Hey guys, I thank you for listening and commenting on my blog especially those that follow me and those that subscribed to my email feeds. This will be my last post on the blog and I will tell you it has been wonderful expressing my thoughts on entrepreneurship thanks to you. I realized that with one’s blog, one can earn a lot through ads and so I urge you viewers to open a blogger account if you don’t have any and start blogging. The larger your page views, the larger your chances of becoming rich, so what are you waiting for? Here is a goodbye song for you guys, thanks a lot.

Franchise

DEFINITION

A FRANCHISE is any arrangement in which the owner (franchisor) of a trademark or trade name has licensed others (franchisee) to use it in selling goods or services.

A FRANCHISEE is any individual or group of people who purchases a franchise.

A FRANCHISOR is the individual or corporation that is selling the franchise.

Franchising is a “continuing relationship in which the franchisor provides a licensed privilege (i.e. right) to do business, plus assistance in organizing training, merchandising and management in return for a consideration (i.e. fee) from the franchisee”(Harper Graham).

ADVANTAGES OF FRANCHISING

There are various benefits of franchising which make it better than starting up a new venture or buying an existing business. Some of which include:

Training and guidance

In a franchise agreement, usually, the franchisor provides training and guides the franchisee on the best practises of running the business.

Brand-name appeal

People mostly like to buy brands that have been used before or well known to them so; buying a big name will make the franchisee have more chances of success.

A proven track record

A franchisee can see all record of the company from the franchisor based on the location, price and quality of goods or service, and financial records and evaluate the chances of success. This will prove the viability of the venture.

Financial assistance

A franchisor may help the franchisee acquire loan or may even personally lend the franchisee money to start the business in cases of limited capital. 

Examples of Franchise

One example of Nigerian franchises is the Chicken republic by Deji Akinyanju which provides fast food services and International franchise is Mosquito Joe is a franchise that provides outdoor mosquito control in the US throughout the mosquito season.

Other Examples of Franchises are listed below:

1. 7-Eleven Inc.

2. Subway

3. Dunkin’ Donuts

4. Pizza Hut

5. McDonald’s

6. Sonic Drive-In Restaurants

7. KFC Corp

 8. InterContinental Hotels

9. Domino’s Pizza LLC

10. RE/MAX

I have made a powerpoint presentation for you guys to make it simpler and brief for you to understand franchising. Click on this link to learn about franchising and if it doesn't work copy the link and paste it in you browser search.

http://sdrv.ms/TLapej

Creativity and Innovation

Before we start, take a time and answer this question. Is creation the same as innovation?

Many people and probably you too think that creation is the same as innovation, but it isn't the same. So don't get confused,  let me clarify the difference to you:

Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system while;

Innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of innovative ideas

Here are some of the sources of innovation which are very vital to consider when starting a business in order to be successful.

·         Trends: These are some of the products or services that are largely being sought after by the people; it may be societal trends, technology trends, economic trends, or government trends. Example, nowadays most guys like wearing skinnies, eye glasses, and using expensive phones such as blackberry or iphones. 

·         Unexpected occurencies: These are happenings which are unplanned for and which provides opportunities for other ventures to emerge. These occurencies could be a disasters, famine, and terror attack like 9-11.

·         Incongruities: These are situations where by there are lapses in products or delivering services in an existing system. So, an entrepreneur may decide to create an innovation to provide the services left out. Example, Frederick W. Smith realized that mail or packages in US where not delivered at night and so, he founded FedEX; a company which provides overnight pachage delivery and which now provide deliveries to almost all part of the world.

·         Process needs: It is certain that people get frustrated in following ques in banks or at school registration, wasting time in cooking, and having medical restrictions. However there is need for alternative ways of solving these problems or delivering these services like the creation of banner in most schools, providing e-banking, making suger free products and microwave ovens.

·         Industry and market changes: Example population changes, healthcare transformation, and e-learning.

·         Demographic changes: Example building of shopping mall, rest homes or retirement centres for old people.

·         Perceptual changes: Perceptions of people change when they become more educated like excercising more and growing concern for fitness

·         Knowledge-based concepts: Example Introduction of new inventions, thinking, and methods, Mobile phones, pharmaceuticals, and robotics.





TYPES OF INNOVATION

1. Invention: Totally new product example; Airplane by wright brothers and light bulb by Thomas Edison.
2. Extension: New use of an existing product or service example; Facebook(mark zuckerberg), Mc Donald’s (Ray Kroc) and starwoods hotels and resort.
3. Duplication: Creative replication of an existing concept example; Wal-mart (department stores), Pizza hut(pizza parlo).
4. Synthesis: Combination of existing concepts and factors into a new formulation or use example Fred smith(Fed EX), Howard Schultz(starbucks).



Social Entrepreneurship

Social entrepreneurship is the process of innovation and creation that involves recognition of a social problem and the use of entrepreneurial principles to organise, create and manage a social venture to achieve a desired social change. Social entrepreneurs however, a social entrepreneur is an entrepreneur who works to increase social capital, often by founding humanitarian organizations. They are individuals with innovative solutions to society’s most common problems; they are ambitious, persistent social problem solvers and offering new ideas for wide-scale change. Social entrepreneurs are usually not after profit but after level of impact on society as such, they are considered to be non-profit agents.

Examples of social entrepreneurs are listed below:



Susan Brownell Anthony
who fought for women's rights in the United States.
 

  Bill Drayton
 who founded Ashoka,
 a non-profit organization,
 which promotes social entrepreneurship.

  





John Muir
who established the National Park System
and helped found The Sierra Club.







 




Jill Vialet is a social entrepreneur and the
founder Playworks (formerly Sports4Kids).
Vialet founded Playworks in 1996 at two
schools in Berkeley, California. Theorganization
is now providing play and physical activities in
schools in morethan 20 cities across the United
States. By 2015, Playworks will serve more than
650 schools in 27 cities.

 

 

 

 

The Fabulous Life of Filthy Rich Billionaires

Hey guys, I watched a video about the life of filthy rich billionaires and I wish to share it with you so as to boost your morale on entrepreneurship and start innovations. I also want to tell some of you who think you cannot make it that everyone is gifted.

Think no one lives larger than uber-fab celebs like J. Lo, Tom Cruise and Paris Hilton? Think again. Sure they have got tons of fame but their fortunes are small cockroaches compared to these folks - billionaires. In a world with a population of 6.5 billion, only 600 have enough cash to be in this rank.. In the next hour, I will be taking you inside the world of the richest people on the planet. They've got the world's most amazing homes, the most expensive cars, the most massive yachts, and lifestyles that you will not believe.

Take Russian oil magnate Roman Abramovich who was a former orphan, now has a fortune worth 13.3 billion and the possessions to prove it. Of course he has seven homes, two helicopters, and two private jets, but his favorite toys? It's got to be his mega-yacht collection. He owns four mega-yachts worth a total estimate of 300 million dollars. The favorite "Pelorus" is said to be the largest in the Mediterranean, boasting 2 helicopter pads and an on-board missile-detection system. And Roman makes sure he gets good use of all his ships often in a single day, enjoying breakfast on one, lunch on another and dinner on yet another. And now it is said that he is building yet another yacht coded “secret” that is likely to be the biggest mega-yacht in the world. He even tried to own people by buying a football club, “Chelsea”.

Then there's steel baron Lakshmi Mittal. He's worth 25 billion dollars. No doubt, he is a generous dad for in 2004 he treated his daughter Vanisha to a $60 Million dollar wedding at the famed French palace of Versailles.

 Next there's the world's richest, Bill Gates (Microsoft founder) whose fortune adds up to an astounding 50 Billion dollars. He may have made his money in software, but his favorite investment has got to be high-end art. His collection boasts a 36 Million dollar painting and 30.8 million dollar Leonardo Da Vinci manuscript. Can you imagine, because Gates don’t want neighbors, he bought up 5 mansions surrounding his home in other to get privacy.

And maybe you've heard of a little website called Google.com? Well the two young men that started it, Sergey Brin and Larry Page, are now worth $26 billion. And finding plenty of ways to enjoy their fortune, they spent $60 million dollar to buy and customize a Boeing 767 complete with their own customized showers, dining rooms and bedrooms.

And of course we won't forget the world's most well-known moguls such as Paul Allen worth 22billion dollars, sultan of Brunei worth 20billion dollars, Saudi prince Al-Waleed worth 20billion dollars, Donald Trump (who sued a journalist for calling him a millionaire), Oprah Winfrey and Martha Stewart, the video will take you inside their lavish lifestyles and show you how they keep the billions pouring in.

Top 10 Entrepreneurs in Nigeria

1. Alhaji Aliko Dangote – founder of Dangote Group and Richest black man in the world

2. Mike Adenuga – Conoil, Equatorial Trust Bank, Globacom

3. Femi Otedola – ZENONOil and Gas

4. Orji Uzor Kalu – Slok Group

5. Cosmos Maduka – Coscharis Group

6. Jimoh Ibrahim – Nicon Insurance, Global Fleet

7. Jim Ovia – Zenith Bank, Visafone

8. Pascal Dozie – MTN Nigeria, Diamond Bank

9. Oba Otudeko – Honeywell Group Nigeria

10. Alhaji Sayyu Dantata – MRS Group

Who is an entrepreneur?

Entrepreneurs are innovative individuals who recognize opportunities and go after them making full use of energy and desire to boost profit making. They are eager for change within the marketplace. They are like Olympic athletes challenging themselves to break new barriers or long-distance runners dealing with the agony of the miles.

Characteristics of successful entrepreneurs

A review of the literature related to entrepreneurial characteristics reveals the existence of a large number of factors that can be consolidated into a much smaller set of profile dimensions. For example, the following is one list of common characteristics that has been compiled:

• Total commitment, determination, and perseverance
• Drive to achieve and grow
• Opportunity and goal orientation
• Taking initiative and personal responsibility
• Persistent problem-solving
• Realism and a sense of humor
• Seeking and using feedback
• Internal locus of control
• Calculated risk taking and risk seeking
• Low need for status and power
• Integrity and reliability