Its my pleasure to announce to you friends that the semester is running to an end. so by that i will not be able to give you more details about being an entrepreneur. thanks for view my posts.

FRANCHISE

                      A franchise is a business arrangement in which the owner of a business concept grant others the licensed right to sell goods and services on its name.

   FRANCHISEE
                       This is an individual who purchases a franchise
FRANCHISOR
                      This is the seller of a franchise.
ADVANTAGES OF A FRANCHISE
              PROVEN TRACK RECORD
              TRAINING AND GUIDANCE
               FINANCIAL ASSISTANCE
               BRAND NAME APPEAL.
DISADVANTAGES OF FRANCHISE
               FRANCHISE FEE
               FRANCHISOR CONTROL
               UNFULFILLED PROMISES
EXAMPLES OF A FRANCHISE
               SUBWAY
                COCACOLA
                 TANTILIZERS.

CREATIVITY AND INNOVATIONS

CREATIVITY AND INNOVATION.




       Creativity iS the generation of idea that result in the improved efficiency or effectiveness of a system.
   
        Innovation is the process by which entrepreneur convert opportunity into a marketable ideas.
       
        These are some sources of innovation idea with examples

         Trends- Societal, Economic, Technology and Government trends
         Unexpected occurrences- 9-11 Terrorist
          Incongruities- Overnight package delivery
          Process needs- Microwave oven
          Industry and market changes- Changing to home health care
          Demographic changes- Rest homes or retirement center for older people
          Perceptual changes-exercise and growing concern for fitness
          Knowledge-based concepts.- Invention, New thinking, New methods.

      Type of innovation with description and examples

     TYPES                                                DESCRIPTION                                       EXAMPLE
       Invention                                      Totally new product, service or process           Wright brothers -air
                                                                                                                                   plane
                                                                                                                                                                           
                                                             
       Extension                                     New use or different application of an             Ray Kroc-MC Donald
                                                           already existing product.

       Duplication                                  Creative replication of an existing product        Pizza Hut- Pizza parlor

       Synthesis                                     Combination of existing concept and factors    Fred smith- Fed Ex
                                                           into a new formation or use
     

SOCIAL ENTREPRENEURS

Social entrepreneur
                         A person or group of people who found an organization or initiatives engaged in social entrepreneurship.
 For a social entrepreneur to achieve his goal there are some process he had to take a view of which includes, recognition of a perceived  social opportunity  translation of the social opportunity into an enterprise concept and lastly identification and acquisition of resources required to execute the enterprise goal.
Social entrepreneurs can also be referred to as public or civil entrepreneur.
         Their are some differences between a social entrepreneur and a corporate entrepreneur. The social entrepreneur aims at setting up a business that will be of benefit to the people in the lower class like settling up a school that people will be learning better English and collecting just a token from them compared to a corporate entrepreneur whose aim is to maximize profit by selling fashionable bags and other things like party supplies. The corporate entrepreneurs innovation is not at any side for the people in the lower class but for the people in the middle and upper classes.
    Social entrepreneurs mostly apply to social problems, solving traditional, private-sector entrepreneurship  focus on innovation, risk taking, and large scale transformation

Here is an example of a social entrepreneur
Josh Nesbit
24 years old, He invented the medic mobile

                         As an undergraduate at Stanford Nesbit always assumed that he would become a doctor. But on a trip to rural Malawi in ­southeastern Africa, his goals changed. He saw patients walk 50 miles or more just to see a medic, but he also noticed that his cellphone got better reception in the tiny village of Namitete than it did in California. Since then Nesbit has been using cheap mobile phones to connect the developing world's poor with remote medical professionals. Medic Mobile has developed tools that allow health care workers to explain patients' symptoms—and transmit medical records—using simple text messages. ­Nesbit hopes to soon be in partnership with a group from UCLA to offer a $15 diagnostic tool that uses a cellphone's light and camera to remotely analyze a blood sample for malaria and tuberculosis

According to what i learnt in class, Corporate entrepreneurship is the process of profitability and creating innovations within an organization setting.
   There are some examples of corporate entrepreneurship which include, Sony play station, elixir guitar srings, etc.

My score in the chapter one open book review is 94. I scored a higher mark because i gently read the question and i think before i choose the answers to the questions. I was not surprised for my result because i had known i will score what i deserve

ENTREPRENUER SEEK SUCCESS  BUT EXPERIENCE HIGH FAILURE RATES

         Many entrepreneurs do suffer a number of failures before they are successful . They follow the adage “if you don’t succeed, try again” In fact failure can teach many lessons to those willing to learn, and often leads to the future success. This is clearly shown by the corridor principle, which states that with every venture launched, new unintended opportunities often arise.

ENTREPRENEURS ARE EXTREME RISK-TAKERS (THE GAMBLERS!)

                 The concept of risk is a major element in the entrepreneur at process. However, the public perception of the risk most entrepreneurs assume is distorted. Although it may appear that an entrepreneur  is usually work on a moderate or “calculated”  risk. Most successful entrepreneurs work hard through planning and preparation  minimize the risk involved and better control the destiny of the unseen.

ENTREPRENEUR ARE DOERS NOT THINKERS

                This is a myth because, before a person is called a doer he must have been taught before taking the action. Entrepreneurs are not just doers they are also like thinkers  indeed they are often very methodological people who plan their moves carefully. The emphasis today on the creation of clear and complete business plan is an indication that “thinking” entrepreneurs are as important as “doing” entrepreneur.