matters
Business management
Sources of assistance
B. Skills
May be of a technical or mansgerial nature. They relate to abilities toperform tasks or functions
in areas such as:
Technical
Managerial
Engineering
Marketing(including selling)
Computing
Financial management
Carpentry
organization
Mechanics
Leadership
TRAITS
Personal characteristics of successful entrepreneurs
Take initiative
See and act on opportunities
Is persistent
Personally seek information
Is concemed for high quality
Is committed to fulfilling contracts
Is oriented to efficiency
Plan systematically
Solve problems in original ways
Demonstrate self-confidence
Take calculated risks
Is assertive
5.2KEY SUCCESS FACTORS IN SETTING UP A SMALLBUSINESS
Potential entrepreneurs usually concern themselves with how to set upsuccessful [Link]
to be an achiever and how not to be a failure theseare questions that people often ask.
Unfortunately however,no fool proofanswer or formula has been dentified as yet.
Notwithstanding,this successaccording to the literature, observations and experience depends on
that peculiar resposbility to spor opportunities in the market and act on them by organizing
theaitendant risks,This is the essence of [Link] in a business comert
The entrepreneurinessence must take cognizance of the followingSuccess factors:
[Link] AND MARKET
The important issue to be determined here is the viability of the idea,project product or service
[Link] offered. In other words, does the idea, productservice meet a need or want for which there
are customers who can afford andare willing to use/purchase it in sufücient quantties to make the
whole projectworthwhile([Link] a profit, ii a business context)?: How is the propositionto be
offered more desirable or better than what is currently available and howwill competitors react?
[Link] AND DETERMINATION
It is widely acknowledged that, to be successful, the individual or groupneeds to be highly
motivated determined to set up the business and ensure itssuccess. This will be reflected,for
example. How persistent they are inovercoming obstacles that might get in the way, how they -
go about seekinginformation and how they act on opportunities. Addirional indicators might
betheir commitment and attitude to work(quality,efficiency,long hour previousuttempts to set up
a business and the support of their family partners.
[Link]
Another important question is whether the individual or others involves haveperticular
abilities:these may be knowledge,technical or managerial skills ofrelevance to the business or
[Link] way of making up for any lack in thisares could be to tearn up with people who have
the necessary expertise,buy itin.
4. RESOURCES
Finally,the extent to which the person(s) involved can acquire ororganize resources in adequate
measure will not only influence performancebut also,in some cases,whether they start at
[Link] here include
capital,cash,precise,·materials,equipment and labour,The availability oroads) amd
suinfrastructure ([Link] like cleciricity, telephone,roada) andsservices might also be
important.
[Link] PLAN
In order to turm the above 4 components into reality,a plan would be reguiaetOn the whole,In
business,this is normally rcferred to as a Business Plan On tebusiness plan should show four
main things,namely:
Where you currently are with your idea, project or business;
What you wish to do;
How you propose to go about it; and
That the project is worthwhile
ORGANIZATION AND MANAGEMENT
The business then reeds to actually start operating and,once tihis isdone,it would need to be
[Link] setting up the business,of before suartingto operate,there may be legal or other
statutory requirements to be [Link] be a need to consult professionals such as
lawyers,accountants and/or stafifroi smmall business support agencies for [Link] whole
business and theprocess need to be managed, and how well this is done-in particular finding
anddealing with customers,management of cash and
finances,marketing,handlingemployees,dealing with suppliers, control systems will all affect
performance
EXAMPLE OF AN INTERNET CAFE
Resources
Desktop Res,all networked
·Dial-up,broadband or wireless connection
·Account with an Internet Serice Provider (ISP) or satellite provider
·Software to manage transactions and accounts
·Desks and chairs
Air conditioners or fans
Staff to run/supervise
ABILITY
IT or computing knowiedge and sksills
Able to instaI1 software and do routine maintenance and repair
Book-keeping and basicorganization
IDEA AND MARKET
Vrability:number and nature of internet or cyber cafes in the neighbourhoodor widhin, say, a
3kom radius -the fewer the better
Speed and prites vis-a-vis other cafes in area should be competitive
Number of people living and/or working in the area the more,the better
e Profile of people living or working in the area: low to middle incomebest:-not so rich as to be
able to affond their own PCs and interetconnection but not sopoor as not to be able to afford the
service.
ONice ambance-with soft drinke and smacks for sale; and backgroundmusie in a well-ventillated
room. Provision of ancillary services for stle,h as fax, printing, photocopying, sale of disketes.
OD-ROMs, [Link] as ax,pti
5.2 INDIVIDUAL LIFE GOAL AND ENTREPRENEURSHIPINDIVIDUAL LIFE
The goals of entrepreneurs are vanied and individualized but een includethe achic vement of
independence,financial auccess or social change.
Being an eninepreneur epitomizcs ome who parsues his or her [Link] who
stives to achieve their owm visiom,make their uniquecontributions and provide products
and/services in which they themselvesattach real [Link] need not be focused on other
peuple's opinion than yourown;for example you do not need to bother that you have ND
Computer andScience are into Lsundry or Toilet soap making. You do not need to adjust justto
group but concem yourself with how to pursue your own goals.
You must have the ability to think independently,to take initiative andbe self motivated,self-
discipline is also very crucial. You must have a mindsetthat enables your own vision.
Find your passion,and your voice will understand the importance ofbeing you,discover your
unique gifts and strength for what you want to [Link] what it is that you most want to do,
to be and to offer to the world and then live into that [Link] have been createnake a
[Link] to change the world resides in you and no one eise.
SETTING GOALS AIM FOR THE FOLLOWING QUALITIES
1. Specificity;Goal set must he specific [Link] capital is not a specificgoal,but raisin#10,000
by 31st July is specific.
2. Optimism:Be positive when you set goals e.g."being able to pay the billsis not optimistic,
while achieving financial security is".
3. Realism:,If you set a goal earn #100 million in a month,when in a yearyou have never earned
such.
FACTORS TO BE CONSIDERED WHEN SETTING GOAL
·Income: Consider how much money you want to make during your firstyear of operation and
each year after, up to five years.
Life-style:How many hours are you willing to work? Which assets are youwilling to risk?
Types of work: Do you like working outdoors,in 'an office, withcomputers,on the phone,with lot
of people with children etc.
Ego-gratification: Many go to business to satisfy their [Link] need togo into business that fits
your ego.
GUIDELINES FOR GOAL SETTING
State each goal as a positive statement Express your goals positivelyexecute this technique well'
is a,much better goal-than don't make stupidmistake'.
Be precise: Set a precise goal putting in dtes, times and amounts. So youcan measure
achievemen. If you do this,you will know exectly when youhave achieved the goal,and can take
complete satisfaction from havingachieved it.
Set priorities:When you have several goals,give nach a priority. Thishelps you to avoid feeling
overwheimed by too many goals,and directyour attention to the most important ones.
Write goals down:This crystallizes them and gives them more force.
Keep operational gosls small:Keep the low-level goals,you are workingtowards small
and,achievable,if a goal is too large,then it seems you arenot making progress towards it.
Keeping goals small incremental givesmore opportunities for reward.'Derive today's from larger
ones.
Set performance goal,not outcome gonls:You should take care of goalover which you have as
much control as possible. There is not moredispiriting than failing to'achieve a personal goal for
reason beyond yourcontrol. In biusiness, these 'could be bad business environments
or·unexpected effects of govemment policy. In sport example,these reasonscould include poor
judging, bad weather in or just plain bad luck. If youbase your goals on personal performance
then you can keep coexrol overthe achievement of your goals and satisfaction from them.
Set reallstie geals:It is important to set goals that you can [Link] of people (employers,
parents, media, and society) can set unrealisticgoals for you. They will often do this in' ignorance
of your own desireend smbitiohs. Altematively,you may set goals that are too high,becauseyou
may not appreciate either the obstacles in the way,or understandquite' how much skill you need
to develop to achieve a particular level ofperformence.
SMART GOALS:
A useful way of making goals more powerful is to use the SMARTmnefnonic (memory
aid).While there are plemty of varians,SMART usualiystands for
·S Specific
·M Msasumble
·A Anainable
R Relevant
·T Time-bound.
For example,instead of having "to sail around the World" as a goal,it is morepowerful to say to
have completed my trip around the world by Decemher l2015. Obviously this will only' be
attainable if a lot of preparation has hescompleied before hand.
.ACHIEVING GOALS
PLAYEN
Serate
Plane
When you have schieved a goal, take the time to enjoy the satisfactionof having done [Link]
the implications of the goal achievement and obaerprogress you have made towards other goals.
If the goal was a sigaificone,reward yourself appropriately. All of these help you build the
seitconfidence you deserve!
If you noticed a deficit in your skills despite achieving the goal,decidwhether to set goals to fiIs
to fix this. Failure to meet goals does not matmuch, as long as you leam from it. You should feed
lessons leaneback into your goal setting program. Remember too that your goalt wchange as you
get older. Adjust them regularly to reflect growth ia yoknowledge and experience, and if goals do
mot;hold amy attractionalonger, then let them go.

CHAPTER SIX
LIFE SKILLS NEEDED BY AN ENTREPRENEUR
INTRODUCTION:
There are certain life skills or developmental attributes that are verymuch required by
entrepreneurs for them to be effective and efficientmanagers of their respective enterprises. It is
very important for everyentrepreneur to develop appropriate life skilis and apply them in the
smcothrunning of their business organization.
LEARNINGORJECTIVES:
Identify the characteristics of an entrepreneur;
 Define Communication;
 Explain the role of Communication in an enterprise
 Define teamwork and team spirit;
 Identify the characteristics of teams
 List benefits of teamwork in an enterprise
 Define leadership;
3.2 CHARACTERISTICSOFAN ENTREPRENEUR
a)Self Confidence:Belief in oneself and nov just fate. Once he setsgoals, he has to believe in his
ability to achieve same. He is notdisturbed or discouraged by obstacles.
b)Risk-taking:The entrepreneur calculates the risk involved in hisventure before starting it. He is
neither a gambler nor risk averse. Hetakes moderate risk.
Result Oriented:He believes in achieving results,therefore he sets clear undmcasurable [Link]
is persistent,persevering and also determined to ensure those objectives are met.
c) Drive and Energy: An entrepreneur exhibits drive and energy. He puts alot of physical and
mental energy in his business. He runs around to contactcustomers, suppliers,other associates
including banks,etc.
Long-term Investment: He is futuare oniented. He usoally sees projects onlong term basis, and
hence tukes decision as such. He is not interested inestablishing a project that would collanse
after few years in operation.
d) Leadership: It is not always possible to run an enterprise single handedlyAssistance from other
people is needed from skilled and semi-skilledhands. The entrepreneur has to motivate, direct
and guide this people toaccomplish his goals. It takes good leader to motivate people.
h)' Creativity: An entrepreneur hasto be original and inmovative. He has to beresourceful,
versatile and knowledgeable. He should be flexible whenconsumers are not recapturing to his
products. What keep him perpetuallyin business are his creative ideas.
2. DEFINE COMMUNICATION
Communication is the transter of idea from the sender to,[Link]. Aron off and Baskin
(1980) defines communication as theexchange of messages between people for the purpose of
achievingeommon meanings. Unless meanings are shared entrepreneurs find itdifficuk to
influence [Link] verbal and non verbal enterprisesspend communication skills are
valuable in the work place. Someenterprises spend a lot of money to truin their employees on
how toeffectively communicate.
3. THE ROLE OF COMMUNICATION IN AN ENTERPRISE
It is not common to hear about communication breakdowns in [Link]
methods can lead to success or failure of a busincss;communication methods could go a long
way to modify the [Link] [Link] role of communication in business industry
cammot beover [Link] Industries depend heavily on major management
functionslike planning,organizing, leading and controlling. These kinds of functionsrequire the
managers to practice expert communication methods. Thus, toachieve all these steps of
mahagerial functions, a managed and proper communicationprocess tlow along with details have
to be established.
With the help of proper comincation,managers can completetheir responsibilities associated with
the job For examnple,when planning isdone for a project, ir is important that the manager geis to
know all the pe-requisites and necessary information reguired for [Link] planning is done,the
manager shoul communicate it to theteam members to ensure ther everyone understands how to
proceed with [Link],this kind of two way communication acts as a fundamental assetin
organizations. In the same way, organizing and delegating jobs also needseffective
communication routines to be set-up to achieve team goals.
Communication also form the fundamnemtal part of leading andcontrolling with the later more
focused on written communication [Link] phrase that communication is the blood of an
organization is true in allforms and thus can be stated that for any organization to be successful,it
ismandatory to establish proper communication methods.
Communication helps in promoting motivation in a group or teamnwithin an organization. When
details about a task and the methods in volvedfor execution are detailed to the team members, it
will help them carry outthe work in an effective. manner. Thus, when' confidence on the
workincreases) the motivation factor also increases. Motivated employees tend tobe more
productive in any orgamization.
When members of a team are well-informed abour groughts andprocesses in a team, they rend to
develop a higher confidence level. Theincrezsed contidence level will move them to the comfort
zone and will aisoaker their attitudes on a positive note. Molding employee attitudes willenpure
that they provide their best to the organization. This kind of moldingcan be brought in by using
all kind of effective communication rors likemeetings, journals, discussions,etc.
Communication acts as a major decision-making factor in manyorganitere is no point in making
decisions. Such decisions always fail and hencestrategic [Link] information collected will
heip. identify theproblem, its resolution and alternative action courses.
Communication is also required to establish discipline and control in
[Link],principles and guidelines of an organization needto be communicated
to employees so as to make sure that they al adhere to theprocess and policies.
It is also mandatory that employees are communicated on the line ofcontact, in case of
grievances. These kinds of communications are requiredtoestahlish a controlled environment in
an organization. Also, work delegationand responsibility sharing needs to be orally
communicated first and thendocumented as a reference for future use.
As a final note, man requires to communicate as the basic essence ofsurvival. It is impossible for
an individual to survive in the business industrywithour proper communication. Thus,
communicaton, also leads tosocializing nature in the members of a team. Socializing between
teammembers will increase team interactions, create healthy work environment,and boost
productivity.
Thus,commumication helps in all the functions of a business industry,planning,
organizing,leading and comtrolling. The managerial eniciencydepends on the communication
efficiency of the manager and team [Link] is the duty of the organization and its
management to ligure out possiblebarriers that might exist in the comunication structure and to
rectify them byestablishing an effective communication network.
ACTIVE LISTENING
Active listeming is a habit that you can have and should be [Link] listener
benefits managers by reducing misunderstandings,improvingfrom which to
[Link],peers, and even your manager will open upmore when they feel listened to.
You need to listen to the words that are being said and hear the Person'sintent,or disconnects will
[Link] with the best of intentions messagescan become distorted and confused Managers
who learn to listen well andprovide effective feedback will improve overall dialogue receprion.
EFFECTIVELISTENING GUIDES
1. Mentally put yourself in other person's shoes.
2. Keep the conversation on what the speaker says, not on what interestsyou.
[Link] more time listening than talking.
[Link] the other speaker talk,do not dominate the conversation, do notinterrupt incessantly.
5. Pay attention,never become preoccupied with your own thoughts whenothers talk, take brief
nores to concentrate on what is said.
6. Donot tinish the sentence of others.
[Link] questions, but do not answer questions with questions.
8. Be aware of biases and [Link] your biases,validate yourassumptions.
9. Encourage the speaker provide feedback and paraphrase to show you arelistening.
[Link] response after the other person has finished speaking, while they arespeaking.
[Link] by looking at all the relevant factors, ask clarifying and open-ended questions.
[Link] and walk the person through your analysis.
TEAMWOR AND TEAM SPIRIT
Teams are groups of people with complementary skills who arecommitted to a common purpose
and hold themselves mutually accountablefor its achievement. Ideally,they develop a distinct
identity and workogether in a co-ordinated and mutually supportive way to fulfill their goal
[Link] effectiveness is the exient to which the team is successful inchieving its task-
related objectives. Shared goals are most likely to bechieved through working together and
pooling experience and [Link] lcams are charactenzed by a team spirit based
around trust,mutual respect, helpfuiness and-at best-friendliness.
Simply bringing people together does not necessarily ensure they willfunction effectively as a
team or make appropniate [Link] arecomposed of people who have a variety of
emotional and social needs whichthe ream can either frustrate or help to meet. Teamwork
indifference-failingo rake action to promote good teamwork-is a strategy likely to result
inmediocre performance
TEAM SPIRIT:-is more of a mindset,where everyone shares the semecommon goals, passions
and mindset to advance the [Link] team spirit goes hand in hand,there cam be
no good teamwork withoutgood team spirits.
Empirical evidence has shown that Americans think that being ateam player' was the most
important factor in gering shead in [Link] was ranked higher than several factors,
including inerit andperformance'. 'leadership skills', 'Intelligence', 'making moncy for
theorganization' and' long hours'.
SOCIAL SKILLS ARE DESIRABLE FOR SUCCESSPULTEAMWORK:
Listening: -it is important to listen to other people's ieas. Whenpeopie are allowed to freely
express their ideas, these initial ideas villproduce other ideas.
Questioning:-it is important to ask questions, interect,and discuss theobjectives of the team.
Persuading: - individuals are encoureged to exchangc,deiend, andthen,to ultimately rethink their
idess.
Respecting:-it is important to treat others with respect and to supporttheir ideas.
Helping:- it is crucial to helpo one's co-worie's co-workers,which is the generaltheme of
teamwork.
Shering:·it is important to sham to shre with the team to create anenvironment of teamwork。

Participating:-All members of the teamn are encouraged to participatein the team.

Communication:-For a team to work effectively, it is essential thet teammembers acquire
communication skills and use eñfective communicationchannels between one another [Link]
email, memos, group,meetingsand [Link] will enable team members to work together and
achievethe team's purpose and goals.

THE 17 INDISPUTABLE LAWS OF TEAMWORK

[Link] Law of Significance: One is too small a number to achievegreatness.
[Link] Law of the Big Picture:The goal is more important than therole
3. The Law of the Niche:All players have a place where they addthe most value.
4. The Law of the Great Challenge (“Mount Everest"): As thechallenge Escalates,the need for
teamwork elevates.
5. The Law of the Chain:The Strength of the team is impacted byits weakest link.
[Link] Law of the Catalyst: Winning teams have players whomake things happen
7. The Law of the Vision ("Compass"): Vision gives teammembers direction and confidence
8. The Law of the Bad Apple:Rotten attitudes ruin a team
9. The Law of Countability:Teammates must be able to count oneach other when it counts
[Link] Law of the Price Tag:The team fails to reach its potentialwhen it fails to pay the price
[Link] Law of the Scoreboard:The team can make sdjustmentswhen It knows where it stands
[Link] Law of the Bench:Great teams have great depth
[Link] Law of Identity:Shared values define the team
[Link] law of communication interaction fuels action
[Link] Law of the Edge:The difference between two equally talentedteams is leadership.
[Link] Law of High Morale:When you're winning,nothing hurts
[Link] Law of Dividends:Investing in the team compounds over time
CHARACTERISTICS OF WINNING TEAMS
WINNING TEAMS:
·Have a great many winners in them; most of the players poised andconfident, and although they
may well be stars. In their own right,they allow others to shine in order to be a 'star team'
together.
Often include winning groups and combinations which work together s0well they scem to have a
sixth sense,whereas in [Link] have merely learned to cooperate to make each other winners
andto make a team a winning team
Have the winning habit and because they usually have more winninggames behind them than
otherwise they go into every game expectingtowin.
Develop a synergy that comes from winning and which increases not bysimple progression but
exponentially:1x1=11
Develop both mental and physical energy to withstand adversity createawinning atmosphere
everyone surrounding them emerges as a winner
·Make winning contagious so that new comers soon acquire the team'smagic.
GETTING TEAM MEMBERS TO WORK ALONG WITH YOU
Communicate with people frequently andpraise them.
Consult with people about their work.
Encourage people to participate in setting goals on thejob·
Counsel people about teamwork and opportunities etc.他

BENEFITS OF TEAMWORK IN AN ENTERPRISE

1. Improvemnents in participants' confidence, attitudes, motivation andpersonal satisfaction
2. Greater clarity in expressing ideas through group discussion
3. Better understanding by individuals of the nature of their contributionand of the needs of other
team members
4. More efficient use ofresources-especially time
5. Greater optimism-by focusing on positive outcomes and puring lesweight on problems
6. Wider range of ideas rather than individuals working in isolation
7. More effective responses to changes-improved trust ancommunication help a team to adapt to
new circumstances.

CHAPTER SEVEN
HOW TO EVALUATE A BUSINESS IDEA FOR DEVELOPING AN ENTERPRISE
INTRODUCTION:
In developing a business idea, there is a need for potential entrepreneurto adopt acarefully
moderated and intelligent approach. It/is against thisbackgroundckground that an attempt is made
under this section to guide potentialtrepreneur to be more careful by examining and evaluating
every step in theentreprenevcourse of developing and establishing business enterprise.
7.1LEARNING OBJECTIVES:
 Define the concept of business plan;
 Explain the process of preparing a detailed business plan.
 Prepare a model business plan on a selected venture
7.2 DEFINITION OF THE CONCEPT OF BUSINESS PLAN:
Planning is a process that never ends for business. It is extremelyimportant in the early stage of
any venture,when the entrepreneur will need toprepare a preliminary business plan.
There are difierent types of plans that may be part of any busiessoperation. These include
financial plans marketing plans, human resources plan,production plans,sales plan. Plans may be
short term or long term or thefunction,plan have one important purpose; to provide guidance and
striper torun merit in a rapidly changing market environment.
A business plan, on the other is a written document prepared by theentrepreneur that describes all
the relevant exteral and internal elementsinvoived in starring a new venture. It is often an
integration of functional such asmarketing finance, manufacturing and human resources. It also
addresses bothshort term and long term decision making for the first three years of
[Link],the business plan,or road map,answers the strategic questions ofwheream I,
[Link] am I going? And how will I get there? Potential investors,suppliers and even
eustomers will request or require a business plan.
Consortiuna :giveanoverview of the proposed manpower establishes therequired ability to carry
out the project successfully in skills, competencies, etc)
Objectives and deliverables: Identify (1) the objectives and(2) deliverables othe proposed
project.
Cespetitiveness: if applicable,establish the competitiveness advantages of theproposed solution
whether already exist or are still boing researched
Cest:give an overview of the project cost (including stant-up cost and workingcapital
requirement).
Impact:This section should include:
[Link] and Uses:identify possible uses and market for deliverables ofthe project.
[Link] and beneficiaries:identify the beneficiarics of project's results([Link] project
participants,the general public third parties) and tiemanner in which they wil benefit.
[Link]:give an indication regarding what further [Link] costsand timeframes are
necessary before tangihie I nealized from thedeliverables or result of the project (unless these are
realized within thelifetime of the projcct).
[Link] benefit: identify any secondary nenefits of the project ([Link] participation in
funding programrcs, improving Malta'sreputation in a pariicular area,etc.)
A business plan is written by:
Identify all the question that could be asked about the business
Determining what further information needs to be gathered to answer allthe questions.
Obtaining all the necessary information.
Comparing various alternatives.
Making a decision on each question.
business plan should:
Have a good appearance.
Provide an index.
Provide a summary.
Number each copy.
Be signed to show wsubmitting it.
Depend on the nature of the business.
Etore preparing a businsss,plen and reseetch should be done in thees of costumers,comperitors
andl suppliers
A business plen should be organized to cary & cover table of contents
OUTLINE OF A BUSINESS PLAN
Title: Feasibility study Report [Link] by
Project conseltants...
Table of content: Page
Executive summary
The report
Background of the study
Objective of study
.Locaton
Movtet and markeling plon
0Povental cusianmers
Completion
Pricing
Adventising and promotion
Technical feaaibility and managemtent plan
Fackory
Machinery
Overhead charge
Packing materials
Raw materits,iower and labour costs
Financial projection/feasibility
Overview on capital requirement
Financed plan
Projected cash flow
Projecte profit and loss account
Projected balance sheet
Break-even analysis
Source and application
Organization plan
Form of ownerskip
Identification of partners/principal shareholders
Authority of principles
Management team background
Roles and responsibility of members of organization
ASSESSMENT OF RISK
Evaluate weakness of business
New neologies contingency plans
SCHEDULES
12 months projected-salles
12 months projected purchase
Fixed assets and depreciation schedule
Profitability index
 CHAPTER EIGHT
PROCESS AND PROCEDURE FOR STARTING AN ENTERPRISET PRODUCTION
INTRODUCTION
An attempt is made in this section to guide polential entrepreneursgurding the steps to adopt in
the course of starting and operating their proposedsiness emterprises. At the end of this chapter,
students should be able tosand the procedure as well awell as the documentation requized for
registeringfen mypes of business ventures im Migees im Migena. They should aiso undersiand
thesnn clemeas in an Amicle and Meand Memorandum of Axsuciation. It is8o more thal thin
process has been decenaalized, could be done in everypt o more tha phis process has been
decengalizcpil and it is coand it is comoutened
LEARNINGING OBJECTIVES
Understand the main features of the Companies and Allied MattersMA)1990 and the subseand
the subsequent amendments;
 Explain in the function of the Comporate Affairs commission (CAC)under thees an Allied
Matters Act 1990,
 Know the legal structure of husiness:
 State factors to be considered in neming a business;
 Explain the procedure and requirements for registration of a business
 Describe the procedures and requireinents for incorporating s business;
 Explain rhe reason for the existence of registered business namesinies
  Identity vanious agemcioIdentity vanious agemcics responsible fresponsible for issuance
of licenses and permits.
 FUNCTION OF THE CORPORATE ANFAIRS COMMISSION(CAC)UNDER THE
COMPANIES AND ALLIED MATTERS ACT1990
makions of the companiesas set out in section 7 of the companics andmpamie as set Matters Act
Matters Act include the following.
adminser the Ast,including the regulacion and supervision of thelonnation,incoporation,
managing and winding up of companies.
(ii) To establich and maintain companies rguty and offices im all the staoss ofthe federation
suitability and zrequately equiptod to discharge its functionunder the Act of any law in respect of
which its responsibility;
(iii) Arange and Conduct an investigation into the afiairs of amy conpanteswhere the interesis of
the sharcholders and the public demand.
(iv) To underake suc other aetivities as are necessary or expedient for givingfuall eflect to the
provision of the Act.
(v) The comumission also regitters business name and insorporated-trusices aswell as provides
wide range of auxiliary services.
LEGAL STRUCTURE OF BUSINESS
Business is the toiality of the cconomic and commercial life of a naton.I i kn oryanization whose
purpose lays outsides the business itsslf (Ao crcasecustonnerS).
It may also be understood as a productivo activity geared toward thsrealization of objectives such
as profitability, customer crestion, [Link] and satisfaction of owners,
workers,consumers, mantgemeni andconpettors.
Business could be carried on as a small, medium or large scale [Link] could alzo be caried
on as domestic or inemationai, it souldaiso be publicityor privately owned. In Nigenia, legal fors
of buzinets are, sole proprictorship,parnenthips companies businesses. The owner provides the
capital, takesdecision and assumes all risk. They are the most common.
The partnership is an Association of two or more persons carrying onbusimess with a view to
making profits through the pursait of lawful objectivss.
In Nigera,the number of people to form an ordinery peronershep mustnot exceed twenty,while in
the case of banking, the number must not axesedtem [Link] people forming the association
are callod partners. Thy aycefrom the start what capital each brings to the buriness, specific
functions eschwill perform and how profits will be shared. These conditions are embodied inthe
partnership "deed".The partriership agzooment or deed clearly specities theright and duties of
partners and privileges of such pareners.
The limited liability company (corporation) is se "antifioial [Link],intangible ad existing
only in contemplation of law". Being a mer0creation of the law, it possesses only the properties,
which the charter of its with or similar to any repistered uradeDARa name by which any firm
companyregistered as a corporate entaty under pant A of the■s10CAMA2ady ean0661 四 30as the
case may be.
A busimess name would not be registered be registered if itthe
work■ationalgovemment,mnunicunicipal,stale,1nade,federaTederal or aayother work which
suggests that the busibusiness enjoysyoys the pvtromage tefederal,state orlocal govemment.
Contain the word "co-operative" or its equequivalentorderlenguaye anyabbreviation then
theretore or sontae theCAChamberof commerceerbuilding, society. Guarantee,mistee.
investmment, bank,jrosurancs oranother word of similar corIRmiar COFEotation". Registration
of [Link] a business n2merequires among other things.g other things, submnissionStng,om theme in
wrnng,onprescnbed forms,signforms,sign by the appropnetepersomsand contarting thefollowing
paroculars.
The business name if te busiless 1s caunioeo Vir WuOeT EHO OR bASINeSess [Link] full
address of the principlames,each of those business [Link] full addressplace of business.
The general nature of the businee
In respect of regishation of a [Link] PHIN ArenaIeS an sumanE,registation of a fimm,the prin
fovenarex, eccupaton and which is a parimernatmaliy, ages, sex, occupanon and whrh is
The date of commencement of the business witether hefore or after2coming into the operation of
the 1990 Act.

③Passpont photographs duly centiied in the psiresemmase of size casesole propnetorsinp or firm
consisung oaly of inuividuals
Professional certificale in case of propneioship o:firms intending tocarry on any professional
business.

⑤Submission of tax clearance coniticanss to ai Beast he yeaus

CAC may request for additionel intometion andGocumentsSORSin the cases of a firm or an
individual carrying ou323Dehn of another00individual,furm or comporation whether as
[Link] a of.?entity 合 a firm or individual carrying on business asnctalagenaX1overseas and
not having a place of business in Nigeria