AUN Summer 2019

Certificate Course in
Business Management
INTRODUCTION TO
Human resources management
ENTREPRENEURSHIP
ENT 101
By
Developing An Entrepreneurial Mindset

Dr. Raimi Lukman

5-1
5-1
Course Objectives
This course is designed to introduce all early
students to entrepreneurship in line with the
developmental philosophy of the University.

It also lays the foundation for the second called

Entrepreneurship Field Experience (ENT 201).

The course provides you with an introduction to

the principles of entrepreneurship, the major
areas of business, and the relevance of the
various business functions.
Takeaways
Learning through small business teams (group of 5)
the process of developing a Business Plan from
chosen business idea.
Student will be guided through the development of
business plan components, as you learn how to start
and operate future small businesses to create jobs and
help your communities.
At the end of the course, students will understand how
entrepreneurs play an innovative role to the greatest
benefit of society.
Learning Outcomes
Upon completing this course, you should be able to:
Knowledge Enhancement
Understand how an entrepreneurial mindset helps
individuals deal with high uncertainty.
Identify and recall the basic facts, concepts, and
principles of entrepreneurship.
Identify and explain the skills and abilities required to
run a business.
Understand how studying entrepreneurship helps
your career goals.
Understand the entrepreneurial process, from idea
generation, concept development and creation of the
venture.
Learning Outcomes
Knowledge Enhancement
Understand how entrepreneurs manage business risk
Explain the difference between a business idea and a
good opportunity
 Explain the importance of market research in
entrepreneurship
Identify how business plans develop over time and
change as new research is found
Explain how innovation contributes and/or leads to
business value creation - both economic and social
value – and the role of entrepreneurship in
development
Learning Outcomes II
Skills & Competencies Enrichment
Use quantitative and qualitative data to comparatively
assess a country’s entrepreneurial strengths and
weaknesses and, to establish linkages to policies that
promote and support productive entrepreneurship and
sustainable development
Identify external sources of business opportunities
Use several approaches to turn good business ideas
into business opportunities
Conduct market research by gathering information
from both primary and secondary resources
Use data to make business decisions
Learning Outcomes II
Skills & Competencies Enrichment
List the components of a customer profile and follow
different ways to separate a target market into market
segments
Select an interesting business idea and follow a
structured process for developing components of a
business plan to complete and present a meaningful
business plan for critical appraisal and financial
endorsement
Business Plan
Business Plan
Students will be divided into small teams to generate
a business idea
Teams will follow guided steps to develop appropriate
business plans from their business idea
Teams will prepare and make oral presentations of
their finished business plan.
Requirements
Class attendance and participation are essential
components
Each student team shall generate or select a
business idea, develop a business plan, and make
an oral presentation
Students will take a midterm and final exams.
Course Assessment & Grading
Course Assessment & Grading
SN Evaluation Grading Weight
1 Class Attendance and 5%
Participation

2 Concept note/Business Plan 10%/15%

3 Continuous Assessment 10%

4 Mid-Term Exams 20%

5 Final Exam 40%
Total 100%
WEEK 1: LECTURE 1 (Contents)
Developing an Entrepreneurial Mindset:
Who is an entrepreneur?
What is the role of entrepreneurs?
Characteristics required to be an entrepreneur?
How does studying entrepreneurship help your
career goals?
Definition of Entrepreneurship
Entrepreneurship is the identification of opportunities,
pursuit and exploitation independently of the directly
controlled resources (HBR, 2019).
https://hbr.org/2013/01/what-is-entrepreneurship).
Entrepreneurship is also defined as the act of
creating a business or businesses while building
and scaling it to generate a profit - Nicole Martins
Ferreira (2019).

Entrepreneurship has been described as the "capacity and

willingness to develop, organize and manage a business
venture along with any of its risks to make a profit
(Business Dictionary, 2019).
Definition of Entrepreneurship
Entrepreneurship is therefore a process that exemplifies
the maxim of Confucius that: “Give a man a fish, and
you'll feed him for a day. Teach a man to fish, and
you've fed him for a lifetime" (Perrin, 2007). Therefore,
teach people the rudiments of entrepreneurship, they will:
Employ themselves and others;
Create Wealth for the society; and
Be economically fulfilled
Entrepreneurship
Before venturing into Entrepreneurship the
following creativity elements are essential.
SEEING what everyone else has not seen,
THINKING what no one else has thought, and
DOING what no one else has dared!"
WHO IS AN ENTREPRENEUR?
1. An entrepreneur is a person that sets up a business
after identifying and evaluating opportunities in the
environment. He gathers the required resources and
creatively and innovatively translate opportunities into
income-yielding business for self and the society.
2. An entrepreneur is a problem seeker, a problem solver,
and an innovator - Greenberg, CEO of BuildEd.
Who is an Entrepreneur?
An entrepreneur is a person who has the ability to identify
and evaluates business opportunities in any environment,
gather required resources and initiate appropriate steps to
practically translate these business opportunities into
income-yielding business enterprises.
An entrepreneur creates wealth for self and others by
establishing enterprises which produce goods and/or
rendering valuable services for the wellness of the
society.
Characteristics of Entrepreneurs
Courage
Creativity
Curiosity
Determination
Discipline
Empathy
Enthusiasm
Flexibility
Honesty
Patience
Responsibility

What are the 11 characteristics?

Entrepreneur and Problem Solving
According to Deshpande, “There are three types of
people in the world.
1.People who are oblivious to everything.
2.People who see a problem and complain.
3.People who see a problem and get excited to fix it.

The last group of people are ENTREPRENEURS.

Desh Deshpande is the founder of Sycamore Networks
and the Deshpande Foundation.
Sources of Entrepreneurship Idea
 Intuition/Vision/Dreams
 Needs of the people
 Personal Experience
 Hobby/Talents
 Special Training
 Exposure to new environment
 Copycat/Imitation
 Critical Thinking
 Environmental Scanning for Gap
 People’s Problems
 Media: TV/Radio/Internet
 Trade Fair/Exhibition
 Knowledge Buried in Books in Library
ROLE OF AN ENTREPRENEURS
1. Entrepreneur is the prime mover of a business.
2. Makes available products and services in the
economy – Dangote, Samsung, Nokia, MTN,
KFC, Nestle, AUN, Shoprite, DSTV, GTBank
3. Finances the business after identifying a business
opportunity- Personal savings, Loans, Grants
4. Manages and coordinates the business.
5. Bears risk of uncertainties in the business.
6. Create many jobs in the economy.
7. Pays tax to government and supports the society
with donations.
LIFE CYCLE OF THE BUSINESS
Life Cycle of the Business is the transition a business
passes through from ideation through maturity to
death.
Start-up: The stage of an idea to start-up when customers
show interest in the products/services.
Rapid Growth: The business is financially healthy and
operationally successful to meet its obligations.
Maturity: Business consolidates its products and controls its
financial gains brought about by rapid growth.
Decline: The stage when operational challenges set in,
leading to drop in sales, customers and reputation.
Rebirth: When the business resolves its problems and re-
strategize to become better again.
Death: The stage when the business fails, becomes bankrupt
and ceases to exist.
Life Cycle of a Business
BIG BUSINESS OR SMALL BUSINESS
Think Big, But Start Small: Grow at your own
pace! Grow Organically, Avoid crash-landing….
Small business employs about half of the U.S.
private work force.
A small business has fewer than 100 employees. Big
business employs > 100 people
An entrepreneur’s goals will affect how large a
business becomes. Have tall goals!
Big Business: Dangote, Nestle, MTN, Zenith, NBC
Small Business: Emeka Store, Bako Clinic

Scale: Micro, Small, Medium and Large Businesses

EXAMPLES OF ENTREPRENEUR
1. Facebook: Mark Zuckerberg (US)
2. LinkedIn’s CEO: Reid Hoffman (US)
3. The Trump Organisation: Donald Trump (US)
4. Tesla Motors & SpaceX: Elon Musk (South
African/US)
5. Ford Motors: Henry Ford (US)
6. Eleganza Group: Rasaq Okoya (Nigeria)
7. Apples Computers: Steve Jobs (US)
8. Dantata Group: Late Alhaji Alhassan Dantata (Nigeria)
9. SLOK Group: Orji Uzor Kalu (Nigeria)
10. Ibru Organization: Olorogun Michael Ibru (Nigeria)
11. Forte Oil/SeaForce: Femi Otedola (Nigeria)
12. Famfa Oil: Mrs Folorunsho Alakija –Richest Woman in
Africa (Nigeria)
ENTREPRENEURS AND EMPLOYEES:
DIFFERENCES
When an entrepreneur starts a new business, it
involves risk.
An entrepreneur makes an investment of money,
time, and energy in the hope of getting greater
rewards.
BUSINESS, ENTREPRENEUR & EMPLOYEE
A business is an organization that provides
products or services.
An entrepreneur is someone who creates and
runs a business.
An Employee is a person who works for a
business owned by someone else.
Risk of Being an Entrepreneur
Potential Business Failure.
Unexpected Obstacles.
Loss of investment and life savings.
Unemployment
Loss of personal properties to banks.
Ridicule.
Reward for Being an Entrepreneur
The biggest reward for being an entrepreneur is having
ownership of your choices and decisions.
Making Your Own Rules.
Doing Work You Enjoy.
Creating Greater Wealth.
Helping Your Community.
Personal Liberty and Freedom from control of others.
Reputation & Image Building
Recognition by people, community and government
Attributes of Enterprise
E=Energy
N=Need to Achieve
T=Task-oriented
E=Empathy
R=Resourcefulness
P=Planning
R=Risk-Taking
I=Innovation/Innovativeness
S=Skills
E=Endurance (CED Manual, 2017)
Human Personality Traits of
Entrepreneurs
Agreeableness: ENTs are cooperative and polite,
rather than antagonistic and rude.
Neuroticism: ENTs are prone to experiencing
negative emotions, such as anxiety, depression, and
irritation.
Extraversion: ENTs are assertive and sociable, rather
than quiet and reserved.
Openness: ENTs have a broad rather than narrow
range of interests, are sensitive rather than indifferent
to art and beauty, and prefer novelty to routine.
Conscientiousness: ENTs are task-focused and orderly,
rather than distractible and disorganized.
Skills of Entrepreneurs
A skill is an ability that’s learned through training
and practice. Entrepreneurs must have the
following seven (7) important skills.
Business Skills
Communication Skills
Computer Skills
Decision-Making and Problem-Solving Skills
Mathematical Skills
Organizational Skills
People Skills
Entrepreneurial Mindset

Entrepreneurial mindset refers to a specific state of

mind, which orientates and directs human conduct
towards entrepreneurial activities and outcomes. It is a
fact that people with entrepreneurial mindsets are most
often drawn to opportunities, innovation and new value
creation in any social context they find themselves
(Financial Times Lexicon, 2019).

The following are rich because they have EM: Richard

Branson, Donald Trump, Oprah Winfrey and Steve
Jobs, Rupert Murdoch, Ted Turner, Aliko Dangote,
Femi Otedola, Bayo Ogunlesi (four big Airports in the
United Kingdom.
Entrepreneurial Mindset
Entrepreneurial mindset is a state of sharing a
blend of characteristics, attitudes, and skills by an
entrepreneur.
EM serves as a set of tools that entrepreneur can
develop and use when needed.
Entrepreneurial Mindset

Elizabeth Payne (2017):

http://thestrengthsstudio.com/strengths-development/what-is-a-gro
Entrepreneurial Mindset
Davis, Hall & Mayer (2015)

7. Skills
7. Personality Traits

 Independence  Future Focus

 Preference for Limited  Idea Generation
Structure 
 Execution
Nonconformity 
 Self-Confidence
Risk Acceptance 
 Optimism
Action Orientation 
 Persistence
Passion 
 Interpersonal Sensitivity
Need to Achieve
Human Personality Traits of
Entrepreneurs
Entrepreneurs tend to have the following human personality
traits.
HOW DOES STUDYING ENTREPRENEURSHIP
HELP MY CAREER GOALS
Two reasons why studying entrepreneurship makes
sense in your career goals—even if you don’t plan to
become one:
1.You can learn to think like an entrepreneur.
2.You develop a vision for your life. A vision is a
picture of what you want the future to be.
Other Reason:
It helps change your mindset from job seeking
mentality to job creating mentality.
It educates you better about the reality of
unemployment and joblessness in the society.
BEING AN INTRAPRENEUR
An intrapreneur is an insider entrepreneur, or an
internal entrepreneur within a company, who uses
entrepreneurial skills without incurring the risks
associated with those activities.
You may become an intrapreneur for the following
reasons:
Inability to start your own business
Self-discovering why working for others
Application of your entrepreneurial knowledge
Benefit of Research & Development
Enabling Environment
THINKING LIKE AN ENTREPRENEUR,
BEING AN INTRAPRENEUR
To be an intrapreneur, You MUST Have:
A future orientation and be able to set goals for
successful professional career or life in general.
Acting like an entrepreneur by pursuing opportunities
about what you have a passion for.
Vision
Passion
Action
Intrapreneur practices Intrapreneurship
Entrepreneur practices Entrepreneurship
THINKING LIKE AN ENTREPRENEUR,
BEING AN EMPLOYEE
1. Observe. Watch for chances to learn new skills
and accept new responsibilities.
2. Listen. Pay attention to what others have to
say.
3. Think. Instead of complaining about a problem,
analyze it, and suggest possible solutions

The Tripod (OLT) helps you be a better employee

and makes smarter decisions about managing
money, men and materials (3Ms).
USING AN ENTREPRENEURIAL MINDSET IN
CAREER EXPLORATION
1. Internships (also known as apprenticeships)
are work programs that provide practical, on-
the-job training in a business setting.
2. Gaining career- and skills-related
experience through:
 Volunteering
 Mentoring programs
 Job shadowing
 School clubs and organizations
USING AN ENTREPRENEURIAL MINDSET IN
CAREER EXPLORATION
3. Identifying Career Opportunities
Entrepreneurial thinking helps you develop and
select career area and gain valuable experience.
Entrepreneurial mindset helps to perceive
potential intrapreneurial opportunities.